GFH Financial Group confirmed on Tuesday that it is planning to launch a specialist real estate division to develop a number of its projects in Dubai and its home base of Bahrain.
The Bahrain-listed investment group said that the division, GFH Real Estate, would have initial assets of US$40 million and would manage projects in Bahrain and Dubai that the company had previously invested in with a combined value of $300m.
Projects being brought forward include the Harbour Row and Harbour North schemes in Bahrain and one in Dubai, Dubai California Village.
The company started work on the $150m Harbour Row project in December and said that it intends to launch the remaining phases of the residential-led project in Bahrain Financial Harbour before the end of this year. These are a series of low-rise apartment blocks with commercial units around a promenade at the ground-floor level.
The Dubai-listed company also announced in April this year that it would restart work at its $650m Villamar project in Bahrain Financial Harbour, which includes three twisting towers, each between 52 and 54 storeys. This project was launched in 2007 before the global financial crisis.
Earlier this month, it also bought a portfolio of industrial property buildings in the United States for $65m. The portfolio included 30 buildings spread across seven Midwest states.
Conditions in Bahrain’s property market have shown signs of improving in recent months, with rents remaining stable and development cautiously increasing after several years of inactivity.
A report earlier this month by property consultants CBRE said that development activity had been taking place across Bahrain in recent months, as the kingdom looked to the non-oil sector to drive growth.
New schemes have included UAE-based Eagle Hills’ Marassi Al Bahrain project at Diyar Al Muharraq and Bin Faqeeh Group’s Layan project, which is a residential scheme with its own water park at Durrat Marina.
“Growth has been dominated by construction, private education, health care and tourism, and while real estate transactions have dropped by 6 per cent quarter-on-quarter, development activity and project planning has gained pace, particularly in the residential, retail and hospitality sub-sectors,” said James Lynn, a research director at CBRE Bahrain.
mfahy@thenational.ae
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Results
2.15pm: Maiden (PA) Dh40,000 1,700m; Winner: AF Arrab, Antonio Fresu (jockey), Ernst Oertel (trainer).
2.45pm: Maiden (PA) Dh40,000 1,700m; Winner: AF Mahaleel, Antonio Fresu, Ernst Oertel.
3.15pm: Sheikh Ahmed bin Rashid Al Maktoum handicap (TB) Dh200,000 2,000m; Winner: Dolmen, Richard Mullen, Satish Seemar.
3.45pm: Handicap (PA) Dh40,000 1,200m; Winner: Amang Alawda, Sandro Paiva, Bakhit Al Ketbi.
4.15pm: The Crown Prince of Sharjah Cup Prestige (PA) Dh200,000 1,200m; Winner: AF Alwajel, Tadhg O’Shea, Ernst Oertel.
4.45pm: Handicap (PA) Dh40,000 2,000m; Winner: Al Jazi, Jesus Rosales, Eric Lemartinel.
Company%20Profile
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The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
ESSENTIALS
The flights
Etihad (etihad.com) flies from Abu Dhabi to Mykonos, with a flight change to its partner airline Olympic Air in Athens. Return flights cost from Dh4,105 per person, including taxes.
Where to stay
The modern-art-filled Ambassador hotel (myconianambassador.gr) is 15 minutes outside Mykonos Town on a hillside 500 metres from the Platis Gialos Beach, with a bus into town every 30 minutes (a taxi costs €15 [Dh66]). The Nammos and Scorpios beach clubs are a 10- to 20-minute walk (or water-taxi ride) away. All 70 rooms have a large balcony, many with a Jacuzzi, and of the 15 suites, five have a plunge pool. There’s also a private eight-bedroom villa. Double rooms cost from €240 (Dh1,063) including breakfast, out of season, and from €595 (Dh2,636) in July/August.
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MATCH INFO
Europa League final
Marseille 0
Atletico Madrid 3
Greizmann (21', 49'), Gabi (89')
Day 4, Dubai Test: At a glance
Moment of the day Lahiru Gamage appeared to have been hard done by when he had his dismissal of Sami Aslam chalked off for a no-ball. Replays suggested he had not overstepped. No matter. Two balls later, the exact same combination – Gamage the bowler and Kusal Mendis at second slip – combined again to send Aslam back.
Stat of the day Haris Sohail took three wickets for one run in the only over he bowled, to end the Sri Lanka second innings in a hurry. That was as many as he had managed in total in his 10-year, 58-match first-class career to date. It was also the first time a bowler had taken three wickets having bowled just one over in an innings in Tests.
The verdict Just 119 more and with five wickets remaining seems like a perfectly attainable target for Pakistan. Factor in the fact the pitch is worn, is turning prodigiously, and that Sri Lanka’s seam bowlers have also been finding the strip to their liking, it is apparent the task is still a tough one. Still, though, thanks to Asad Shafiq and Sarfraz Ahmed, it is possible.
COMPANY%20PROFILE
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The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
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The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Company profile
Company name: Suraasa
Started: 2018
Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker
Based: India, UAE and the UK
Industry: EdTech
Initial investment: More than $200,000 in seed funding