GFH signs key real estate deals in India
Manama, March 3, 2014
Gulf Finance House (GFH), a Bahrain-based Islamic investment bank, has signed two key real estate development deals in India.
The deals, which were signed on the sidelines of the Bahrain-India Business Forum in Mumbai, held as part of His Majesty King Hamad bin Isa Al Khalifa's visit to India, included the Energy City, and Mumbai IT and Telecom City (India Project) developments in New Mumbai.
The first agreement, which was signed with the Wadhwa Group, a leading real estate developer in Mumbai, appoints architecture firm Hafeez Contractor as the master planner for the Phase 1 of the India Project, with an expected end sale value of $4 billion.
The second agreement, which was signed with Adani Infrastructure and Developers, will see the two companies working together to explore development opportunities in relation to various infrastructure and real estate projects in India. Adani will be partnering with Asiastar City Holdings to develop the Phase 2 of GFH's India Project.
Hisham Alrayes, CEO of GFH, said: "We're delighted to sign these agreements with two of India's leading business groups. They go some way towards furthering our efforts to move forward with our development strategy and plans for India and our landmark project there.
“Along with these agreements, we are starting to receive some advanced proceeds from our partners, and we believe this will enable us to accelerate our efforts to build and extract value from our investments in India for the bank, our shareholders and investors." - TradeArabia News Service