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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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Presidential Election: A Crucial First Step toward Saving Lebanon from Economic Crisis

The vacant presidential seat at Baabda Palace after President Michel Aoun's term ended (Reuters)
The vacant presidential seat at Baabda Palace after President Michel Aoun's term ended (Reuters)
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Presidential Election: A Crucial First Step toward Saving Lebanon from Economic Crisis

The vacant presidential seat at Baabda Palace after President Michel Aoun's term ended (Reuters)
The vacant presidential seat at Baabda Palace after President Michel Aoun's term ended (Reuters)

Since 2019, Lebanon has faced one of its worst economic crises in modern history, affecting all aspects of life. The local currency has lost over 95% of its value, driving inflation to record levels and making goods and services unaffordable. Poverty and unemployment have surged.
Amid this, political divisions have paralyzed government action, preventing any effective response to the crisis.
The recent war with Israel added to the burden, causing huge human and material losses estimated by the World Bank at $8.5 billion. This has made Lebanon’s economic and social struggles even harder to resolve, with no president in place to lead the country.
The presidential post in Lebanon has been vacant since President Michel Aoun's term ended in October 2022, leaving the country without a leader to address growing economic and financial issues.
This vacancy has stalled government formation, making it difficult for Lebanon to negotiate with international donors like the International Monetary Fund (IMF), which demands major reforms in exchange for aid.
Choosing a new president is now a critical priority, not only to regain local and international confidence but also to begin the long-needed reforms.
One major challenge the new president will face is the reconstruction effort, which is estimated to cost over $6 billion. This is a huge financial burden that will require significant resources and effort to secure funding.
Reconstruction in Lebanon is not just about fixing infrastructure or repairing damage; it is a key test of the country’s ability to restore its role on the regional and international arena.
To achieve this, Lebanon needs a president with a clear vision and strong international connections, able to engage effectively with donor countries and major financial institutions.
Without credible and unified political leadership, Lebanon’s chances of gaining external support will remain limited, especially as international trust has been shaken by years of mismanagement and lack of reforms.
Keeping Lebanon’s deepening crises in mind, the people are hoping that electing a new president will offer a chance for economic and political recovery.
The new president, along with a strong government, is expected to rebuild trust both locally and internationally and restore political stability—key factors for stopping the economic decline and encouraging growth.
For instance, reviving Lebanon’s vital tourism sector will require better security and restoring confidence in the country as a safe place for investment.
This can only happen with political leadership that has a clear plan for reconstruction and necessary reforms.
Given Lebanon’s ongoing financial struggles, the new president’s ability to address these challenges will be critical to rescuing the country and guiding the economy toward recovery and sustainable growth.