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. Detailing the singularly unique investment proposition that Legends presents, Esam Janahi, chief executive officer of GFH said: "Legends is located within the prestigious Dubai land development, which enjoys the full support of the government of Dubai and is being actively promoted within the regional and international arena." A press statement published today quoted Janahi as saying that the project has very high potential, particularly in the wake of the emergent tourism, entertainment and travel sectors in the region. 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. 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. 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.
