Gulf Finance House, Kuwait-based Bayan Investment Company in partnership to develop components of Bahrain Financial Harbour, Al Areen

Commenting on the partnership with Bayan, Mr. Esam Janahi, Chief Executive Officer of GFH, said: "The partnership comes at an opportune time when the real estate sector of the Kingdom of Bahrain and the region in general is brimming with dynamism. This sector presents an exciting and growing investment opportunity. Our partnership with Bayan also underscores our strategy to offer investment products that maximizes returns for our investors. Bayan has an excellent reputation in Kuwait and the region as a successful and forward-looking investment company. Our combined investment strategy will be a gain for regional investors."

Mr. Janahi added that the partnership's first investment product will be based on various components of GFH's flagship project, BFH and Al Areen development. "Both are moving swiftly to completion and are well on target," he said.

"We are confident that investors are convinced of the long-term growth potential of BFH and Al Areen. Moreover, both developments are innovative and attractive that they have attracted worldwide attention. While BFH will enhance the global reputation of Bahrain as the financial capital of the Middle East, Al Areen will reinforce the image of the Kingdom as a must-visit destination for family tourists."

Mr. Janahi said both the projects complement the growth-focused economic policy initiatives of Bahrain's far-sighted government. "We have been able to move ahead quickly in developing Al Areen and BFH because of the whole-hearted support of the government and we are deeply grateful for their encouragement. We are also indebted to the Bahrain Monetary Agency (BMA) for its support, which has helped us notch up excellent performance as an Islamic investment bank in line with the economic trends of the time."

Bayan was incorporated in August 1997 by a number of prominent local businessmen and a group of financial and banking institutions. Its objective is to carry out a full range of financial investment transactions covering economic sectors both inside and outside Kuwait, on its own and on behalf of others.

"Development is taking place at a hectic pace in the region, as part of the rapid economic diversification underway. We believe that this is the right time for us to develop sector-specific investment products, which will unlock the sector's potential further," he said.

Terming the partnership as a significant milestone for the Kuwait-based investment company, Mr. Faisal Ali Al Mutawa, Chairman and Managing Director, Bayan Investment Co. K.S.C.(c) said: We are proud to partner with GFH, which has undoubtedly established a reputation in the region for offering cutting-edge investment products and services in the region and across the world."

"Both GFH and Bayan believe that the growth opportunities in the Kingdom of Bahrain and the region in general are tremendous and are, to a large extent, still untapped Our aim is to exploit these opportunities for local and international investors. Our investment instruments will also accelerate flow of more Arab money into the region." Mr. Al Mutawa added.