Gulf Finance to exit from India, Tunisia



Kuwait: Gulf Finance House, the investment bank that acquired England's three-time soccer champion Leeds United, is seeking to exit assets in India and Tunisia to enter high-yield investments, its acting chief officer said. The Bahrain-based Islamic investment bank this year started to 'partially exit' an infrastructure development project consisting of technology and energy cities in India's Navi Mumbai, Hisham Al Rayes said in a phone interview.

"The total value of the transaction is $1 billion and we've started exiting our clients in 2012 and will continue with the redemption plan in the new year and onwards."

The company and its clients, will also seek to gradually sell stakes in the Tunis Financial Harbour project from next year, Al Rayes said. "The investment has a total value of $300 million, 10 per cent of which is directly owned by us."

GFH, emerged from financial difficulties this year after it restructured more than $200 million in debt, cleaning a balance sheet that was laden with $2.3 billion in liabilities in the year 2008. "We are looking into high-yield, income-generating properties in Saudi Arabia and the United Arab Emirates, especially Dubai," Al Rayes said.

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