ABU DHABI - Abdulaziz Asaad Abdel Aziz Al Sanad, Chairman of the Gulf Investment House (GIH), said that the GIH, which is based in Kuwait, aims to list three affiliate companies in the Abu Dhabi Securities Exchange (ADX), as well as another company in the Saudi Stock Exchange (Tadawul).
In a statement to the Emirates News Agency (WAM), Al Sanad said that the period for listing affiliate companies in ADX and Tadawul varies between one and two years from now, noting that the companies mentioned above operate in various sectors, including real estate, industry, retail and investment.
“GIH was listed in ADX last week,” he added, noting that it has been listed in the Kuwaiti Stock Exchange (Boursa Kuwait) since 2002, and its market value is AED1.96 billion.
The company plans to be listed in another market by the end of 2023 or early 2024, he further added. It had reached a historic milestone following its listing in ADX, a key regional market and a major Arab market that attracts capital and foreign investment.
GIH is the first Kuwaiti company to be listed in ADX since the launch of Boursa Kuwait, Al Sanad said.
ADX contains several dual-listed companies, including Ooredoo, Sudatel Telecom, Oman and Emirates Investment, and GFH, with a market value of AED29 billion at the end of September, compared to AED23 billion at the end of 2021. The total value of the securities trading of these companies increased nearly four-fold annually to AED118 million in the first nine months of 2022.
According to Al Sanad, the company now has the opportunity to engage in a dynamic investment and economic environment known for its flexibility and economic prospects. He highlighted the company’s plans to establish economic partnerships with the private sector, help advance the economy, and engage in various projects in Abu Dhabi.
GIH’s listing in ADX will give it a presence in a diverse market and enable it to target promising new markets, he added. The company’s board of directors aims to enhance its regional stature and attract investors, as well as boost its financial position, he noted.
GIH’s activities mainly focus on direct investments, and its investments are distributed in Kuwait, UAE, Saudi Arabia, Bahrain, Oman, Morocco and India, with a paid capital of KWD40.649 million, distributed through 406.495 million shares with a nominal value of 100 Kuwaiti fils.
Lina Ibrahim/ Amjad Saleh