Bahrain's Gulf Finance House (GFH) will not cancel any of its real estate projects across north Africa despite the global financial crisis, the company said.
The Islamic investment bank will begin work on a $3 billion (Dh11bn) financial park and real estate development in Tunis this year, Chairman Esam Janahi said in the Tunis.
"The project will begin in the last quarter of this year and the first stage of infrastructure will be completed in four years," Janahi said after Tunisian President Zine Al Abidine Ben Ali laid the project's foundation stone. Tunis Financial Harbour, billed as the first financial park in north Africa, would create over 16,000 jobs, Janahi said.
Tunisia could benefit from developing its offshore financial services industry and creating a world-class financial centre for the Maghreb region, said Janahi.
The north African country of 10 million has made use of its low labour costs to boost manufacturing and services business with Europe, but economists say it needs to improve an outdated banking sector to make the most of new investment.
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