Construction of Villamar project expected to restart by Q2: GFH

Manama : GFH Financial Group (GFH) yesterday announced that the construction of its iconic $650 million Villamar project is expected to restart by the second quarter of 2016. 

This was announced during the Annual General Meeting (AGM) of the Group for the full year ended 31 December 2015 at its headquarters in the Bahrain Financial Harbour. During the meeting, shareholders approved the closing accounts for the 2015 fiscal year, corporate governance report, reappointment of external auditors and the Shari’a Advisory Board and approved to increase the board members seat to ten.

“On behalf of the Board, I would like to sincerely welcome Jassim Al Seddiqi as our new board member representing Abu Dhabi Financial Group (ADFG). As a leading investment management and financial services group, ADFG will continue to partner with GFH to further enhance the business, its valuation and financial returns,” said Dr. Ahmed Al Mutawa, Chairman of GFH Financial Group. 

The meeting was presided by Dr. Ahmed Al Mutawa, Chairman of GFH Financial Group’s Board of Directors. Dr. Al Mutawa briefed the shareholders on the Group’s business activities and presented the full year financial results for 2015. The corporate governance and compliance report were also discussed amongst other matters. 

Commenting on the meeting, Dr. Al Mutawa, said, “2015 was a positive year for GFH, despite challenging market conditions. It was encouraging to see the positive results of our strategic initiatives, which included important partnerships and portfolio diversification. GFH’s senior management team has the right insight and expertise to navigate the Group in the right direction during this constantly changing economic climate.”

GFH also said that its $150m Harbour Row project has started construction work after receipt of the luxury development’s building permit.