Gulf Finance House (GFH), a Bahrain-based Islamic investment bank, has signed up renowned French consortium led by Alliance International Holding for the development of the first phase of its Tunis Bay project.

The $3-billion Tunis Financial Harbour (TFH), a key financial park and real estate development in Tunisia, is the brainchild of GFH and will play host to some of the world's leading names in finance, advisory and support services at a strategic crossroads between the European and Middle East and North Africa (Mena) markets.

GFH had recently set up a new firm Tunis Bay Project Company (TBPC) to develop the project.

As per the deal, TBPC will jointly develop the project along with Alliance International Holding, which boasts a track record of community development and golf course projects.

The designated joint venture will be responsible for the development of 269,703 sq m of land a golf vourse spreading over 800,032 sqm of land (including surrounding villas and apartment units for residents within Phase One), said the statement from GFH.

The construction work on the project is slated to start by next year, it added.-TradeArabia News Service