GFH inks JV agreement for delivery of Tunis Bay Phase 1
Tunis Bay Project Company (TBPC), a subsidiary of Bahrain-based Islamic bank Gulf Finance House (GFH), has signed a joint venture agreement with a French consortium led by Alliance International Holding for development of the first phase of its Tunis Bay Project, also known as the Tunisia Financial Harbor.
The French group, which holds a track record of community development and golf course projects, alongside TBPC will undertake the development of selected areas of Phase I of Tunis Bay project.
The joint venture will see more than 800,000 square meters of land developed into a golf course and the construction of the surrounding villas and apartments for Phase I.
Construction of the first phase of the project is likely to start by next year, stated GFH in a media statement released on December 6, 2014.
The USD 3 billion masterplan is one of the much talked about financial park and real estate developments in the African nation. The brainchild of GFH, it is expected to play host to some of the world's leading names in finance, advisory and support services and will spread over 5 million square meters.
Ref:Business News for Construction
Posted date : 08-12-2014
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