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.
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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.
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Key products and UAE prices
iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229
iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649
iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179
Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.
Graduated from the American University of Sharjah
She is the eldest of three brothers and two sisters
Has helped solve 15 cases of electric shocks
Enjoys travelling, reading and horse riding
WandaVision
Starring: Elizabeth Olsen, Paul Bettany
Directed by: Matt Shakman
Rating: Four stars
Dubai works towards better air quality by 2021
Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.
The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.
These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.
“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.
“We’re in a good position except for the cases that are out of our hands, such as sandstorms.
“Sandstorms are our main concern because the UAE is just a receiver.
“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”
Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.
There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.
“There are 25 stations in total,” Mr Al Daraji said.
“We added new technology and equipment used for the first time for the detection of heavy metals.
“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
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MATCH INFO
Manchester United v Manchester City, Wednesday, 11pm (UAE)
Match is on BeIN Sports
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Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
