PIF-owned real estate company extends mortgage benchmark maturity to 30 years

PIF-owned real estate company extends mortgage benchmark maturity to 30 years
PIF-owned real estate company extends mortgage benchmark maturity to 30 years

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Jeddah - Yasmine El Tohamy - RIYADH: Kuwait-listed Gulf Investment House, one of the leading investors in real estate properties, targets the listing of four firms on the Saudi Stock Exchange and Abu Dhabi Securities Exchange in the next two years, its chairman told CNBC Arabia.

The listing consists of companies with a capital of between 15 million Kuwaiti dinars ($48 million) and 50 million Kuwaiti dinars.

While global markets are facing challenging conditions, this will positively affect the region's markets, as it will be a destination for foreign companies, not just local companies, Abdulaziz Alsanad said.

The first and main benefit that GIH is trying to achieve by diversifying its listing in other markets is that the company will be able to create other opportunities for investors in the company, as well as its subsidiaries and associates.

This will in turn increase the investor's share value as well as the company’s value, the chairman stated.

GIH has received the approval of its shareholders for the listing of the firm's shares on the Tadawul as well as the ADX in May of this year.

As of Sep. 30, the company announced the successful dual listing of its shares on the ADX.

GIH has become the first Kuwaiti company to be listed on the ADX since the Kuwait Boursa was established.

Asserting the importance of the Kuwait group’s move, ADX noted that GIH will benefit from a broader investor base and increased liquidity because of the dual listing.

With GIH having subsidiaries and associates covering various economic activities, the Kuwaiti group has the ability to offer flexibility and openness to a wide range of economic sectors in Abu Dhabi and benefit from keeping pace with the effective transformation plan in the country’s economic foundation.

Founded in 1998, GIH has been listed on Kuwait’s bourse since May 2002 with a subscribed and paid-up capital of 40.6 million Kuwaiti dinars.

GIH has access to significant capital for private equity, real estate, and direct investments which constitute the core business activities of the company. GIH has investments in the Gulf Cooperation Council, the US, and other selected markets.

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