GFH Group’s CEO Hisham Ahmed Al Rayes has uncovered the group’s successful exit from three deals from its real estate portfolio valued at $180 million.
The exit involves the company’s real estate portfolio in Bahrain at $60 million, Al Khaleej newspaper reported citing the top official as saying, who added that one of these deals is valued at $120 million and involves two real estate funds in the United States.
Al Rayes stated that a memorandum of understanding (MoU) was signed with a global strategic partner to take part in a major stake up to 70% in GFH’s educational portfolio with a value of $150 million.
GFH’s educational portfolio assets are located in Bahrain and Dubai, Al Rayes said, noting that he expects GFH to make the deal, that will have a positive effect on the profits, before the end of 2017.
The CEO forecast that his company will acquire a financial institution in the Gulf before the year’s end, once an agreement is reached regarding the deal’s price and the required approvals are obtained from regulators.
Previously, Al Rayes told Mubasher that the group was planning to list its shares on the Saudi Stock Exchange (Tadawul).
Moreover, GFH had entered into negotiations to acquire companies specialised in asset management and insurance, according to Al Rayes, expecting a successful acquisition in the first quarter of 2018 at the most.
The chief executive affirmed that the company was planning to invest in other Gulf companies in order to form a main base in the Gulf’s key markets.
The group aims at increasing its assets under management to over $10 billion from $3 billion, in the coming five years.
GFH is one of the most important financial groups in the Gulf, operating in different fields such asset management, resource management, banking services, and real estate development.
The group’s operations are mainly located in the GCC, North Africa, and India.