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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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Saudi PIF Invests $200 Million in ETF Bond Fund

The fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). (Asharq Al-Awsat)
The fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). (Asharq Al-Awsat)
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Saudi PIF Invests $200 Million in ETF Bond Fund

The fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). (Asharq Al-Awsat)
The fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). (Asharq Al-Awsat)

State Street Global Advisors, a subsidiary of State Street Corporation, announced that Saudi Arabia’s Public Investment Fund (PIF) has invested SAR 750 million ($200 million) in the newly launched SPDR J.P. Morgan Saudi Aggregate Bond ETF.

According to a statement released by the company on Wednesday, this fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). It is listed in both the London Stock Exchange and Germany’s Xetra, offering investors the opportunity to track government and quasi-government bonds denominated in either the Saudi Riyal or the US Dollar, including sukuk (Islamic bonds).

This investment aligns with the objectives of Saudi Vision 2030, representing a significant step toward enhancing the international presence of Saudi Arabia’s financial markets and attracting foreign investments. The fund is available to investors across several European countries, including Austria, Denmark, France, Germany, and Italy.

Commenting on the investment, Yazid Al-Humaid, Deputy Governor and Head of MENA Investments at PIF, said: “The fund continues to create opportunities and enable access to diverse capital markets in the Kingdom. Investing in the first internationally listed Saudi fixed-income ETF underscores PIF’s commitment to deepening Saudi capital markets, attracting investors, and fostering partnerships across global financial centers.”

CEO of State Street Global Advisors Yi-Hsin Hung emphasized that the launch of the fund is a significant milestone in providing innovative opportunities for investors while contributing to Saudi Arabia’s economic growth.