Gulf Investment House (GIH) is focused on a strategy of growth through expansion in the Middle East, GIH Chairman Faisal Abdullah Al-Khazam told the Annual General Meeting of shareholders today.
GIH reported net profits of KD 16.3 million (US$ 56.5 million) in 2006, with an earnings per share of 40.26 fils and a return on equity of KD 94.8 million. Total assets grew by 14 percent to KD 94.8 million.
“I believe GIH’s performance has reinforced its position as one of the GCC’s leading investment and financial services firms,” Al-Khazam said. “With strong economic fundamentals in the region, we are of the view that there are significant opportunities for our shareholders and investors. GIH is committed to growing its business throughout the Middle East.
“GIH is expanding geographically in the region and working in partnership with other leading companies,” Al-Khazam continued. “We are proud of the many successes of the well-managed companies in which GIH is an equity partner, including Gulf Finance House and Al-Khaleej Development Co. (Tameer) in Bahrain, Mada’in Real Estate Co. in the U.A.E. and Gulf Real Estate Co. (GRC) in Saudi Arabia.
“GIH’s newest joint venture, Afkar Holding Co. is successfully leveraging opportunities in the petrochemicals, industrial and related services sectors in the GCC and wider Middle East region.
“GIH continues to grow its diversified portfolio, including investments in the real estate and health sectors in the United States. We are identifying new investment opportunities to build on the success of the Care Fund and our residential property investment funds.”
“We appreciate the continued support of our shareholders and, with our strength, stability and competitive performance, we will continue to deliver an excellent return on your investment,” Al-Khazam told the AGM. “We invite our shareholders and investors to join our journey towards even greater success and prosperity.”
About Gulf Investment House:
Founded in 1998, Gulf Investment House (GIH) is one of the GCC's leading Islamic financial services companies. GIH is a private shareholding company based in Kuwait and listed on the KSE with a subscribed and paid up capital of KD 41.6 million (US$ 142 million). With a diverse shareholder group, and a reputed Shari'a Board, GIH has the capability to access significant capital for Private Equity, Real Estate and Direct Investments that form the core business activities of the Company.
