GFH Financial Holding Group, a prominent financial group in the GCC region, has announced an agreement with Promoseven Holdings in Bahrain, which will allow it to exit part of its real estate portfolio with an approximate value of $55 million.

Promoseven has interests in real estate, public relations, advertising, hospitality, investment and leisure. The Bahrain-based company also owns majority shares in Middle East Communication Networks, which is based in Manama.

In a statement, GFH said that the move comes as part of its strategy to exit its non-core assets. It added that this asset has a book value of $20 million and the deal is expected to have a positive impact on its financial results for the second quarter of 2017.

In December 2016, GFH was part of a sukuk restructuring agreement with Gulf Holding Company and Al Rajhi Bank to revive the Villamar project in Bahrain Financial Harbour.