The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Investment banking: GFH raises cash for new strategy

Hopes to raise equity up to $500 million; Turns away from real estate development

Bahrain-based Gulf Finance House (GFH) is asking its shareholders for up to $300 million this month. The rights issue is part of a programme, approved by shareholders in mid-September, to raise equity capital of up to $500 million.

The bank, which is listed in Kuwait, Bahrain and Dubai, is implementing a turnaround in strategy. It used to be one of the biggest Islamic property financiers in the Gulf. But the region has suffered a real estate crash this year almost as famous as the preceding real estate boom.

GFH made net losses of $54 million in the second quarter of this year and $37.7 million in the first quarter, comprising in total provisions of $81 million and $11 million in operating losses.

Ahmed Fahour: GFH wants to raise $500 million

Ahmed Fahour: GFH wants to raise $500 million

Ahmed Fahour, the new chief executive, tells Euromoney that the capital-raising reflects difficulties in infrastructure and property markets, above all in commercial real estate, GFH’s former speciality. Fahour says the extra money will also allow GFH to benefit from new and different opportunities.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree