Global Investment House marked its listing next Tuesday on the Dubai Financial Market with a gala dinner attended by UAE and regional leaders of the business and financial industry.
Mr. Anwar Abdallah Al-Nouri, Global Chairman, said during the event held at the Fairmont Hotel in Dubai that the listing follows the investment company’s successful listing on the Kuwait Stock Exchange in May 2003 and the Bahrain Stock Exchange in October 2004.
“This listing is a continuation of our strategy to expand in the Gulf and the wider Arab region. We chose the UAE, and Dubai in particular, because of its exceptional position on the regional and international economic and financial map,” Mr. Al-Nouri said.
The chairman looked back at the challenging conditions facing the company at the time of its formation nearly seven years ago. “Over the years we have been able to offer added value to our shareholders. As well, we have played an effective role in developing capital markets in Kuwait and the Gulf region. Thanks to God, we have been able during this short time to attain a leadership position and to join the ranks of the region’s top companies,” he added.
Among the chief reasons for Global’s success is its workforce, which spares no effort to help the company achieve its goals. The company in turn has provided full support to Global employees by setting up ambitious training programs that develop their capabilities and improve their productivity. As well, employees are encouraged through an employee stock option.
In addition, Mr. Al-Nouri pointed to Global’s pioneering role in offering innovative investment products such as its hedge funds and the Global Al-Mamoun Fund, the first investment tool with two classes of units. Such tools also contributed to creating a local competitive market and making a radical change in offering a variety of financial instruments to clients.
Global also has played a prominent role in revitalizing the Kuwaiti bond market by offering the first bond fund and managing some of the region’s largest bond issues. Also, Global has founded a number of companies, including First Dubai Real Estate Development Company, established last year to develop real estate projects in Dubai. The first of these projects is a tower that has been completely sold out in the Dubai International Financial Centre.
In terms of its capital market development activities, Global has launched a number of market indices covering Kuwait, Qatar, Bahrain and two GCC indices. The company has also undertaken research and analysis on listed GCC companies, as well as on the industries and economies of all six Gulf Cooperation Council member nations. All of this research has been well received by those looking for in-depth studies on these markets.
In conclusion, Mr. Al-Nouri offered his warmest congratulations to Dubai for its amazing and steady development achieved across all sectors. He expressed hope that the emirate would continue to succeed and flourish under the guidance of its wise leadership.
Global Chairman comments were followed by a documentary film about the company, which in turn preceded a speech by Mrs. Maha Khalid Al-Ghunaim, Global Vice Chairman and Managing Director.
Mrs. Al-Ghunaim spoke about the dreams of the company’s executive management and Board of Directors at its inception: to create a local investment company with international work standards, list on the Kuwait Stock Exchange, increase its the share price by a factor of 10 to one Kuwaiti Dinar, and reach the US$ 1 billion in assets under management.
“Through diligent planning, commitment and drive, and most importantly through God’s grace, the company has achieved all of what it set out to achieve. Global has become a Gulf-based investment company that operates according to international standards. The company’s shares are listed on the Kuwait and Bahrain stock exchanges, and it manages assets in excess of US$ 5 billion. What’s more, Global has extended its presence beyond the borders of Kuwait, moving into Bahrain, Dubai, Muscat and Amman,” Mrs. Al-Ghunaim said.
In addition, the number of Global employees now exceeds 230, and its clients are over 4,000. Every US$ 1 million that was invested when the company was formed is now worth US$ 32 million. The company’s research is a key source for other reports on the region, she pointed.
Global's MD shared with the audience the company's joy when it launched its first index fund, its first Class A and Class B fund, its first guaranteed fund and its first bond fund in the Kuwaiti market.
“Global’s dreams have taken wing after the success already achieved and we are now in pursuit of new horizons. This success causes our hearts to dance with the same joy experienced by parents on seeing their child laugh for the first time, say his first word or take his first step. Our dreams and ambitions today grow larger. We no longer are satisfied with just innovation and breaking barriers, but we seek exceptional performance and follow-up, and the firm establishment of integrated services,” Mrs. Al-Ghunaim said.
“Our dream today is to extend Global’s presence across the region by opening both branches and full-service offices in countries and regions such as the Kingdom of Saudi Arabia, India, Iran and North Africa, as well as to list Global on all of the region’s stock markets,” she continued.
On the other hand, she called on regional governments to “create the right environment for those dreamers of strong will. This environment is served by a stable political map; it is an environment that will invest unprecedented returns in large, impactful development projects; it is an environment with a single GCC currency that will support the region’s economies, and an environment that will enable pioneering companies such as Global to develop strong reputations among international investment companies.
Mrs. Al-Ghunaim concluded by expressing her hope that her dreams of success for the company and a flourishing region would be realized. She also thanked the attendees for their presence at the gala dinner celebrating Global’s listing on the Dubai Financial Market.
