Gulf Finance House (GFH) chairman Esam Janahi has been appointed as executive chairman as part of the restructuring of GFH. The board also announced plans to raise $300 million for acquisition and expansion and asked for its shares to be re-listed on the market. The bank has also appointed Deutsche Bank AG (London branch) as [...]
Bahrain’s Gulf Finance House (GFH) plans to raise capital by $300m through equity-linked convertible murabahas or similar instruments, and has hired Deutsche Bank AG as a structuring agent. A murabaha is an Islamic money market product accounted for on banks’ balance sheets, under which a bank buys an asset from third party and sells it [...]
Bahrain Financial Harbour (BFH) has signed a seven-year BD90.5 million ($240m) Ijara facility for the Financial Centre Project with Al Salam Bank Bahrain. The facility has Al Salam as mandated lead arranger in a syndicate including BBK, Kuwait Finance House (Bahrain and Kuwait) and National Bank of Bahrain as co-lead arrangers and Bahrain Islamic Bank [...]
The Bahrain Stock Exchange (BSE) has decided to remove a ban on company insiders trading in their own shares on the stock exchange during a company’s close period. The move means that key members of a company, including directors, senior management and such other persons as decided by the company board, can trade. At present, [...]
Gulf Finance House, the leading Middle Eastern Islamic investment bank announced it will take. a US$ 300 million (non-cash) charge against its proprietary Dubailand position and correspondingly reduce the liabilities on its balance sheet by US$ 290 million. This action has no implications for the Bank’s clients. Furthermore, GFH has no remaining material exposure to [...]
Despite an early intervention by governments, the global economy has not yet fully recovered. However, the signs of recovery are there and the situation is immeasurably better than a year ago, said a senior official at the central bank. Central Bank of BahrainCentral Bank of Bahrain Central Bank of Bahrain CBB Bahrain | Financial Services [...]
• Surprise lifeline helps Dubai avoid defaulting on $4.1bn bond • In London FTSE 100 rises by 69 points following gains in Asia Dubai has received a crucial $10bn (£6bn) bailout from Abu Dhabi, news which sent shares in the Gulf region soaring this morning. The surprise lifeline means the troubled emirate will avoid defaulting [...]
Ongoing concerns about Dubai’s financial woes could overshadow efforts to more closely align Gulf Arab nations’ economies when the region’s leaders meet Monday in Kuwait. The annual gathering of top officials from the six-member Gulf Cooperation Council economic bloc begins on the same day a closely watched $3.52 billion pile of Dubai debt comes due. [...]
Moody’s Investors Service has today downgraded the supported ratings of two Bahraini banks. National Bank of Bahrain BSC’s (NBB) long-term local currency deposit rating was downgraded by one notch to A2, while BBK BSC’s local and foreign currency deposit ratings were similarly downgraded by one notch to A3/Prime-2 and its senior and subordinated debt ratings [...]
Dubai shares led declines across the Gulf, undoing almost all of this year’s gains on uncertainty surrounding Dubai World’s indebtedness and new credit rating downgrades. The Dubai Financial Market (DFM) General Index dropped 6.1 per cent, the steepest decline of any stock market in the world for the second day running. The bourse is now [...]
