Gulf Finance House (GFH) yesterday announced the successful exit of the first batch of investors in Bahrain Financial Harbour (BFH), represented by BFH Inc, who invested in the $1.3 billion (Dh4.77 billion) landmark project in early 2003.

During this holding period, investors who were represented by BFH Inc earned a return of 50 per cent on their investment, against a return of 40 per cent projected by GFH in two years.

BFH Inc held an indirect stake of 49.88 per cent in the BFH Holding Company through representation by GFH.

Highlighting the merits of the deal, Esam Janahi, chairman of Bahrain Financial Harbour Holding Company and chief executive of GFH, said: "The deal mirrors the core values of GFH and its commitment to ensuring high returns for its investors.

"The past few months have seen major participation by regional investors in the various components of BFH, particularly in Bahrain International Insurance Centre and the Harbour House, reflecting strong investor confidence in the project."

"This successful exit is testimony to the strong fundamentals of the development. The high returns from the deal indicate the rising recognition of BFH as one of the best investment options in the region," Janahi added.

BFH is a unique development that aims to integrate in one place the currently fragmented financial services sector in Bahrain.

Based on an innovative concept, BFH will bolster Bahrain's current position as the financial capital of the Middle East.

At the core of BFH is the Financial Centre, the first phase of the development which will house investment and commercial banks, offshore banking units, legal and advisory services, takaful companies, fund managers, IT firms, professional institutes, leasing companies and financial consultants.

Construction for the Financial Centre commenced in March 2004 and is expected to complete by the end of 2006.

The Financial Centre is made up of the Dual Towers, the Financial Mall and the Harbour House.

An important element of BFH is the Bahrain International Insurance Centre conceived as the region's first world-class insurance market that will house a range of insurance-related businesses.

Construction work on the BIIC has already commenced.