Gulf Finance House development aims to create 16,000 new jobs for Tunisia
Contractors will be invited to submit bids for the $150-200m infrastructure construction contract for the $3bn Tunis Financial Harbour (TFH) development in July this year. The contract is scheduled to be awarded by the end of the year.
Local firm SCET is the project manager for the infrastructure and the local Studi Group was commissioned to undertake infrastructure design. Detailed infrastructure design is scheduled to be finished by June.
The infrastructure construction package includes building roads, sewerage, gas, telecommunications, sanitation, and drainage.
Canadian architecture firm HOK completed the masterplan of the residential, commercial and public buildings as well as the project’s golf course and sports stadium. Australia’s Go Marine Surveyors completed all of the marine-based conceptual, safety and design work.
TFH will be North Africa’s first offshore financial centre. In addition to a university, the project will also include centres for corporate finance, investment banking, insurance and currency exchange.
Located in the northern Tunis suburb of Raoued in Tunis Bay, it is estimated that development and construction of the project will provide 16,000 new jobs in the financial, service, human resources and regulatory fields.
The project owner, Bahrain-based Gulf Finance House, to complete the entire scheme by 2020.
Gulf Finance House is having financial difficulties due to the fall of the regional property market and a drop in asset values. As a result it is planning to sell some of its real estate assets, including its Energy City projects in Qatar, Libya, India and Kazakhstan (MEED 25:2:10).