Manama: The 2015 was a positive year for GFH, despite challenging market conditions, according to the Chairman of the Group.
“The 2015 was encouraging to see the positive results of our strategic initiatives, which included important partnerships and portfolio diversification,” Dr. Ahmed Al-Mutawa, Chairman of GFH Financial Group’s Board of Directors told the annual general assembly of the shareholders which approved the financials on Tuesday.
GFH Financial Group concluded the Annual General Meeting (AGM) of the Group for the full year ended 31 December 2015 at its headquarters in the Bahrain Financial Harbour.
The meeting was presided by Dr. Al-Mutawa who briefed the shareholders on the Group’s business activities and presented the full year financial results for 2015. The corporate governance and compliance report were also discussed amongst other matters. GFH shareholders approved the closing accounts for the 2015 fiscal year, the corporate governance report, the reappointment of external auditors and the Shari’a Advisory Board, and approved to increase the Board Members seat to ten. Apart from shareholders, the meeting was also attended by the Chairman, the senior management team and auditors.
“GFH’s senior management team has the right insight and expertise to navigate the Group in the right direction during this constantly changing economic climate,” said Dr. Ahmed Al-Mutawa.
During the last fiscal year, GFH made considerable progress on its flagship real estate projects in Bahrain, and these developments were communicated to shareholder during the Annual General Meeting. The iconic $650 million Villamar project is expected to restart construction work by the second quarter of 2016 after GFH reaffirmed its commitment as financiers. Similarly, the $150 million Harbour Row project has started construction work after receipt of the luxury development’s building permit.
“We are very happy to communicate the positive progress of our flagship real estate developments to our shareholders and board members. Both Villamar and Harbour Row are iconic projects which are positioned to add value to Bahrain as an upscale tourist destination. GFH is fully committed towards developing these projects and are confident of its timely completion.”
“On behalf of the Board, I would like to sincerely welcome Mr. Jassim Al Seddiqi as our new board member representing Abu Dhabi Financial Group (ADFG). As a leading investment management and financial services group, ADFG will continue to partner with GFH to further enhance the business, its valuation and financial returns. I am also thankful to our shareholders and investors for their continuous support and loyalty towards GFH. Additionally, I would like to extend our appreciation to the senior management team as well as and our dedicated staff for their contributions and commitment towards helping the Group achieve its objectives. 2015 was a year marked by success, particularly for our investment banking and commercial banking division, and as a result we consolidated our position as a leading financial services group in the region.”
