GFH Signs to Acquire $200 Million Sukuk From Al Rajhi Bank

Press release

Published October 3rd, 2018 - 06:12 GMT

Mr. Hisham Alrayes, CEO of GFH

GFH Financial Group today announced that it has agreed to acquire circa US$200 million of Villamar Sukuk Company Limited, Sharia Compliant Sukuk Certificates, from Al Rajhi Bank. It is to be noted that the Sukuk was issued to finance the iconic Villamar project in the Kingdom of Bahrain.

The acquisition is expected to reflect positively on GFH’s financials during the second half of 2018, due to preferential pricing obtained by the Group.

Commenting, Mr. Hisham Alrayes, CEO of GFH said, “We are pleased to announce this important acquisition for the Villamar Sukuk by the Group. The acquisition will allow GFH to complete the flagship Villamar project and achieve higher financial returns. Villamar will soon be in partnership with one of the most recognized hospitality groups that will set new standards for premium living in Bahrain. We plan to reap the fruits from this unique project on its completion, which is expected over the next 12~18 months.”

Background Information

Gulf Finance House

GFH is a well renowned financial group in the GCC region, with a diversified offering and pioneering track record. Headquartered in Bahrain, GFH’s innovative approach to Islamic investment banking services has been recognised internationally for over a decade. GFH has developed a strong and consistent ability to identify, successfully bring to market and capitalise on a wide range of solid investment opportunities in some of the world’s most dynamic markets and sectors. This approach signifies the Group’s investment insights and commitment to increase the value of its assets, and financial returns to its investors and shareholders.