The Bahrain-based Islamic investment banking major, Gulf Finance House (GFH), and the Tunisian government have announced the launch of a $3 billion North Africa’s first offshore financial center as part of Tunis Financial Harbour. The mixed use waterfront development will provide the physical infrastructure for the planned offshore financial center.
GFH in a statement said the landmark project Tunis Financial Harbour would offer a bridge between the $15 billion EU trade bloc, Tunisia’s own dynamic economy and rapidly developing North African and sub-Saharan economies.
The formal announcement was made by the GFH senior management and the governor of the Tunisian Central Bank on the sidelines of a reception for financial services institutions and policy specialists held in Washington, DC held during the International Monetary Fund’s (IMF) annual meeting. Both parties’ briefed attendees on the project as well as the development of Tunisia’s financial services regulatory environment.
Tunis Financial Harbour will further develop Tunisia’s vibrant economy, by offering world class commercial infrastructure and an array of modern waterfront living for financial services institutions seeking access to the opportunities Tunisia offers as a strategic gateway between Europe and Africa. The development is projected to have a permanent population of 110,000 residents across its 500 hectares and will create 16,000 jobs for the Tunisian economy.
“Tunis Financial Harbour will be North Africa’s first off shore financial services centre,” said Esam Janahi, executive chairman GFH.
“Tunisia’s strategic location means that it is the natural base for a financial services hub to cater for the growing demand for financial products and services created by the growth of not only the Tunisian economy but also African economies and international investment flows into the country. Tunis Financial Harbour will offer a world class centre for financial service institutions to base their operations whilst offering a range of modern, waterfront lifestyle options for employees and residents. Tunis Financial Harbour builds on our strategy of creating the economic infrastructure to support the development of economies and societies across the Middle East and we are proud to be partnering with the Tunisian government to support their national objectives,” he added.