www.bi-me.com - TUNISIA. Tunis Financial Harbour (TFH), the flag ship project of the Bahraini based Islamic investment bank Gulf Finance House (GFH), announced today that it has signed a strategic partnership agreement with DEMTAS Group, a leading Turkish developer, to commence the infrastructure and construction work on the project upon receiving the final approvals from the Tunisian government.
The development’s masterplan has already been approved by the Tunisian Government, and final go ahead on the infrastructure design, which were submitted at an earlier stage, is now pending.(source)
Recently, the Government of Tunisia, in support of TFH and as part of the investment agreement it signed with the company, allocated the budget necessary to complete major and strategic infrastructure work in relation to access and roads to TFH.
This support reinforces the Governments’ dedication and commitment to its deliverables as part of the agreement signed with TFH.
Mr. Esam Janahi Executive Chairman of GFH and the President of TFH commented on the signing, saying, “The Tunis Financial Harbour is recognised as a landmark development for Tunisia, with the potential to attract significant investment, both from within the country and from outside the country, as well as for the large number of Tunisian jobs it will create. The ongoing support extended by the new Tunisian Government has helped the development move from milestone to milestone, and with the appointment of DEMTAS Group as the strategic partners, we are now set for the next phase as soon as infrastructure designs are approved.”
As a fully integrated, mixed-use development, it will offer a new lifestyle definition to Tunisia, and will include a variety of residential and commercial components, in addition to world-class schools, touristic attractions, a top-notch healthcare facility, a marina and an 18-hole golf course.
“The signing of this strategic agreement with DEMTAS Group, who bring a solid track record of excellence to the table, represents a significant step forward towards realising TFH’s huge potential for Tunisia and North Africa as a whole. Once completed, TFH will help transform the local and regional economies, and will act as a financial hub and catalyst for attracting foreign investment into the country, thus boosting the country’s economy in the long term.
Additionally, and apart from the economic drivers behind this decision, Tunisia’s ability to provide talented human resources, with the country reporting relatively high investments in higher education as a proportion of GDP, was a key factor that prompted us to choose Tunisia as the location for our first financial harbour in North Africa,” commented Mr. Janahi.
Mr Dincel Tekin, Board member of DEMTAS Group, also commented on the partnership, saying, “TFH will act as a catalyst for the further development of Tunisia’s burgeoning economy, offering world class commercial infrastructure, an array of modern waterfront living and state-of-the-art office space for financial services institutions seeking access to the opportunities Tunisia offers as a strategic gateway between Europe and Africa. As North Africa’s very first offshore financial centre, TFH will focus on attracting local, regional and international banks and financial institutions, as well as leading regional Islamic banks and Islamic Investment Funds to the region.”
“We are very excited to be working with TFH on this world-class project, and are confident in our ability to meet the challenge of completing this development to international standards and according to the agreed upon plan. Our strong track record, extensive expertise and excellent reputation in the industry gives us an advantage with mega-projects such as the Tunis Financial harbour, and we are committed to bringing that experience to bear as we begin the construction process,” continued Mr. Tekin.
Mr Imad Nesnas, Managing Director and General Manager of TFH commented, saying, “The iconic Tunis Financial Harbour will provide approximately 16,000 local jobs, both during the construction phase and afterwards. Once completed, the development is projected to have a permanent population of around 110,000 residents across the 500 hectares TFH will occupy. It is will also be a boon for the growing financial sector we have in Tunisia, helping to grow and expand our current capabilities and positioning the country as the financial hub for the region.
"TFH is comprised of four key clusters, a Corporate Centre, an Investment Banking and Advisory Centre, an Insurance and Takaful Centre and an Exchange, and will also host a wide array of professional and other support service firms. We are looking forward to working with DEMTAS Group to realise the full potential of what TFH has to offer and are very thankful for the support extended by the Tunisian government.”
About Gulf Finance House
Since its establishment in 1999, Bahrain based Gulf Finance House (GFH) has been a driving force in the development of regional Islamic financial institutions and infrastructure projects across the Middle East. Its shares are listed on the Kuwait Stock Exchange, the Bahraini Stock Exchange, the Dubai Financial Market and the London Stock Exchange in the form of a GDR. It has been responsible for the creation of leading Middle Eastern financial institutions such as First Energy Bank, QInvest, Inovest, Khaleeji Commercial Bank and Arab Finance House. In addition, GFH has created a wide range of significant economic infrastructure projects across the MENA region and beyond.
GFH is currently transitioning to a new business model which will see the business focus on becoming a global leader in the creation and development of Islamic financial institutions.
About Tunis Financial Harbour
Located just north of Gammarth, Tunis Financial Harbour (TFH) will populate an area of around 520 hectares approximately ten minutes away from the most affluent areas in Tunis including La Marsa and Carthage. TFH will comprise four distinct business clusters including investment banking and advisory centre, a corporate centre, a Takaful/ insurance hub and the regions first international financial exchange. Alongside these functions, an international business school will be built to equip tomorrow’s graduates with the skills demanded by leading players from the international finance and support services community.
To complement the commercial aspects of the initiative, a variety of residential and leisure facilities including the marina, a residential complex with luxurious villas and an 18 hole championship golf course are included in the master plan. TFH is the second in a series of offshore financial centres originated by GFH (after the Bahrain Financial Harbour) and was conceived in close partnership with the state of Tunisia.
Source: http://www.bi-me.com/main.php?id=57001&t=1&c=35&cg=4&mset=1011 - March 8, 2012
