Global says KSA dominates 45% of its MENA funds

May 31, 2015 1:16 PM

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Global says KSA dominates 45% of its MENA funds

Kuwait – Mubasher: Kuwait’s Global Investment House (Global) is currently operating with assets worth around $4 billion, said Maha Al-Ghunaim, deputy chairman and CEO.

Speaking to the press on Sunday, the top official revealed that her company is currently working on 10 acquisitions, four of which are in Kuwait, mainly in the real estate and industrial sectors.

Global’s balance sheet is now debt-free, said Al-Ghunaim, adding that shareholders’ equity amounted to KWD 87.3 million.

Last year, Global saw its best performance since 2009, despite regional geopolitical tensions coupled with a slump in GCC capital markets due to the drop in oil prices, said the top executive.

Al-Ghunaim said Saudi Arabia accounts for nearly 45% of the relative weight of assets managed by Global’s MENA funds. She added that her company filed with Saudi’s market regulator, the Capital Market Authority (CMA), to launch a revenue-focused fund with SAR 150 million in capital.

Global seeks to expand its footprint in Saudi Arabia and Dubai over the coming period, said Al-Ghunaim, adding that Global Saudi Arabia currently manages assets worth $170 million.

Global’s shareholders approved on Thursday the proposed dividend payout for 2014 at 5%, or KWD 3.9 million ($12.9 million).

The Bahrain-listed firm is seeking to re-list on the Kuwait bourse, and is currently awaiting the market regulator’s approval.

Source: english.mubasher.info

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