Senior management and key investors of Gulf Finance House (GFH), the Bahrain-based Islamic investment bank, led by Acting Chief Executive Officer Hisham Alrayes, recently visited the Mumbai Economic Development Zone (MEDZ) project site in India.
The purpose of the visit was to meet senior officials and project managers of the Wadhwa Group, the joint partners and developers of the project and to see first-hand the progress made on the mixed use development project to date. MEDZ is GFH’s flagship project in India and is comprised of two core components – the Energy City Navi Mumbai (ECNM) and Mumbai IT & Telecom City (MITTIC) projects covering nearly 1,300 acres of prime development land at Navi Mumbai in the Indian state of Maharashtra.
The investors were also given an update on the exit plans. As part of the exit process, GFH recently commenced the payout of the first tranche of investment to its investors.
Alrayes said, “We are very happy to see the amount of progress that has been made to date on the Mumbai Economic Development Zone project after we put in a strategy to partner with a local developer in India. This development is GFH’s flagship project in India, and our investors are keen to continue seeing progress updates as the work continues. As part of our re-envisioned business strategy, we are committed to moving our existing infrastructure projects forward towards completion, and achieving successful exits from these projects for our investors.”