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Bahrain’s GFH commences trading on Abu Dhabi bourse

UAE capital Abu Dhabi is the home of ADX. Source: Unsplash.com

Bahrain investment bank GFH Financial Group commenced trading today on the Abu Dhabi Securities Exchange (ADX) after the listing of its shares on the stock market under the ticker ‘GFH’.

It marks the investment bank’s fourth regional listing; its shares are already listed and actively traded on the Bahrain Bourse, Boursa Kuwait and the Dubai Financial Market. 

Today’s listing is set to further expand GFH’s investor base and enhance liquidity in its shares amid increased regional and international participation on the ADX, the second-biggest exchange in the Arab world after Saudi Arabia’s Tadawul. 

GFH’s ADX listing brings the number of dual listings on the exchange to four; shares of Ooredoo, Sudan Telecom Group and Oman and Emirates Investment Holding Company also have secondary listings. 

The exchange, which is owned by state holding company ADQ, said last year it plans to double its market capitalisation over the next three years through its new ‘ADX One’ strategy that aims to increase market liquidity and improve market efficiency.

Commenting on the listing, managing director and CEO of ADX, Saeed Al Dhaheri, said: “As part of our ‘ADX One’ strategy to promote greater market liquidity, we have been actively encouraging listings on our dynamic capital market and forging deeper ties with regional markets, including the Bahrain Bourse.”

ADX recorded an 87% year-on-year increase in the value of total trades made in the first quarter of 2022.  Traded values on the exchange rose to AED202 billion in Q1 2022 from AED108 billion in Q1 2021. Meanwhile, the market value of shares owned by foreign investors in Q1 2022 jumped 163% to AED 131 billion from AED 50 billion in Q1 2021.

GFH’s listing comes as it undergoes continued expansion and transformational growth having recently partnered with SQ Asset Management Company in the USA, completed the acquisition of logistic warehouses with assets of more than $2 billion and spun out infrastructure and real estate assets. 

The Bahraini investment bank currently has over $15bn of assets and funds under management including a global portfolio of investments in logistics, health care, education and technology in the Mena region, Europe and North America. This sum includes new investments of more than $2 billion over the past 12 months alone. 

Hisham Alrayes, GFH’s CEO stated: “This is a strategic move supporting our expansion and enhancing our financial position and funding for the next phase of growth. With our listing, we continue to broaden our shareholder base and increase our reach and visibility among key global and regional investors. Importantly, we also underscore the strong demand for GFH’s shares and the market and investor confidence that exists in the Group, our performance and prospects.”

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