GFH Exits Lost Paradise Waterpark

Press release

Published October 21st, 2018 - 06:37 GMT

Mr. Hisham Alrayes, CEO of GFH

GFH Financial Group today announced its successful exit from Lost Paradise of Dilmun waterpark (“Waterpark”) in a deal valued at US$60 million.

The Waterpark is one of the key components of Al Areen development, located in the southern region of the Kingdom of Bahrain next to the formula one track race with a township spreading over two million square meters. The Waterpark is one of the largest standalone water park in the Middle East and the largest in Bahrain. It accommodates over 170,000 people over per annum and features 18 of the fastest and most exciting slides, fountains and waive pools in the Kingdom catering to all ages.

Commenting, Mr. Hisham Alrayes, CEO of GFH said, “We are pleased with achieving another exit in our real estate portfolio. This has and remains a key focus for GFH, where we enhance the value of our real estate assets and exit to channel proceeds into other investment classes and yielding assets. Nevertheless, due to the importance of this asset to our Al Areen development, we have retained the right to operate and manage the Waterpark over the next 5 years. We expect the transaction to reflect with good profitability to GFH during the remaining financial period of the year”.

Background Information

Gulf Finance House

GFH is a well renowned financial group in the GCC region, with a diversified offering and pioneering track record. Headquartered in Bahrain, GFH’s innovative approach to Islamic investment banking services has been recognised internationally for over a decade. GFH has developed a strong and consistent ability to identify, successfully bring to market and capitalise on a wide range of solid investment opportunities in some of the world’s most dynamic markets and sectors. This approach signifies the Group’s investment insights and commitment to increase the value of its assets, and financial returns to its investors and shareholders.