GFH reveals details of its Dubailand project

Gulf Finance House (GFH), the Bahrain-based Islamic investment bank, has issued a clarification regarding its earlier announcement of signing a land sale agreement with Dubai Properties Group (DPG) to establish a new mixed-use residential development in its Dubailand district.

The investment bank revealed that the deal is to acquire a plot of 1.2 million sq. ft., and that the total value of the acquired land is around $30 million (Dh110m).

The project aims to establish a high standard of residential, commercial and retail space and facilities within Dubailand, which welcomed over 13 million visitors in 2013 and is already home to over 100,000 residents.

The new development includes both separate and adjacent villas and housing groups on some 830,000 square feet in addition to integrated-services residential apartments on another 75,000 square feet.

The initial development process is expected to launch later this year, in six months’ time, the firm said, with the project to be completed over five years.

Even as the company said that it could not disclose further details due to confidentiality agreements signed between the parties involved, it noted that .the investment bank’s management expected the deal to have positive impact on the financial results of 2014.

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