Bahrain property firm set up

A Bahrain-based $50 million GCC property development company has been formed by Bahrain's Gulf Finance House (GFH) and Kuwait's Gulf Investment House (GIH).

The Gulf Construction Co has a paid-up capital of $16 million and has obtained necessay approvals from Bahraini authorities, said a GFH statement.

The company will sell/buy properties in GCC countries, manage and develop commercial centres and residential buildings and complexes, and offer real estate consultancy services, explained Mohammed Alaloush, GFH vice-president.

"It will also contribute in Bahrain and GCC property companies, hold property auctions, provide data and studies on property development and practice property-related activities in the GCC or any other global feasible market."

The firm will invest in new development projects that were financially structured in accordance with Islamic laws and it will start by the management and handling maintenance services of commercial complexes.

"In the first phase, a number of licences will be given to the new firm for the development of several property development projects in prime locations in Bahrain," said Alaloush.