Jazeera Paints, the leading company in the world of paints, colors, and construction solutions in Saudi Arabia, the Middle East, and North Africa, is continuing its "All in One" seminar series by moving to Kuwait. It will be held in the Al Mirqab Hall at the Four Seasons Hotel and it will be attended by a select group of top consulting firms, elite engineers from construction companies, specialists, and those interested in architecture and construction.

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Mabanee is a leading real estate developer and partner. Since 1999, the Company has been listed in the Kuwait Stock Exchange and is under the Premier Market Index, as well as the MSCI Index.

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Amr Massry gives an overview of VINCO, the first promotion-based platform made in Kuwait and available in the GCC. VINCO was created in 2020 with the goal to reshape the future of the ecommerce experience by focusing on winning prizes.

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Marcopolis ranked the top business leaders in Kuwait, as part of the business report on the country. Businessmen Mohammed Alshaya of Alshaya Group, Kutayba Yusuf Alghanim of Alghanim Industries and Mohammad Saud Al-Osaimi of Boursa Kuwait, rank at the top the list of the most powerful business leaders in Kuwait.

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Mohammad Saud Al-Osaimi currently holds the position of CEO at Boursa Kuwait. He played a pivotal role in the reforms and development of the capital markets.

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Bader Nasser Al-Kharafi is the current CEO and Vice Chairman of leading Kuwaiti mobile telecommunications company Zain Group.

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Tarek Sultan is the CEO and Vice Chairman of global supply chain company Agility, a leader and investor in supply chain services and innovation.

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Maha Al-Ghunaim is a Kuwaiti businesswoman and one of the most well known businesswomen in the GCC region.

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Talal Al Ibrahim gives an overview of Aljawda, a company made up of 200 investors, gathering farmers, farm owners, restaurants, restaurant groups, consumers, etc., in one entity. Aljawda makes it possible to order and buy quality fruits and vegetables online through the Aljawda app. From greens to onions, tomatoes, cotton candy grapes and baby mangoes, the fruits and vegetables wholesaler offers a wide range of products.

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Ahmad Al Hendi shares his assessment of the cleaning and maintenance solutions sector in Kuwait and presents Bleach Cleaning Services, a company founded in 2013 to provide cost-effective domestic, commercial and industrial cleaning services, with a wide range of specialized services.

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Salem Marafi shares his assessment of the ecommerce sector in Kuwait and presents Ordable, an online platform integrated with delivery providers, payment providers and inventory management systems, that cater to local business needs. Ordable services customers in every GCC country, namely Kuwait, Saudi Arabia, Bahrain, the UAE, Oman, and Qatar.

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Hasan AlMatrouk presents exciting ventures, a proposals portal by Jadeite Group created to invest and empower passionate entrepreneurs globally. Jadeite Group is a private equity and alternative investment company which focuses on real estate, food and beverage, consumer products, e-commerce and technology.

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Jassim Al Wazzan shares his assessment of the food industry in Kuwait and gives an overview of Hectare’s, a company specialized in manufacturing healthy, GMO and MSG free snacks, including chips and popcorn. He also discusses competitive advantages and shares his vision for the company in the medium term.

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Ahmed Jaafar describes the journey to starting Exotic Snax with his three partners: Abdullah Al Ghanim, Humoud Al Sabah and Mubarak Al Sabah. Exotic Snax is a Kuwait-based ecommerce website providing the most exclusive, exotic, imported snacks on the market, from renowned brands such as Red Bull, Pepsi, Cheetos, Nabisco, etc.

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Ramzy Abou-Ezzeddine shares his assessment of the food and beverage industry in Kuwait and explains how the delivery and e-commerce industry has grown in light of the pandemic. He also talks about his journey beginning Sushu Sushi and gives an overview of the company’s other food brands: Poké Pick and Lucky Lantern. Ramzy Abou-Ezzeddine also shares his vision and talks about future projects.

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Mohammad Alwazzan and Nader Khazal give an overview of UFFF, a leading online retailer in Kuwait providing all your pop culture needs from a wide range of collectibles, homeware, apparel, figures, etc. UFFF carries merchandise from DC Comics, Marvel, Disney, Star Wars, Dragon Ball, Naruto, Demon Slayer, Attack on Titan, Sonic, Stranger Things, etc.

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Ali Al-Ebrahim presents COFE App, an online coffee-centric marketplace conceptualized in Kuwait and developed in the Silicon Valley. He explains what makes COFE App different and what is its competitive advantage. Ali Al-Ebrahim also discusses expansion plans and shares his vision for the future of COFE App.

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Porter Express is a courier and fulfillment service provider in Kuwait. It offers technologically advanced courier and fulfillment solutions to SMEs and corporations allowing them to focus on what matters most to them. The company is now looking forward to becoming a dominant last mile and fulfillment provider in the region.

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Hala Tfayli shares her assessment of the professional services industry in Kuwait and gives an overview of The Channel MENA, a creative marketing and advertising agency providing a wide range of services, including: strategy and market auditing, content marketing, social media and digital marketing, advertising, branding, etc.

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Manal Al Hasawi shares her assessment and overview of the consulting industry in Kuwait and presents Think Tank Management Consulting. The consulting firm provides companies with several services and programs, including: management consulting, strategic design, strategy implementation, strategy monitoring, coaching, research, corporate training, strategic planning, personalized learning experiences, etc.

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Abdulwahab Al-Bader, Director General of the Kuwait Fund for Arab Economic Development, gives an overview of the Fund. Kuwait Fund was the first institution in the Middle East to take an active role in the international development efforts. The object of Kuwait Fund for Arab Economic Development is to assist Arab and other developing countries in developing their economies by financing development projects.

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Faisal Mansour Sarkhou shares his analysis of the capital markets sector in Kuwait and the GCC and discusses the impacts of the Covid-19 pandemic on KAMCO Invest and the sector. He also shares his perspective for the future of the financial sector in Kuwait and the GCC region and gives an overview of KAMCO Invest, the fifth largest asset manager in the region.

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Mohamed Samir discusses food services and fashion retail in Kuwait and the GCC and presents Alyasra. The Group is composed of Alyasra Foods, a regional leader in selling, marketing and distributing food products to restaurants, hotels and retail; and Alyasra Fashion, a regional fashion retail leader, operating premium fashion, footwear and accessories brands.

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Mohammad E. Al-Muaili gives an overview of KRH (Kuwait Resources House). Before being a globally built company serving the CENTCOM region, KRH started its journey in providing logistics services to the defense industry in 1991. Today KRH is a turnkey solutions provider delivering on its core business pillars: HR solutions, integrated logistics services and its very own KRH Academy.

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Ali Haidar Khajah shares his outlook for 2021 and onward, and talks about investment opportunities in the real estate sector in Kuwait. He also gives an overview of Al Hamra Real Estate Company, as well as the company’s iconic mixed-use development and national landmark, Al Hamra Tower, located in the heart of Kuwait City.

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Ali AlMatrouk presents Jadeite Group, a respected Kuwaiti closed shareholding company specialized in property development, e-commerce and logistics. Jadeite Group is known for establishing exciting ventures in other areas than real estate and companies such as TONS e-grocery and Porter Express are now becoming a household name in Kuwait.

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Benoit Janin shares his assessment of the mobile telecom services sector in Kuwait and gives an overview of Virgin Mobile Middle East and Africa, the leading mobile virtual network operator in the MENA region. He also talks about investment opportunities in the telecom industry and shares his medium term vision for Virgin Mobile in Kuwait.

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Makram Malaeb gives an overview of the retail and FMCG industry in Kuwait and presents Kuwait Agro Holding. He also talks about some of the brands the company represents in Kuwait, such as Chobani, Hostess and Del Monte, as well as premium brands Kuwait Agro has developed, such as Chef Mak and Layla's Organic. Kuwait Agro's mission is to be the preferred supplier and B2C channel through providing service, solutions, innovations and latest trends in the FMCG Industry.

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Mohammed Jaffar gives an overview of Faith Capital Holding (FCH), a Kuwait based venture capital firm which focuses on technology companies based in the GCC. FCH endeavors to seek companies with potential to scale up and turn into regional rather than local enterprises. He also explains the importance of working with Shariah compliant companies and implementing ethical business practices.

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Sameer Al-Dahan gives an overview of Dahan General Trading and Contracting Co, a leading luxury retail contractor in Kuwait. The company started out as a regular fit out contractor and then moved into luxury brands. Dahan General Trading and Contracting Co has now become a prominent high-end retail contractor in Kuwait, working with luxury brands such as Hermes, Dior, Gucci, Balenciaga and Fendi.

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Commercial Bank of Kuwait announced the launch of the 2018 revamped prize scheme of Al-Najma Account by adding several benefits to the prizes of Al-Najma Account which now provides its customers the chance to win the biggest annual cash prize offered by a bank in Kuwait and over the globe as much as 1 million and half Kuwaiti dinar (1,500,000) so that customers’ dreams can easily turn to reality.

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"We should go as far as bringing in classes to educate children about the importance of healthy eating and exercise. Last year, we have also brought to attention that education starts at home, which makes it crucial to educate parents..."

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As part of ACK’s commitment to providing quality higher education and training, the college is proud to announce that it has been awarded ISO 9001:2015 Certification.

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According to the Equity Markets October 2017 Review by Kuwait Finance and Investment Company (KFIC), GCC equities, as measured by the MSCI GCC IMI Index declined by -2.7% MTD. UAE’s DFM Index was the top performing regional index, followed by Abu Dhabi’s ADSM Index. Kuwait’s Weighted Index fell by -2.5% with negative performance coming from Consumer goods -9.2%, Telecom -7.9% and positive gains came from Oil & Gas +1.4%.

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All customers who successfully apply for a CBK British Airways card between 1st of November and 31st of December 2017 will have the chance to double their welcome bonus Avios after spending a predefined amount on their card.

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According to the new cooperation agreement, NBK will issue prepaid card holders to customers who have undertaken a loan from KFIC.

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The latest of ACK's CSR efforts includes promoting breast cancer awareness throughout the month of October, the "Breast Cancer Awareness Month".

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Kuwait was upgraded by FTSE Russell to an emerging market status, which will become effective by September 2018. The upgrade could prompt cash inflows of approximately USD 700mn from foreign investors, according to NBK Capital.

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According to the Equity Markets August 2017 Review by Kuwait Finance and Investment Company (KFIC), GCC equities, as indicated by the MSCI GCC IMI Index increased by 0.83%. Kuwait’s Weighted Index was the top performing regional index and Qatar’s QE index was the worst performing index.

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School of Business students at the Australian College of Kuwait (ACK) gave an outstanding presentation to Al-Yaal Mall management, presenting their strategic marketing plans for small and medium-sized enterprises (SME’s).

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According to the Equity Markets June 2017 Review by Kuwait Finance and Investment Company (KFIC), MSCI decided to include Saudi Arabia on its watch-list for potential addition to Emerging Market Index as The Kingdom showed significant willingness to improve stock market regulations and easing conditions for foreign investors. In the UAE, The Emirates NBD UAE Purchasing Managers’ Index (PMI), a key indicator of the health of the UAE’s non-oil private sector, fell to 54.3.

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According to the Equity Markets May 2017 Review by Kuwait Finance and Investment Company (KFIC), Saudi Arabia signed billions of dollars of deals with US companies during President Donald Trump’s visit to Riyadh. Estimates of the total deal value vary from USD300bn to USD400bn. Kuwait’s Deputy Prime Minister and Finance Minister Anas Al-Saleh has affirmed the importance of economic reforms made in Arab oil-exporting countries against the sharp drop in global oil prices.

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The agreement will see Aegean Airlines begin direct flight service between Athens and Kuwait on the late evening of June 20th with a frequency of 2 flights per week.

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HOT Engineering & Construction Co., a leading engineering construction company in Kuwait, has received an official Award Notification from Central Agency for Public Tenders, Kuwait for the Project SPA/189 “The General Department of Criminal Evidence Headquarters” in Kuwait.

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HOT Engineering & Construction Co., a leading engineering construction company in Kuwait, has taken a significant step forward today and is pleased to announce that it has officially signed an Agency Agreement with HOA BINH Construction and Real Estate Corporation of Vietnam.

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According to the Equity Markets April 2017 Review by Kuwait Finance and Investment Company (KFIC), GCC equities, as indicated by the MSCI GCC IMI Index, fell by -1.2%. Abu Dhabi’s ADX General Index was the top performing regional index and Qatar’s QE Index was the worst performing.

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Kuwait Finance and Investment Company (KFIC), a well-established asset manager in Kuwait, announced its recognition for Bhavani Joshi for attaining the Certified Internal Auditor (CIA) certification from The Global Institute of Internal Auditors.

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HOT Engineering Co. used to be the pioneer in contracting, specifically in oil and gas. The current vision of the company is to regain that position as many contractors have left the market. HOT Engineering's CEO thinks it is their chance to once again be among the leaders and to be recognized in Kuwait.

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"We are very proud to participate in the new refinery project. In other fields, like infrastructure, we signed a contract with the General Department of Civil Aviation to construct the Third Runway for Kuwait Airport."

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HOT Engineering & Construction Co. (HOTECC; HOT Engineering) is one of the biggest multi-disciplined Engineering Construction & Maintenance companies for Oil & Gas/Industrial, Civil Infrastructure Construction, Building Construction, Heavy Equipment Rental Projects, and Non-Destructive Testing Services in the State of Kuwait.

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Kuwait Finance and Investment Company (KFIC) announced its that its financing services sector (Tamwilia) signed an agreement of cooperation with Midas furniture for the needs of Midas’ clients for home furniture.

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"Chocolate Bar is a café that serves all kinds of chocolate drinks and chocolate desserts. Everything is made fresh every day. It came out of a passion of mine and of my partner’s; we are both females and we both love chocolate! Who doesn’t love chocolate?!"

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Al-Yousifi Group would like to push the air conditioning and firefighting sector as there is a large market for construction in Kuwait.

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"Our vision is to make Al Hamra Real Estate Company one of the leading regional companies within the commercial real estate sector through the current offering that we have or by going into new ventures where we can replicate this iconic experience somewhere else."

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Over the past 5 years, Al Seef Hospital increased the number of doctors from 80 to over 130, and added more services, especially in the medical and surgical sub specialization. Due to rising demand, the hospital is planning on opening a larger International Hospital by early 2018.

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According to the Equity Markets Quarterly Review by Kuwait Finance and Investment Company (KFIC), GCC equities, as indicated by the MSCI GCC IMI index, fell by -1.3% QTD in Q1 2017. Bahrain’s BB All Share index was the top performing GCC index, followed by impressive quarterly performance from Kuwait’s Weighted Index.

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Kuwait Finance and Investment Company (KFIC) notably attained a 211 thousand KD net profit in the 2016 financial year.

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The Australian College of Kuwait (ACK) has signed a Strategic Partnering Agreement with the Engineers Australia Association (EA).

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The aim of the newly-established Faith Capital Holding is to grow local businesses into GGC businesses that have branches across the six countries in the Gulf, by the means of ethical business.

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"We started operations in 1992, and have been running for 25 years. We provide a combination of government contracts, private camps, and full life support for clients, which includes housing, laundry, catering, housekeeping, as well as occasional transportation."

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"With the vision of His Highness the Emir, quite a long time ago Kuwait started to pay a lot of attention to the youth and tried to help them get on the path to be a positive power in society instead of a destructive power in society. Mainly through the Amiri Diwan, we started to be catalysts for many projects."

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Mezzan Holding's key strength is in food manufacturing and distribution. Mezzan's current focus is on strengthening their food manufacturing and distribution footprint in the GCC.

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"KAPICO is the leader in the aftermarket sector today. From the beginning, the Group have built up a good infrastructure and a good warehouse to supply regionally, not only to the GCC but also into the MENA. KAPICO was the first supplier of aftermarket spare parts in the region."

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Kuwait Finance and Investment Company (KFIC) is providing portfolios and fund management and currently manages approximately USD 1 billion of assets and funds. KFIC also offers investment banking services and unique structured products that fit clients’ risk appetite.

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M/s Gulf Maritime General Trading & Contracting Company WLL (GMTC) is a 45 years old shipping and logistics company, which is part of Al Kazemi Group, specialized in liner representation and project logistics.

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"Orchid Real Estate specializes in buying and selling buildings within Kuwait and internationally. We buy buildings, renovate them, and then prepare them for resale. Once touched by us, the buildings’ value increases (often double) and this is where our speciality lies."

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Jawad Ahmed Bukhamseen is the Founder and Chairman of Bukhamseen Group Holding, among many other companies.

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Fawaz Al Hasawi belongs to one of the wealthiest families in Kuwait. He made news headlines as he took over Nottingham Forest Football Club as Owner and Chairman.

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Muhannad Mohammed Al-Kharafi is the Vice Chairman of M.A. Al-Kharafi & Sons, a conglomerate founded by his late father Mohammed in 1956.

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Kutayba Yusuf Alghanim is the Chairman of Alghanim Industries, which his late father Yusuf founded in 1932. He is considered the head of one of the biggest private sector companies in the Gulf Area.

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Bassam Alghanim’s wealth comes from assets inherited from his father’s conglomerate Alghanim Industries, a diversified company chaired by his brother, as well as his stake in Gulf Bank.

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The Top 10 list of the most powerful business leaders in Kuwait is compiled and updated bi-annually by the MarcoPolis research team. The numerical rankings take into account the accumulated wealth of each of these business personalities. The Top 10 list is led by Bassam Alghanim, followed by his brother Kutayba Alghanim and Fawzi Al Kharafi.

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Agility is a leading provider of supply chain services and an investor in supply chain innovation.

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Zain is the pioneer of mobile telecommunications in the Middle East. Founded in 1983 it was the region’s first mobile operator and has since expanded rapidly.

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Commercial Bank of Kuwait is one of the largest financial institutions in Kuwait. Established in 1960, it is the second oldest bank in Kuwait.

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Since its foundation in 1967, Al Ahli Bank of Kuwait (ABK) has progressed to be one of the leading Kuwaiti banks in the region, providing a wide range of financial and banking services and products across all its markets.

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Gulf Bank is one of the largest and leading banks in Kuwait, with a broad offering of consumer banking, wholesale banking, treasury, and financial services.

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With holdings in sectors such as financial services, media, real estate, manufacturing and education, KIPCO Group comprises over 60 companies and employs over 16,000 people in 24 countries.

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Incorporated in 1977 as the first bank operating in accordance with the Islamic principles of Shariah, Kuwait Finance House (KFH) has emerged as one of the leading Islamic banks in the world.

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The National Bank of Kuwait was the first indigenous bank in Kuwait; all board members and founders were renowned merchants of Kuwaiti origin.

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Founded in 1953, Kuwait Investment Authority (KIA) is the world’s oldest sovereign wealth fund. As of 2021, it was the world’s 3rd largest sovereign wealth fund with $ 700 billion in assets under management.

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"C Club was established in 2005 and the concept behind it was to have not only a fitness facility but as well a social club where people can interact, meet, do business and so on. There is the fitness side and the social side. It is rare to find a club in Kuwait that provides both."

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"Our target would be to secure more projects in the oil and gas sector because that’s our main ball game as well as securing more projects in infrastructure and expanding when it comes to maintenance contracts, which is of great interest to us."

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"Our strategy for 2017 and 2018 centers on the retail customer, the corporate customer, banks, our business with international institutions, our stakeholders and shareholders. They are all my customers. This is the number one priority for me, my staff, and the management."

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"We will focus on interdisciplinary cooperation and interdisciplinary ideas. It is hard to see in advance what the result will be, but that is part of the excitement. Right now, we have fourteen degree programs."

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Al Kazemi Travel Agencies Co. W.L.L. (part of Al Kazemi Group) proudly becomes the exclusive agent of Azerbaijan Airlines in the State of Kuwait, establishing the first direct flight from Kuwait to Baku – Azerbaijan.

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The Kuwaiti government’s education budget had grown relentlessly in recent years, allocating almost 10% of its annual budget to Kuwait’s education sector in 2016, as the leadership has continued to emphasise the importance of education in creating sustainable employment for their citizens and equipping them with the skills to compete in the global marketplace.

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So whilst the effects of declining oil revenues have been considerable, Kuwait, which boasts large fiscal reserves accumulated over the past few decades, has been able to stave off the precipitous corrections that have hit some other petro-states in recent years.

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"We do business in over 100 countries, with a strong presence in emerging markets. We are growing by the day. In addition to being the largest logistics company in the Middle East and a heavy-weight in Asia; we are now in 20 countries in Africa."

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"Education at ACK aims to enhance the potential of employability of our graduates; be it self-employment or otherwise. We invite companies to review and comment on our curriculum, so as to tell us what they want in terms of attributes and values from our graduates."

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"55 years is a long time... we started with Arab countries and then moved on to non-Arab countries in Africa and Asia. You know what happened with the Arab Spring in different countries such as Syria, amongst others, where Kuwait Fund started with developmental aid, particularly in terms of building physical projects to enhance the economies of countries that we support."

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"In our sector, the investment sector, and through being a specialized, client-driven, asset management investment bank, our focus is on building and continuing to maintain our strong leadership position. Part of that is the trust that is bestowed upon us by our clients and our various stakeholders."

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"Overall, we feel that the non-oil economic growth is going to outperform the oil economic growth. OPEC has implemented production cuts in order to stabilize oil prices, and Kuwait will be adhering to those cuts. That will have an effect on the real GDP growth because Kuwait is such a highly energy dependent economy. It all depends on how the oil markets behave."

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"The government is now concentrating on our cultural sites. We recently completed the Sheikh Jaber Al-Ahmad Cultural Centre, which houses an opera center and different convention centers. By the middle of this year, we expect to open another cultural and scientific center, called Abdullah Al Salem Cultural Centre."

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"Everywhere we used to see challenges that needed solutions, and for all the problems in the world, there are solutions. We wanted to start giving solutions to the people and to charge them for it."

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"Corruption is rife, Kuwait jumped up 20 places in the ranking for corruption. Unfortunately up to now, democracy has not been helping the development of Kuwait as it used to in the 60s, 70s and partially in the 80s."

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"Our vision is to be one of the ten biggest contracting companies in not only the Gulf area, but throughout the Middle East."

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"Dahan is involved in interior fit out contracting. We execute many spaces such as restaurants, shops, boutiques, banks, and office spaces. We are purely executers and builders."

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"We are known to work on fast track, design development projects. We started that process back in the 70s with one of the real estate companies called Salhia Real Estate. We did the Salhia Mall that is still considered to be the mall with a very large number of prime brands like Louis Vuitton and others."

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Abdullatif A. Al-Bader, President of Kuwait University talks about the major challenge for the education sector in Kuwait.

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Abdullatif A. Al-Bader, President of Kuwait University talks about the major expansion of Kuwait University.

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Abdullatif A. Al-Bader, President of Kuwait University talks about the vision for Kuwait University

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Abdullatif A. Al-Bader, President of Kuwait University talks about governmental priorities for education reform.

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Fouad M.T. Alghanim, Chairman and CEO of Fouad Alghanim and Sons Group talks about the vision for Kuwait, its future and doing business.

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Fouad M.T. Alghanim, Chairman and CEO of Fouad Alghanim and Sons Group talks about the investment strategy of one of the largest conglomerates in Kuwait.

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Fouad M.T. Alghanim, Chairman and CEO of Fouad Alghanim and Sons Group talks about the importance and outlook on the relationship between Kuwait and Europe.

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Fouad M.T. Alghanim, Chairman and CEO of Fouad Alghanim and Sons Group talks about Al Ghanim family, one of the oldest and most powerful families in Kuwait.

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Faisal M. Sarkhou, CEO of KAMCO talks about investing in 2015, investing in Kuwait and other investment related subjects.

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Faisal M. Sarkhou, CEO of KAMCO talks about oil prices and investing. He believes that the second half of 2015 will bring return of growth and stabilization of markets.

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Faisal M. Sarkhou, CEO of KAMCO talks about the effects of the introduction of CMA in 2011.

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Faisal M. Sarkhou, CEO of KAMCO talks about KAMCO's 2015 strategy.

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Faisal Hasan, Senior VP of Investment Research Department at KAMCO talks about Kuwait's economy and GDP. He believes that the major challenge for the economy is implementation of mega projects, diversification of the economy and job creation.

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Faisal Hasan, Senior VP of Investment Research Department at KAMCO talks about current account and trade surpluses in Kuwait.

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Faisal Hasan, Senior VP of Investment Research Department at KAMCO talks about public spending, projects and investment sectors in Kuwait.

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Faisal Hasan, Senior VP of Investment Research Department at KAMCO talks about the oil and gas, banking, real estate, telecom and industry sector.

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Faisal Hasan, Senior VP of Investment Research Department at KAMCO talks about the investment outlook for the MENA region.

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Elham Yousry Mahfouz, CEO of Commercial Bank of Kuwait talks about Commercial Bank of Kuwait, its history, strategy and differentiation.

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Elham Yousry Mahfouz, CEO of Commercial Bank of Kuwait talks about the banking sector in Kuwait.

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Elham Yousry Mahfouz, CEO of Commercial Bank of Kuwait talks about the major opportunities in the Kuwaiti banking sector.

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Elham Yousry Mahfouz, CEO of Commercial Bank of Kuwait talks about the major risk for banks in Kuwait and regulatory framework.

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Bader Al Humaidhi, Former Minister of Finance of Kuwait talks about the public spending in Kuwait.

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Bader Al Humaidhi, Former Minister of Finance of Kuwait talks about doing business in Kuwait.

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Bader Al Humaidhi, Former Minister of Finance of Kuwait talks the impact of the low oil prices on Kuwait's economy.

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Bader Al Humaidhi, Former Minister of Finance of Kuwait talks about the price of oil and Kuwait's economy.

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Well they have to reform public education and by public I mean pre-university education. The reform shouldn’t come before establishing what the problems are. In my opinion, the only reason to establish what the problems are, is to have a uniform national exam for the country. You know, it’s alright that you have Kuwaiti public schools, it’s alright that you have British private schools, American or French or what have you. Of course for people who are going to Britain, they have to take exams that are required by the universities in Britain.

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Most of the business is done in partnership with Kuwaitis. We have a law here that requires that for a business to be established here, it must have a 51% Kuwaiti partnership. But now there is a new department in the Ministry of Finance, the Foreign Investment Department. Under this, if a foreign direct investor wants to set up a new business, say to produce ethylene, or cement etc., they can own up to 100% stake in it.

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Commercial Bank was established in 1960. That’s about 50 years of existence. It opened in this area, the commercial area. Most of the branches were also built in the commercial area, rather than in residential areas. This was corrected later on when the management of the bank realised it was necessary to have a presence in the residential areas. There will be further expansion itno the residential areas of new cities that are coming up.

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Actually it’s a very crucial time for all the oil exporting countries, but mainly for my country Kuwait. As you quite rightly said, I was talking about the subject even when I was the Minister of Finance in 2006/2007. I was worrying about the point at which the oil prices would drop.  A drop which is out of our hands and that’s what is happening now. Gentlemen, last night I was even checking with the Minister of Oil of Kuwait and I was also checking with one of our oil experts about the price of our oil at close of day on Friday. It is 54. 54, six months ago it was 100. So what does that mean for our budget?

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We are attracting bigger companies in the health sector which we can add to our portfolios so we can expand in the medical, laboratory and pharmaceutical industries as well. We have other branches in Baghdad, Iraq and Erbil where we are operating and we are hosting some agencies and attracting more businesses.

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This increased to about 650,000 by the end of 2013. Midway through 2014, we received our 8 millionth visitor.

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The retail market of Kuwait is really growing up right now. It has seen good growth and especially over the last 5 years we have seen tremendous changes. One of the biggest malls here is called The Avenues and has about 300 outlets.

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The sector is growing. I like to divide the construction sector into 5 branches. The first is civil construction which is large and mega buildings. In this country there are a lot of existing projects for all of the Ministries. These will be new constructions for the governmental bodies. We are now working on three mega projects for governmental buildings. Also there are housing projects which include about 50 thousand houses for Kuwaitis. These projects will be worth about 130 billion US dollars.

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We are also one of the largest asset managers in the region; we manage over 3.5 billion KDs worth of assets under management (AUM).

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Kuwait is an oil related economy, with the energy sector dominating the economy. Oil and oil related products constitute about 55 to 60% of Kuwait’s GDP. A sharp drop in oil prices, like a 40% drop, is going to affect the economy. The nominal GDP will get affected. Real GDP will depend on how OPEC reacts about 6 months down the line.

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Mohamed A. Abdulsalam, CEO of MENA Holding, talks about one of the largest real estate projects in Egypt.

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MENA Holding was established in 1991. Currently, it has a capital of 66 million Kuwaiti Dinar. We have a diverse portfolio, which includes real estate development, contracting, family entertainment, industrial sector, logistics, agriculture and fisheries. Recently, we expanded into the area of food and beverage sector.

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Qurain Petrochemical Industries announces 67% net profit increase for first three quarters of FY2014/2015
Consolidated operational income up 491% in Q3

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Mohammed Alshaya is Executive Chairman of the Alshaya Group of Companies, a family trading business which was founded in 1890 in Kuwait.

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Moody's Investors Service issued a report on Kuwait's banking system in which it indicated that the outlook on the sector remains "stable", unchanged since 2011.

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Listed as the third largest computer market within the Gulf region, Kuwait is expected to have favorable IT conditions this year. According to the Business Monitor "the country is projected to spend over $900 million in 2012 within the IT sector alone, which is a 9% increase from previous years. Due to high oil revenue, Kuwait is one of the most advanced IT states in the region."

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The story of Gulf Bank can be classified as the "rags-to-riches-to-rags-and-back-to-riches-again" story. Why? Read about the inspiring success story of Gulf Bank.

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Michel Accad: Biography

As of 2014, Michel Accad acts as the Chief General Manager & CEO of Al Ahli Bank of Kuwait.

Michel Accad is a former Chief Executive Officer & Chief General Manager of Gulf Bank.

Prior to joining Gulf Bank, from 2006 to 2009, Michel was the Assistant CEO of Arab Bank PLC, with direct responsibility over all banking businesses globally, and served on the Group's various Boards.

Before moving to Arab Bank, Michel Accad had spent 27 years with Citigroup, which he joined in 1979. His last position with Citigroup, from 2002 to 2006, was as MD and Division Executive for the Middle East and North Africa region.

Michel Accad has an MBA Honors from the University of Texas in Austin, obtained in 1978.

Fawzy Al-Thunayan: Biography

Fawzy Al-Thunayan is General Manager for Board Affairs at Gulf Bank.

Prior to joining Gulf Bank as General Manager for Board Affairs in 2006, Fawzy spent 16 years with the Central Bank of Kuwait as Manager of the Foreign Operations Department, where he was responsible for the management of the Central Bank foreign currency reserves, treasury operations, the execution of monetary policy and fixing the Kuwaiti Dinar exchange rate, among other activities.

Before joining the Central Bank, he was the Deputy General Manager at the Arab Company for Trading Securities (ACTS) for 5 years, and spent a further 3 years at International Financial Advisors (IFA), a Kuwaiti investment company.

Fawzy has a BA in Business Management from the Catholic University of America.

Carlos Ribeiro: Biography

Carlos Ribeiro is Chief Financial Officer and General Manager, Finance & Support at Gulf Bank. Prior to joining Gulf Bank in October 2009, Carlos served as CEO and Regional Vice President of Europe for GMAC Financial Services from 2005 to 2009 and was accountable for business with assets totaling USD22 billion and headed a team spread across 18 European countries.

He brings with him more than 25 years business and financial experience, having spent a major part of his career at GMAC and General Motors and prior to that, at Philip Morris, where he led the treasury and tax teams in Brazil in his last position with the company.

Carlos is a CPA and Accounting graduate from the University of Ipiranga in Sao Paulo, Brazil. He has also completed an Advanced Management Program in Finance from the Wharton School at the University of Pennsylvania and an Advanced Management Program in Business from The Darden School at the University of Virginia.]]> editor3@marcopolis.net (Ben Novak) Kuwait Report Fri, 03 Aug 2012 00:00:00 +0000 https://marcopolis.net/abdullatif-al-hamad-biography.htm https://marcopolis.net/abdullatif-al-hamad-biography.htm

Abdullatif Al Hamad: Biography

Abdullatif Al Hamad is General Manager - Corporate Banking at Gulf Bank. Abdullatif joined Gulf Bank in February 2001 and has more than 20 years banking experience.

Under his leadership, Corporate Banking services are delivered in accordance with the highest professional standards.

He obtained his Bachelor's Degree in International Business from San Diego University, California. He has also completed a Management Training Program at Chemical Bank in New York and has undertaken numerous credit and advanced credit courses.

Surour Al-Samerai: Biography

Surour Al-Samerai is General Manager - Human Resources at Gulf Bank. Surour has been with the Bank for over 10 years, and prior to joining Gulf Bank, he was head of the HR functions at M.H. Alshaya and Alghanim Industries.

He has many years of diversified HR experience and has been responsible for numerous developments within Human Resources at Gulf Bank.

A number of HR awards have been won by him and Gulf Bank including, an International Stevie Award for Best HR team in 2006, the Middle East Outstanding Contribution to HR award in 2007, the GCC Localization Award, which the Bank has claimed for 6 consecutive years from 2005 to 2010 and the prestigious GCC Employer of the Year in 2010 at the 2nd GCC HR Excellence Awards.

Surour studied at the University of Houston and later obtained his HR professional qualification at Thames Valley University in the UK.

Khaled Al-Mutawa: Biography

Khaled Al-Mutawa is General Manager - International Banking and Investments at Gulf Bank. Khaled joined Gulf Bank in 1989 as a management trainee and moved on to become the General Manager - International Banking in 2001. In 2006, he assumed responsibility for the Investments Division. Khaled is also the Chairman of the Bank's Management Credit Committee.

He served on the Board of Directors of CINET (Credit Information Network) from 2001- 2008.

Khaled holds a Bachelors degree in Economics from the University of Southern California, Los Angeles (1988) and General Certificate of Education "GCE O Levels" from the University of London (1983).

Saleem Sheikh: Biography

Prior to joining Gulf Bank as Chief Risk Officer in 2009, Saleem was with Arab Bank, where he held the position of Group Chief Credit Officer from 2007 to 2009. He was responsible for the Bank's credit risk portfolio, credit policy supervision, portfolio management and country risk. He also spent five years with Barclays Bank as Chief Operating Officer for Corporate & Merchant Banking for the Africa & Middle East Region and later on as the Regional Managing Director for Middle East & North Africa.

He began his banking career with Citibank in 1981, and went on to hold a variety of senior business and risk roles in Pakistan, UAE, Nigeria and South Africa, where his last role was Chief Risk Officer for Sub-Sahara Africa.

Saleem holds a MBA degree from Punjab University in Lahore.

Aly Shalaby: Biography

Prior to joining Gulf Bank in 2010 as General Manager for Consumer Banking, Aly was with National Bank of Kuwait (NBK) where he was Group General Manager of their Consumer Banking Group.

With a career spanning 33 years in banking, Aly spent over half of those with NBK. Prior to this, he was Vice President in Citigroup (in Egypt and Switzerland), where he contributed to the establishment of Citibank Egypt in the initial stage of his banking career.

Aly recently completed Harvard Business School's Advanced Management Program.

Hatem Badr: Biography

Prior to joining Gulf Bank in late 2009 as General Counsel & General Manager - Legal Affairs, Hatem was a Partner – Chief General Counsel, Head of Regulatory Affairs and Corporate Secretary at Rasmala Investment Holding Ltd, DIFC, Dubai, where he supported the group of companies across UAE, KSA, Egypt, Oman and the UK.

He has over 25 years experience in legal, compliance and board affairs matters. During the span of his career, Hatem has worked with different international law firms such as White & Case in New York, Freshfields in London and Baker & McKenzie in Cairo. He also worked as General Counsel for Citigroup for 7 years to initially cover the North & West African region out of Cairo and then to cover the Gulf Region out of Bahrain. He, thereafter, assumed the role of Managing Director and General Counsel for the private equity firm of Gulf Capital in Abu Dhabi.

Hatem has a Masters degree in Banking, Corporate and Finance Law from Fordham University in New York.

Mark Magnacca: Biography

Mark joined Gulf Bank in 2004 as VP and Head of Marketing and then became Chief Marketing Officer, so he is now responsible for all aspects of marketing as well as the management of all Electronic Banking Channels including the Customer Contact Center, External Communications and Research.

Mark has extensive international experience in consumer marketing, international brand management and new business acquisition. He has worked successfully in a number of senior marketing roles globally and in Europe, North America, the Middle East and Asia having spent a major part of his career with British American Tobacco (BAT).

Mark has an MBA from Ashridge Management College (England) and holds a Bachelor of Commerce Degree with Honors from Queen's University (Canada).

Husain Mairza: Biography

Husain first joined Gulf Bank from 1989 until 2003, and then rejoined the Bank in 2010 as Chief Information Officer and Deputy General Manager (IT).

Prior to rejoining Gulf Bank, he worked as Head of Systems Development at Al Ahli Bank of Kuwait (ABK), and as Head of Systems Engineering Division, Assistant General Manager, at the National Bank of Kuwait (NBK).

Husain holds an Executive Masters Degree in Business Administration from the American University of Beirut, and a Bachelor's degree in Computer Science, from the University of Wisconsin, Oshkosh (UWO - USA).

Leonard Cletus: Biography

Leonard joined Gulf Bank in 2006, and has been with the Bank for over 5 years. Leonard is Deputy General Manager – Internal Audit. Prior to joining Gulf Bank, he was with KPMG where he was associated with the Internal Audits of Banks and Financial Institutions in Kuwait. He has also worked for Deloitte Touche in India and has several years experience in auditing.

Leonard is a Chartered Accountant and holds a Bachelor of Commerce degree from Loyola College, India. He is also a Certified Internal Auditor, Certified Information Systems Auditor, a Certified Fraud Examiner, and a member of these respective professional institutions in USA.

Michel Accad, CEO of Gulf Bank, identifies various opportunities within the retail banking segment in Kuwait.

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Michel Accad, CEO of Gulf Bank, shares his views on the Kuwaiti economy and the Kuwait Development Plan.

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The ambition of Gulf Bank is to be a dominant player in the Kuwaiti retail and commercial banking space.

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Michel Accad, CEO of Gulf Bank, offers intriguing insights into the financial performance of Gulf Bank.

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Michel Accad, CEO of Gulf Bank, talks about the governance of the second largest bank in Kuwait.

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Gulf Bank's major competitive edge is product innovation and differentiation in terms of excellent service.

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Gulf Bank is a major corporate banking player in Kuwait. The corporate banking segment contributes 60-70% to the bank's income.

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The competition in Kuwait's banking sector will intensify in 2012.

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Kuwait's banking sector will probably grow by 3-5% in 2012.

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Michel Accad, CEO of Gulf Bank - the second largest bank in Kuwait, believes there are significant lending opportunities in Kuwait.

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Islamic tourism is a new emerging niche that is gaining a momentum alongside with the liberation of Iraq.

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Dr. Osama J. Bukhamseen, Vice Chairman of Bukhamseen Group believes that the real estate in Kuwait is still under-developed.

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Dr. Hilal Al-Sayer, former Minister of Health of Kuwait presents the health care sector.

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Dr. Hilal Al-Sayer, former Minister of Health of Kuwait talks about the priorities for the domestic reform...

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Due to demographic pressures and scarcity of land residential prices in Kuwait will continue to rise.

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Real estate sector in Kuwait is to remain active according to URC (United Real Estate Company).

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Essential vaccination is done alongside with a lot of prevention work. However, chronic diseases such as Diabetes are growing at a rapid rate.

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The Kuwait Scientific Centre is planning a new expansion.

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According to Mijbil Al-Mutawa, Chairman of The Kuwait Scientific Centre (TKSC), Kuwait needs to invest into tourism projects.

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Find out about Agility's approach towards CSR.

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Being a global logistics company, Agility's platform covers 95% of the global GDP.

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Agility's main strategy over the next 5 years is to focus on the emerging markets, where Agility invested almost 2 billion US dollars in the last two years.

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Despite many complexities and heavy bureaucracy Kuwait is an ideal place when you want to do business in Iraq.

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The aim of PTB is that investors - both international and local - have a platform to meet and seed partnerships with the government of Kuwait.

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According to Adel M. Al Roumi, President of Partnerships Technical Bureau (PTB), the most important project for 2012 in Kuwait is North Zhour power station.

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Media and press freedom in Kuwait can't be compared to the one of Europe or USA. Arabic/Muslim society has its traditions and habits which can't be avoided.

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Ahmed Al-Jarallah, Editor-in-Chief of Arab Times argues that Kuwait's political system is slowing down the economic growth of Kuwait.

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Arab Spring is both an opportunity and a threat according to Ahmed Al-Jarallah.

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Ahmed Al-Jarallah, Editor-in-Chief of Arab Times comments on the political and social trends in the Arab world.

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Garry Walsh, CEO of Mezzan Holding believes that the family businesses in Kuwait are the first stage of becoming multinational companies.

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Garry Walsh predicts that over the next 10 years Kuwaiti retail sector will grow by 8% a year.

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Eng. Rawaf I. Bourisli, Chairman and CEO of Kuwait Dynamics (KDL), believes that the logistics market in Kuwait is getting more competitive...

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The outlook for commercial real-estate in Kuwait remains negative due to...

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Investment companies in Kuwait have been waiting for the economic reform and privatization for long time.

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Kuwaiti government owns almost all the oil and related services - production, distribution, refining, and marketing.

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Faisal Ali Al-Mutawa, Chairman and Managing Director of Bayan Investment Company, does not believe that the outlook for investment sector in Kuwait will improve in 2012-2013.

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Since the fall of the old regime in Iraq in 2003, Kuwait's foreign policy has shifted from a look-south attitude to a helicopter view of the Gulf region.

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Interview with Shaimaa Al Najdi, Senior Director of TPMO and Network Implementation Department at Wataniya Telecom. Wataniya has something for everyone, says Shaimaa Al Najdi. Smartphones for the young Kuwaitis, business tools for entrepreneurs and great value for the low-income clients. Wataniya Kuwait is also different because of the attention the telecom pays to details.

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Interview with Amer Hayat, Senior Director of Direct Sales at Wataniya Telecom. Amer Hayat shares his view on Wataniya Telecom Kuwait with which he has been in love since the very first day of his work. Mr. Hayat believes that the motivated employers of Wataniya are the reason for its success.

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Interview with Riham Al Ayyar, Senior Director of Communications and Customer Experience at Wataniya Telecom. Riham Al Ayyar is very enthusiastic about Wataniya Telecom and there is no wonder. From her words, Wataniya seems to be a perfect company where progress and growth is not limited to the organization only. Wataniya Telecom wants the community and Kuwait itself to grow with them and they are doing a great job so far.

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Interview with Dr. Osama J. Bukhamseen, Vice Chairman of Bukhamseen Group. Detailed overview of Bukhamseen group and main business lines - including real estate sector - by its Vice Chairman, Dr. Osama J. Bukhamseen. Bukhamseen group has always been a pioneer in real estate. Mr. Bukhamseen claims 2012 may be the last year of the suffering that Bukhamseen group has gone through since 2008.

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The American University of Kuwait (AUK) is one of the best universities in Kuwat; an independent, private, equal opportunity, and coeducational liberal arts institution of higher education. The educational, cultural, and administrative structure, methods and standards of AUK are based on the American model of higher learning.

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Why not combine leisure time with the pleasure of learning in an exciting environment? The Scientific Center of Kuwait (TSCK) makes it possible.

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It's all in the family: Businessmen, bankers and diplomats who want to play the big card in Kuwait have no choice but to deal with the influential families who run the country's economic, social and cultural life.

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Interview with Faisal Hasan, Senior Vice President and Head of Research and Publications of Global Investment House. Detailed assessment of the Kuwaiti economy for 2012 by the Global Investment House Head of Research. Mr. Hasan talks also about the growth in Kuwait, badly needed diversification of the economy and much more.

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Interview with Tariq M. AbdulSalam, Chairman of United Real Estate Company. Real estate activity is a prime activity in Kuwait. The demand for real estate investments in Kuwait is always hot, says Mr. AbdulSalam, who also expects the Kuwaiti real estate sector to remain active in the future to come.

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Interview with Dr. Hilal Al-Sayer, President of Bayt Abdullah Children's Hospice and Former Minister of Health of Kuwait. All Kuwaiti nationals receive free healthcare. Dr. Al-Sayer says there are many opportunities to invest in healthcare system of Kuwait. At the moment the private healthcare is blooming in Kuwait. It is a trend in Kuwait to seek a medical treatment within the private healthcare sector.

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Interview with Adel M. Al Roumi, President of Partnerships Technical Bureau Kuwait (PTB). Partnerships Technical Bureau in Kuwait is a public sector body responsible for the implementation of new projects in Kuwait - Public Private Partnership projects - which have a common goal: to boost the Kuwaiti economy. These projects cover many areas including transportation, energy or telecommunications.

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Learning for Life: Kuwait might not be at the top of the usual MBA Business School rankings, but the northern Gulf state does have institutions of higher education which are highly regarded in the region.

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Although there is a lot of talk about planning for the "time after oil," the "black gold", along with gas, remains the primary source of income for the Kuwaiti government.

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In 2012, the Kuwait banks are cleaning up their balance sheets as a response to the consequences of the financial crisis of 2008/09 that is most likely going to continue throughout 2012.

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In 2012, the Kuwait banks are cleaning up their balance sheets as a response to the consequences of the financial crisis of 2008/09 that is most likely going to continue throughout 2012.

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Although the well-capitalized Kuwaiti banking sector has digested the financial crisis by bringing down the share of non-performing loans (NPLs) and getting back to profits, the political ups and downs as well as the economic (oil) monoculture in the northern Gulf state prevent the sector from achieving its full potential.

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According to the independent rating agency, Capital Standards, "There are a total of 100 investment companies operating in Kuwait, with 54 operating within the confines of the Islamic Sharia provisions and the rest operating as conventional investment companies."

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Tareq Al-Wazzan: Biography

Mr. Al-Wazzan, Managing Director and CEO of AREF Energy Holdings, has held this position since 2007.  During that time he has guided the company in its investment decisions and operating philosophy to a point where it was recently awarded an international BB+ rating by Capital Standards.  Factors leading to this award were low debt, a highly liquid balance sheet and the diverse nature of its holdings, resulting in a high risk tolerance.

Mr. Al- Wazzan has been involved in all phases of the oil supply chain and global marketing throughout his varied career in the petroleum industry. This ranges from crude oil sales, thru refinery planning and operation, refined products marketing and customer relations.   Indeed, his early experience in crude oil sales served as a foundation on which he built his extensive career, matching refinery operations to meet
world  wide demand and environmental issues, competitive analysis, and product marketing strategy.

He exhibits proven expertise in the following areas:

Sales and Marketing,  with his ability to identify and pursue opportunities, negotiate complex marketing contracts, and  create value maximized pricing;

Technical Analysis,  creating clear financial models based on marketing analysis;

Leadership,  with his ability to win commitment from varied groups on complex strategies and corporate goals;

Communications,  providing clear, concise presentation of complex ideas and plans to management, international customers and employees.
   

 Prior to moving to AREF Energy, Mr. Al- Wazzan, held a succession of increasingly important management posts over his 23 years with the Kuwait Petroleum Corporation, focusing on the Far Eastern Markets.   An eleven year varied sales path lead to his appointment in 1995 as Coordinator of Crude Oil Sales as covered earlier. A brief stint as Manager of the Tokyo Regional Office preceded his appointment, in 1999, as Manager of Crude Oil Sales, the core activity of the corporation.

For three years, 2003-2006, he was Far East Regional Manager.  Based in Tokyo, his responsibility included all Hydrocarbon sales to China, Taiwan, S. Korea and Japan.   His final position at KPC was Market Research Manager.  As such, he served on the KPC long/short range strategic planning team and instigated several creative ‘think-tank’ projects.  While with KPC he served as board member of the Kuwait Foreign Petroleum Exploration Company (KUFPEC)

He holds a BSc in Business Administration, San Diego, USA, and has been a member of the Kuwait delegation at OPEC, and on many international conference venues such as Enterprise Risk Management, IT, Health, Safety & Environment and Personnel Development Planning.  He is also a board member of Kuwait Energy, and chairman of the board of Higleig Petroleum and Investments.

More information about Aref Energy:

As a holiday destination, the norther Gulf state does not make it into dinner conversation about hot-spots like Egypt and Jordan, or "Fly-Buy-Dubai." Only at a second glance, does Kuwait offer a variety of urban life, Arab culture, desert tourism, and maritime sports.

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Few listed stocks in the Gulf have performed since the start of 2012 as well as AREF Energy Holding. The Kuwaiti firm invests in the oil and gas industry only in line with Islamic law (Shari'ah). Marcopolis looks behind the scenes of this exceptional energy company.

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Interview with Ahmed Al Jarallah, Chairman & Editor-in-Chief Arab Times. What are they doing in Egypt right now? Egypt used to be a very strong country of the Arab world – had a strong army, a large population of 90 million people, lots of chances to invest…

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The investment environment for oil and gas sector in Kuwait is to remain uncertain. Walid Al-Hashash, Chairman of AREF Energy Holding Company, talks about the successes and difficulties of investing into Kuwait's oil and gas sector. 

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The vision for AREF Energy is to become the leading energy holding in the Middle East. 

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Kuwait's oil and gas sector is one of the hardest to enter. Nonetheless, there are numerous ways for small and medium enterprises in the oil and gas services sector to capitalize on the opportunities in the sector. The companies can either enter into a JV, they can use an agency or service contract. Walid Al-Hashash, Chairman of AREF Energy explains, how the small and medium enterprises can enter Kuwait.  

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The production of Kuwait Oil Company (KOC) has reached 3 million barrels per day through upgrading their logistics and production capacity.

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Kuwait was on the forefront of exploration of renewable energy: mostly solar energy in the 70's.

According to Walid Al-Hashash, Chairman of AREF Energy the main problem for the development of renewable energy in Kuwait is conventional energy subsidies.

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Interview with Eduardo Eguren, Chief Executive Officer of Burgan Bank. Burgan Bank is optimistic about the outlook for the banking sector in Kuwait in 2012; there will be growth in the sector but only a moderate. Kuwaiti banks have been affected by the crisis and they are slowly getting back on the old tracks. An example of this could be Burgan Bank which reduced its cost of credit by 72% last year.

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Interview with Tarek Sultan, Chairman & Managing Director of Agility.

Agility is a global logistics player with platforms in 120 countries, including the emerging markets. Particularly the Kuwaiti platform is very important to Agility because of the country`s proximity to Iraq. Thanks to its location, Kuwait is going to be a great place to do business in the close future, according to Mr. Sultan.

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The Kuwait Fund for Arab Economic Development, known as the Kuwait Fund, celebrated recently its 50th anniversary. But according to its General Director Abdulwahab Al-Bader, the Fund's journey in helping the most in need is far from over.

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Slightly, but not seriously hit by the Arab Spring, Kuwait has managed to prove again that it is able to tackle challenges, despite remaining headwinds.

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Kuwait’s national budget relies 95 percent on oil revenues, but the public and the private sector join forces to push for more diversification.

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Interview with Dr. Winfred Thompson, President of American University of Kuwait (AUK). Dr. Winfred Thompson is giving a brief overview of the education system in Kuwait and the biggest challenges for the education in Kuwait. As a representative of higher education in Kuwait, the American University of Kuwait (AUK) offers liberal arts education in Kuwait.

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Aside from its scientific educational mandate, Kuwait Scientific Center is a favourite location for corporate venues, events & conferences. Mijbil Mutawa, Kuwait Scientific Center's Chairman, talks about KSC as a great place for corporate venues & events.

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Kuwait has the 3rd highest rate of Diabetes. About 250,000 (out of 1.2 million Kuwaitis) suffer from diabetes I or II. Dr. Kazem Behbehani, Director General of Dasman Diabetes Institute, warns about potential economic & social collapse.

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Margaret Al-Sayer, Founding Director of Bayt Abdullah Children's Hospice, shares her journey of building Bayt Abdullah Children's Hospice for terminally ill children.

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Burgan Bank's normalized operating margin in 2011 grew 15%, several times the expansion of the GDP. Thus, the bank has been able to win some market share.

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"Emerging markets will continue to decouple from developed economies," admits Tarek Sultan, CEO & Managing Director of Agility.

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Australian College of Kuwait is one of the few institutions of higher learning that offer specialized courses in aircraft maintenance and maritime maintenance.

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Kuwait's 25 year plan for education has been slow to start.

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Dr. Thompson, President of American University of Kuwait (AUK), provides interesting insights into education sector in Kuwait. He believes that Kuwait is on a right track to reform its education system.

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American University of Kuwait (AUK) is one of the few institutions providing education based on the liberal arts model in Kuwait.

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Main problems for Kuwait's industrial development is the difficult access to land and gas, red tape and long procedures to issue licenses.

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There are numerous ways to enter Kuwaiti market. KFIB is one of the options. The foreign investors can enter into a JV with a local partner, they can follow a standard procedure with the ministry of industry, choose an opportunity with the offset program or participate in a PPP.

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According to a report by NBK Capital, "basic level of FDI over the last decade—a mere $313 million a year on average—is by far the lowest in the GCC (GCC average is $44 billion per annum) and among the lowest in the wider MENA region." Full report click here.

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The strategy is to focus on KAMCO's core business lines such as asset management and investment banking and at the same time capitalize on the rising growth opportunities in the GCC and China. Sadoun A. Ali, Chief Executive Officer of KAMCO, admits that "those 2 areas (China and the GCC) show healthy growth and KAMCO is looking for ways and products to tap into those markets."

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The investment banks, asset managers and investment companies in Kuwait have been hit by the 2008 global financial crisis.

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The investment banks, asset managers and investment companies in Kuwait have been hit by the 2008 global financial crisis.

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Sadoun A. Ali, Chief Executive of KAMCO, a leading asset manager and investment banking company sees capital markets in Kuwait to remain stable in 2012.

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Recent feature of Kuwait Financial Markets is the adoption of Capital Markets Authority. According to KAMCO research "the Capital Market Authority in Kuwait created through a bill approved by the Kuwaiti parliament in February 2010 is on the right track but will require time to implement the laws and regulations that aim at regulating securities activities in a fair, competitive and transparent manner, protecting investors and implementing a policy of full disclosure so as to promote justice and transparency and to prevent conflicts of interest and the exploitation of insider information. The CMA Kuwait will bring more transparency and oversight to Kuwait Stock Exchange that in turn will boost confidence among foreign and institutional investors."

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Often the companies listed on the KSE have are implicated in a convoluted, opaque ownership schemes and many argue that there has been many cases of insider trading. Due to the size, Sadoun A. Ali, Chief Executive of KAMCO, a leading asset manager and investment banking company dismisses that widespread insider trading practices exist but admits that there are speculators in the market acting and trading upon rumors.

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Walid Al-Hashash exposes the investment strategy of one of the leading energy holding company in Kuwait. AREF energy is investing in niche oil & gas services sector technologies and companies, predominately in the MENA region.

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AREF Energy, a leading energy investment holding in Kuwait sees stable oil prices in 2012 hovering around $110 per barrel due to consumption from the emerging markets. Nonetheless, Al-Hashash, chairman of the company warns that any geopolitical instability could create temporary oil price spike that would paralyze consumer confidence potentially causing another recession.

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During the past 50 years Kuwait Fund has established a legacy of 788 loans in support of development and sustainable projects worth USD 15.094 billion. Kuwait Fund is making a difference in more than 104 countries around the world. Al-Bader comments on the 50th anniversary of Kuwait Fund.

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Abdulwahab Al-Bader, Director General of Kuwait Fund, considers the Arab Spring as an opportunity for the development in the MENA region. Furthermore, he admits further changes as a result of the events that started in February 2011.

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Abdulwahab Al-Bader, Director General of Kuwait Fund, argues that Kuwait Foreign policy is an open minded policy. The national objective of the policy is to promote the role of the State of Kuwait in the international community. Kuwait Fund is involved in more than 104 countries and provides 250 million Kuwaiti Dinars per year in loans.

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During the past 50 years geographical loan allocation was 54.57% for Arab countries, 19.57% East, South Asian & Pacific Countries, 17.08% for African countries, 6.33% for Central Asian and European countries and 2.45 % for Latin American and Caribbean countries. Al-Bader explains the future of loan allocation.

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KPC's vision is to be a secure supplier of oil for the world and to transform the company into an gas producer, while strictly adhering to corporate social responsibility. Farouk Al-Zanki addresses a key message on KPC's vision.

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Corporate social responsibility is a strategic issue for KPC. KPC is involved In many projects to contribute to the society such as Bayt Abdullah Children Hospice, scholarships for students, environmental projects and substituting LNG for oil is rapidly improving the air quality.

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One of the main economic concerns for Kuwait is the public spending on salaries and wages. Kuwait has the highest public salaries and wages in the GCC, after they were subject to numerous increases in the aftermath of the global financial crisis of 2008.

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Al-Humadhi talks about history of the Kuwaiti private sector. Kuwait has one of the best, creative and most vibrant private sectors in the GCC. Unfortunately, in the past the private sector in Kuwait has been forced to invest outside of Kuwait.

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The implementation of the Kuwait Development Plan, $111 billion plan crucial for the future economic development of Kuwait, has been impeded by ongoing political turmoil.

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Kuwait currently enjoys robust economic growth. According to the latest report by Global Investment House Kuwait's Real GDP expected to grow by 5.7% in 2011, 4.5% in 2012. Nevertheless, oil continued to dominate total exports of Kuwait in 9M2011, as it did with total government revenues.

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Visit one of the largest aquariums in the Gulf located at Kuwait Scientific Center in Kuwait!

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The main economic challenge is the over-dependence on the oil and gas sector. The outlook for Kuwait's economy remains clouded by insufficient diversification efforts, lack of infrastructure for the development and overdue implementation of the Kuwait Development Plan.

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Visit the famous three Kuwait Towers located at the tip of Kuwait City thereby offering a magnificient view on Kuwaiti coastline.

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To see the Kuwaiti private art collection is a must not only for the Kuwaitis but also visitors. Explore the Kuwaiti story of art at Dar al-Athar al-Islamiyyah in Kuwait.

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Interview with Garry Walsh, CEO of Mezzan Holding. I think, the average retail growth was about 16%. You won’t find anywhere in Western Europe or America anything that would match such growth rate. I expect no less than 8% in the next ten years.

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Interview with Margaret Al-Sayer, Founding Director of Bayt Abdullah Children's Hospice. Bayt Abdullah Children's Hospice in Kuwait is a place where special care is given; pediatric palliative care for children. A child is different from an adult; a child needs the specialist care of trained child doctors. Bayt Abdullah was designed to help those children who need it the most.

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Interview with Mijbil Al-Mutawa, Chairman of The Kuwait Scientific Center (TKSC). We are the only place in Kuwait and in the Gulf area that would give people the opportunity to watch IMAX and 3D format films that talk about environment, something that is very important.

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Interview with Hassan Bayerli, General Manager of Sahara Kuwait Resort. On December 14th, 2011, we had the honour of welcoming one of the top 5 golf players in the world, Mr. Colin Montgomerie, who used our golf course during a mini-tournament that we hosted.

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Interview with Abdullah Abdul Mohsen Al Sharhan, Chairman of Australian College of Kuwait. What is unique about us is that we have project-based learning. Knowing that the high school graduates love to work with each other, you don’t overwhelm them with theories, you give them some theory and then, they have to work together on projects.

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Interview with Dr. Kazem Behbehani, Director General of Dasman Diabetes Institute. Kuwait ranks as 3rd country in the world with the most cases of diabetes. Diabetes is a No. 1 health problem in Kuwait - young generation suffers from this condition as well as the elderly. According to Dr. Behbehani, prevention and education are very important in fighting off this serious health problem.

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Interview with Sadoun A. Ali, Managing Director & CEO of KAMCO. Kuwait has to regain the trust of international investors. The capital markets need to be structured in a way that should abide by the most recent rules and regulations. The Capital Markets Authority is coming in very difficult times; it is late to be implemented after the crisis. The difficulty that they are facing is the time.

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Corporate social responsibility is a part of KPC's strategic issues as a national company. Environmental protection is a priority for KPC. Mr. Al-Zanki shortly talks about KPC's projects in the area of corporate social responsibility for 2012.

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Interview with Dr. Amani Khalid Bouresli, Former Minister of Commerce and Industry. Kuwait is totally dependent on oil revenue. One of the major objectives of the development plan is to diversify the economy and with the Kuwait industrial authority, the new standards are set in a way to encourage more new industries, not only chemicals.

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Interview with Abdulwahab Al Bader, General Director of Kuwait Fund for Arab Economic Development.

Kuwait Fund for Arab Economic Development is celebrating its 50th Anniversary. Today, Kuwait Fund has more than 100 partner countries across the globe. The Fund is offering an aid to countries in development.

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All companies in Kuwait have their own agencies and we are adding agencies through ownership of these companies. This way, we can have more say in the companies that we have ownership in outside Kuwait. Also, we are doing research for certain niche technologies that can give us the advantage over others.

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Michel Accad, CEO of Gulf Bank - Biography

Gulf Bank Company Profile

Our ambition is to be a dominant player in the local retail and commercial banking space. Being a dominant player means you really need to have something like a 15% market share. Today, we are far from that; we're in the range of 11 or 12% depending on the specific product.

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Interview with Eng. Rawaf I. Bourisli, Chairman of Kuwait Dynamics. The western defense contractors have decreased. But on the other hand, there has been a substantial increase in international construction companies.

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Most banks in Kuwait have increased their loan loss provisions, whether general or specific. Gulf Bank is 100% covered.

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Interview with Faisal Ali Al-Mutawa, Chairman and Managing Director of Bayan Investment Company. Mr. Al-Mutawa offers his views on the Kuwait investment sector and the overall investment climate in Kuwait. Unfortunately, his comments are more negative than positive and so are the forecasts about the investment sector in Kuwait.

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Interview with Dr. Tareq Al Mukhaizeem, Chairman and Managing Director of Al Salam International Hospital. Dr. Al Mukhaizeem talks about the needed changes in the regulations of the healthcare system in Kuwait. Healthcare system and services in Kuwait are of high quality. Al Salam International Hospital is a leader in excellence and a provider of high quality healthcare in Kuwait.

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Interview with Eng. Rawaf I. Bourisli, General Manager of Action Real Estate Company. Eng. Bourisli is stating his outlook for both the real estate sector and construction sector in Kuwait. Though the real estate sector has not been affected that much Action Real Estate Company is going to concentrate on GCC region and Australia only.

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Interview with Abdullah Al Sumait, Deputy CEO of Al Ahli Bank of Kuwait (ABK). Al Ahli Bank of Kuwait is considered to be rather a conservative bank. With other two branches in the UAE, Al Ahli Bank of Kuwait is financing many projects of Kuwaiti and also Emirati companies. Al Ahli Bank of Kuwait will be opening new retail branches during 2012.

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The top 10 list of the largest companies in Kuwait is compiled and updated by the MarcoPolis research team. The list is topped by Kuwait Finance House (KFH), Zain Group, Agility and Gulf Bank, ranked #1, #2, #3 and #4 respectively, in Forbes’ Top 100 Companies in the Middle East for 2021.

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According to NBK Capital the industrial sector’s share of Kuwait’s total GDP remains small, at under 10%. The break up of the sector is (Refining industry 27%, Construction Industry 21%, Manufacturing Industry 22% and Chemicals 10%)

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]]> editor3@marcopolis.net (Ben Novak) Kuwait Report Sun, 12 Feb 2012 16:09:05 +0000 https://marcopolis.net/top-construction-companies-and-top-contracting-companies-in-kuwait.htm https://marcopolis.net/top-construction-companies-and-top-contracting-companies-in-kuwait.htm View the top Construction Companies and Top Contracting Companies in Kuwait. Kuwait's construction industry is expected to grow by 2.5 percent in 2011 to be worth $2.4bn, according to latest data released by Business

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]]> editor3@marcopolis.net (Ben Novak) Kuwait Report Sun, 12 Feb 2012 12:30:48 +0000 https://marcopolis.net/top-retail-companies-in-kuwait.htm https://marcopolis.net/top-retail-companies-in-kuwait.htm

View the top Retail Companies in Kuwait. According to BMI Kuwait’s nominal GDP is predicted to be US$159.3bn in 2011, with 2010’s growth rate of 1.9% expected to increase to 3.4% as the economy continues its recovery. Average annual GDP growth of 3.9% is forecasted between 2011 and 2015. With the population estimated to rise from 2.9mn in 2011 to 3.2mn by the end of the forecast period, GDP per capita is predicted to grow 12.6% to US$61,283 by 2015. This development should have positive effect on the retail sector in Kuwait. 

 

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]]> editor3@marcopolis.net (Ben Novak) Kuwait Report Sat, 11 Feb 2012 20:42:34 +0000 https://marcopolis.net/top-hospitals-in-kuwait.htm https://marcopolis.net/top-hospitals-in-kuwait.htm In addition to that there are 13 private hospitals with the capacity of 964 beds (6 of which contain over 100 beds, and 7 of which contain less than 100 beds). Kuwait has only 19 beds per 10000 people compared to 39 in the UK. in March 2011, the government officially launched the Kuwait Health Assurance Company (KHAC). View the largest hospitals in Kuwait. 

The public sector is the largest provider of Healthcare in Kuwait and constitutes around 90% of the market in number of beds and services. The trend to shift the services from the public sector to the private, in the areas where the pubic is not efficient enough (plastic surgery).

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]]> editor3@marcopolis.net (Ben Novak) Kuwait Report Sat, 11 Feb 2012 19:33:37 +0000 https://marcopolis.net/top-universities-in-kuwait.htm https://marcopolis.net/top-universities-in-kuwait.htm Top Universities in Kuwait are Kuwait University and some private universities. One of the major challenge for the education sector in Kuwait is demographics. Economist Intelligence Unit (EIU) estimates the 1.1 mn strong Kuwaiti population to grow at an average 3% over the next 3 years. Meaning that for the foreseeable future, there will be large numbers of young people coming into an educational system that has not yet been geared up to prepare sufficiently for that increase in student population.

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]]> editor3@marcopolis.net (Ben Novak) Kuwait Report Fri, 10 Feb 2012 21:57:35 +0000 https://marcopolis.net/top-islamic-investment-companies-in-kuwait.htm https://marcopolis.net/top-islamic-investment-companies-in-kuwait.htm  

According to Capital Standards, "There are a total of 100 investment companies operating in Kuwait with 54 operating within the confines of the Islamic Sharia provisions and the rest operating as conventional investment companies." Some of these companies are listed as well under asset management comapnies, investment banks and investment holding companies. Here is the structure of Kuwait Banking system.

The sector has been hit hard by the financial crisis and non-internventionist policy by the government. The investment companies face many challenges. The sector will continue to restructure the depts and deleverage. For the complete list of investment companies click here. Many Islamic investment companies are subsidiaries of or large groups and banks in Kuwait.

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]]> editor3@marcopolis.net (Ben Novak) Kuwait Report Fri, 10 Feb 2012 12:00:33 +0000 https://marcopolis.net/top-investment-banks-in-kuwait.htm https://marcopolis.net/top-investment-banks-in-kuwait.htm  

View the list of top investment banks in Kuwait. According to Capital Standards, "There are a total of 100 investment companies operating in Kuwait with 54 operating within the confines of the Islamic Sharia provisions and the rest operating as conventional investment companies." The Central Bank of Kuwait does issue investment companies licences. View the list of some of the major investment companies (that offer investment banking services). According to Central Bank of Kuwait the total assets of the conventional investment companies stood at USD 24 billion and Islamic investment companies at USD 19.8 billion in 2011. To view the list of investment companies click here.

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]]> editor3@marcopolis.net (Ben Novak) Kuwait Report Fri, 10 Feb 2012 11:30:50 +0000 https://marcopolis.net/top-asset-management-companies-in-kuwait.htm https://marcopolis.net/top-asset-management-companies-in-kuwait.htm  

Top Asset Management Companies in Kuwait are Kamco, Markaz and others. According to Capital Standards, "There are a total of 100 investment companies operating in Kuwait with 54 operating within the confines of the Islamic Sharia provisions and the rest operating as conventional investment companies." Some of these companies offer asset management services. "The GCC Asset Management Industry, with roughly 100 asset management companies, manages approximately USD 29bn in assets in about 325 funds as of 31st March 2011. Geographically, Saudi Arabia country funds account for 62% of the total, followed by Kuwait country funds with 19% share" says Markaz in its latest GCC asset management report. 

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]]> editor3@marcopolis.net (Ben Novak) Kuwait Report Fri, 10 Feb 2012 10:12:13 +0000 https://marcopolis.net/top-foreign-banks-in-kuwait.htm https://marcopolis.net/top-foreign-banks-in-kuwait.htm Top Foreign Banks in Kuwait are HSBC and others. Kuwaiti banks face less competition from the foreign banks due to the protective nature of the regulator. This situation is unlikely to change in the future. Well established large Kuwaiti banks should continue to dominante the sector. For more information visit structure of Kuwait Banking system.

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]]> editor3@marcopolis.net (Ben Novak) Kuwait Report Thu, 09 Feb 2012 12:49:17 +0000 https://marcopolis.net/top-islamic-banks-in-kuwait.htm https://marcopolis.net/top-islamic-banks-in-kuwait.htm Marcopolis.net has been ranking the top banks in Kuwait since 2010, regularly updating the list according to the latest available Kuwait’s banking sector data. Which bank is Kuwait's biggest Bank? Which one is the best bank in Kuwait? The following list ranks Kuwait's top banks by assets. Traditionally, the largest bank in Kuwait is NBK, followed by Gulf Bank and Al Ahli Bank of Kuwait. View our latest ranking of banks in Kuwait.

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Walid Al-Hashash: Biography

Waleed Al Hashash is chairman of the board of Kuwait’s AREF Energy Holding Company. Born in Kuwait, he received his undergraduate education at Farleigh Dickenson University, New Jersey, USA, graduating in 1985 with a bachelor of science in industrial engineering. From 1985 to 1990, he served as an electrical engineer designing electrical and telecommunications work for projects owned by Kuwait Municipality, while also pursuing graduate studies. In 1990, he received a masters of science in industrial engineering from the University of Miami in Florida.

From 1990 to 2007, Hashash worked at Kuwait Petroleum Corporation (KPC) in the commercial oil trade, most recently as deputy managing director of marketing. In that role Hashash was responsible for crude oil sales, managing regional offices in the US and Japan, and holding a portfolio of approximjately US $2.7 billion. Hashash was also in charge of jet fuel, bunker and diesel sales, and IT services, with three regional offices in Singapore, India, and Pakistan, and a portfolio of US $12 billion per year.

Established in 2007 as a subsidiary of AREF Investment Group, the AREF Group is a stable, long-term investor and one of the leading investment institutions in the region with a vision to become a conglomerate managing financially integrated companies. AREF Energy Holding Company was spun off as a subsidiary in 2007 to become the leading investment holding company specifically in the field of energy.

AREF Energy has been described as local, boutique, Shariah-compliant, energy investment house that has consolidated itself as an ideal local partner for foreign oil and gas services companies wishing to enter Kuwait and the Gulf region. AREF Energy seeks to develop strong partnerships with international mid-sized operational companies interested in joint ventures with an accountable Kuwaiti partner.

According to AREF Energy’s CEO, Waleed Al Hashash, “We are trying to represent Kuwait in seeking good opportunities, aligning ourselves with trustworthy partners and keeping our conduct of business ethical.”

Presently, AREF Energy is increasing its shares in energy services companies servicing both the upstream and downstream of energy extraction industries, including oil and gas and electricity as well as environmental sectors. AREF Energy is also expanding its holdings throughout the entire MENA region, as well as India and the U.S. According to Al Hashash, the company went from zero contracts in 2007 to USD $35 million in early 2011, and to more than USD $60 million by the beginning of 2012, spread across nine major investments.

AREF Energy’s investment policy is founded on a strong commitment to stimulate the transfer of technologies and knowledge into the region. “If we invest outside of the region our aim is to bring the transfer of technologies and knowledge to the area,” says Al-Hashash.

Al Hashash is also vice chairman and CEO of Rubban Logistics Holding Company of Kuwait, which is also a subsidiary of AREF Investments Group. He also serves as a member of the boards of MEGlobal, the Nile River Transport Company and Higleig Contracting, both of Sudan; and is chairman of Gulf Africa Holding (GAH) in Kuwait.

Grant Jackson: Biography

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]]> pmatay@marcopolis.net (Peter Matay) Kuwait Report Wed, 16 Mar 2011 14:07:00 +0000 https://marcopolis.net/kuwait-travel-market-wataniya-airways.htm https://marcopolis.net/kuwait-travel-market-wataniya-airways.htm Kuwait Aviation, Wataniya Airways, CEO, George Cooper

The Kuwaiti National market even though it is a small population.  Kuwaiti Nationals travel a lot both for business and leisure.  We are not in a price driven market, and the scheduling isn’t always most important, however, what is most important is the quality of experience brought to the customer by the airline.  In the region there are airlines that provide this world-class experience and we wanted to figure out how to differentiate ourselves among them with our level of experience.

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Interview with Khaled Al Saeid, Managing Director of ITS


The more privatization that takes place the more benefit to IT will happen.  Also, the more efficiency is demanded from the government side will help drive IT as well.

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Kuwait Investments, Chairman of International Financial Advisors (IFA), Talal Al-Bahar

When someone mentions investing in emerging markets I would like to see people think of IFA as the place to work with. 

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HE Mustafa Al-Shamali, Kuwait Minister of Finance

Not only would diversification of Kuwait economy generate employment, diversification of Kuwait economy would also help Kuwait to achieve a steady path of sustainable development.

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Mr. Gegenheimer comes to Wataniya Telecom with over 20 years of telecommunications & technology experience, most recently serving as co-CEO of Tunisiana, a leading mobile operator in Tunisia (joint venture between Wataniya Telecom and Orascom Telecom).  In 2002, he was appointed the Chief Financial Officer of Tunisiana and was the lead on arranging Euro 290 million of project financing with a consortium of European banks during the initial start-up phase.

Prior to this, Mr. Gegenheimer was the Managing Director & Venture CFO of THCG, providing strategic, financial and operational direction to a portfolio of seed and early-stage companies.  Mr. Gegenheimer has also held senior finance positions at Motorola, Cisco Systems and Adaptive Broadband where he was engaged in international joint ventures, corporate development, treasury and corporate finance activities and supported GSM mobile operations in Jordan, Lithuania and Russia. 

A native of Chicago, USA, Mr. Gegenheimer received an MBA in 1993 from DePaul University in Chicago and a Bachelors of Science in Finance from Northern Illinois University in 1989.

Kuwait Leading Telecom, Wataniya Telecom, Scott Gegenheimer - Biography

As Wataniya Telecom we want to take measures to be the leading telecom in Kuwait telecom market and to deliver to Wataniya customers regardless of the competition. To be the leading telecom in Kuwait telecom market 

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“In Kuwait , we feel that we are part of the world. When there was a high demand for energy , and oil in particular, Kuwait and Kuwait Oil Company responded positively by producing the maximum in 2008. In regard to Kuwait diversification , the long term concern is there. Kuwait should seriously think about diversifying sources of income for the country.” says Sami Al-Rushaid, Chairman and Managing Director at Kuwait Oil Company

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Kuwait and Iraq approached each other after Saddam’s regime was ousted in 2003. The carefully planned détente culminated on the 16th of July 2009 when Kuwait named its first ambassador to Iraq since the 1991 Gulf War.

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Capital standards report that "the real estate sector in Kuwait experienced unparalleled growth during 2000–2007. Post 2007, however, the performance of the sector has remained lackluster." The contribution of the sector to GDP in Kuwait has been roughly 3.7%. 

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Top Ministries in Kuwait 

Marcopolis.net presents the list of top ministries, public and private institutions in Kuwait.

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The Kuwait telecom industry is relatively mature and advanced, with high penetration rates and per spending capita. Nevertheless, the country's penetration rates are lowest among the Gulf countries, indicating opportunities for further growth potential, reports Capital Standards. Penetrations rates: Fixed line 16.5%, Mobile 141% (number of subscribers reaching 3.56 million and increase of 10.7%, as compared to 3.22 mm subscribers at the end of 2008 according to Kuwait Internet and E-commerce Investment and Business Guide), Internet 41%.

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Kuwait logistics sector developed as a result of the large logistic contracts associated with the presence of the US in Iraq. The 2 major players are KGL and Agility followed by Kuwait Dynamics and Mubarrad Transport. The western defense contractors have decreased. But on the other hand, there has been a substantial increase in international construction companies. The sector is still booming due due to the fact that the construction sector is booming with the government projects and international contractorsare actually requiring that service more. The end of war in Iraq can serve as a major opportunity for the Kuwaiti logistics companies. 

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 make more forms of insurance mandatory, an overhaul of the current system for medical insurance for expatriate workers, privatisation of currently uninsured government assets and overhaul of the countries insurance laws." Furthermore Global Investment House reports that Kuwait has the lowest penetration rate as a percentage of premium income to GDP. (0.48%, Saudi Arabia 1%, UAE 1.8%).

The insurance sector is expected to rise significantly in Kuwait, as the concept of insurance is now spreading in the market, and more individuals and entities are adapting it. According to Capital Standards " Gross premiums written (GPW) in Kuwait posted an impressive 11-year compounded annual growth rate (CAGR) of 11.9% since 1999. The high growth rate attracted new players and consequently, the competitive landscape of the industry underwent sea change. The total number of insurers in Kuwait currently stands at 31 – 20 Kuwaiti companies, 7 Arabian companies and 4 foreign insurers."

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According to Capital Standards,"Kuwait has the largest number of holding companies listed on the local stock exchange amongst the GCC stock exchanges. This can be mainly attributed to the size of the KSE (largest in terms of listed companies) and the prominence of the investment activities in Kuwait. At the end of October 2011, the number of Kuwaiti holding companies increased to 40, in comparison to 38 listed companies at the end of September 2009."

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According to Capital Standards, "There are a total of 100 investment companies operating in Kuwait with 54 operating within the confines of the Islamic Sharia provisions and the rest operating as conventional investment companies." Some of these companies are listed as well under asset management companies, investment banks and investment holding companies. Here is the structure of Kuwait Banking system. The sector has been hit hard by the financial crisis and non-interventionist policy by the government. The investment companies face many challenges. The sector will continue to restructure the depts and deleverage. For the complete list of investment companies click here.

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United Real Estate is Kuwait leading developer, our strategy is to expand locally and in the MENA region.  If you consider United Real Estate as the real estate arm for the KIPCO group then you can see that we have a lot of opportunities to be involved in their projects and developments.  Internationally, United real estate is a major player in Jordan and the Abdul Ali Mall project.  We also have many investments in Egypt, specifically in Cairo and Sharm El Sheikh where we are working development and and building a large resort area.

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Interview with Khaled Hassan Abul. Abyat Megastore business looks very closely at Kuwait renovation and building materials market due to customer spending in Kuwait. Through salary increases and bonuses in government jobs in Kuwait that would mean more spending for building materials.  Abyat Megastore also looks at Kuwait new sites where new housing developments are going to be built. There is a gap there still but this is really a major market for us in building materials.  If there are new homes there is a need for new building materials, finishing materials, and furniture- this is where Abyat Megastore comes into play.

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Interview with Najeeb Al Awadi. If you look at the demography of Kuwait it is unique and this  affects the telecom and mobile market in Kuwait. There are locals and expats and this allows us to diversify our services as Kuwait new mobile operator.  Our data services, for example, are unique because VIVA have come up with different data packages that VIVA, Kuwait new Mobile Operator offers. n the end this will benefit both the telecom market in Kuwait and the telecom customer in Kuwait.

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Interview with Ahmed A. Al Zabin, CEO of ALAFCO. Within Kuwait and the Gulf, ALAFCO is trying to promote leasing as a good method of purchase and show the advantages of leasing aircraft. Leasing in Kuwait and the Gulf has reached 40-50% and this shows how acceptable leasing is becoming compared to the 10-15% it used to be a few years ago in the Gulf. The general public awareness in Kuwait and in the Gulf about leasing is increasing and people are beginning to understand ALAFCO and how ALAFCO operates.

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Interview with Suliman N. Al Qimlas, CEO Bayt Al Mal Investment. I believe 2010 will be a tough year globally and we will feel the pain from 2009.  Kuwait and the Gulf economies are based on oil and if oil prices stay where they are (around $80 dollars per barrel) we will be in good shape that also means a good future for Islamic Investments in the Gulf. The next question is what will the government do with this money?  We recently witnessed our economy shrink and 2010 is up to the moves made by the government and how they spend their money.  If they circulate the money effectively we can expect some nice growth that will benefit Islamic Investments in the Gulf.

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Interview with Khaled Al Mashaan, Chairman and Managing Director of ALAGRAN International Real Estate Company. ALARGAN Real Estate have been very focused on middle income housing. I would say more than 80% of our investments cater to this segment of the market.  As the housing projects get larger we need to provide the infrastructure for these communities and the required supportive facilities.  We always strive to provide the best quality for the price and we are very much in touch with our clients.  We enhance our units on a monthly basis and this gives us a competitive edge due to our focus.

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Interview with  Rawaf Bourisli, General Manager of Action Real Estate. 

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Kuwait Investment Climate, Bayan Investment Company, Chairman and Managing Director, Faisal Ali Al-Mutawa

We are living in a very difficult investment climate in Kuwait these days.  Kuwait stock market is depressed and so are Kuwait investment companies stock prices. Over 90% of land in Kuwait is owned by Kuwait and this makes it difficult to start any projects because its too difficult to obtain and licensing is nearly impossible.  With no real investment opportunities available in the private sector we hope with the new plan things will open up and Kuwait investment climate becomes better.

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Interview with Abdullah Al Sumait, Deputy CEO of Al Ahli Bank. In Kuwait most of the banks have made aggressive moves the past three to five years whereas other banks (non Kuwait) have been more cautious towards growth. Eventually big banks all around the world have been hit and Kuwait is not any different.  When this happened at the end of 2008 Kuwait government took good steps to protect banks and the financial sector and the central bank enacted some regulations to assure the banks in Kuwait, it would provide the needed liquidity.

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Global International General Trading and Contracting started in 1993 with limited capital.  Through the combination of our experiences, we made a strategy of how to proceed and grow our business.  We grew slowly with the market to reach where we are today.  This is the seventeenth year of our company and in suppliable consumables for the oil sector we are a true leader.

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Interview with Sadoun A. Ali, 

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Interview with Stefan Pichler. We want to offer a low cost Kuwait airline and have the highest revenue possible.  Business class for Jazeera Airways is about nothing more than generating higher revenues and Jazeera Airways wants to target all segments in Kuwait and elsewhere.  Jazeera Airways would love to have business travelers travel on Jazeera Airways so that is why we would want to offer this.  Offering attractive fares for both business and economic class is our priority.

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Interview with Sara Akbar. Kuwait Energy is planning to go public this year.  Kuwait Energy has approval from the shareholders to do so and Kuwait Energy is on track to do so hopefully in the second quarter of this year. We would like long term investors who understand the business and perhaps more institutional investors. Kuwait Energy would like investors from the region but currently 30% of our investors are from the US and Europe and Kuwait Energy welcomes more investors from there to. This is a unique opportunity for any kind of investor to have access to a Middle Eastern indigenous company that operates in the region with future growth plans and targets in the region.

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Kuwait Investments, Chairman of Ektettab Holding Company and Al Madina Investment Company , Dr. Ali Al Shamali

Ektettab Holding is a Kuwait investments company and it started the first shariah compliant fund that invested in India and this shariah compliant fund in India has been maintained for three years despite the crisis and shariah compliant fund it is one of the best performing funds in the region. We have an IPO fund as well under our asset management division. In the service sector, telecom is very important and it is the fastest growing sector in the world. We have created a business model where we are included in mobile services and we are replicating this internationally.

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Interview with Tawfiq Ahmed Bin Sultan. Towell International Holding recently celebrated the 145th anniversary and had a big celebration.  Towell International Holding and METCO, we are always announcing to our consumers that we strive to be the best performers and depicting our loyalty to our customers.  At METCO, we like to think of our relationships with our consumers/clients as partnerships.  Additionally, to anybody who wants to come into the Kuwait area, it is essential to choose the right partner who wants to be with you for the long term.

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Kuwait Economy, Kuwait minister of commerce and industry, His Excellency Ahmad Al-Haroun - Video Interview

There hasn’t been a better time to invest in Kuwait. As I have previously mentioned, Kuwait ranked 27th globally in the “Protecting Investors Index”(invest in Kuwait) that was issued by the World Bank, which is better than most OECD countries.

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Kuwait concentrates now more on laws to attract to Kuwait foreign investments. For example, Kuwait Foreign Investment Bureau law gives benefits towards foreign investors who brings to Kuwait foreign investments such as: tax holidays for up to ten years, total or partial exemption from customs duties, and 100 % full ownership (The Kuwaiti Law normally request 51% to be owned by a Kuwaiti citizen). All these benefits make Kuwait definitely more attractive bring to Kuwait foreign investments and for foreign investors.

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Interview with Abdul Aziz Al-Mazooq. Muthanna Investment Company business model is based on a pure Islamic investment banking model focusing on Islamic investment banking activities including transaction advisory services, private equity transactions, real estate investments, and asset management activities like brokerage, equity research, and management of discretionary accounts.  It is a basic model Islamic investment banking model, the only thing that keeps Muthanna Investment Company going is focusing on several dimensions at once.

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Interview Sami Al-Rushaid. The Kuwait Oil and Gas 2030 strategy for Kuwait Oil Company calls for four million barrels a day capacity for production that is to be sustained between 2020-2030.  For non-associated gas Kuwait Oil Copmany plans to produce one billion standard cubic feet per day by 2015.  The additional exploration activities in Kuwait oil fields will hopefully allow Kuwait Oil Company to produce another 1.5 billion cubic feet per day to total 2.5 billion standard cubic feet per day by 2030.  This is the vision for Kuwait oil and gas and for Kuwait Oil Company.

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Interview with Khalid Hamdan Al-Saif. For Kuwait to make decisions like other nations who have decided to diversify their income away from oil, Kuwait will need concrete steps in order to preserve this way of life for our children and their children.  The role of Kuwait oil in Kuwait economy is very strong and, I personally feel more should be done in Kuwait to diversify the income away from oil in order to secure better future for Kuwait.

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Interview with Hamad Abdullatif Al Falah. Kuwait Airways is a diamond, and whoever buys with Kuwait Airways will be a winner.  We have the best pilots, engineers, technicians, and training center that serves many Arab countries.  Kuwait Airways is ahead of our competitors with regard to all of these aspects.  Kuwait Airways is at the end now because our aircraft are older and smaller in number.  If we have a bigger number of aircraft we can offer more destinations and with newer aircraft we will be more competitive and we can capture more of the market.

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Interview with  Abdulwahab Al Bader. The Kuwait Fund is hoping to present to our board our latest strategies for 2010 and Kuwait Fund is hoping to continue with its current trends and possibly increase Kuwait Fund's lending opportunities.  Kuwait Fund has several recommendations to make and the Kuwait Fund would like to continue working with other Arab countries, Africa, and Asia while trying to strengthen our relations with them.  Additionally, I would like to see us continue with social and health related projects.

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Interview with Fahed Faisal Boodai, Gatehouse Bank. When we at Kuwait Global Securities House say cherry picking we look at this from two points. One, from the investor’s standpoint what does the investor and what are the clients needs in this market? For example, In 2002-2003 Kuwait Global Securities House invested heavily in GCC and Kuwait real estate but slowed down in 2004 - that is where the cherry picking comes in and where opportunities began to be handpicked. Most importantly real estate and investment are all about timing. In 2006-2007, Global Securities House started exiting some of these investments and I think that that was very smart because given the economic downturn we recently witnessed Global Securities House would have really been hurt.

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Best Golf Resort in Kuwait, General Manager of Sahara Kuwait Resort, Hassan Bayerli - traveler's tips

Sahara Golf Resort resort is like a rainbow and has all of the colors, not only top executives, but also several different segments in order to fulfill the needs of the golfers.  Sahara Golf Resort has academic professors, general managers, CEOs, chairmen, engineers, and people from all sectors in general. There is an increasing trend in Kuwait to practice golf.  At the Sahara Kuwait Resort we are able to fulfill the needs of this sport both locally and in the region.  We are frequently visited by international travelers at our resort who come to play golf in Kuwait.

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Kuwait retail market is more mature market and Kuwait luxury retail market is probably the most mature market of the GCC countries in this field, with a long history of renowned luxury brands opening their first shop in Kuwait. Subsequently, Kuwaiti customers are very brand-aware; fashion-oriented and act as real trendsetters for the rest of the region. Chalhoub Group often witness customers visiting shops with 1 or 2 pictures collected from the Internet, of fashion shows that only happened a few hours earlier, asking to pre-book these items to be the first to acquire them. Chalhoub Group expects the region to be relatively resilient: 2% growth in 2010, compared to a 15-20% decline globally.

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Interview with Mr. Michel Accad, CEO of Gulf Bank

In December, Gulf Bank Kuwait had a meeting with the top fifty leaders at Gulf Bank and we decided on Gulf Bank’s strategic direction. Gulf Bank's vision was to be a dominant player in the local, conventional banking market, focusing on retail and commercial banking.  At this stage, Gulf Bank is not particularly interested in Islamic finance, or direct investments, or brokerage.  The key thing that came up from that meeting was that for the next two years Gulf Bank will be in rebuilding mode and our strategy will revolve around four pillars.

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Interview with 

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