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News

18 July 2022 04:49 PM NREC's unit inks EGP 854m loan with Egypt-based bank

Mubasher: Kuwait Wadi Elnile Urban Development, an 80% subsidiary of National Real Estate Company (NREC), has signed a loan agreement worth EGP 854 million (KWD 13.91 million) with a national bank in Egypt. The company will use the facility in …

Companies Investments

18 July 2022 04:30 PM GFH acts joint lead manager on Dar Alarkan's $400m Sukuk issuance

Mubasher: GFH Financial Group has acted as a joint lead manager on the pricing and issuance of a $400 million Sukuk by Saudi Arabia-based Dar Alarkan Real Estate Development Company. The three-year Sukuk, which marks the company's 12th market …

Companies Investments

6 July 2022 03:26 PM GFH acquires $300m student housing portfolio in US

Mubasher: GFH Financial Group has acquired a $300 million student housing portfolio, affiliated to top-rated universities located in Texas, Michigan, and Missouri in the US. Acquired in partnership with GFH subsidiary, Student Quarters, the five …

Mergers and Acquisitions

13 June 2022 09:43 AM DFM launches new equity futures on stocks of DEWA, GFH

Dubai – Mubasher: Dubai Financial Market Company (DFM) has introduced new equity futures contracts on individual stocks of Dubai Electricity and Water Authority (DEWA) and GFH Financial Group. This step is in line with the DFM's strategy to …

Companies Investments

12 June 2022 09:46 AM Fitch affirms GFH's 'B' long, short-term IDR; outlook stable

Mubasher: Fitch Ratings has affirmed the long and short-term issuer default rating (IDR) of GFH Financial Group at 'B', with a stable outlook for the long-term IDR. The global rating agency also affirmed the 'B'/'RR4' senior unsecured long-term …

Ratings

7 June 2022 10:30 AM National Industries appoints new Chairman

Mubasher: National Industries Group Holding, listed on the Dubai Financial Market (DFM) and Boursa Kuwait, has appointed Saad Mohammed Al Saad as the company's Chairman. The company has also named Sulaiman Hamad Al Dalali as Vice Chairman, …

Management Decisions

6 June 2022 10:47 AM National International Holding appoints new Chairman

Mubasher: National International Holding Company has appointed Abdulwahab Al Wazzan as the company's new Chairman. The company has also named Basim Al Othman as Vice Chairman, according to a bourse filing on Monday. It is noteworthy to mention …

Management Decisions

1 June 2022 10:41 AM Middle East-based telecom companies, Huawei jointly launch IntelligentRAN in region

Mubasher: Saudi Telecom Company (stc), Mobile Telecommunications Company (Zain), the telecoms pillar of e& in the UAE, Emirates Integrated Telecommunications Company (du), and Huawei have jointly launched IntelligentRAN in the Middle East. Through …

Companies Investments

1 June 2022 10:08 AM Agility's EGM nods to capital raise

Mubasher: The extraordinary general meeting (EGM) of Agility Public Warehousing has approved to raise the company's authorised capital to KWD 250 million from KWD 350 million. The shareholders have also agreed on increasing the company's issued …

General Assembly

17 May 2022 00:00 PM GFH raises stake in GB Corp for $2m

Mubasher: GFH Financial Group has raised its stake in the investment company GB Corp to 62.91% from 50.41% through strategic swaps worth $1.7 million. The transaction will have a positive impact on GFH's financials, according to a bourse filing on …

Companies Investments

15 May 2022 04:51 PM GFH's profits up 18.5% in Q1-22

Mubasher: The net profits attributable to the shareholders of GFH Financial Group totalled $19.11 million in the first quarter (Q1) of 2022, an annual growth of 18.50% from $16.12 million. Total income edged up by 0.47% to $90.81 million in the …

Financial Results

9 May 2022 01:21 PM GFH acquires stake in US-based SQ Company

Mubasher: GFH Financial Group has signed an agreement to acquire a majority stake in the US-headquartered SQ Company, an asset and property manager that focuses on student housing. Through this acquisition, GFH will add 180 real estate …

Companies Investments

24 April 2022 03:22 PM GFH to start trading on ADX next month

Mubasher: GFH Financial Group will begin the cross-listing of its shares on Abu Dhabi Securities Exchange (ADX) in May 2022 upon the final regulatory approvals, the group announced on Sunday. The listing on ADX will be GFH’s fourth regional …

Trading Activities

13 April 2022 11:16 AM GFH's unit sells Tesco Distribution Centre for $135m

Mubasher: The UK-based Roebuck Asset Management, a subsidiary of GFH Financial Group, has sold a Tesco Distribution Centre in exchange for $135 million. Spanning over 540,000 square feet, the asset was established by Tesco in 2010 and has had …

Companies Investments

5 April 2022 02:23 PM GFH appoints new Chairman, Vice Chairman

Mubasher: GFH Financial Group has appointed Ghazi Al Hajeri as the group's Chairman effective 4 April 2022 and Edris Al Rafi as Vice Chairman. Al Hajeri, who has occupied the position of Vice Chairman since July 2021, has succeeded Jassim Al …

Trading Activities

4 April 2022 02:00 PM GFH approves shares cross-listing on Tadawul, ADX

Mubasher: The shareholders of GFH Financial Group gave the green light for cross-listing the entity’s shares on the Saudi Exchange (Tadawul) as well as Abu Dhabi Securities Exchange (ADX). During the ordinary and extraordinary general meeting …

Trading Activities

3 April 2022 04:19 PM GFH's shareholders approve $60m dividends, bonus for 2021

Mubasher: The ordinary general meeting (OGM) of GFH Financial Group has agreed on a dividend distribution of $60 million for 2021. The dividends include cash profits for all ordinary shares of 4.57% of the nominal value, equivalent to $45 …

Cash Dividends

28 March 2022 09:28 AM GFH's unit issues $900m green Sukuk

Mubasher: Infracorp, the infrastructure and sustainability arm of GFH Financial Group, has issued a $900 million green Sukuk listed on London Stock Exchange. The first green Sukuk issued by a Bahraini entity reflects Infracorp’s objective to boost …

Sukuk and Islamic Finance

27 March 2022 03:27 PM Agility's unit inks $215m deal to acquire stake in HG Storage International

Mubasher: Tristar Transport, a subsidiary of Agility Public Warehousing, has reached a $215 million (KWD 65 million) agreement to acquire China-based HNA Group's 51% stake in HG Storage International Limited. HG Storage International is a joint …

Mergers and Acquisitions

27 March 2022 02:50 PM Agility's net profits hike 2,251% in 2021

Mubasher: The net profits attributable to the equity holders of Agility Public Warehousing surged by 2,250.9% to KWD 977.42 million in 2021, compared to KWD 41.57 million in the previous year. The company generated revenues of KWD 486.15 million …

Financial Results

21 February 2022 01:34 PM GFH launches $100m Sukuk fund

Mubasher: GFH Financial Group has launched a $100 million Sukuk fund, which comprises a diversified portfolio of Sharia-compliant Sukuk including sovereign, quasi-sovereign, and corporate Sukuk and Sukuk-related securities. The fund was introduced …

Companies Investments

17 February 2022 03:06 PM Agility's unit to acquire 13% stake in UK's John Menzies

Mubasher: Agility Strategies Holding Limited, a wholly-owned subsidiary of Agility Public Warehousing, will acquire a 13.20% stake in London Stock Exchange-listed John Menzies in exchange for GBP 73.40 million (KWD 30 million). Agility will …

Companies Investments

10 February 2022 09:53 AM GFH posts 87% higher profits in 2021; dividends proposed

Mubasher: The net profits attributable to the shareholders of GFH Financial Group hiked by 86.77% to $84.22 million in 2021, compared to $45.09 million in the earlier year, according to the company's consolidated financials for the year ended 31 …

Financial Results

6 February 2022 10:05 AM Al Mazaya turns to profitability in 2021

Mubasher: Al Mazaya Holding has achieved KWD 406,108 net profits attributable to the shareholders in 2021, against net losses of KWD 8.48 million in the previous year, according to the company's consolidated financials for the year ended 31 …

Financial Results

31 January 2022 10:01 AM GFH's unit completes exit from Amazon portfolio in Spain

Mubasher: Roebuck Asset Management, the European subsidiary of GFH Financial Group, has early completed its exit from the Amazon Last Mile Logistics Warehouses portfolio in Spain. Spanning over an area of around 140,000 square metres, the …

Companies Investments