The GFH Financial Group announced Saturday its successful exit from the Lost Paradise of Dilmun waterpark in a deal valued at $60 million.
The waterpark is one of the key components of al-Areen development project, located south of Bahrain near the Formula One race track, with a township spreading over two million square meters.
It is one of the largest standalone waterparks in the Middle East and the largest in Bahrain.
It accommodates over 170,000 people annually and features 18 of the fastest and most exciting slides, fountains and pools in the Kingdom catering to all ages.
“We are pleased with achieving another exit in our real estate portfolio,” said CEO of GFH Hisham al-Rayes.
“This has and remains a key focus for GFH in which we enhance the value of our real estate assets and exit to channel proceeds into other investment classes and yielding assets.”
“Nevertheless,” he added, “due to the importance of this asset to our Areen development, we have retained the right to operate and manage the waterpark over the next five years.”
“We expect the transaction to reflect with good profitability to GFH during the remaining financial period of the year,” Rayes explained.
