Top 10 Companies in Kuwait
Marcopolis.net presents top 10 companies in Kuwait.
Top 10 Companies in Kuwait
Kuwait Investment Authority (KIA)
Bader Al Saad | Managing Director
Of Course the largest company by assets is no other than Kuwait sovereign wealth fund. The Kuwait Investment Authority (KIA) is an autonomous government body responsible for the management and administration of the General Reserve Fund (GRF), and the assets of the Future Generations Fund (FGF), as well as any other funds entrusted to it by the Minister of Finance for and on behalf of the State of Kuwait. KIA invests in the Local, Arab and International Markets with its main office located in Kuwait City and a branch office in London, UK. KIA is by far the largest company by assets. Kuwait transfers 10% of oil revenue into the Reserve for Future Generations each year, which is the overall responsibility KIA in Kuwait, the parent organization of the Kuwait Investment Office.
Investments: (23% Victoria-Jungfrau Collection AG, 16% Gulf Bank, 12% Arab Insurance Group, 9% Jordan Phosphate Mines, 5% Daimler AG, 6% Citigroup, 1.7% British Petrol, KFH, Zain)
Assets: USD 300 billion (2010)
Kuwait Petroleum Corporation (KPC)
Farouk Al Zanki | CEO
Followed by KPC, which is the largest corporation in Kuwait and 78th largest corporation in the world by revenues, larger than Deutsche Telecom, BMW, HSBC, Petronas, BHP Billiton, Microsoft, Boeing, Pfizer, Goldman Sachs, Lockheed Martin etc. KPC is has diverse business interests across the spectrum encompass all aspects of the hydrocarbon industry, from onshore and offshore upstream exploration through production and refining, marketing, retailing, petrochemicals, as well as, marine transportation. KPC has 10 subsidiaries (Kuwait Oil Company (KOC), Kuwait National Petroleum Company (KNPC),Petrochemical Industries Company, Kuwait Oil Tanker Company, Kuwait Aviation Fuelling Company, Kuwait Foreign Petroleum Exploration Company, Kuwait Petroleum International, Kuwait Gulf Oil Company, Oil Services Company, Oil Development Company).
Assets: USD 74,5 billion (2010)
National Bank of Kuwait (NBK)
Mohammed Abdulrahman Al-Bahar | Chairman
NBK was the first national bank in Kuwait and the entire Arabian Gulf region. All the board members and the founders of NBK were renowned merchants of Kuwaiti origin. NBK was established with a capital of 13,100 shares, each valued 1,000 Rupee equivalent to KD 75 today. Over the years NBK has proved itself to be a financial leader in the Arab world. NBK has a 30% market share.
Assets: USD 47.6 billion in 2011 (up 5% compared to September 2010)
Zain - Mobile Telecommunications Co. (MTC)
Asa'ad Al Banwan| Chairman
Zain Group is a mobile telecommunications company founded in 1983 in Kuwait as MTC or Mobile Telecommunications Company, and was later rebranded to Zain in 2007. Zain has commercial presence in 7 countries across Africa and the Middle East with about 37.6 million customers as of March 31, 2011. It employs 6000 people. Shareholders (KIA 24,6%, Kharafi Group 11.4%-20% (estimate))
Assets: USD 13 billion
Kuwait Finance House
Mohammed Sulaiman Al-Omar | CEO
KFH was established in 1977. With total assets of $48 billion on Sept. 30, 2011, KFH is the largest bank in Kuwait. KFH has roughly 31% market share of total asset in Kuwait. KFH successfully expanded in the region and now has presence in Kuwait, Saudi Arabia, UAE, Bahrain, Malaysia, the Cayman Islands and Turkey. KFH has 212 branches globally and 15 consolidated subsidiaries. The Kuwait Investment Authority holds the largest stake in KFH (24%). The bank is rated by international agencies S&P, Moody's and Fitch as A-, Aa3 and A+.
Assets: USD 48 billion in 2011
M.A. Kharafi & Sons
Bader Kharafi | Chairman
With an annual turnover exceeding US$5 Billion the M.A. Kharafi Group operates in more than 25 countries around the world and has more than 120,000 employees. Stakes & Ownership: the group holds a 12.7-20 percent stake in Zain, Kharafi National, National Investment Co., National Industries Group, Kuwait Food Co. The group's interests span real estate, retail and financial services, but these were hit hard by the financial crisis and it has direct and indirect liabilities likely to total at least $5 billion
Assets: Estimate USD 15-25 billion
Kuwait Projects (KIPCO)
Faisal Hamad Al Ayyar | Vice Chairman
KIPCO is one of the largest investment holding companies in the region. The majority stake in KIPCO is held by Kuwait's ruling family. KIPCO has investments in more than 60 companies. Among them: (Burgan Bank, United Real Estate Company, KAMCO and Gulf Insurance Company.)
Assets: USD 20 billion (2010)
Al Ghanim Industries
Omar Al Ghanim | Chairman
Alghanim Industries is one of the largest privately-owned companies in the Gulf region, predominantly in Kuwait. A multinational company in outlook with operations in 40 countries, Alghanim Industries is a multi-billion dollar conglomerate with more than 30 businesses.
Assets: Estimate USD 5-10 billion.
Tareq Sultan | Chairman
Sultan family ownes significant stakes at Sultan Center (Kuwait's largest independent retailer) and Agility Logistics (Largest Logistics company in Kuwait).
Public Institution for Social Security (PIFSS)
Fahad Al Rajaan | Chairman
Although perhaps the biggest institution in Kuwait, the list would not be complete without PIFSS. Established in 1977, PIFSS is one of the oldest institutions in the Middle East. Despite being a public institution its success lay partly in its independence, which allows it to operate much like a private pension fund.PIFSS is also a powerful investor both nationally and internationally. Once it collects the premiums, PIFSS invests the money through institutions like Wafra Investment Advisory Group (Wafra) - assets under management USD 10 billion.