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GFH denies pact with Makni Group

MANAMA, October 11, 2014

Bahrain-based Islamic investment bank Gulf Finance House (GFH) has denied the signing of an agreement with Makni Group for the Tunis Financial Harbour (TFH) project, a report said.

In a bourse filing, GFH said the project developer Tunis Bay Project Company (TBPC) has, however, entered into negotiations with several parties for joint development without any agreement being signed so far, according to the report in the Gulf Daily News, our sister publication.

The clarification follows articles published in Tunisian media on Monday.

TBPC is a subsidiary of GFH.

According to the GFH website, to be built across 523 hectares, TFH is pegged as North Africa's first offshore financial centre at Tunis Bay with an expected end development value of $3 billion.

Once fully developed, TFH will feature residential and retail spaces, an 18-hole championship golf course, a beach community, suq, marina and shopping malls as well as a business university, which will together create 16,000 jobs and accommodate 110,000 residents.- TradeArabia News Service




Tags: Tunis Financial Harbour |

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