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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 Denounces Opposition Calls for a Day of No Shopping 

Shoppers walk through the spice bazaar in the Eminonu district of Istanbul on April 1, 2025. (AFP)
Shoppers walk through the spice bazaar in the Eminonu district of Istanbul on April 1, 2025. (AFP)
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Türkiye Denounces Opposition Calls for a Day of No Shopping 

Shoppers walk through the spice bazaar in the Eminonu district of Istanbul on April 1, 2025. (AFP)
Shoppers walk through the spice bazaar in the Eminonu district of Istanbul on April 1, 2025. (AFP)

Türkiye’s government denounced opposition calls for a mass commercial boycott following the arrest of Istanbul Mayor Ekrem Imamoglu that sparked nationwide protests, describing them on Wednesday as an economic "sabotage attempt".

After the mayor was detained two weeks ago, the main opposition Republican People's Party (CHP) had called for a boycott of goods and services from companies with perceived ties to President Recep Tayyip Erdogan's government.

That call widened on Wednesday to include a halt to all shopping for one day, prompting some shops to close in solidarity with those criticizing the arrest as a politicized and anti-democratic attempt to hurt the opposition's electoral prospects.

Imamoglu is Erdogan's main political rival and the CHP's presidential candidate for any future election.

Trade Minister Omer Bolat said boycott calls posed a threat to economic stability and accused those advocating them of seeking to undermine the government.

They "are an attempt to sabotage the economy and include unfair trade and competition elements. We see this as a futile attempt by circles who consider themselves the masters of this country", Bolat said.

Vice President Cevdet Yilmaz said the calls threatened social harmony and economic stability, and were "doomed to fail".

Several cabinet ministers and pro-government celebrities, including former Germany and Real Madrid soccer midfielder Mesut Ozil, used the hashtag #BoykotDegilMilliZarar ("Not a Boycott, but National Damage") to emphasize their stance.

The calls have been led by CHP chairman Ozgur Ozel, who has encouraged the street protests that have swollen to the largest in Türkiye in more than a decade. Erdogan has called the protests "evil" and said they would not last.

Türkiye’s economy has been hit by a years-long cost of living crisis and series of currency crashes, with growth having slowed and inflation still lofty at 39% in February.

On Tuesday prosecutors launched an investigation into those advocating the boycott calls on social and traditional media.

The Istanbul chief prosecutor's office said it was probing calls that allegedly sought to prevent a segment of the public from engaging in economic activity, citing possible violations of laws against hate speech and inciting public hostility.