GFH, the Bahraini Islamic investment group, on Saturday said that it had appointed two new senior executives to lead the company’s growth plans.
The company, which is also listed in Dubai, named Sheikh Ahmed Al Khalifa as chairman and Ahmed Al Mutawa as vice chairman.
The development comes even as the company is in talks with the Dubai investment bank Shuaa Capital about a possible merger. It could create an investment bank with assets exceeding US$3.65 billion.
Abu Dhabi Financial Group (ADFG) is the biggest shareholder of both companies, having acquired a 48.3 per cent stake in Shuaa from Dubai Group in 2016.
Mr Al Khalifa said that he hoped to develop the company further “following the delivery of strong progress and results in 2016”.
He said that as part of the company’s new strategy, the focus will be on the acquisition of financial institutions, infrastructure investments and other strategic assets.
GFH said last week that it had held discussions with a number of companies, including Shuaa Capital, with a view to acquiring majority stakes.
The ADFG chairman Jassim Alseddiqi unveiled a new strategy to reinvigorate the struggling Shuaa that will focus on growing assets under management, leveraging its balance sheet and increasing its business in Saudi Arabia and Egypt.
Shuaa has a licence to operate in Egypt but is yet to have a presence there, and is looking at potential cross-border investment banking deals once up and running.
Mr Alseddiqi forecasts the investment bank’s assets under management will increase to Dh5bn by the end of this year and Dh9bn by 2020 as a result of the new strategy.
ascott@thenational.ae
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COMPANY%20PROFILE
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THE TWIN BIO
Their favourite city: Dubai
Their favourite food: Khaleeji
Their favourite past-time : walking on the beach
Their favorite quote: ‘we rise by lifting others’ by Robert Ingersoll
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.
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THE SPECS
Engine: 3.5-litre supercharged V6
Power: 416hp at 7,000rpm
Torque: 410Nm at 3,500rpm
Transmission: 6-speed manual
Fuel consumption: 10.2 l/100km
Price: Dh375,000
On sale: now
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
The biog
Name: Salvador Toriano Jr
Age: 59
From: Laguna, The Philippines
Favourite dish: Seabass or Fish and Chips
Hobbies: When he’s not in the restaurant, he still likes to cook, along with walking and meeting up with friends.
Cases of coronavirus in the GCC as of March 15
Saudi Arabia – 103 infected, 0 dead, 1 recovered
UAE – 86 infected, 0 dead, 23 recovered
Bahrain – 210 infected, 0 dead, 44 recovered
Kuwait – 104 infected, 0 dead, 5 recovered
Qatar – 337 infected, 0 dead, 4 recovered
Oman – 19 infected, 0 dead, 9 recovered
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if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
