Bahrain-based investment bank GFH Financial Group plans to cross list its shares on the Abu Dhabi Securities Exchange (ADX) in May, making it the company's fourth regional listing after Bahrain, Dubai and Kuwait bourses.
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 ADX, the company said in a statement on Sunday.
"With this listing, we will be better positioned to serve our existing shareholders in the UAE and Abu Dhabi and to attract new ones from among ADX’s sizable retail and institutional investor base," Hisham Alrayes, chief executive of GFH, said.
GFH has an investment portfolio that spans the Middle East, the US, UK and Asia in a number of sectors, including health care, education and logistics.
The planned listing on the ADX next month is subject to final regulatory approvals, GFH said.
"We are set to become the first issuer to be listed on four main GCC stock exchanges and our aim is to continue to enhance the liquidity of our shares, our investor mix and to ensure the highest levels of disclosure and transparency for the benefit of shareholders," Mr Alrayes said.
"In line with our strategy, we also look forward to achieving a more entrenched presence in Abu Dhabi, tapping into growth both on ADX and in the local economy."
Current shareholders of the group will be able to transfer shares from existing markets where they hold shares to ADX, the company said.
The ADX could host 13 more listings before the end of this year as the Arab world's second-largest stock market seeks to reach a market value of Dh3 trillion ($816.7 billion), Mohammed Al Shorafa, chairman of ADX, 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.
The ADX, which is owned by state holding company ADQ, more than doubled its market capitalisation last year to a record Dh1.6 trillion – making it one of the best performing exchanges globally in 2021.
Earlier this month, GFH also received approval from its shareholders to cross list its shares on the Saudi Stock Exchange.
GFH reported an 87 per cent surge in its 2021 profit to $84.22 million, reflecting “stronger contributions throughout the year from all business lines including investment banking, commercial banking, real estate and treasury activities".
Group assets grew almost 23 per cent to $8.08bn 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.
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COMPANY PROFILE
Company name: Letstango.com
Started: June 2013
Founder: Alex Tchablakian
Based: Dubai
Industry: e-commerce
Initial investment: Dh10 million
Investors: Self-funded
Total customers: 300,000 unique customers every month
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
The Case For Trump
By Victor Davis Hanson
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
RESULTS
Women:
55kg brown-black belt: Amal Amjahid (BEL) bt Amanda Monteiro (BRA) via choke
62kg brown-black belt: Bianca Basilio (BRA) bt Ffion Davies (GBR) via referee’s decision (0-0, 2-2 adv)
70kg brown-black belt: Ana Carolina Vieira (BRA) bt Jessica Swanson (USA), 9-0
90kg brown-black belt: Angelica Galvao (USA) bt Marta Szarecka (POL) 8-2
Men:
62kg black belt: Joao Miyao (BRA) bt Wan Ki-chae (KOR), 7-2
69kg black belt: Paulo Miyao (BRA) bt Gianni Grippo (USA), 2-2 (1-0 adv)
77kg black belt: Espen Mathiesen (NOR) bt Jake Mackenzie (CAN)
85kg black belt: Isaque Braz (BRA) bt Faisal Al Ketbi (UAE), 2-0
94kg black belt: Felipe Pena (BRA) bt Adam Wardzinski (POL), 4-0
110kg black belt final: Erberth Santos (BRA) bt Lucio Rodrigues (GBR) via rear naked choke
MEYDAN CARD
6.30pm Al Maktoum Challenge Round-1 Group One (PA) US$65,000 (Dirt) 1,600m
7.05pm Handicap (TB) $175,000 (Turf) 1,200m
7.40pm UAE 2000 Guineas Trial Conditions (TB) $100,000 (D) 1,600m
8.15pm Singspiel Stakes Group Two (TB) $250,000 (T) 1,800m
8.50pm Handicap (TB) $135,000 (T) 1,600m
9.25pm Al Maktoum Challenge Round-1 Group Two (TB) $350,000 (D) 1,600m
10pm Dubai Trophy Conditions (TB) $100,000 (T) 1,200m
10.35pm Handicap (TB) $135,000 (T) 1,600m
The National selections:
6.30pm AF Alwajel
7.05pm Ekhtiyaar
7.40pm First View
8.15pm Benbatl
8.50pm Zakouski
9.25pm: Kimbear
10pm: Chasing Dreams
10.35pm: Good Fortune
CRICKET%20WORLD%20CUP%20LEAGUE%202
%3Cp%3EMannofield%2C%20Aberdeen%3Cbr%3E%3Cbr%3EAll%20matches%20start%20at%202pm%20UAE%20time%20and%20will%20be%20broadcast%20on%20icc.tv%3Cbr%3E%3Cbr%3E%3Cstrong%3EUAE%20fixtures%3C%2Fstrong%3E%3Cbr%3E%3Cbr%3EWednesday%2C%20Aug%2010%20%E2%80%93%20Scotland%20v%20UAE%3Cbr%3EThursday%2C%20Aug%2011%20-%20UAE%20v%20United%20States%3Cbr%3ESaturday%2C%20Aug%2014%20%E2%80%93%20Scotland%20v%20UAE%3Cbr%3EMonday%2C%20Aug%2015%20%E2%80%93%20UAE%20v%20United%20States%3Cbr%3E%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EUAE%20squad%3C%2Fstrong%3E%3Cbr%3E%3Cbr%3EAhmed%20Raza%20(captain)%2C%20Chirag%20Suri%2C%20Muhammad%20Waseem%2C%20Vriitya%20Aravind%2C%20CP%20Rizwan%2C%20Basil%20Hameed%2C%20Rohan%20Mustafa%2C%20Zawar%20Farid%2C%20Kashif%20Daud%2C%20Karthik%20Meiyappan%2C%20Zahoor%20Khan%2C%20Junaid%20Siddique%2C%20Sabir%20Ali%2C%20Alishan%20Sharafu%3Cbr%3E%3Cbr%3E%3Cstrong%3ETable%3C%2Fstrong%3E%20(top%20three%20teams%20advance%20directly%20to%20the%202023%20World%20Cup%20Qualifier)%3Cbr%3E%3Cbr%3E1.%20Oman%2036%2021%2013%201%201%2044%3Cbr%3E2.%20Scotland%2024%2016%206%200%202%2034%3Cbr%3E3.%20UAE%2022%2012%208%201%201%2026%3Cbr%3E--%3Cbr%3E4.%20Namibia%2018%209%209%200%200%2018%3Cbr%3E5.%20United%20States%2024%2011%2012%201%200%2023%3Cbr%3E6.%20Nepal%2020%208%2011%201%200%2017%3Cbr%3E7.%20Papua%20New%20Guinea%2020%201%2019%200%200%202%3C%2Fp%3E%0A
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
The Bio
Ram Buxani earned a salary of 125 rupees per month in 1959
Indian currency was then legal tender in the Trucial States.
He received the wages plus food, accommodation, a haircut and cinema ticket twice a month and actuals for shaving and laundry expenses
Buxani followed in his father’s footsteps when he applied for a job overseas
His father Jivat Ram worked in general merchandize store in Gibraltar and the Canary Islands in the early 1930s
Buxani grew the UAE business over several sectors from retail to financial services but is attached to the original textile business
He talks in detail about natural fibres, the texture of cloth, mirrorwork and embroidery
Buxani lives by a simple philosophy – do good to all
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Kanye%20West
%3Cp%3EYe%20%E2%80%94%20the%20rapper%20formerly%20known%20as%20Kanye%20West%20%E2%80%94%20has%20seen%20his%20net%20worth%20fall%20to%20%24400%20million%20in%20recent%20weeks.%20That%E2%80%99s%20a%20precipitous%20drop%20from%20Bloomberg%E2%80%99s%20estimates%20of%20%246.8%20billion%20at%20the%20end%20of%202021.%3Cbr%3EYe%E2%80%99s%20wealth%20plunged%20after%20business%20partners%2C%20including%20Adidas%2C%20severed%20ties%20with%20him%20on%20the%20back%20of%20anti-Semitic%20remarks%20earlier%20this%20year.%3Cbr%3EWest%E2%80%99s%20present%20net%20worth%20derives%20from%20cash%2C%20his%20music%2C%20real%20estate%20and%20a%20stake%20in%20former%20wife%20Kim%20Kardashian%E2%80%99s%20shapewear%20firm%2C%20Skims.%3C%2Fp%3E%0A
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Killing of Qassem Suleimani
Killing of Qassem Suleimani
UAE v Ireland
1st ODI, UAE win by 6 wickets
2nd ODI, January 12
3rd ODI, January 14
4th ODI, January 16
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
