GFH Group completes $500m sukuk issuance
MANAMA, June 9, 2020
GFH, a leading financial group in the region with interests in key sectors such as asset management, wealth management, real estate development and commercial banking, has announced that it has completed the issuance of a $500 million sukuk (Islamic Bond).
GFH said in a statement that it was the group's second sukuk listing on Nasdaq Dubai, the region’s international financial exchange, following its $300 million sukuk listing in February.
One of the most recognised financial groups in the Gulf region, GFH is listed in Bahrain Bourse, Kuwait Stock Exchange and Dubai Financial Market.
According to GFH, the proceeds from the sukuk issuance will be used to further strengthen its balance sheet and diversify income. The group's operations are focused in the GCC, North Africa and India.
CEO Hisham Alrayes said: "As GFH strengthens its activities as a leading regional and international financial group following the latest successful capital raise, we are delighted to expand our relationship with investors through Nasdaq Dubai."
"The global visibility that the exchange provides and its high standards of regulation provide valuable support to our strategy of engaging positively with market participants and maintaining their support for our growth and development," noted Alrayes.
Welcoming the listing, Nasdaq Dubai CEO Hamed Ali said: "As the region’s international exchange, Nasdaq Dubai provides GFH and other sukuk issuers on its market with excellent investor links and a high public profile."
"We look forward to welcoming further listings from a range of regional and international issuers to support their funding requirements as they develop their strategies to prosper through the current economic volatility," noted Ali.
Dubai’s sukuk listings by value now total $64.5 billion. UAE issuers account for 44 per cent of these by value with 56 percent from issuers in other countries.-TradeArabia News Service
