Construction work at the $650-million Villamar project at the Bahrain Financial Harbour in central Manama is expected to restart during the current quarter, said a top official of the Bahrain-based GFH Financial Group (GFH).

 

Another of its iconic developments, the $150-million Harbour Row project, has also started construction work after receipt of the luxury development’s building permit.

"Both Villamar and Harbour Row are iconic projects which are positioned to add value to Bahrain as an upscale tourist destination. GFH is fully committed towards developing these projects and are confident of its timely completion," remarked Dr Ahmed Al Mutawa, the chairman of GFH Financial Group’s board of directors.

 

He was speaking at the annual general meeting (AGM) of the group after releasing the company's results for the year ended December 31, 2015.

 

GFH, he stated, was fully committed towards developing these projects and confident of its timely completion.

 

Commenting on the results, Dr Al Mutawa said: "2015 was a positive year for GFH, despite challenging market conditions. It was encouraging to see the positive results of our strategic initiatives, which included important partnerships and portfolio diversification."

 

"GFH’s senior management team has the right insight and expertise to navigate the Group in the right direction during this constantly changing economic climate,” he added.

 

During the last fiscal year, GFH said it made considerable progress on its flagship real estate projects in Bahrain.

 

At the AGM, Dr Al Mutawa also welcomed Jassim Al Seddiqi as its new board member representing Abu Dhabi Financial Group (ADFG).

 

As a leading investment management and financial services group, ADFG will continue to partner with GFH to further enhance the business, its valuation and financial returns, said the company statement.

 

GFH is one of the most recognised financial groups in the Gulf region. Its businesses include asset management, wealth management, commercial banking and real estate development.

 

The group’s operations are focused in the GCC, North Africa and India.-TradeArabia News Service