Gfh seals partnership with indian developer

Gulf Finance House (GFH), an Islamic investment bank based in Bahrain, has signed a major partnership deal with India-based Wadhwa Group to develop a strategic zone in Mumbai.

The agreement will see GFH and the leading Indian real estate group jointly develop core infrastructure of the Bank’s Energy City Navi Mumbai (ECNM) and Mumbai IT & Telecom City (MITTIC) (together termed as the Mumbai Economic Development Zone), and also secure a successful exit for investors.

Wadhwa said following the infrastructure development the duo will together develop integrated homes, affordable housing, hotels and malls on the two sites, which hold a strategic location on the outskirts of Mumbai.

The deal comes following GFH’s recent announcement of returning back to profitability in the first quarter of 2011 with a net profit of $11.9 million for the quarter.

Source: TradeArabia.com