GULF Finance House EC, a Bahraini Islamic investment bank, and Gulf Energy signed an agreement with China's Yanjiao Economic and Technology Development Area to develop a US$5-billion so-called energy city in China.

The business and residential district for Asia's top energy companies will be set up on an area of 13.4 square kilometers, 30 kilometers from Beijing, Gulf Finance House said in a statement to the Dubai Financial Market yesterday, Bloomberg News reported. The city will include an international exchange, data units and a science park, the statement said.