GFH names new board chairman

GFH, the Bahraini Islamic investment group, on Saturday said that it had appointed two new senior executives to lead the company’s growth plans.

The company, which is also listed in Dubai, named Sheikh Ahmed Al Khalifa as chairman and Ahmed Al Mutawa as vice chairman.

The development comes even as the company is in talks with the Dubai investment bank Shuaa Capital about a possible merger. It could create an investment bank with assets exceeding US$3.65 billion.

Abu Dhabi Financial Group (ADFG) is the biggest shareholder of both companies, having acquired a 48.3 per cent stake in Shuaa from Dubai Group in 2016.

Mr Al Khalifa said that he hoped to develop the company further “following the delivery of strong progress and results in 2016”.

He said that as part of the company’s new strategy, the focus will be on the acquisition of fin­ancial institutions, infrastructure investments and other strategic assets.

GFH said last week that it had held discussions with a number of companies, including Shuaa Capital, with a view to acquiring majority stakes.

The ADFG chairman Jassim Alseddiqi unveiled a new strategy to reinvigorate the struggling Shuaa that will focus on growing assets under management, leveraging its balance sheet and increasing its business in Saudi Arabia and Egypt.

Shuaa has a licence to operate in Egypt but is yet to have a presence there, and is looking at pot­ential cross-border investment banking deals once up and running.

Mr Alseddiqi forecasts the investment bank’s assets under management will increase to Dh5bn by the end of this year and Dh9bn by 2020 as a result of the new strategy.

ascott@thenational.ae

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