Offshore financial centre established in North Africa

North Africa

The Tunisian Government has joined forces with the Gulf Finance House investment bank to create North Africa’s first offshore financial centre.

Located in the $2 billon Tunis Financial Harbour Raoued North waterfront development it is expected to generate 16,000 new jobs for the Tunisian economy.
The Gulf Finance House hope to capitalise on Tunisia’s location in the Mediterranean and become a connector for North Africa and the European Union.

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.”

Over the last decade Tunisia has strongly increased its economic liberalisation and this World Economic Forum Global Competitiveness Report and Taouifik Baccar, governor of the Central Bank of Tunisia believes that there is a “clear strategy of establishing Tunis as a leading regional financial services centre.”