The Bahraini Gulf Finance House (GFH) would seek to get rid of its Tunisian project, the Tunis Financial Harbor. The project was to be one of the largest Bahraini investments in Tunisia, which would be worth 7.5 billion USD. Tunis Financial Harbor was initially designed to make Tunisia a regional financial hub, but eventually turned into a simple real estate program. GFH is currently seeking to pass the hand and to pass the project on to another investor. The cause would be the financial difficulties of the Bahraini group.
Bahrain's Gulf Finance House (GFH) is distancing itself from its major Tunisian property project, Tunis Financial Harbour (TFH). GFH's local subsidiary, Tunis Bay Project Co is to drop out of the residential golf course project.
Gulf Finance House (GFH) said the negotiations are underway for acquisition of Bank Alkhair of Bahrain. The due deligence is continuing and formalities are yet to be completed. In a separate statement, GFH said that its unit has won a case against its former deputy chief executive. The verdict issued in favour of GFH’s unit is for circa $5 million (Dh18.4 million). Earlier in the month, the GFH board has approved the proposed settlement with assets of an estimated $350-450 million, subject to counterparties’ fulfillment of their obligations. The company said the estimated value of the assets is preliminary and subject to regulatory approvals and will have a positive impact on GFH’s financials for the fourth quarter of 2016.
Gulf Finance House (GFH) has approved the proposed settlement with assets of an estimated $350-450 million, subject to counterparties' fulfillment of their obligations. The company said the estimated value of the assets is preliminary and subject to regulatory approvals before being recorded in GFH’s financial statements. The recoveries after realisation will have a positive impact on GFH’s financials for the fourth quarter of 2016. GFH shares, which have outperformed the Dubai index, were up nearly 1 per cent to be at Dh1.14.
An analysis by the Daily Telegraph shows that Gulf Finance House (GFH), which plans to buy Leeds United, is short of money. The investment-banking group held less than £4million in cash in June 2011, which is £800million less than the cash sum at the end of 2008. As a subordinate company to GFH, GFH Capital claims to have the money for the acquisition and not to be involved in the financial shortage of its parent company. However, further details on this issue are not revealed.
The Tunis Financial Harbour (TFH) project by Gulf Finance House's (GFH) has received back-up from Tunisian Investment and International Co-operation Minister Riadh Bettaieb. The commitment is in the form of a high profile delegation from the Islamic investment bank GFH, including a meeting between acting chief executive Hisham Alrayes, TFH chief executive Lutfi Alzaar, and the minister. Minister Bettaieb assured that his government will do its best to support the project's development according to plan in co-operation with TFH. Mr Alrayes expressed his opinion, that the enefits to be expected from TFH are far beyond the ordinary for Tunisia as well as for GFH and their investors.
Gulf Finance House (GFH) presented its financial results for the year ending 31 December 2011, during which the bank returned to profitability despite a challenging year underscored by shortfalls in market liquidity and rising political tension throughout the region.
The reason for this return was the result of strong shareholder support, investor loyalty and a dedicated management team committed to seeing through the significant restructuring and recapitalization plan that was set in motion in 2010, and which has seen the Bank return to a net profit of US$381 thousand in 2011 as compared to a net loss of US$349 million in 2010.
Gulf Finance House (GFH) has officially stated that the Tunis Financial Harbour (TFH) has started the prequalification process for prospective contractors.
This comes after an announcement made by the Tunisia government that it supports the TFH project. The project is arranged to be built in the Rawad Area. TFH is going to be North Africa's very first offshore financial centre, helping to transforme the region's economy.
It seems that Abdulla Al Hamli, Dubai Islamic Bank's chief executive officer, resigned from the board of Gulf Finance House. Apparently he has decided to focus on his duties at Dubai Islamic.
Gulf Finance House revealed its third quarter financial results for 2011.
The Bank recorded a net profit of US$ 4.1million for the first nine months of 2011, as compared to a net loss of US$ 162.2 million for the same period in 2010.
During the first nine months of the year, GFH raised its earnings by 279 per cent to US$50.02 million, compared to US$ 13.1 million during the same period last year. The reason fot this increase was mainly attributable to income from asset sales and settlement of liabilities.
Gulf Finance House established a net loss of $11.23 million in the second quarter due to higher finance expenses and the impact of exchange rates.
Hisham Al Rayes, chief investment officer at GFH, stated that they are expecting a larger contribution to the income from our subsidiaries and associates, particularly Khaleeji Commercial Bank and G Capital.
G Capital in partnership with Gürmen Group, has acquired Adabank in Turkey for US$ 75 million. Gulf Finance House (GFH), G Capital’s parent company, has a long track record in establishing and operating financial institutions across the MENA region, institutions like: Arab Finance House (Lebanon 2003), Solidarity (Bahrain – 2004), First Leasing Bank (Bahrain - 2004), Khaleeji Commercial Bank (Bahrain - 2005), Asian Finance Bank (Malaysia - 2006), Qinvest (Qatar - 2006) and First Energy Bank (Bahrain -2008).
After a suspension that lasted almost eight months, trading in shares of Gulf Finance House (GFH) has finally resumed. GFH is traded on the Bahrain Stock Exchange, the Kuwait Stock Exchange and the Dubai Financial Market.
GFH was hit very hard by the financial crisis. It made large profits in previous years by collecting premiums on investments in multibillion-dollar property projects and private-equity deals, but that income disappeared when investors retreated in 2008 and 2009.
Gulf Finance House (GFH) swung to a first-quarter (Q1) net profit helped by aggressive cost cutting and the reversal of a bonus scheme granted in 2008. GFH, which is aiming to raise 500 million US dollars in new capital, said net profit for the quarter ended March 31 was $11.9 million, compared with a net loss of $7.5 million a year earlier.
The bank expects continued interest from shareholders and investors' throughout 2011 to support its business growth and strengthen its position in the market also in the future.
The Annual General Meeting (AGM) of Gulf Finance House was held on 8th May 2011 at the bank's offices on the 28th floor of the Bahrain Financial Harbour's East Tower. Updates were given to shareholders on how the bank acted during 2010 in relation to market conditions, along with the measures the Bank had taken to adapt to the economic environment and return to profitability and growth.
They also discussed decisions about the future Board of Directors for the bank for the next three years (2011-2014).
Gulf Finance House (GFH) made a progres by reducing its net loss from $728 million in 2009 to 349 million US dollars in 2010.
The banks debt profile was restructured by repaying $200 million of $300 million Murabaha financing facility in February 2010 to syndicates arranged by West LB. The bank also shortened its costs by 20%.
By presenting a plan at the Annual General Meeting from November 2010, GFH and its shareholders approved resolutions that contained 4:1 share consolidation and other capital reduction measures including raising up to $500 million through a convertible Murabaha to strengthen the Bank's capital base and fund its growth strategy, and acquiring an additional 10 percent stake in Khaleeji Commercial Bank.
This plan brought $100 million to the bank.
Ted Pretty, the chief executive of investment bank Gulf Finance House was asked to leave and will not return to the bank.
What Pretty was really brought on to do was swing the axe and lead a brutal cost-cutting and debt rescheduling program to try and fix the damage done to the bank by its over-ambitious real estate plans at the height of the Dubai property boom . Despite this the firm has struggled to build revenues.
Bahrain's Gulf Finance House (GFH) has announced the appointment of Kuwait Investment Co (KIC) to assist the Islamic lender with the recapitalization and raising up to $500m program through a convertible Murabaha as part of the restructuring plan agreed to by shareholders.
Bahrain'sc plans to restructure or sell assets to pay back $ 90 million in debt next year, a document showed, highlighting its struggle to meet obligations amid dried-up revenues.
The Islamic investment firm and other Bahraini investment houses have struggled to restart revenue growth, after a 2008 regional property crash pulled the rug out from under their business model of earning fees on investor money raised for private equity and property projects.
GFH posted a net loss of $ 40 million for the second quarter and did not book any income from investment banking services, the main income source during the region's five-year oil and property boom that ended in 2008.
Some large investors have indicated that they may wish to accept land in such projects as their method of exit," she also said. The investor presentation also showed GFH plans to cut its operating expenses by some 40 percent through the reduction of staff costs and funding costs. The firm slashed its staff costs by 66 percent during the first half compared with a year earlier, partly through lay-offs.
Gulf Finance House (GFH), the troubled Islamic investment bank based in Bahrain, wants to raise up to US$500 million (Dh1.83 billion) from investors after declines in Gulf property prices and the fracturing of its business model led to huge losses last year.
GFH was among the hardest hit in the region by the financial crisis and is one of many in Bahrain and Kuwait forced to restructure debts and rethink their methods for raising money, making investments and borrowing.
Shareholders are also to vote on a consolidation of shares through which four old shares would be exchanged for one new.
And the bank will seek a reduction in capital, which observers say will allow it to swallow accumulated losses and start paying dividends immediately after raising new capital. The consolidation would reduce the number of shares on the market but would not affect the company's market value.
Hit by a lack of revenues to finance its operations and pay debts, GFH was forced to reach new terms with creditors on hundreds of millions of dollars of debt.