Bahrain-based regional financial services group GFH Financial Group (GFH) completed the annual general meeting (AGM) for the year ending Dec. 31 in the Bahrain Financial Harbour, the group’s headquarters.
“2015 was a positive year for GFH, despite challenging market conditions,” GFH Chairman Ahmed Al-Mutawa said. “It was encouraging to see the positive results of our strategic initiatives, which included important partnerships and portfolio diversification. GFH's senior management team has the right insight and expertise to navigate the gGroup in the right direction during this constantly changing economic climate.”
During the meeting, Al-Mutawa summarized the group’s business transactions and revealed the financial results for 2015 to shareholders. GFH shareholders approved several reports and the closing financial numbers for the 2015 fiscal year including the reappointment of external auditors and the Shari'a Advisory Board, the corporate governance report and increasing the number of board seats to 10.
“We are very happy to communicate the positive progress of our flagship real estate developments to our shareholders and board members,” Al-Mutawa said. “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.”
During the 2015 fiscal year, GFH developed its flagship real estate undertakings in Bahrain. The second quarter of 2016 is the expected restart date for construction on the $650 million Villamar project. The building permit for the $150 million Harbour Row project was received, allowing construction to begin.
“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),” Al-Mutawa said. “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.”