In a strategic move that will expedite the development of the Royal Metropolis project in Jordan, Gulf Finance House (GFH) yesterday announced to appoint its wholly-owned onshore banking subsidiary, Gulf Finance House Commercial Bank (C) (GFHCB) as the lead financier to Jordan Gate.
GFHCB, mandated to raise financing for the project, has also signed a memorandum of understanding (MoU) with Jordinvest, which will assist GFH and GFHCB in arranging and structuring financing for the first phase of the Royal Metropolis project- Jordan Gate.
Chief Executive Officer and board member of GFH, Esam Janahi, said: “Royal Metropolis is a prestigious project that will augment investment flows to Jordan and presents a unique opportunity to GFHCB to garner its fund raising skills to take part in the development of a landmark venture.”
He said: “Involving a Jordan-based financial institution in the finance raising activities for Jordan Gate will certainly bring a significant strategic advantage to the development of the project. It is also in line with the core business philosophy of GFH to partner with local institutions and businesses in our projects.”
GFHCB will raise financing for the Royal Metropolis project that includes Jordan Gate in Phase I and The Districts in the second phase, which will also comprise a gated residential community, Royal Village. Jordan Gate, which is currently under construction on 28,500 square metres at the prime location of 6 Circle in Amman, will comprise two high-rise towers connected to a shopping mall and a services area. It will offer prime office space to international investors with modern amenities including conference facilities, luxurious five-star hotel and a range of retail outlets.
Under the terms of agreement of the MoU, Jordinvest will assist GFHCB in structuring investment instruments for financing the development of Jordan Gate.
Janahi said GFHCB has been able to raise its profile further in Bahrain and the regional market thanks to the able guidance of the Bahrain Monetary Agency (BMA). “BMA has created a favourable environment for growth for banks and financial institutions that have helped GFHCB target a bigger role for itself in Bahrain and the region,” he said.
General Manager of GFHCB, Ebrahim Hussain Ebrahim, said: “We consider it as a privilege and a challenge to be partnering in the development of such a prestigious project. The Royal Metropolis project will also take GFHCB into Jordan which is a very mature and dynamic market where we could play a larger role in future.”
Speaking on the MoU with GFHCB, Vice-Chairman and CEO of Jordinvest, Ahmed Tantash, said: “Jordan Gate is a significant project which will add value to the potential and prospects of the economy of Jordan. Being a Jordan-based company, such a significant addition to our portfolio will enhance our reputation in the market place.”
“We are proud to be part of a project of this magnitude in Jordan and also to be associated with GFH, one of the leading investment banks in regional infrastructure investment. Jordan Gate has evoked tremendous enthusiasm among investors and will add further value to our portfolio and offer us another rare opportunity to be part of the economic development of Jordan,” he added. 
Last update on: 19-7-2005