DOCSLIB.ORG

Revised GIC A/R02 Covers Final 16/4/03 1:51 Pm Page 1

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Revised GIC A/R02 Covers Final 16/4/03 1:51 Pm Page 1 Revised GIC A/R02 Covers final 16/4/03 1:51 pm Page 1 Annual Report 2002 Gulf Investment Corporation Annual Report 2002 GIC π02 Review P.8 Final AW 16/4/03 1:19 pm Page 1 Gulf Investment Corporation Annual Report 2002 Financial Highlights US$ Millions 2002 2001 Net Income (US$ million) 02 90.3 For the year 01 85.3 Net Interest Income 79.2 48.8 Other Income 43.6 51.7 Operating Expenses 28.0 26.9 Income from Discontinued Operations - 26.7 Net Income 90.3 85.3 At year end Total Assets 5,804.9 5,541.0 Trading Securities & Managed Funds 308.7 220.6 Total Assets (US$ million) Investment Securities 3,564.1 3,055.6 Loans & Credit Funds 426.8 487.9 02 5,805 01 5,541 Deposits 1,705.1 1,464.8 Shareholders' Equity 1,178.1 1,151.7 Selected Ratios (%) Profitability Return on Paid-up Capital 12.0 11.4 Return on Adjusted Shareholders' Equity 8.3 7.3 Capital BIS ratios Shareholders’ Equity (US$ million) - Total 35.0 35.9 - Tier 1 34.9 35.8 02 1,178 Shareholders' Equity as a % of Total Assets 20.3 20.8 01 1,152 Asset Quality Loans & Credit funds as a % of Total Assets 7.4 8.8 Marketable Securities as a % of Total Assets 60.1 55.1 GCC & OECD country risk as a % of Total Assets 99.3 95.9 Liquidity Liquid Assets Ratio 76.3 71.7 Productivity Operating Income as Multiple of Operating Expenses 4.4 3.7 Note: Where necessary, prior years' comparative figures have been adjusted to conform with changes in presentation in the current year. 1 GIC π02 Review P.8 Final AW 16/4/03 1:19 pm Page 2 Board of Directors Sultanate of Oman United Arab Emirates H.E. Ahmed Macki H.E. Dr. Mohammed Khalfan Bin Khirbash Chairman Minister of State for Finance and Industry Minister of National Economy and Deputy Chairman of the Financial Affairs and Mr. Rashed Ahmed Rasheed §❖ Energy Resources Council Deputy General Manager Emirates Management Services Corporation Mr. Darwish bin Ismail bin Ali Al-Bulushi § Undersecretary of Financial Affairs Ministry of Finance Kingdom of Bahrain H.E. Abdulla H. Saif Minister of Finance and National Economy State of Qatar H.E. Yousef Hussain Kamal* Mr. Rashid Ismail Al Meer §❖ Deputy Chairman Director General Minister of Finance The Pension Fund Commission H.E. Abdulla Khalid Al-Attiya § Governor, Qatar Central Bank Kingdom of Saudi Arabia H.E. Dr. Ibrahim Al-Assaf Minister of Finance and National Economy State of Kuwait H.E. Dr. Mohammed Sabah Al-Salem Al-Sabah H.E. Hamad Al-Sayari § Minister of State for Foreign Affairs and Acting Governor, Saudi Arabian Monetary Agency Minister of Finance and Minister of Planning Mr. Abdulmohsen Yousef Al-Hunaif §❖ Senior Management Undersecretary, Ministry of Finance Mr. Hisham Abdulrazzaq Al Razzuqi Chief Executive Officer * Chairman of the Executive Committee § Member of the Executive Committee ❖ Member of the Audit Committee 2 GIC π02 Review P.8 Final AW 16/4/03 1:19 pm Page 3 Gulf Investment Corporation Annual Report 2002 State of Kuwait Kingdom of Bahrain State of Qatar Kingdom of Saudi Arabia United Arab Emirates Sultanate of Oman Footer 3 GIC π02 Review P.8 Final AW 16/4/03 1:19 pm Page 4 On behalf of the Board of Directors, I have the privilege to present the Annual Report and Accounts of Gulf Investment Corporation for the year 2002. Chairman’s Statement I am pleased to report that 2002 was GIC will continue its efforts to realign its another good year for GIC, with profits and organizational resources to meet the assets registering solid growth. Operating requirements of its strategy. It is important to income increased by over 22% to US$ 122.8 recap that GIC strategy implies an increased million and the overall balance sheet size focus on the GCC region, with principal grew by approximately 5% to US$ 5,804.9 investing in projects playing a central role. million. At US$ 90.3 million, net income Over a third of the Corporation’s total assets for 2002 was 5.9% higher than that of are invested within the GCC countries. the prior year, and represented a return on The focus implies not only directing more shareholders’ equity of 8.3%. The sound investment resources to the GCC economies performance during the year was a result of but also entails revitalizing GIC’s role as a strategic initiatives that reflect clear adherence promoter of investment concepts and by the Corporation to the strategy approved ideas that enhance and encourage private by the Board of Directors. This performance enterprise in the region. Our ownership and also highlights GIC’s ability to continuously standing, strong capital position, efficient optimize its asset mix in line with the and flexible organization structure and clear changing operating environment. focus constitute our principal strengths. I am confident that the Corporation is now well During the past year, GIC had initiated several positioned and has the wherewithal to focused and well-defined action plans targeted leverage these strengths for continued success. at diversifying and enhancing revenues, increasing efficiency through management of As at December 31, 2002, total shareholders’ expenses, and phased expansion of operating equity reached US$ 1,178.1 million. With businesses. The rewards of these actions are a capital base in excess of 20% of total reflected in the strong performance during assets, GIC continues to be one of the most 2002 and I am confident that the Corporation strongly capitalized financial institutions will continue to benefit from its diversification in the region. We view this solid capital plans in the future. We intend to continue position as a strategic resource and will growing the balance sheet over the next few strive to deploy this resource in an efficient years, aiming to achieve a suitable leverage, in and disciplined manner to earn competitive line with the Corporation’s target ROE and returns. Capital management is fundamental accepted risk profile. to GIC’s risk management philosophy, and 4 GIC π02 Review P.8 Final AW 16/4/03 1:19 pm Page 5 Gulf Investment Corporation Annual Report 2002 takes into account economic and regulatory Investment Corporation are rotated every requirements. two years among the Ministers of Finance representing each of the GCC governments, I am pleased to welcome to the Board His His Excellency Yousef Hussain Kamal, Excellency Dr. Mohammed Sabah Al-Salem Minister of Finance of Qatar, has assumed Al-Sabah, Minister of State for Foreign the position of Deputy Chairman of the Affairs and Acting Minister of Finance and Board following the Corporation’s General Planning of the State of Kuwait. Assembly meeting in April 2002. I welcome Dr. Mohammed Al-Sabah replaces Dr. Yousef His Excellency and wish him success as Hamad Al-Ebraheem. I take this opportunity Deputy Chairman and Head of the Executive to thank Dr. Al-Ebraheem for his valuable Committee. I also wish to express my contributions during his tenure as member appreciation and gratitude to the members of the Board and wish him continued success. of the Board and Executive Committee for their strategic guidance and to the I assumed the chairmanship of the GIC management and staff at GIC for their Board in April 2002 and would like to thank contributions toward the commendable my colleague His Excellency Dr. Ibrahim Al- performance. Assaf for all his efforts and diligence during his term as Chairman of the Board in the preceding two years. Since the posts of Ahmed Macki Chairman and Deputy Chairman of the Gulf Chairman 5 GIC π02 Review P.8 Final AW 16/4/03 1:19 pm Page 6 The Gulf Investment Corporation continued its efforts to manage its main lines of business according to clear strategic guidelines. Emphasis on focused and well-defined approaches in developing and managing the business resulted in a solid financial performance for the year. Chief Executive Officer’s Review Operating income grew by over 22% to In line with the consistent efforts to diversify US$ 122.8 million from the US$ 100.5 our funding profile, the Corporation issued million earned in 2001. The solid performance 5-year floating rate notes in July 2002. once again demonstrates the ability to Increased demand from regional and identify opportunities and leverage international financial institutions led us to competencies in a challenging operating raise the total issue to US$ 300 million and environment. Subsequent to the divestiture enabled favorable pricing of the issue in of its principal subsidiary Gulf International comparison to recent issues in the region. Bank (GIB) during 2001, this year was the first full year of operations on a stand-alone Within the Principal Investing activity, basis for the Corporation. the profitable divestiture of our investment in Clearstream, the international clearing Net income at US$ 90.3 million, was 5.9% and settlement organization, conforms higher than that of the previous year, in spite with our exit strategy for project investments. of the US$ 28.3 million provisions made In addition to gains generated on this sale, during the year under review. Net income the principal investing activity contributed represents a return on shareholders’ equity to operating income through share of of 8.3% for the year. The record provisions profits and dividend income from other made in 2002 reflects the Corporation’s project investments. conservative provisioning policy and the stringent criterion for valuation of assets. The Corporation continued its task to review Despite the difficult operating environment, and restructure its portfolio of GCC projects.
Load more

Recommended publications
  • Having Examined the Constitution, the Act No. 15 of 1960 by Business Companies Act, As Amended, the Penal Code Act No
    Having examined the Constitution, The Act No. 15 of 1960 by Business Companies Act, as amended, The Penal Code Act No. 16 of 1960, as amended, The Law of Criminal Procedure Act No. 17 of 1960, as amended, The Law No. 32 of 1968 on the IMF and the Central Bank of Kuwait and the banking profession, as amended, The Decree-Law No. 13 of 1980 regarding the customs, The Decree-Law No. 23 of 1990 on the organization of the judiciary, as amended, The board of the nation on the law following text, which we have approved and issued : Chapter I The definition of money laundering operations and criminalized Article 1 Money laundering is a process or a series of financial or non-financial, designed to conceal or disguise the illicit origin of funds or the proceeds of any crime and produced in the form of money or proceeds from a legitimate source, is such a process did all contribute to the process of recruitment or transfer funds or the proceeds resulting directly or indirectly from the crime or to conceal or disguise the source. Article 2 Counting guilty of the crime of money laundering each one of the following acts committed or attempted to commit: One - a process of money laundering with the knowledge that they are derived from the crime or derived from an act of participation. Two-transport, transfer or possession or acquisition, use or retain or receive funds with the knowledge that they are derived from the crime or derived from an act of participation.
    [Show full text]
  • National Bank of Kuwait S.A.K
    National Bank of Kuwait S.A.K. U.S. Tailored Resolution Plan PUBLIC SECTION Submitted on: December 29, 2014 National Bank of Kuwait S.A.K. Public Section U.S. Resolution Plan Table of Contents (a) Public Section .................................................................................................................... 3 (1) Introduction ................................................................................................................... 3 (2) Overview of NBK ............................................................................................................ 4 (3) Material entities ............................................................................................................. 6 (4) Critical Operations and Core Business Lines .................................................................. 6 (5) Summary of financial information regarding assets, liabilities, capital and major funding sources ................................................................................................................................ 8 (6) Derivatives and hedging activities .................................................................................. 8 (7) Membership in material payment, clearing and settlement systems .............................. 9 (8) Foreign operations ......................................................................................................... 9 (9) Material supervisory authorities ....................................................................................
    [Show full text]
  • Kuwait: Governance, Security, and U.S. Policy
    Kuwait: Governance, Security, and U.S. Policy Updated December 4, 2019 Congressional Research Service https://crsreports.congress.gov RS21513 Kuwait: Governance, Security, and U.S. Policy Summary Kuwait has been pivotal to the decades-long U.S. effort to secure the Persian Gulf region because of its consistent cooperation with U.S. military operations in the region and its key location in the northern Gulf. Kuwait and the United States have a formal Defense Cooperation Agreement (DCA), under which the United States maintains over 13,000 military personnel in country and prepositions military equipment to be able to project power in the region. Kuwait is a partner not only of the United States but also of the other hereditary monarchies of the Gulf Cooperation Council (GCC: Saudi Arabia, Kuwait, United Arab Emirates, Qatar, Bahrain, and Oman). Kuwaiti forces are part of the Saudi-led coalition that is trying to defeat the Iran-backed “Houthi” rebel movement in Yemen, but Kuwait has also sought to mediate a resolution to that and other regional conflicts. Kuwait has been the main GCC mediator seeking to end the intra-GCC rift that erupted in June 2017 when Saudi Arabia and the UAE moved to isolate Qatar. Kuwait has refrained from intervening in Syria’s civil war, instead hosting several donor conferences for victims of the Syrian civil conflict as well as to fund Iraq’s recovery from the Islamic State challenge and ameliorate the effects of regional conflict on Jordan’s economy. Kuwait has not followed some of the other GCC states in building quiet ties to the government of Prime Minister Benjamin Netanyahu in Israel.
    [Show full text]
  • Kuwait Banking Sector Outlook 2020 – Asset Quality Under Pressure As Operating Environment Turns Challenging
    September 2020 Kuwait Banking Sector Outlook 2020 – Asset quality under pressure as operating environment turns challenging Research Highlights: Analyzing the impact of COVID-19 on Kuwait’s banking sector in 2020 www.markaz.com Table of Contents Chapter 1 05 Executive Summary Chapter 2 07 Operating Environment turns Challenging as Stimulus Measures Fall Short of Expectations Chapter 3 10 SMEs in a spotlight of bother Chapter 4 12 Credit Growth Chapter 5 13 Deposit Growth Chapter 6 14 Non-Performing Assets Chapter 7 19 Net Income Chapter 8 20 What could change the narrative for Kuwait banking? Chapter 9 22 Digitization trends Chapter 10 26 Conclusion 27 Appendix List of Tables Table 1.1 Kuwait Banking Key Metrics Table 2.1 Fiscal stimulus measures across countries to tackle COVID-19 induced crisis Table 3.1 CBK relief package Table 4.1 Credit Demand in Kuwait Table 5.1 Deposit Growth of Banks Table 6.1 Forecast of NPAs for Banks Table 6.2 Latest NPA numbers Table 6.3 How does the current situation fare against GFC? Table 6.4 How does provisions made for COVID-19 differ from GFC? Table 7.1 Net Income Forecasts Table 8.1 Stimulus measures to tackle COVID-19 crisis List of Figures Figure 3.1 Credit availed by SMEs Figure 6.1 Non-performing Loans (NPL) by sector Figure 6.2 Age-wise distribution of NPLs Figure 9.1 Use of e-banking (value), KD billions Figure 9.2 E-banking infrastructure in Kuwait Figure 9.3 Knet Online Payment Gateway Chapter 1 Executive Summary Table 1.1: Kuwait Banking Key Metrics Period 2019 2020 (F) Loan Growth (YoY) 6.8%
    [Show full text]
  • INVESTMENT-English-2018.Pdf
    IN THE NAME OF ALLAH, THE MOST GRACIOUS, THE MOST MERCIFUL H.H. Sheikh Nawaf Al Ahmad H.H. Sheikh Sabah Al Ahmad H.H. Sheikh Jaber Al Mubarak Al Jaber Al Sabah Al Jaber Al Sabah Al Hamad Al Sabah Crown prince of the State of Kuwait Amir of the State of Kuwait Prime minister of the State of Kuwait CONTENTS CHAIRMAN’S LERTTER | 6 BOARD OF DIRECTORS | 9 EXECUTIVE MANAGEMENT | 9 CORPORATE GOVERNANCE | 10 INDEPENDENT AUDITORS’ REPORT | 20 CONSOLIDATED STATEMENT OF FINANCIAL POSITION | 24 CONSOLIDATED STATEMENT OF INCOME | 25 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | 26 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | 28 CONSOLIDATED STATEMENT OF CASH FLOWS | 29 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | 32 TAMDEEN Investment Company - K.P.S.C and its subsidiaries - Kuwait 5 ESTEEMED BROTHERS, Boursa Kuwait general index recorded gains for the CHAIRMAN’S third successive year, driven by increasing buying of the shares of major companies. This performance reflected in index of the first market which rose by 9.9% thereby LETTER making up for the decline of the main market index by 1.9%, and resulting in a 5.2% gain for the general index ESTEEMED for the year. Boursa Kuwait was further supported by SHAREHOLDERS, being promoted by the FTSE Index to the Emerging Markets class in two stages. In another development, the global rating agencies raised Kuwait’s credit rating, MAY PEACE AND ALLAH’S with a stable outlook, as a result of the huge efforts MERCY AND BLESSINGS BE made by the Kuwaiti Ministry of Finance and the UPON YOU.
    [Show full text]
  • 1 Executive Summary Kuwait Is the Third
    Executive Summary Kuwait is the third-largest economy in the Gulf Cooperation Council (GCC, after Saudi Arabia and the UAE), and the Government of Kuwait has taken preliminary steps toward liberalizing sectors of its economy in the past year. Legislation passed in 2013 including a new FDI law and a commercial companies law aimed at easing constraints to doing business in Kuwait, and at establishing a “one stop shop” to help companies start operations in Kuwait. In March 2014, the Central Bank of Kuwait announced that foreign banks could open multiple branches in Kuwait – until that time, they could only open one branch. The April 2014 passage of historic telecommunications legislation potentially signals the government may liberalize the telecom sector and create opportunities for more competition in the coming years. After years of delays, the state oil companies in 2014 awarded several high-value contracts to foreign consortia to expand refinery capacities in Kuwait. Moves toward privatization of Kuwait’s stock exchange and its national airline have also begun. Nevertheless, Kuwait is perceived as a difficult place to invest in and do business with, and challenges to operating in the country remain. Kuwait ranked 104th in the world, and lowest in the GCC, on the World Bank’s 2014 ease of doing business survey, and the country has consistently attracted the lowest amounts of FDI in the entire Middle East and North Africa region. Implementation of new legislation has lagged, and significant barriers to foreign investment remain, including regulations barring foreign entities from the petroleum and real estate sectors, long bureaucratic delays in starting new enterprises, and a local business culture based on clan and family relationships that can be difficult for foreigners to navigate.
    [Show full text]
  • Downloads/2003 Essay.Pdf, Accessed November 2012
    UCLA UCLA Electronic Theses and Dissertations Title Nation Building in Kuwait 1961–1991 Permalink https://escholarship.org/uc/item/91b0909n Author Alomaim, Anas Publication Date 2016 Peer reviewed|Thesis/dissertation eScholarship.org Powered by the California Digital Library University of California UNIVERSITY OF CALIFORNIA Los Angeles Nation Building in Kuwait 1961–1991 A dissertation submitted in partial satisfaction of the requirements for the degree Doctor of Philosophy in Architecture by Anas Alomaim 2016 © Copyright by Anas Alomaim 2016 ABSTRACT OF THE DISSERTATION Nation Building in Kuwait 1961–1991 by Anas Alomaim Doctor of Philosophy in Architecture University of California, Los Angeles, 2016 Professor Sylvia Lavin, Chair Kuwait started the process of its nation building just few years prior to signing the independence agreement from the British mandate in 1961. Establishing Kuwait’s as modern, democratic, and independent nation, paradoxically, depended on a network of international organizations, foreign consultants, and world-renowned architects to build a series of architectural projects with a hybrid of local and foreign forms and functions to produce a convincing image of Kuwait national autonomy. Kuwait nationalism relied on architecture’s ability, as an art medium, to produce a seamless image of Kuwait as a modern country and led to citing it as one of the most democratic states in the Middle East. The construction of all major projects of Kuwait’s nation building followed a similar path; for example, all mashare’e kubra [major projects] of the state that started early 1960s included particular geometries, monumental forms, and symbolic elements inspired by the vernacular life of Kuwait to establish its legitimacy.
    [Show full text]
  • Security Council Distr
    UNITED NATIONS S Security Council Distr. GENERAL S/1994/243 2 March 1994 ORIGINAL: ENGLISH REPORT OF THE SECRETARY-GENERAL ON THE RETURN OF KUWAITI PROPERTY SEIZED BY IRAQ INTRODUCTION 1. The present report is submitted in pursuance of paragraph 2 (d) of Security Council resolution 686 (1991) of 2 March 1991, by which the Security Council demanded that Iraq immediately begin to return all Kuwaiti property seized by Iraq, the return to be completed in the shortest possible period; paragraph 15 of Security Council resolution 687 (1991) of 8 April 1991 by which the Council requested the Secretary-General to report to the Security Council on the steps taken to facilitate the return of all Kuwaiti property seized by Iraq, including a list of any property that Kuwait claims has not been returned or which has not been returned intact; and a letter from the President of the Security Council dated 25 January 1994 requesting a report on the return of all Kuwaiti property seized by Iraq. I. ORGANIZATION 2. By his letter dated 19 March 1991 (S/22361), the President of the Security Council informed the Secretary-General that the members of the Security Council were of the view that the modalities for the return of property from Iraq in accordance with Security Council resolution 686 (1991) should be arranged through the Secretary-General’s Office in consultation with the parties, and that that procedure also had the agreement of Iraq and Kuwait. In response, my predecessor informed the Security Council, in a letter to the President dated 26 March 1991 (S/22387), that he had designated Mr.
    [Show full text]
  • Classification of Accounts Guide Last Updated – January 2018
    Classification of Accounts Guide Last updated – January 2018 Contents Part I: General introduction Part II: Residence Part III: Sector categories Part IV.1 – IV.2: Industrial classification Part IV.3: Relationship between sector and industrial classifications Part V.1: Sector components (ESA 10) and sub components Part V.2: List of countries 1 Part I Classification of Accounts Guide – General Introduction I.1 Foreword This guide is intended for all institutions completing a range of Bank of England statistical returns. It describes the two most important systems of classification used in compiling economic and financial statistics in the United Kingdom – the economic sector classification, and the industrial classification. This guide is intended to serve both as an introduction for newcomers and as a source of reference. The nomenclature in the sector classification is in line with international standards – in particular, the European System of National and Regional Accounts (abbreviated to ‘ESA10’). In addition, the analysis of industrial activity is in line with the 2007 standard industrial classification of economic activities (SIC) introduced by the Office for National Statistics. Those without knowledge of accounts classification are recommended to refer to the ‘Guide to Classification’ (Part I Section 3) which takes the reader through the main questions to be answered to help classify accounts correctly. The system of classification used in this guide is solely for statistical purposes. Parts II to IV of the guide describe the main aspects of the classification system in more detail, including lists of examples of institutions, or a web link reference, for many categories. I.2 An introduction to the classification of accounts Sector and industrial classification To understand the underlying behaviour which is reflected in movements in economic and financial statistics, it is necessary to group those entities engaged in financial transactions into broad sectors with similar characteristics.
    [Show full text]
  • Legal Panel Clears Bill for 5-Year Cap On
    SUBSCRIPTION MONDAY, NOVEMBER 24, 2014 SAFAR 2, 1436 AH www.kuwaittimes.net Interior Ministry Israel cabinet Echoes of a Hamilton wins scrambles to votes to once famed Abu Dhabi react to the enshrine ‘Jewish nightlife in GP, claims rumor mill3 state’ in8 law ravaged40 Aleppo world20 title Legal panel clears bill for Min 18º Max 26º 5-year cap on expats’ stay High Tide 13:52 Low Tide MP files to grill commerce minister over alleged violations 07:18 & 19:08 40 PAGES NO: 16352 150 FILS Fees, salaries By B Izzak KUWAIT: The National Assembly’s legal and legislative committee yesterday cleared a draft law calling to at Indian, Pak impose a five-year cap on the residence of expatriate workers in Kuwait, and that the size of any single com- schools hiked munity should not exceed 10 percent of the Kuwaiti By A Saleh population, which currently stands at 1.25 million. The panel’s action is mere routine work because the com- KUWAIT: Minister of Education Dr Bader Al-Essa has mittee only examines issued a decision increasing the tuition fees and if any particular bill is staff salaries at Indian and Pakistani schools to be in line with the consti- effective from the beginning of the school year tution or not. The bill 2014-2015. According to the new decision, kinder- now must go to the garten fees at Indian schools will be KD 320, primary interior and defense fees KD 356, intermediate fees KD 410 and second- committee which ary fees KD 460. The decision also set the salaries of must discuss the sub- kindergarten teachers at Indian schools at KD 250, ject of the proposal primary teachers KD 263, intermediate teachers KD and see if it is neces- 284 and secondary teachers KD 341.
    [Show full text]
  • Annual Review 2015
    ANNUAL REVIEW 2015 The KIPCO Group is one of the biggest Dar al-Athar al-Islamiyyah, one of Kuwait’s leading cultural holding companies in the Middle East and organizations, was created to manage activities related to North Africa, with consolidated assets of The al-Sabah Collection. The collection includes one of the US$ 32 billion as at 31 December 2015. world’s finest assemblages of arts from the Islamic world. The Group has significant ownership The collection consists of over 30,000 priceless objects, interests in over 60 companies operating including manuscripts, scientific instruments, carpets, across 24 countries. The group’s main fabrics, jewelry, ceramics, ivory, metalwork and glass from business sectors are financial services, countries such as Spain, India, China and Iran. media, real estate and manufacturing. Through its core companies, subsidiaries This year, the annual reports of KIPCO Group companies and affiliates, KIPCO also has interests in each feature a key ancient carpet from The al-Sabah the education and medical sectors. Collection. The images used within the reports reflect KIPCO’s commitment to protecting and promoting Kuwait’s heritage, while helping to build the nation’s future. The item pictured here (LNS 75 R) is a Transylvanian carpet made out of wool. The item was made in Transylvania (present day Romania) during the 18th century CE. The image is reproduced with the kind permission of The al-Sabah Collection, Dar al-Athar al-Islamiyyah. Welcome to our Annual Review for the year 2015 Welcome to our Annual Review for the year 2015, a year Magazine: ‘Best Domestic Retail Bank of the Year’ for the of optimization and agility where our prudent strategy and third consecutive year, ‘Best Credit Card Initiative of the focused execution have enabled the Group to continue Year in Kuwait’, “Best Advertising campaign of the Year in delivering for the fifth year in a row.
    [Show full text]
  • Mohammad Y Al-Hashel
    THE BATTLE FOR RELEVANCE* Assalam-o-Alaikum and a very good morning to you all. It gives me great pleasure to welcome you today to this international banking conference. I would like to start by expressing my deepest gratitude to His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah for his patronage of this conference. It is the guidance and wise leadership of His Highness that has enabled us to build one of the region’s safest and most robust financial systems, which has played a vital role in the development of our economy. I would like to thank all the honorable governors of central banks, heads of regulatory authorities, heads of financial institutions and other distinguished guests for joining us today. And I am grateful to all the distinguished speakers who are participating in this event, our local banks who have partnered with us to support this conference and my dedicated colleagues at the Central Bank of Kuwait (CBK) for their efforts in organizing this conference. The banking industry has enjoyed exceptional growth over the past half century, and despite some shortcomings, it has played a critical role in supporting economic growth around the world. During normal times, one would expect banks to continue operating as they have in the past, with perhaps a greater focus on product innovation or operational efficiency. But we are not living in normal times. Today, the global banking industry is at a major inflection point, facing several internal and external challenges that are coming * Keynote speech delivered by H.E.
    [Show full text]