Global Investment House - Restructuring completed

Hello,

Not many people outside the GCC would know much about Global Investment House (GIH). But it was big.

Before the global financial crisis hit the Banks in America, Europe and then the other smaller markets, it was one of the leading Investment Banks in the region with a reputation strong and big enough to attract investors from Europe. Ms. Maha Al Ghunaim, the chairperson of this company was listed in the 100 most powerful business women in the world by Forbes in 2008.

The Global crisis induced a financial road block as Banks refused to renew exposures and recalled their debts which lead to a default by the Company. It also became evident that several strange investments meant that not much could be said about the asset quality.

But when everything seemed lost, Global has risen Pheonix like - The banks who refused to renew exposures in December 2008 signed a restructuring agreement in December 2009, which allow the Company the time they require to tie up their laces and get back into the race. The Banks are benefitted as their exposures are now secured by assets of the Company and there is a lot more transparency in the operations for Banks to forsee any misadventure in the future.

Best of luck to Global Investment House and the employees working there.

Manoj