GFH Financial Group, an investment bank based in Bahrain, has received approval from its shareholders to cross-list its shares on both the Saudi Stock Exchange and the Abu Dhabi Securities Exchange, it announced on Sunday.
Listed on the Bahrain Bourse, Dubai Financial Market and Boursa Kuwait, GFH has an investment portfolio that spans the Middle East, the US, the UK and Asia in a number of sectors including health care, education and logistics.
The listing on Tadawul and ADX is "subject to obtaining the necessary approvals", and shareholders "delegated the board of directors the required powers to implement and complete the listings", a statement said.
Shareholders also approved the board’s recommendation to distribute a total dividend of $60 million as the company’s business units performed strongly in 2021 despite Covid-19 headwinds.
“We have a strong pipeline of opportunities for 2022 and look forward to building our diverse portfolio across key markets," said Hisham Alrayes, chief executive of GFH.
"We remain agile and prepared to capitalise on new opportunities as and when they arise to the benefit of our shareholders and the communities in which we operate.”
GFH reported an 86.77 per cent surge in its 2021 profit to $84.22m, reflecting “stronger contributions throughout the year from all business lines including investment banking, commercial banking, real estate and treasury activities".
Total assets of the group grew 22.72 per cent to $8.08 billion at the end of last year.
GFH also closed more than $1bn worth of new investments across the region in the international logistics, health care and education sectors in 2021.
In January this year, GFH formed a new subsidiary, Infracorp, by spinning off its infrastructure and property assets to focus more on financial assets. Infracorp will manage an asset portfolio worth about $3bn, which includes land in the Gulf, North Africa and South Asia.
Its dividend for 2021 includes cash profits for all ordinary shares, save for treasury shares, at 4.57 per cent of the share’s nominal value, equal to $45m, said the statement.
The recommendation also includes bonus shares of 1.5 per cent of the nominal value of all ordinary shares, equal to $15m, GFH said.
“We are pleased to see shareholders approve the distribution of a solid dividend despite continued geopolitical and economic volatility,” Mr Alrayes said.
Killing of Qassem Suleimani
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Essentials
The flights
Whether you trek after mountain gorillas in Rwanda, Uganda or the Congo, the most convenient international airport is in Rwanda’s capital city, Kigali. There are direct flights from Dubai a couple of days a week with RwandAir. Otherwise, an indirect route is available via Nairobi with Kenya Airways. Flydubai flies to Kinshasa in the Democratic Republic of Congo, via Entebbe in Uganda. Expect to pay from US$350 (Dh1,286) return, including taxes.
The tours
Superb ape-watching tours that take in all three gorilla countries mentioned above are run by Natural World Safaris. In September, the company will be operating a unique Ugandan ape safari guided by well-known primatologist Ben Garrod.
In the Democratic Republic of Congo, local operator Kivu Travel can organise pretty much any kind of safari throughout the Virunga National Park and elsewhere in eastern Congo.
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Unresolved crisis
Russia and Ukraine have been locked in a bitter conflict since 2014, when Ukraine’s Kremlin-friendly president was ousted, Moscow annexed Crimea and then backed a separatist insurgency in the east.
Fighting between the Russia-backed rebels and Ukrainian forces has killed more than 14,000 people. In 2015, France and Germany helped broker a peace deal, known as the Minsk agreements, that ended large-scale hostilities but failed to bring a political settlement of the conflict.
The Kremlin has repeatedly accused Kiev of sabotaging the deal, and Ukrainian officials in recent weeks said that implementing it in full would hurt Ukraine.
Top investing tips for UAE residents in 2021
Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.
Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.
Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.
Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.
Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.
Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.
Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”
Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI.
