Exclusive: GFH hatches plans to develop ‘one of the largest land banks in the region’ - The National:
"GFH Financial Group, the Bahrain-based sharia-compliant investment house, is drawing up a development strategy for a 25 million square metre land bank with a US$1.2 billion value, across the GCC, India and Africa that it acquired in August, its chief executive said.
“We are currently negotiating with several parties and hope that over the coming 12 to 18 months we will be able to decide the direction we wish to take and choose the right partner for it within this period,” Hesham Al Reyes, chief executive of GFH said in an interview with The National at his office in Bahrain. “This is one of the key land banks in the region, and we are exploring plans to list it, or make strategic partnerships with international parties to have access to those lands.”
An appropriate partner, or partners, would be a “real estate developer that needs attractive valuations on land banks to be able to gain strong entry into key markets,” Mr Al Reyes said. The talks at present are with international companies, he added, but GCC developers with plans to expand outside the region may also be interested."
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