BMA grants brokerage license to Kuwaiti firm
The Bahrain Monetary Agency (BMA) has granted a Securities Brokerage license to a Kuwaiti investment and brokerage company. The Bahrain subsidiary of Global Investment House (GIH) will be capitalized at 500,000 Bahraini dinars ($1.35 million).
The investment house will offer brokerage services for shares listed on the Bahrain Stock Exchange (BSE), asset management services as well as act as a market maker. It will also manage financial and real estate portfolios of clients and conduct/publish research on equities listed on the BSE.
The firm is in the process of launching, in Bahrain, the Global Al-Ma'amoun Fund, which will focus on conservative investors by offering them incentives for trading their shares in the Bahrain market. By activating trading on these shares, held by the investors as long-term assets, the Fund will increase the depth and liquidity in the BSE.
Kuwait-based GIH is an investment company regulated by the Central Bank of Kuwait. The firm, incorporated in 1998 with a paid up capital of 15 million Kuwaiti dinars ($50 million), provides a host of services, including portfolio management in Gulf Cooperation Council (GCC) markets, mutual fund management in the region, brokerage services, merger and acquisition and corporate restructuring advisory as well as treasury operations. — (menareport.com)
© 2003 Mena Report (www.menareport.com)