Bahrain's Gulf Finance House (GFH) is tapping international investors for help in financing the centrepiece of a US$3 billion (Dh11.01bn) financial centre in Tunisia. The Tunis Financial Harbour was one of several multibillion-dollar property projects, including the huge Energy City developments in Qatar and Libya and commercial centres in Mumbai and Bahrain, that GFH started during the global boom.
Some investors pulled out of those projects after the financial crisis hit in 2008 and GFH has since revised its business model to focus on investments in financial institutions instead of property.
The company is honouring commitments to build projects it has already announced before seeking an exit. Following its launch in 2007, work started on the Tunis Financial Harbour late last year, a company spokeswoman said. The plan now is to complete infrastructure and drum up support for an offshore financial centre that is to form the backbone of the waterfront development, she said. "It is an old project, so there is already work in progress and they have to finalise this thing," said an analyst in Bahrain, who asked not to be named. "They financed this not only through themselves but they have partners and clients and they have to honour those commitments. But they have plenty of projects, so it will be difficult."
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