Tunis Bay in land purchase deal
Manama, December 29, 2009
Tunis Bay Financial Harbour (TBFH) Project Company, the project development company responsible for the development of the Tunis Financial Harbour (TFH), has signed a land purchase agreement with the Tunisian government.
Situated in Tunis Bay, TFH is the brainchild of leading Bahrain-based Islamic investment bank Gulf Finance House (GFH).
The land purchase agreement was signed between Ridha Gueirira, Tunisian Minister of Public Domains and Real Estate Affairs and Dr Esam Janahi, chairman of TBFH.
The agreement was signed after all requirements were met, including the establishment of a project company in Tunis, completing the framework for a financial services sector and finalizing the project master plan.
Dr Janahi also announced the appointment of SCET, the leading Tunisian multi-disciplinary engineering company as the infrastructure project managers of the initiative and STUDI Group, a Tunisian engineering consultancy to undertake the infrastructure design for the whole project.
“The Government of Tunisia have provided us with wholehearted support and must be credited for much of the progress made so far on the Tunis Financial Harbour initiative,” said Dr Janahi.
“The signing of the land purchase agreement and appointment of the consultants signals the commencement of the implementation phase of the project. TFH will represent North Africa's first sustainable offshore banking hub, harnessing the impressive economic potential within the Tunisian economy and sponsor socio-economic growth for generations to come,” he added.
“The designs for the project’s entire infrastructure are expected to be completed by June 2010 after which the development of the project will commence in September of that year,” he continued. “Activities in the initial stages will focus on building the framework components of the project.”
TFH will play host to some of the world’s leading names in finance, advisory and support services at a strategic crossroads between European and Mena markets. – TradeArabia News Service