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French Version

GFHCB signs MoU with Jordinvest

In a strategic move that will expedite the development of the Royal Metropolis project in the Hashemite Kingdom of Jordan, Gulf Finance House (GFH) announced on Monday appointing its wholly-owned onshore banking subsidiary, Gulf Finance House Commercial Bank (GFHCB) as the lead financier to Jordan Gate.

GFHCB, mandated to raise financing for the project, has also simultaneously signed a Memorandum of Understanding (MoU) with one of the leading financial institutions of Jordan, Jordinvest, which will assist GFH and GFHCB in arranging and structuring financing for the first phase of the Royal Metropolis project—Jordan Gate.

The foundation stone for Jordan Gate was laid by His Majesty King Abdallah on May 29, 2005. Commenting on the role GFHCB will play in the development of Royal Metropolis, Mr Esam Janahi, CEO and board member of GFH said: “Royal Metropolis is a prestigious project that will augment investment flows to the Kingdom of Jordan and presents a unique opportunity to GFHCB to garner its fund raising skills to take part in the development of a landmark venture.” Congratulating GFHCB for its partnership with Jordinvest, Janahi said: “Involving a Jordan-based financial institution in the finance raising activities for Jordan Gate will certainly bring a significant strategic advantage to the development of the project.

It is also in line with the core business philosophy of GFH to partner with local institutions and businesses in our projects.” GFHCB will raise financing for the Royal Metropolis project that includes Jordan Gate in Phase I and ‘The Districts’ in Phase II, which will also comprise a gated residential community, Royal Village. Jordan Gate, which is currently under construction on 28,500 square meters at the prime location of 6th Circle in Amman, will comprise two high-rise towers connected to a shopping mall and a services area. It will offer prime office space to international investors with modern amenities including conference facilities, luxurious five-star hotel and a range of retail outlets.

Under the terms of agreement of the MoU, Jordinvest will assist GFHCB in structuring investment instruments for financing the development of Jordan Gate. Janahi said GFHCB has been able to raise its profile further in Bahrain and the regional market thanks to the able guidance of the Bahrain Monetary Agency (BMA), the leading banking regulator in the region. “BMA has created a favorable environment for growth for banks and financial institutions that have helped GFHCB target a bigger role for itself in the Kingdom of Bahrain and the region.

The encouragement of the Board of Directors of GFHCB and GFH has also helped us chalk out a comprehensive growth strategy,” he said. The development of Jordan Gate is being undertaken as a partnership between GFH, the Greater Amman Municipality and Kuwait’s leading financial institution, the Kuwait Finance and Investment Company (KFIC).

The UAE-based Al Hamad Contracting Company is the construction partner for the project while global hotel chain Hilton International will operate the hotel component.

The consultants for the project also include RSP Group. “We are on track in the development of the project. We would like to express our sincere thanks and appreciation to His Majesty King Abdallah II for his encouragement to GFH in its pursuit to make Royal Metropolis a reality landmark. We would also like to express our thanks to the visionary Government of Jordan for its valuable support,” Janahi added. Commenting on the involvement in Jordan Gate, Mr. Ebrahim Hussain Ebrahim, general manager of GFHCB said: “We consider it as a privilege and a challenge to be partnering in the development of such a prestigious project. The Royal Metropolis project will also take GFHCB into Jordan, which is a very mature and dynamic market where we could play a larger role in future.” “Our association with Royal Metropolis complements the overall GFH group philosophy of partnering in growth opportunities that are in line with the regional economic trends. We believe that opportunities for a real estate-focused bank like ours in the regional market are on the upswing with the hectic pace of infrastructure development underway,” he said.

Speaking on the MoU with GFHCB, Mr Ahmad Tantash, vice-chairman and CEO of Jordinvest said: “Jordan Gate is a significant project which will add value to the potential and prospects of the economy of Jordan. Being a Jordan-based company, such a significant addition to our portfolio will enhance our reputation in the market place. “We are proud to be part of a project of this magnitude in Jordan and also to be associated with GFH, one of the leading investment banks in regional infrastructure investment. Jordan Gate has evoked tremendous enthusiasm among investors and will add further value to our portfolio and offer us another rare opportunity to be part of the economic development of Jordan,” he added.

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