Gulf Finance House issued a clarification on a news item appearing in the aptly named Kuwaiti Newspaper "AlJarida" today on the Bahrain Stock Exchange. AlJarida apparently stated that the Government of Qatar was studying withdrawing the Qatar Energy City Project from the Developer, Gulf Finance House.
(This press release also appears at the Dubai Financial Market but not at the Kuwait Stock Exchange. It appears that when one is listed on so many financial markets and has so many clarifications to issue it's quite a logistical feat to get them all out at the same time).
GFH noted that it had not been notified officially in this regard (i.e., that the Qatar Government was studying whether to remove GFH as Developer on QEC). It also noted that because there was a court case involving GFH and a Qatari businessman (AA: That would be AlSuwaidi) before the Courts of Bahrain it was not able to comment out of consideration of the rights of the parties to the case.
You've probably noticed as I have that when issuing a response to a question or a clarification GFH seems to be very precise in its wording. You'll recall the day before they announced the rollover of US$100 million of their West LB syndicate, they issued a denial that they were discussing a US$50 million Sukuk with West LB. The next day they announced they had concluded a US$100 million murabaha with West LB.
So maybe you're wondering as I am if they have received "unofficial" word from the Qatar Government that it is considering removing them as Developer on QEC?
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