Global Investment House "Global" announced today that it has successfully acquired one of the leading financial services companies in Sudan, inline with the company’s expansion strategy in the regional markets.
Mr. Omar M. El-Quqa, Executive Vice President at Global said, "Following our strategy of expansion beyond the GCC region, Global is pleased to announce that we have successfully acquired one of the leading financial services companies in Sudan”
The company, which is now named “Global Investment House – Sudan”, provides brokerage services in the Khartoum Stock Exchange and has expanded activities into funds and asset management as well as investment banking.
Post acquisition, Global Sudan with a paid up capital of 6 billion SD (USD29 million) is considered to be amongst the largest capitalized financial institutions in Sudan and is even bigger than some of the Sudanese banks.
Al-Quqa pointed that the new branch reflects the company’s expansion plan to increase its direct investments in that market.
“We believe that Global is in a good position to benefit from the considerable potential growth that Sudan is witnessing in its economy due to the sharp increase in foreign investments flow to the country especially in the oil sector.”, he affirmed.
According to the Economist Intelligence Unit (EIU), Sudan’s real GDP growth is estimated to accelerate to around 9.6% in 2006 and further to about 11.4% in 2007.
Global, besides its new branch in Sudan, currently has branches in Bahrain, Jordan, representative offices in Abu-Dhabi, Dubai, UAE, India and affiliates in The Sultanate of Oman, Tunis, and Pakistan.
About Global Investment House “Global”
Global Investment House “Global” is a full-fledged investment company incorporated in 1998, and falls under the regulation of the Central Bank of Kuwait. Its underlying foundation is to meet the high expectations of local and international clients, and to enhance the investment service industry in Kuwait and the region. Today, Global stock lists on the Kuwait, Bahrain, and Dubai Stock Exchanges, with branches and affiliates in Bahrain, Dubai and Abu Dhabi (UAE), Jordan, Qatar, and Sudan. Global plays an important role in promoting investment opportunities in the Arabian Gulf Peninsula to investors through expert financial engineering, in-depth research and reports to advance the capital market in the region. Thus, Global’s achievements have been recognized on local, regional, and international levels. The company’s current assets under management reached KD 2.021 billion (USD 7 billion) as at 30 September 2006.
