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Bahrain: GFH Exits Lost Paradise Waterpark in $60 Mn Deal

A general view of Manama, Bahrain. (AFP)
A general view of Manama, Bahrain. (AFP)
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Bahrain: GFH Exits Lost Paradise Waterpark in $60 Mn Deal

A general view of Manama, Bahrain. (AFP)
A general view of Manama, Bahrain. (AFP)

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.

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Türkiye's Recent Political Events Hit Economy, Reserves, Says EBRD 

Owners of a "bufe", a Turkish word to call small corner restaurants with a couple of stools outside or inside, wait for customers at Uskudar neighborhood in Istanbul, Türkiye, April 23, 2025. (Reuters)
Owners of a "bufe", a Turkish word to call small corner restaurants with a couple of stools outside or inside, wait for customers at Uskudar neighborhood in Istanbul, Türkiye, April 23, 2025. (Reuters)
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Türkiye's Recent Political Events Hit Economy, Reserves, Says EBRD 

Owners of a "bufe", a Turkish word to call small corner restaurants with a couple of stools outside or inside, wait for customers at Uskudar neighborhood in Istanbul, Türkiye, April 23, 2025. (Reuters)
Owners of a "bufe", a Turkish word to call small corner restaurants with a couple of stools outside or inside, wait for customers at Uskudar neighborhood in Istanbul, Türkiye, April 23, 2025. (Reuters)

Recent political events in Türkiye stymied the country's path to slowing inflation and the fallout affected the economy as well as foreign exchange reserves, the European Bank for Reconstruction and Development's chief economist said.

The detention of Istanbul mayor and main opposition leader Ekrem Imamoglu on March 19 sent the lira sharply lower and triggered market turmoil that pushed the central bank into a surprise interest rate hike in April, short circuiting an easing cycle that began at the start of the year.

Türkiye had been on a "slow but steady" path towards reducing inflation before the event, EBRD Chief Economist Beata Javorcik told Reuters.

"This path allowed it to cut interest rates, but that process was stopped by the recent political events, which brought turbulence and forced the central bank to reverse the direction," Javorcik said, adding raising interest rates put the brakes on the economy.

"This is costly in terms of economic performance, in terms of reserves ... and in terms of the reputational implications, undermining confidence of investors."

Türkiye has struggled with very high inflation in recent years, which peaked at 75% last May.

The bank downgraded its forecast for Türkiye’s economic growth this year by 0.5 percentage points to 2.8%, due to lower domestic and external demand and tighter-than-expected monetary policy.

Türkiye’s bonds and stock market had become a big draw for global money managers in the months leading up to Imamoglu's detention.

The appointment of Finance Minister Mehmet Simsek in 2023, widely seen as the architect of the government's return to a more orthodox economic policy, helped lure investors.

The EBRD said Türkiye’s central bank sold more than $40 billion in foreign exchange in the weeks following Imamoglu's arrest, pulling net reserves, excluding swaps, from more than $60 billion to less than $20 billion.

The latest reserve numbers, published on Monday, showed that Türkiye’s gross reserves had risen by $6 billion - the first such gain in nearly two months.