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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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Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices were little changed on Thursday as investors weighed firm winter fuel demand expectations against large US fuel inventories and macroeconomic concerns.

Brent crude futures were down 3 cents at $76.13 a barrel by 1003 GMT. US West Texas Intermediate crude futures dipped 10 cents to $73.22.

Both benchmarks fell more than 1% on Wednesday as a stronger dollar and a bigger than expected rise in US fuel stockpiles pressured prices.

"The oil market is still grappling with opposite forces - seasonal demand to support the bulls and macro data that supports a stronger US dollar in the medium term ... that can put a ceiling to prevent the bulls from advancing further," said OANDA senior market analyst Kelvin Wong.

JPMorgan analysts expect oil demand for January to expand by 1.4 million barrels per day (bpd) year on year to 101.4 million bpd, primarily driven by increased use of heating fuels in the Northern Hemisphere.

"Global oil demand is expected to remain strong throughout January, fuelled by colder than normal winter conditions that are boosting heating fuel consumption, as well as an earlier onset of travel activities in China for the Lunar New Year holidays," the analysts said.

The market structure in Brent futures is also indicating that traders are becoming more concerned about supply tightening at the same time demand is increasing.

The premium of the front-month Brent contract over the six-month contract reached its widest since August on Wednesday. A widening of this backwardation, when futures for prompt delivery are higher than for later delivery, typically indicates that supply is declining or demand is increasing.

Nevertheless, official Energy Information Administration (EIA) data showed rising gasoline and distillates stockpiles in the United States last week.

The dollar strengthened further on Thursday, underpinned by rising Treasury yields ahead of US President-elect Donald Trump's entrance into the White House on Jan. 20.

Looking ahead, WTI crude oil is expected to oscillate within a range of $67.55 to $77.95 into February as the market awaits more clarity on Trump's administration policies and fresh fiscal stimulus measures out of China, OANDA's Wong said.