Bahrain’s GFH ex­its waterpark in $60m deal

CEO Middle East - - NEWS -

GFH Fi­nan­cial Group has an­nounced a suc­cess­ful exit from Bahrain’s Lost Par­adise of Dil­mun waterpark in a deal val­ued at $60m, the com­pany said.

The waterpark is part of the larger Al Areen de­vel­op­ment lo­cated in the south of Bahrain, near the For­mula

One race track.

The waterpark is one of the largest stand­alone wa­ter­parks in the Mid­dle East and the largest in Bahrain, with the ca­pac­ity to ac­com­mo­date more than 170,000 peo­ple a year to visit its 18 slides, foun­tains and wave pools.

“We are pleased with achiev­ing an­other exit in our real es­tate port­fo­lio,” said GFH CEO Hisham Al­rayes. “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.”

Al­rayes added that – due to the im­por­tance of the waterpark to GFH’s Al Areen de­vel­op­ment – the com­pany has re­tained the right to op­er­ate and man­age the waterpark for the next five years. “We ex­pect the trans­ac­tion to re­flect with good prof­itabil­ity to GFH dur­ing the re­main­ing fi­nan­cial pe­riod of the year,” he added.

GFH posted a net profit of $72.5m for the first half of 2018, a 16.7 per­cent in­crease from the $62.1m re­ported in the same time pe­riod last year.

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