| Kuwait Projects Company (Holding) | |
| Type: | Public |
| Foundation: | 2 August 1975 as Kuwait Investment Projects Company |
| Area Served: | GCC & MENA Region |
| Key People: | Sheikh Hamad Sabah Al Ahmad Al Sabah (Chairman) Sheikh Abdullah Naser Sabah Al Ahmad Al Saba (Vice Chairman) |
| Products: | Commercial banking, petrochemical & oil services, foodstuff, asset management & investment banking, media, real estate, healthcare, logistics and education |
| Revenue: | US$ 4.2 billion (2023)[1] |
| Net Income: | US$ 98 million (2023) |
| Assets: | US$ 40.1 billion (2023) |
| Equity: | US$ 2 billion (2023) |
| Num Employees: | 16000[2] |
| Homepage: | www.kipco.com 29.3758°N 47.9864°W |
Kuwait Projects Company (Holding), known as KIPCO, is an investment holding company in the Middle East and North Africa (MENA) region, with consolidated assets of US$ 40.1 billion as of 31 December 2023 and presence in 20+ countries across multiple industries. KIPCO is a multi-sector operator with portfolio companies in commercial banking, petrochemical & oil services, foodstuff, asset management & investment banking, media, real estate, healthcare, logistics and education. [3]
KIPCO was incorporated on 2 August 1975 under Article 94 of the Kuwaiti Commercial Companies Code, Law No. 15 1960.[4] Since incorporation, the company has grown substantially and made significant investments in a diversified portfolio of companies operating throughout the GCC and the wider MENA region.
| 1988 | Acquisition of United Gulf Bank (UGB)[5] |
| 1995 | Acquisition of stake in United Real Estate Company (URC)[6] |
| 1995 | Acquisition of stake in Burgan Bank |
| 1995 | Formation of Gulf DTH (Showtime) |
| 1996 | Acquisition of stake in Gulf Insurance Company (GIC) – now Gulf Insurance Group[7] |
| 1996 | Acquisition of United Industries Company (UIC) |
| 1996 | Acquisition of SADAFCO - Saudia Dairy and Foodstuff Company - by UIC |
| 1998 | Formation of KAMCI – KIPCO Asset Management Company[8] |
| 1999 | Acquisition of stake in Wataniya Telecom[9] |
| 2006 | Establishment of US$2 billion EMTN programme[10] |
| 2007 | Sale of Wataniya Telecom |
| 2009 | Merger of Showtime and Orbit to create OSN[11] |
| 2009 | Completion of a 7-year US$500 million bond issue under EMTN programme[12] |
| 2010 | Completion of a 7-year US$500 million bond issue under EMTN programme[13] |
| 2010 | Sale of 39.2% stake in GIC to Fairfax[14] |
| 2010 | KIPCO acquires 34% direct stake in URC by subscribing to rights issue in Dec’10[15] |
| 2010 | Acquisition of 40.3% stake in UIC, 28.4% during rights issue and 11.9% from KAMCO in Sep’10[16] |
| 2012 | Burgan bank acquires 99.3% in Eurobank Tekfen (rebranded as Burgan Bank – Turkey)[17] |
| 2013 | OSN acquires 100% stake in Pehla (region's largest provider of South Asian pay TV content)[18] |
| 2013 | Burgan Bank & UGB jointly acquired ~49% stake in Fimbank, Malta[19] |
| 2013 | UIC purchases additional 10.8% stake in Qurain Petrochemical Industries Company(QPIC)[20] |
| 2013 | UIC divests 29% stake in SADAFCO for KD66 mn[21] |
| 2014 | Completion of a 5-year US$500 million bond issue under EMTN programme[22] |
| 2014 | UIC divests remaining 11% stake in SADAFCO for KD25mn |
| 2014 | Burgan Bank completed the issuance of US$500mn perpetual bond[23] |
| 2014 | Burgan Bank successfully raised capital worth KD102.6 million through a rights issue[24] |
| 2015 | OSN secures second Syndicated Financing Facility for US$400 million[25] |
| 2015 | KIPCO through its subsidiary acquired 51.2% stake in Jordan Kuwait Bank from Burgan Bank[26] |
| 2016 | KIPCO repays KD 80 million bond[27] |
| 2016 | Completion of a 7-year US$500 million bond issue under EMTN programme[28] |
| 2016 | Burgan Bank completed the issuance of a KWD 100 million Tier 2 Capital issuance[29] |
| 2016 | GIG acquires 90% stake in Turkish non-life insurer[30] |
| 2016 | Burgan Bank successfully completed issuance of 5 year, US$500mn bond under its Medium term notes programme[31] |
| 2016 | KIPCO repaid US$500mn bond issued under the EMTN programme in October 2016 |
| 2017 | Successfully completed issuance of 10 year US$500mn bond under its EMTN programme with simultaneous tender of ~53% of its EMTN 2019[32] |
| 2017 | URC announces 40% acquisition in Insha'a Holding.[33] |
| 2017 | United Gulf Bank (UGB) has undergone corporate reorganization (in September 2017) and has split its operations across a holding company - United Gulf Holding Company B.S.C. (UGHC) and the regulated banking entity- UGB.[34] |
| 2017 | Completed first ever seven-year corporate dinar bond issue of KD 100 million maturing in December 2024[35] |
| 2018 | Completed a five-year KD 100 million corporate dinar bond issue maturing in November 2023[36] |
| 2019 | Announced a rights issue of 453 million fully underwritten shares[37] |
| 2019 | Repaid US$ 500 million bond issued under EMTN program matured in February 2019[38] |
| 2019 | KIPCO Completed its rights issue & raised KD 95.08 million in equity[39] |
| 2021 | KIPCO Completed its rights issue of 640 million shares (offer was oversubscribed), and KIPCO raised KD 80 million in equity[40] |
| 2022 | In Nov 2022, successfully merged Qurain Petrochemical Industries Company K.S.C.P. (QPIC) into KIPCO Largest KD-denominated bond issuance of KD165mn ($538mn); bought back US$343mn of existing bonds due in 2023 & 2024[41] |
| 2023 | Completed the sale of its stake in GIG to Fairfax for US$860 million in December 2023. The KIPCO Group realized a profit of ~KD73 million on the sale[42] |
| 2024 | In April 2024, announced the completion of OSN+ and Anghami (NASDAQ: ANGH) transaction[43] |
KIPCO is a strong supporter of promoting transparency of operations, thereby launching its annual Shafafiyah (transparency) investors’ forum in 2004.[44] In this forum, KIPCO and its Group companies shed light on ethical and responsible decision making methods, while safeguarding the integrity of financial reporting. KIPCO has made timely and balanced disclosures, while efficiently recognising and managing risk.
| Name | Position | |
|---|---|---|
| Sheikh Hamad Sabah Al Ahmad Al Sabah | Chairman | |
| Sheikh Abdullah Naser Sabah Al Ahmad Al Saba | Vice Chairman | |
| Sheikha Dana Naser Sabah Al Ahmad Al Sabah | Executive Board Member | |
| Abdullah Yacoub Bishara | Independent Board Member | |
| Faisal Hamad Al Ayyar | Non-Executive Board Member[45] |
| Name | Position | |
|---|---|---|
| Sheikha Dana Naser Sabah Al Ahmad Al Sabah | Group Chief Executive Officer | |
| Samer Khanachet | Deputy Group Chief Executive Officer | |
| Sunny Bhatia | Group Chief Financial Officer | |
| Sheikh Sabah Mohammad Abdulaziz Al Sabah | Group Chief Strategic Projects Officer | |
| Khaled Abdul Jabbar Al Sharrad | Group Chief HR & Admin Officer, Board Secretary | |
| Moustapha Samir Chami | Deputy Group Chief Financial Officer | |
| Mohammad Abdullah Al Hubail | Deputy Group Chief of HR & Admin Officer | |
| Ghada Khalaf | Group Senior Vice President – Investments | |
| Samer Abbouchi | Group Senior Vice President – Investments | |
| Adel Jassem Al Waqayan | Group Treasurer | |
| Eman Mohammad Al Awadhi | Group Senior Vice President – Corporate Communications & Investor Relations | |
| Riyad Mohammed Hanbali | Group Vice President – Internal Audit[46] |
KIPCO's principal shareholder is Al Futtooh Holding Company (AFH), a Kuwaiti holding company owned by members of the Kuwaiti ruling family. Post merger, AFH continues to be the largest shareholder with 31.91% ownership.
The following table sets out the percentage holdings of the company's major shareholders as at 31 March 2024:[47]
| Percentage holding | |
|---|---|
| Al Futtooh Holding Company K.S.C. (Closed) | 31.91 |
| United American Holding Co.& Group (Al Janah Holding Co.) | 21.32 |
| United Industries Co. & Group (Kuwait National Industrial Projects Co.) | 6.25 |
The principal subsidiaries and associates of KIPCO are in commercial banking, petrochemical & oil services, foodstuff, asset management & investment banking, media, real estate, healthcare, logistics and education sector.
The table below sets out the KIPCO's controlling or significant stakes in key portfolio companies*:[48]
∗ Effective stakes as of 31 March 2024The key elements of the group's strategy are to:[4]
The group and its associates have a presence in the following countries in the MENA region:[49]
| Company | Present in | |
|---|---|---|
| Burgan Bank | Kuwait, Algeria, Tunisia, Turkey and UAE (representative office in the Dubai International Financial Centre) | |
| Jordan Kuwait Bank | Jordan, Cyprus, Iraq and Lebanon (branch of Bank of Baghdad) | |
| UGH | Bahrain, Kuwait, Tunisia, Morocco, Malta, Jordan, KSA, UAE, UK, India and Egypt | |
| Panther Media Group Ltd (PMG) | Content rights in 22 countries in the MENA region; however, it currently focuses on seven core markets, being the UAE, Saudi Arabia, Kuwait, Qatar, Egypt, Bahrain and Jordan | |
| Equate Group and TKOC | Kuwait, USA, Canada, Mexico, Netherlands, Brazil, Singapore, Italy, China, Germany and UAE | |
| KARO | Kuwait | |
| NAPESCO | Kuwait | |
| SADAFCO | Saudi Arabia, Bahrain, Kuwait, Qatar, Jordan and Poland | |
| JTC | Kuwait, Qatar, Saudi Arabia | |
| ATC | Kuwait | |
| United Real Estate Company | Kuwait, Jordan, Egypt, Oman, United Kingdom, Morocco and Lebanon |
| KIPCO[50] | Moody's | Fitch Ratings | |
|---|---|---|---|
| Short Term | NP | - | |
| Long Term | Ba3 | BB- | |
| Outlook | Negative | Stable |
KIPCO Holding served as the Strategic Sponsor of the 10th Youth Empowerment Symposium (Tmkeen), marking the 10th anniversary since the event’s launch. Over the decade, the symposium hosted more than 30 international leaders, 95 local leaders and 300 growing entrepreneurs. This is a testament to KIPCO’s longstanding commitment to promote entrepreneurship and empowering young leaders. The initiative aimed to provide a platform for youth to exchange ideas, learn from industry experts, and explore opportunities for entrepreneurship.[51]
KIPCO’s partnership with LOYAC, a local non-profit organization that aims to empower youth to become impactful leaders in society. Through this partnership, KIPCO will be sponsoring the ‘7 Habits for Highly Effective Teens’ program sessions that will be offered to youth aged 12 to 18 throughout the year. The ‘7 Habits’ is a Franklin Covey Education program. The goals of this life empowerment program include increasing self confidence and self-esteem, being responsible, defining one’s values, recognizing and prioritizing goals and resisting peer pressure. [52]
Under the auspices of the Minister of Health, HE Sheikh Dr Basel Humoud Al Sabah, KIPCO – the Kuwait Projects Company (Holding) – inaugurated the Late Sheikha Salwa Sabah Al Ahmad Al Sabah Stem Cell and Umbilical Cord Center. The center was built with a donation of KD 7 million made by Masharee Al Khair Charity Organization on behalf of KIPCO Group. This is the first center in the Gulf region to be dedicated to stem cell research and the storage of umbilical cords.[53]
The Protégés is a mentorship program designed to provide young people with opportunities to learn life and leadership skills, through combination of travel, lectures, group activities, challenges and games for around 6 weeks. Around 25 Protégés are selected based on a thorough screening process ensuring that they meet high standards of excellence. KIPCO is the strategic partner of the program and is supported by nine Group companies.[54]
Dyslexia Campaign is KIPCO's initiative for public awareness about Dyslexia. The campaign – which featured TV and press advertising to highlight the problems faced by those people suffering from dyslexia – was the first of its kind in the Persian Gulf region.[55] In 2008 KIPCO won an award for the campaign on dyslexia at Kuwait's first Corporate Social Responsibility (CSR) Awards.[56]