Apr 23 2006 |
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Bahrain: GFH licensed to list on Dubai financial market
Bahrain-based Gulf Finance House (GFH) has received a licence from Emirates Securities and Commodities Authority (ESCA) to list its shares on the Dubai Financial Market (DFM). The bank is currently listed on the Bahrain and Kuwait stock exchanges, where its shares are actively traded.The shares of GFH are expected to begin trading on the Dubai bourse next month, opening up significant opportunities for investors based in Dubai to participate in the growth and expansion of one of the region's leading Islamic investment banks.
Dr Fuad Abdulla Al Omar, Chairman of GFH, said: "GFH's listing on the DFM will be another milestone in our efforts to give all investors in the GCC the opportunity to invest in GFH. We have responded to the requests made to us by many investors based in Dubai. The UAE in general, and Dubai in particular, are globally recognised as attractive centres for business investment and trading in the region."
Esam Janahi, Chief Executive Officer and Board Member of GFH said: "As a fast growing regional Islamic financial institution, it is imperative that GFH has access to investors and to capital. The listing will provide investors in the region with increased liquidity and higher trading volumes."
Recognised globally for its pioneering investment products spanning infrastructure development, private equity and asset management, the Bank declared net profits of $140 million for fiscal 2005, compared to $57 million in 2004. GFH recently increased its total capital to $391 million from $ 181 million in order to fund the expansion of the Bank's business in global markets.
In the UAE, Gulf Finance House is the originator and major arranger of financing for the high-profile $3.8 billion Legends project in Dubailand, one of the leading innovative landmark tourism and mixed-use projects in the region. Other GFH projects include the $1.4 billion Bahrain Financial Harbour, and the $1 billion Al Areen development in Bahrain; the $1 billion-plus Royal Metropolis in the Hashemite Kingdom of Jordan; and the $2.6 billion Energy City Qatar energy business centre, the first of its kind in the Middle East.
GFH has also won many prestigious awards in the field of investment banking, including the Sheikh Mohammed Bin Rashid Al Makhtoum Award for 'Global Contribution in Islamic Private Equity/Venture Capital 2006', and 'Best Investment Bank 2005' and 'Best Advertising/Marketing Campaign 2005' by Banker Middle East.
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