The Bahrain-based Islamic investment bank attributes the profits fall to “conservative provisions on investments”. The previous year's figure was also inflated by a $84m one-off profit on the sale of its stake in Khaleeji Commercial Bank.

GFH said that provisions made in the fourth quarter resulted in a loss during the period of $10m. The bank’s chairman Esam Janahi says the bank will continue to look for opportunistic investments in undervalued assets across the region.

The bank also says that its profits have been driven by investments in developments such as Tunis Financial Harbour, Energy City Libya, and the investment bank First Energy Bank.