Telegraph | Islamic investment bank Gulf Finance House (GFH) and the Tunisian government have created the first offshore finance centre in North Africa. The centre will be part of Tunis Financial Harbour, a $3 billion (£2 billion) waterfront development in Raoued North, Tunis which is expected to create around 16,000 jobs for the Tunisian economy.GFH, which is based in Bahrain, hopes that the centre will allow Tunisia to take advantage of its strategic position on the Mediterranean sea, and operate as a bridge between the EU and the rapidly growing economies of North Africa.
Esam Janahi, executive chairman of GFH said: “Tunis Financial Harbour will be North Africa’s first offshore financial services centre. Tunisia’s strategic location means that it is the natural base for a financial services hub to cater for the growing demand for financial products and services created by the growth of not only the Tunisian economy but also African economies and international investment flows into the country.”
Taoufik Baccar, governor of the Central Bank of Tunisia, added that the country has “a clear strategy of establishing Tunis as a leading regional financial services centre.”
Tunisia has undergone increasing economic liberalization over the last decade, after a long perod of strict state control. In the 2010-2011 World Economic Forum Global Competitiveness Report, it was ranked as the most competitive country in Africa, as well as the 32nd most economically competitive country globally.
