Gulf Finance House aims to sell QInvest stake

Gulf Finance House is seeking buyers for its stake in QInvest, a Doha-based investment bank.

The Bahraini investment bank, which reached a restructuring agreement on US$110 million (Dh404m) of debt last month, indirectly holds a 4 per cent stake in QInvest through one of its associates, Khaleeji Commercial Bank, a Bahraini lender that is 47 per cent owned by Gulf Finance House.

"We don't really have a significant role to play in QInvest. If you find a suitable buyer at some point in time, we'll accept. It's a legacy asset," said a source close to Gulf Finance House.

"As far as we're concerned, as a small shareholder with not much influence in how the bank is managed … there's really not much of a role for a Bahraini bank to play in QInvest."

Gulf Finance House is seeking to turn around its fortunes by building up stakes in "core" assets in Bahrain and selling some of its other holdings, Hisham Alrayes, the bank's acting chief executive, told The National last month.

Gulf Finance House declined to comment on QInvest.

A sale of the QInvest stake would have minimal impact on the Bahraini bank, which would receive little of the proceeds, said Ahmad Alanani, the senior executive officer at Exotix, a specialist investor in illiquid debt. QInvest is controlled by the sovereign wealth fund the Qatar Investment Authority.

The bank is trying to form a joint venture with EFG Hermes in Egypt. "It'll get them an exciting market to be operating in and an exciting market in future," the source said.

However, the focus of the merged company was less likely to be Gulf Finance House's home market of Bahrain.

"It'll be more focusing on Mena [the Middle East and North Africa], and more so on Mena ex-GCC," the source said. The resulting company would be more likely to focus on "the rest of the Arab world - Egypt, the Levant and North Africa. That's where their franchise lies", the source said.

twitter: Follow and share our breaking business news. Follow us

iPad users can follow our twitterfeed via Flipboard - just search for Ind_Insights on the app.

UAE currency: the story behind the money in your pockets
Best Foreign Language Film nominees

Capernaum (Lebanon)

Cold War (Poland)

Never Look Away (Germany)

Roma (Mexico)

Shoplifters (Japan)


Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside

The specs: 2018 Chevrolet Trailblazer

Price, base / as tested Dh99,000 / Dh132,000

Engine 3.6L V6

Transmission: Six-speed automatic

Power 275hp @ 6,000rpm

Torque 350Nm @ 3,700rpm

Fuel economy combined 12.2L / 100km

The Roundup : No Way Out

Director: Lee Sang-yong
Stars: Don Lee, Lee Jun-hyuk, Munetaka Aoki
Rating: 3/5

Company Profile

Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed

Most Read
Top Videos