As an acknowledgement of its investment initiatives in the real estate sector within the Shariah-compliant perspective, one of the leading Bahrain-based Islamic investment banks, Gulf Finance House B.S.C. (GFH), has been awarded the 'Best Islamic Real Estate Finance House' title for 2005 by the London-based journal, Euromoney, specialising in global capital and money markets.
This is the second consecutive year that GFH is receiving Euromoney awards.
Euromoney has cited the bank’s strategy of concentrating on infrastructure, real estate in particular, as being highly successful. GFH’s investments launched in 2004 aggregated over US $6 billion.
Expressing delight at having received the award, Mr. Esam Janahi, Chief Executive Officer, GFH said: “We are deeply honoured to be chosen by Euromoney as the Best Islamic Finance House. Real estate, as an asset class, yields higher returns when compared to other conventional options. GFH has made use of lucrative opportunities thrown up by the GCC as well as overseas property markets.”
“We have designed our real estate-focused investment products with an eye on maximising returns to shareholders and clients. In doing so, GFH is keen on focusing on infrastructure projects,” he said.
Congratulating GFH on the award, Mr. Peter Lee, Editor, Euromoney, said: “GFH has successfully positioned itself as a leading institution focusing on raising investments in the Gulf and placing these as private investments in projects both internationally and in the Middle East.”
The journal cited the success of the US$1.3 billion Bahrain Financial Harbour (BFH) and the recently executed US$302 million private placement for Legends Investment Company, a major real estate-led development in Dubai, the total investment of which is pegged at US$3.8 billion.
Euromoney lauded GFH for the launch of the US $750 million Al Areen Desert Spa and Resort for which the investment bank raised US$137 million from investors through private placement for the development of the first phase of the project. GFH’s investments in blue-chip properties in Spain and France also came under praise from Euromoney.
“The projects leverage GFH’s innovative approach, deep knowledge of real estate markets and strong management expertise. In a short span of five years, GFH’s assets under management have grown to over US $1 billion,” Euromoney said.