Bahrain's GFH to press on with N.Africa projects

TUNIS, June 12 (Reuters) - Bahrain's Gulf Finance House GFHB.BH will not cancel any of its real estate projects across north Africa despite the global financial crisis, the company said on Friday.

The Islamic investment bank will begin work on a $3 billion financial park and real estate development in Tunis this year, Chairman Esam Janahi told reporters in the Tunisian capital.

"The project will begin in the last quarter of this year and the first stage of infrastructure will be completed in four years," Janahi said after Tunisian President Zine al Abidine Ben Ali laid the project's foundation stone.

Tunis Financial Harbour, billed as the first financial park in north Africa, would cover 450 hectares in the Raoued suburb of Tunis. Janahi said the project will create over 16,000 jobs.

Tunisia could benefit from developing its offshore financial services industry and creating a world-class international financial centre for the Maghreb region, said Janahi.

The north African country of 10 million has made use of its lower labour costs to entice manufacturing and services business from neighbouring Europe, but economists say it needs to improve an outdated banking sector to make the most of new investment.

The Gulf Finance House (GFH) development will include a corporate hub and areas focusing on investment banking, advisory and insurance and an exchange. It will also offer homes, offices, a golf course, a business school and trade centres.

GFH, created in 1999, has invested $12 billion in infrastructure projects in the Middle East and North Africa.

GFH "will not postpone or cancel any project in north Africa and will be continuing projects in Tangier and Marrakesh in Morocco and an energy project in Libya, despite the economic crisis", said Janahi. (Reporting by Tarek Amara; Editing by Tom Pfeiffer and David Cowell)