Bahrain-based Islamic investment bank, Gulf Finance House (GFH) has raised funds worth 15 million Kuwait dinars ($52.8 million) through private placement for the Kuwait-based joint venture Gulf Development Real Estate.
The shareholders of the company include premier investment houses as well as high net-worth investors from across the region, according to a press release. A senior official of GFH said that the company has been floated with the exclusive intention of channeling investments into blue-chip real estate assets in the Gulf Cooperation Council (GCC) countries.
In the Bahrain market, GFH has a $20 million investment fund – AQAR I - focused on high cash-yield investments within the serviced apartments sector. The fund has been a big success and pays cash dividends regularly to investors.
Chief Placement Officer at GFH, A Rahman A-Jasmi said he is confident that the regional real estate market is growing and compared to many other contemporary investment avenues, this sector is the most promising now. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
