The Appellant Court issues a judgment ordering the release of frozen funds of Global in Jordan
Global Investment House (Global) announced today that the Appellant Court issued a judgment ordering the release of all frozen funds belonging to Global in Jordan.
The announcement came in a press conference held by the company at the Four Seasons Hotel Amman and attended by Mr. Bader Al-Sumait, Co-founder and Executive Vice President at Global, Mr. Talal Samhouri, Head of MENA Asset Management at Global, and Mr. Sami Nabulsi, Head of Investment Banking at Global in Jordan.
Mr. Al-Sumait said, I am here today in the Kingdom to meet with the regulatory officials topped by the Jordan Securities Commission. During a meeting with His Excellency Dr. Bassam Al-Saket, Executive Chairman of the Jordan Securities Commission we emphasized the commitment of Globals management to the Jordanian market and at the same time acknowledged the vital role that the Commission plays in developing Jordans capital market.
The Jordan Securities Commissions decision last Wednesday to suspend the companys operations comes as a precautionary measure to protect the interest of investors in the Kingdom. An agreement was made on Thursday February 12th, 2009 between Global-Jordan and Jordans Housing Bank for Trade and Finance (HBTF). Accordingly, the Appellant Court issued today a judgment ordering the release of all frozen funds belonging to Global in Jordan.
Mr. Al-Sumait added, The Kingdom of Jordan is one of the first markets in the region that Global entered to in 2002 after extensive research on the Jordanian market and joining reputable companies in the Kingdom. In 2005, Global established Global Investment House-Jordan (Global-Jordan), a privately held Jordanian company with the aim of being a full-fledged investment banking branch of Global in Jordan. In 2007, Universal House Company was also established as the brokerage services arm in Jordan.
Globals operations in Jordan are considered to be one of the largest for Global outside of Kuwait due to the investment environment in Jordan and its geographical location that enabled us to offer an array of investment services to our customers in Palestine, Syria, Lebanon and Jordan. Global played a leading role in Jordan in enhancing Jordans capital markets through promoting investment opportunities in the country. The company has invested over JD200 million distributed over different sectors.
Mr. Samhouri spoke about the most significant achievements of Global in Jordan during 2008. He said, In 2008, Global-Jordan through its investment banking department, managed a number of deals and listings. The most significant were the United Group Holdings (UGH), Model Restaurants Company, First Jordan Investment Company and a number of financial advisory assignments for some of the largest companies in the Jordanian market.
He added, On the Asset Management side, the MENA Asset Management Department present in our offices in Jordan has established the Global Jordan Fund which is an open-ended fund that invests in listed equities, fixed income and money market instruments in the Amman Stock Market. The company also manages two other funds, the Global Egypt Fund and the Palestine Dedicated Fund..
Mr. Al-Sumait concluded, Globals achievements reflect its strong expertise and professionalism possessed by the Global Team. The company was able to maintain its performance and preserved its position regardless of the hardships that it is facing.
It is worth mentioning that Global-Jordan has been recently named Best Foreign Investment Bank in Jordan by EMEA Finance Magazine.
About Global Investment House â€œGlobalâ€
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 and the capital market in Kuwait and the region. Today, Global stock lists on the Kuwait, Bahrain, Dubai and London Stock Exchanges. Global plays an important role in promoting investment opportunities in the MENA region to investors through expert financial engineering, in-depth research and reports to advance the capital market in the region. Thus, Globals achievements have been recognized on local, regional, and international levels. The companys current assets under management reached KD2.7 billion (USD 10.2 billion) by 30th September 2008.
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