JEDDAH, 6 January 2005 — The Bahrain-based Gulf Finance House B.S.C. (GFH), one of the leading providers of Islamic investment and commercial banking services in the region, opened subscriptions to its $302 million private placement exercise last week to finance the first phase of its $3.8 billion mixed-use entertainment project — Legends — which was unveiled in Dubai last month.
Making an official announcement in this regard, a top executive of the bank said that the private placement exercise has come at a time when the project — the first integrated leisure and entertainment real estate development in the region — had been successful in creating a stir among the community of regional and international investors.
Detailing the singularly unique investment proposition that Legends presents, Esam Janahi, chief executive officer of GFH said: “Legends is located within the prestigious Dubailand development, which enjoys the full support of the government of Dubai and is being actively promoted within the regional and international arena.”
He said the project has very high potential, particularly in the wake of the emergent tourism, entertainment and travel sectors in the region.
“Dubailand is committed to unlock the tourism potential that the region, and particularly Dubai has to offer, and Legends will add tremendous value to its positioning by being the single largest destination for family-oriented, leisure and entertainment tourism in the Middle East.”
The Legends project comprises six main components at the core of which are three world-class theme parks, which together constitute the largest climate-controlled theme parks in the world. The three theme parks at Legends are Legends of Arabia, Legends of Nature and Legends of the World — all of which are inspired by the magic of mythology, natural wonders, and the magnificent places on the planet.
“The private placement for the first phase of Legends offers a unique opportunity for investors to partner in this landmark project. The project represents an important diversification for GFH and we are confident that it will mark a significant milestone within the tourism sector in the region,” he added.
A. Rahman Mohammed Al-Jasmi, chief placement officer of GFH said: “The private placement initiative has evoked a stream of enthusiastic investor response immediately after the announcement and the 40 percent covered by Tanmiyat is a significant indicator of the robust potential of Legends project.”
Legends is the latest addition to GFH’s impressive portfolio of pioneering projects which include the $1.3 billion Bahrain Financial Harbor (BFH), and the $600 million Al Areen Desert Spa and Resort, both of which are in Bahrain.
In an effort to boost the company’s operations and allow a larger section of the local and regional investors to enjoy the benefits and returns from Legends, and to offer them an opportunity to participate in Dubai’s spectacular growth, discussions are intended to be held with the regulatory authorities and relevant institutions to issue a public offering. “Legends listing on the Dubai Financial Market (DFM) would not only benefit the participants and investors of the project, but would also help in further boosting Dubai’s economy and construction industry,” said Al-Jasmi. The first phase of Legends is set to begin in 2005 and will be completed by 2007, when the first of the theme parks — Legends of Arabia — is scheduled to be operational.
The other components of the project include the Legends Leisure Complex, which is a vibrant mixed destination for family entertainment complete with innovative retail concepts within a themed environment. Further, the development will feature four themed hotels, three of which will be based on Arabian, Caribbean and Medieval concepts. Apartment complexes will be built around this destination. Legends will also feature a golf course, which will be positioned in the midst of this energy-bustling atmosphere and the tranquil residential component of the project - Living Legends — comprising of independent and semi-detached villas.
The final component of the project — Trade Legends — will comprise offices, while featuring a covered arcade that will accommodate all the various elements.
