Gulf Finance House BSC (GFH or the Bank), the Bahrain-based Islamic investment bank, said it has signed a partnership aagreement with Wadhwa Group, an eminent real estate developer in India to develop core infrastructure of the Bank's Energy City Navi Mumbai (ECNM) and Mumbai IT and Telecom City (MITTIC) projects (together termed as the Mumbai Economic Development Zone), and also secure a successful exit for investors.
Following the infrastructure development GFH and Wadhwa will together develop integrated homes, affordable housing, hotels and malls on the two sites, which hold a strategic location on the outskirts of Mumbai.
This follows GFH's recent announcement of returning back to profitability in Q1 of 2011 with a net profit of $11.9 million for the quarter.
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