GFH Financial Group, an investment bank based in Bahrain, reported an 86.77 per cent surge in its 2021 profit as the company’s business units performed strongly despite Covid-19 headwinds.
Net profit attributable to the shareholders of the bank for the full year climbed to $84.22 million, the company said on Wednesday, reflecting “stronger contributions throughout the year from all business lines including investment banking, commercial banking, real estate and treasury activities".
“Despite the ongoing impact of the Covid-19 pandemic around the world, we were able to improve income, strengthen profitability and once again deliver a healthy dividend for our shareholders,” Jassim Alseddiqi, chairman of GFH said.
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.
Last month, 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.
In the fourth quarter of 2021, GFH's net profit rose 8.92 per cent annually to $23.88m as a result of “strong continued performance across the group’s core business lines and significant contributions from its investment banking business”, it said.
Total assets of the group grew 22.72 per cent to reach $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, healthcare and education sectors in 2021, said Hisham Alrayes, group chief executive of GFH.
These included investments in a FedEx logistics site in the US and a multi-speciality healthcare provider in the UAE. It also signed a partnership with Schroders Capital to co-invest in select private equity and venture capital deals in Europe and the Americas.
“This allowed us to increase our total assets and assets under management to $15bn for 2021,” he said.
The company’s board has recommended a total cash dividend of $60m, subject to regulatory approval.
“With solid foundations in place, we look forward to stronger performance and results in 2022,” Mr Alrayes added.
Who are the Soroptimists?
The first Soroptimists club was founded in Oakland, California in 1921. The name comes from the Latin word soror which means sister, combined with optima, meaning the best.
The organisation said its name is best interpreted as ‘the best for women’.
Since then the group has grown exponentially around the world and is officially affiliated with the United Nations. The organisation also counts Queen Mathilde of Belgium among its ranks.
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BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
Global institutions: BlackRock and KKR
US-based BlackRock is the world's largest asset manager, with $5.98 trillion of assets under management as of the end of last year. The New York firm run by Larry Fink provides investment management services to institutional clients and retail investors including governments, sovereign wealth funds, corporations, banks and charitable foundations around the world, through a variety of investment vehicles.
KKR & Co, or Kohlberg Kravis Roberts, is a global private equity and investment firm with around $195 billion of assets as of the end of last year. The New York-based firm, founded by Henry Kravis and George Roberts, invests in multiple alternative asset classes through direct or fund-to-fund investments with a particular focus on infrastructure, technology, healthcare, real estate and energy.
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