Bahrain-based investment bank GFH Financial Group will begin to trade its shares on the Abu Dhabi Securities Exchange on May 31.
The cross-listing will be the company’s fourth in the region. The investment bank is currently listed in Bahrain, Dubai and Kuwait.
The move is expected to further improve liquidity in GFH’s shares and allow the group to gain access to a broader base of retail and institutional investors on the Abu Dhabi bourse.
Shareholders who are interested in transferring their shares must open a trading account with ADX and submit an official share transfer request to Bahrain Clearing Company before May 31 to commence trading on the bourse, the company said on Monday in a statement to Dubai Financial Market, where its shares are traded.
The number of listings on the ADX, the Arab world’s second-biggest stock market, continued to grow amid growing investor appetite as the UAE's economy recovers from the coronavirus pandemic on the back of higher oil prices and government measures.
Borouge, the joint venture between Adnoc and Austrian chemicals producer Borealis, is the latest company preparing to list its shares on the ADX.
The company is selling about 3 billion shares to the public and plans to raise $2bn from its initial public offering.
Other companies such as Abu Dhabi Ports, Yahsat, Adnoc Drilling and Fertiglobe also listed their shares on the Abu Dhabi stock market.
The bourse could host 13 more listings before the end of this year as it seeks to hit a market value of Dh3 trillion ($816.7bn), ADX chairman Mohammed Al Shorafa told Sky News Arabia in March.
The new listings will include four companies from outside the UAE while others will be government and family companies, he said.
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 company reported an 18.5 per cent jump in its first-quarter net profit to $19.11 million as impairment allowances fell and investment banking income rose amid the global economic recovery.
Earlier 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 $3 billion, which includes land in the Gulf, North Africa and South Asia.
The investment bank this month acquired a majority stake in Atlanta-based SQ Asset Management as it continues to boost the size of its portfolio globally.
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
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The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Killing of Qassem Suleimani
MATCH INFO
Barcelona 4 (Messi 23' pen, 45 1', 48', Busquets 85')
Celta Vigo 1 (Olaza 42')
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
UAE currency: the story behind the money in your pockets
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Tips for taking the metro
- set out well ahead of time
- make sure you have at least Dh15 on you Nol card, as there could be big queues for top-up machines
- enter the right cabin. The train may be too busy to move between carriages once you're on
- don't carry too much luggage and tuck it under a seat to make room for fellow passengers
