The Gulf Investment House (GIH), which is based in Kuwait, plans to list three subsidiary firms on the Abu Dhabi Securities Exchange (ADX) and another company on the Saudi Stock Exchange, according to Abdulaziz Asaad Abdel Aziz Al Sanad, the GIH’s chairman.
Al Sanad, in a statement to the Emirates News Agency (Wam), noted that the businesses above operate in a variety of industries, including real estate, business, retail, and investment, and that the period for listing affiliate companies in ADX and Tadawul varies between one and two years from now.
The Kuwaiti Stock Exchange (Boursa Kuwait) has listed GIH since 2002, and it was listed on ADX last week. Its market value is AED1.96 billion. By the end of 2023 or the beginning of 2024, the company intends to list on another market. Following its listing in ADX, a significant Arab market that draws capital and global investment, it had accomplished a historic milestone. Since the opening of Boursa Kuwait, GIH is the first Kuwaiti firm to be listed on ADX, according to Al Sanad.
Ooredoo, Sudatel Telecom, Oman and Emirates Investment, and GFH are only a few of the ADX’s dual-listed businesses. At the end of September, their market value was AED29 billion, up from AED23 billion at the end of 2021. In the first nine months of 2022, the total value of these companies’ securities trading climbed by AED118 million, or over four times annually. Al Sanad claims that the business has the chance to participate in a dynamic economic and investment climate renowned for its adaptability and economic prospects. He emphasised the company’s goals to develop the economy, work on numerous initiatives in Abu Dhabi, and form business alliances with the private sector. According to him, GIH’s listing in ADX will offer it a presence in a wide range of markets and allow it to pursue attractive new markets. According to him, the company’s board of directors wants to strengthen the company’s reputation in the community, draw in investors, and strengthen its financial condition. The primary focus of GIH’s activities is direct investment, and the company’s holdings are spread across Kuwait, the United Arab Emirates, Saudi Arabia, Bahrain, Oman, Morocco, and India. Its paid capital is KWD40.649 million, which is distributed among 406.495 million shares, each of which is worth 100 Kuwaiti fils.
With a market value of $7.0 billion (AED29 billion) at the end of September, GFH, Ooredoo, Sudatel Telecom, Oman and Emirates Investment, and ADX all have dual listings. This market value is expected to drop to $6.2 billion (AED23 billion) by the end of 2021. In the first n ine months of 2022, the total value of these companies’ securities trading surged by about four times yearly to $32 million (AED118 million).
