Bahrain: Best Corporate and Investment Bank 2021
GFH Financial Group
When GFH Financial Group tells shareholders its business is rising to new heights, it’s not meant as a cheesy pun. The reference is to last year’s unveiling of the Harbour Heights brand that the 22-year-old institution hopes will drive further growth.
The centrepiece of the firm’s push into luxury real estate development is the 36,000-square metre Harbour Heights development to “shape up” the skyline of Manama, Bahrain’s capital, as GFH management puts it. The project is an apt metaphor for GFH’s pivotal role in helping to build more vibrant and international Bahraini markets.
The last year has been a frenetic one for the team overseen by GFH’s chief executive, Hisham Al Rayes. Revenue increased to $323 million in 2020, thanks to growth in core investment banking operations, a solid year for its real estate activities and for its growing treasury business. Total group assets hit $6.6 billion, up from $5.9 billion in 2019.
GFH’s total assets under management increased to $12 billion in 2020, a 20% year-on-year jump.