GFH to soon unveil healthcare acquisitions in Saudi Arabia: CEO

Hisham Alrayes, CEO of Bahrain-based GFH Financial Group

Hisham Alrayes, CEO of Bahrain-based GFH Financial Group, said that the group is currently focusing on investing in the Gulf region, especially Saudi Arabia and the UAE.
 

In an interview with Al Arabiya TV, the top executive said about 70% of the group's investments are outside the GCC region. However, this has become the opposite now, due to the growth rates in the main sectors in the Gulf region.

Furthermore, GFH is focusing on sectors that witness a high growth rate and demand, such as the healthcare sector, said Alrayes. He revealed that a number of acquisitions have been signed, part of which will be announced soon in Saudi Arabia.

He also pointed out that the group is focusing on investing in the northern provinces in the sectors of healthcare, logistics, major cities and education.

Commenting on the group's financial results for the first quarter of 2023, the CEO said that the rise in interest rates led to an increase in profit from the financing portfolio, both at the group level or from its commercial arm Khaleeji Commercial Bank. This is in addition to an increase in the group's income in general amid relative improvement in the markets.

The group’s Q1 2023 profit rose to $24.01 million (0.63 cents/share), compared to $19.12 million in the same period a year earlier, according to Argaam's data.