MANAMA, 12 October 2004 — Global Investment House (Global) marked its listing on the Bahrain Stock Exchange at a conference held at Sheraton Hotel, Bahrain. The listing is effective from yesterday.
Executive Vice President Omar Mahmoud El-Quqa delivered the welcome address and explained the significance of the event. Since its establishment in 1998, the aim of Global has been to become a regional company working with international standards.
“We started in Kuwait and were able to add a lot to the Kuwaiti market by playing a major role in developing and enhancing the capital market. After the infrastructure completion of the company, we started to offer the best to our shareholders and clients. We were able in a short period of time to reach a leading position among the investment companies in the region,” he said, adding that Global was listed on the Kuwait Stock Exchange in May 2003.
El-Quqa explained that Global had contributed in changing the Kuwaiti capital market from an individual to an institutional market, and succeeded in launching unique and innovative investment instruments in the Kuwaiti market such as Global Al-Ma’amoun Fund, the first investment tool with two classes of units. These tools also contributed in creating a local competitive market and making a radical change in offering a variety of financial instrument to clients. Today Global manages six investment funds in the local market with assets exceeding $2.12 billion.
Global has played a leading role in reviving the bonds market in Kuwait through its launch of the first bond fund, and managing most of the local bond issues resulting in an increase in the size of the Kuwaiti bonds market reaching around $1.2 billion.
Global has also played a vital role in the scope of BOT projects which Kuwait government adopts, the latest being the role of the consultant for Kuwait Petroleum Corporation.
El-Quqa added that the assets managed by Global increased to $2.88 billion at the end of the second quarter of 2004.
In 2003, the revenue of the company increased by 189 percent, reaching $60 million, most of which were fee-based. Net profits increased to $42 million in comparison to $10.5 million in 2002. As a result, the return on capital in 2003 was 79 percent and the dividends were 30 percent cash and 30 percent shares.