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GFH Financial seeks partner for planned development of US$1.2B land bank

Bahrain-based GFH Financial Group BSC said it is exploring strategic partnerships with international and local parties, including a listing in the stock market, for the development of its 25 million-square-meter land bank across the Gulf Cooperation Council region, India and Africa.

The company issued a press release in response to a report published by The National, which quoted CEO Hisham Al Rayes as saying the company expects to choose a partner in the next 12- to 18-month period.

The Sharia-compliant investment house confirmed that during 2017, it acquired a majority interest in the portfolio, which is expected to be worth more than US$1.2 billion over the medium and long terms.