GFH in agreement with Algeria for $3b project

DUBAI — Gulf Finance House, Bahrain yesterday announced that it had reached in principle agreement with the Government of Algeria to establish a GFH Economic Development Zone on the outskirts of Algiers, the capital city of Algeria.

By A Staff Reporter

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Published: Tue 19 Feb 2008, 9:23 AM

Last updated: Sun 5 Apr 2015, 12:22 PM

The zone will be the primary commercial development within the new master planned city of Bouinan and is expected to have an end value of more than $3 billion once completed on a site extending to at least 2.8 square kilometres.

The Algerian zone is the second GFH Economic Development Zone, swiftly following the launch of the first, the GFH Mumbai Economic Development Zone in India, in the autumn of 2007.

The GFH special projects team is currently working with international industry experts to finalise the business districts of the zone and the business clusters within each business district. It is expected that the zone could include energy, financial, telecommunications, and IT business districts as well as residential development and leisure facilities.

The announcement followed recent talks between GFH Chairman, Esam Janahi and Cherif Rahmani, Minister of Land Planning, Environment and Tourism. The overall concept of the zone was presented to the Minister this week by Peter Panayiotou, Acting CEO of GFH at the 'Assises Nationales et Internationales du Tourisme' conference in Algiers.


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