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HomeNewsTunisia: GFH’s Hisham Alrayes denies Bloomberg’s report

Tunisia: GFH’s Hisham Alrayes denies Bloomberg’s report

The acting Chief Operating Officer of GFH said that the Group has no intention of leaving the Tunis project, confirming that the development of this project has already started by issuing the tenders and construction works will be starting in January 2013.

This denial was provided by Hisham Alrayes after he was quoted by Bloomberg as saying GFH seeks to exit the Tunis project. The Chief Operating Officer said The “Exit” statement was referring primarily to Clients Funds Under Management which have been used to finance the project at its earlier stage. It didn’t intent to mean the exit from the development of the project.

Finally, Hisham Alrayes reaffirmed the commitment of GFH to the Tunis project, adding that the group believes in the economic growth of Tunisia.

Recall that, in his statement to Bloomberg, taken over by Africanmanager, Hisham Alrayes indicated that Gulf Finance House (GFH), the investment bank, which has acquired Leeds United football club, triple champion of England, is seeking to withdraw its assets from India and Tunisia to make high-yield investments.

The Manama-based Islamic investment bank, this year, began “leaving partially” the infrastructure development project in India, he added in a telephone interview on December 24.

The company and its clients are reportedly seeking to gradually sell their shares in the Tunis Financial Harbor project starting from next year, said Hisham Alrayes. “The investment has a total value of $ 300 million, of which we directly hold 10 percent.”


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