30/07/2018 07:16 AST

Bahrain-based GFH Capital, a leading financial group in the region, has reached an agreement with leading UAE conglomerate Al Futtaim to complete the landmark acquisition of the Entertainer, one of the leading incentive providers and lifestyle technology platforms in the region.

A leading investment management company, GFH Capital is a wholly-owned subsidiary of GFH Financial Group. Al Futtaim is one of the most diversified and progressive, privately held regional businesses headquartered in Dubai, and partners with more than 200 of the world’s most admired and innovative brands across the automotive, retail, real estate and financial services sectors within 29 countries in the Middle East, Africa and Asia.

As part of its efforts to drive strategic value creation in the Entertainer, GFH has signed an investment deal with Al Futtaim and Al Zarooni Emirates Investments who have acquired a significant minority stake in the company alongside GFH and will be playing a critical role in helping the Entertainer achieve its next phase of growth, said a statement from the company.

The Entertainer, which is valued at $150 million, was founded in 2001 in the UAE. It has developed a strong merchant partner network in the GCC and many other countries globally, based on its longstanding relationships and market-leading technology.

Consumers on the platform in 15 countries across the Middle East, Europe, Asia and Africa enjoy unbeatable offers and savings at fine dining restaurants, global restaurant franchises, attractions, leisure activities, golf clubs, water parks, spas, beauty salons, gyms, fitness centres and much more – plus savings on hotel nights around the world, it stated.

Sheikh Ahmed Bin Khalifa Al Khalifa, the chairman of GFH-Capital, said: "We are delighted to invest in the high-growth technology sector in the region; partnering with recognized names such as Al Futtaim. The Entertainer has so far firmly cemented its position as a market leader and with the support of GFH and our investors, we expect to accelerate plans to capture the vast potential that exists for the company both within the region and globally to double the size of the Company over the next three years."

"We look forward to working closely with our partners, the senior management team and Jassim Al Siddiqi, the newly appointed chairman of the Entertainer, who has vast experience in investment in technology and the support services sector, to continue delivering the most advanced levels of technology, value and choice available anywhere in the market today," he added.

Marwan Shehadeh, the group director, Corporate Development at Al Futtaim, said: "We see great potential in both the technology and lifestyle sectors."

"The Entertainer is already a market leader in the Middle East and we are confident that Al Futtaim’s strong international reach can add value to the company’s efforts to further build its customer and merchant networks throughout the Middle East and Asia, where we have long established relationships and exposure to the world’s leading lifestyle brands," he added.-


Trade Arabia

GFH posts 16.7pc surge in H1 net profit to $72.5m

14/08/2018

Bahrain-based GFH Financial Group (GFH) has reported a net profit attributable to shareholders of $72.5 million for the first half of the year representing a 16.7 per cent increase from $62.1 million

Trade Arabia

GFH fully settles $200m sukuk

30/07/2018

Gulf Finance House said on Sunday it has fully settled its $200 million (Dh734 million) sukuk, which was originally drawn in 2007. The facility,which was payable over several tranches with final matu

Gulf News

GFH awards $150m Dubailand project contract

22/07/2018

Bahrain-based GFH Financial Group (GFH) said it has awarded a turnkey engineering, procurement and contracting (EPC) deal to China Machinery and Engineering Corporation (CMEC) for the construction an

Trade Arabia

Ticker Price Volume
GFH Sector Market
P/E
Price/BookValue
Dividend Yield (%)
Relative Strength
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Price Vs…
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg
Ticker Price Change
UGH 1.12 0.00 (0.00%)
ABC 0.38 0.00 (0.00%)
INVCORP 9.60 0.00 (0.00%)
BARKA 0.30 0.00 (0.00%)
BCFC 0.74 -0.01 (-1.34%)
Bahrain's Investcorp records $165m loss for 2019-20 financial year

06/08/2020

Bahrain’s Investcorp slipped into a $165 million loss for the 12 months ended June 30, against profits of $131 million a year ago.

The COVID-19 played its part in the loss, as fee income c

Gulf News

Aramex's revenue surges 4pc to $359m in Q2

06/08/2020

Aramex, a leading provider of logistics and transportation solutions, has registered a 4 per cent growth in its revenues for the second quarter which surged to hit AED1.32 billion ($359 million), com

Trade Arabia

Abu Dhabi's Waha Capital trims first-half 2020 attributable losses to Dh27.2m

05/08/2020

Abu Dhabi based investment company Waha Capital recorded a net loss of Dh27.2 million - attributable to shareholders - for the first six months of 2020, an improvement on the Dh124.38 million it rec

Gulf News

FAB issues Formosa bond globally

05/08/2020

First Abu Dhabi Bank (FAB), recently announced the issuance of the largest-ever Chinese Yuan (CNH) denominated dual-listed Formosa bond globally, with a CNH 3.25 billion five-year issuance.

The Gulf Today

Etisalat to pay out Q2 interim dividends from August 11

05/08/2020

UAE's leading telecom services operator Etisalat Group has announced that the interim dividend of 15 fils per share for the second quarter will be paid out starting from August 11 through the First A

Trade Arabia