Latest news with #AbdullahHamadAl-Terkait
Kuwait Times
26-05-2025
- Business
- Kuwait Times
Al-Terkait: New strategic plan for Al-Safat to strengthen local and regional presence
KUWAIT: Chairman of Al-Safat Investment Company Abdullah Hamad Al-Terkait announced that the company has adopted a new strategic plan aimed at reinforcing its presence both locally and stated that 2024 was filled with challenges and opportunities, which the company managed to capitalize on in ways that served its interests and protected shareholders' rights. Shareholders' equity rose from KD 29.4 million in 2023 to KD 30.5 million at the end of 2024, with total assets reaching KD 43.7 million. Speaking at the company's annual general assembly, which was held with an attendance rate of 55.24 percent, Al-Terkait highlighted the key achievements and strategic decisions made over the past year. He also reviewed the main financial and operational initiatives that expanded the company's investment base and strengthened its position in local and regional financial markets. Impairment offset The general assembly approved all items on the agenda, including the election of a new board of directors for a three-year term, comprising: •Abdullah Hamad Al-Terkait – Representative of Al-Safat Holding Company •Ziad Tariq Al-Mukhaizeem – Representative of Dar Al-Safat General Trading Company •Bashar Abdullah Al-Mashari – Representative of Al-Safat Consultancy •Dr. Anwar Ali Al-Naqi – Representative of Kuwait Industries Holding Company – Independent •Abdulmohsen Suleiman Al-Meshaan – Independent •Mishaal Ahmad Al-Jarki – Independent •Yousef Suleiman Al-Dhuwikh – Independent The assembly also reviewed the board's recommendation to reduce the company's capital from KD 38,327,569 to KD 31,752,229 by canceling 65,753,400 shares at a nominal value of 100 fils per share. This move is intended to offset accumulated impairments totaling KD 6,575,340, in accordance with audited financial statements for the fiscal year ending December 31, 2024. Dividend distribution Items discussed at the assembly included the company's potential to distribute dividends to shareholders at the end of the fiscal year or on a periodic basis (quarterly or semi-annually), provided these distributions are based on actual profits. Al-Terkait emphasized that the company's future vision focuses on sustainable growth and enhancing shareholder value in a rapidly evolving economic environment. This requires the company to operate dynamically in response to global and local challenges. Abdullah Hamad Al-Terkait Strengthening the company's position Al-Terkait noted that 2024 witnessed several key milestones that reinforced Al-Safat Investment's position and aligned with its sustainable growth strategy. The company successfully exited its investment in the Middle East Chemicals Manufacturing Company, generating a net return of KD 331,050, which was recorded in the third quarter of last year. The company also completed the conversion of all 'Cap Corp' investments after obtaining regulatory approvals and resolved ongoing legal disputes related to those investments. Market maker role On the technological front, Al-Terkait stated that the company has completed a comprehensive upgrade of its infrastructure and digital platforms in support of its role as a market maker. It has adopted the BINS portfolio management and financial reporting system and the VESTO system for market making—becoming the first company in Kuwait to use these global platforms. Legal settlement Reflecting its commitment to protecting shareholder rights and maximizing returns, Al-Terkait announced the successful conclusion of a financial settlement with UAE-based Evolvence and Khalid Salem Al-Muhairi. The settlement totaled AED 160 million, with the first installment of AED 60 million already received. This had a positive impact on the company's performance in the first quarter of 2025, during which it posted exceptional results exceeding KD 4.6 million. Sustainable growth Al-Terkait said the company aims to achieve sustainable growth through its comprehensive board-approved plan, which focuses on seizing promising investment opportunities that will further solidify its position in the investment sector through diversification and expansion across various fields. Occupancy rates The company increased the occupancy rate at its Ahmadi Industrial Project 'The Blue' to 91 percent in 2024, up from 65 percent in 2023—highlighting the success of its leasing and real estate development strategies. He added that, under a clear strategic framework, the company intends to continue exiting certain industrial sector investments and holdings that have reached their designated investment term. The resulting liquidity will be wisely reinvested into new acquisitions and projects that comply with Islamic Sharia, in line with the company's business model and goals to boost shareholder equity. Regulatory standards Al-Terkait noted that the company concluded the year with an achievement that reflects its commitment to regulatory compliance. The 2024 report from the Capital Markets Authority was free of any violations or warnings, reaffirming Al-Safat Investment's adherence to high standards of governance and transparency. He praised the company's team for their efforts to achieve the desired goals, adding: 'Believing in the vital role of human capital, Al-Safat Investment places employee development at the top of its priorities, offering advanced training programs that enhance staff capabilities and keep pace with rapid changes in the financial and investment sectors.' He concluded by affirming the company's commitment to risk diversification policies and minimizing risk exposure to ensure financial sustainability and bolster investor confidence, thus solidifying its position as a leading investment firm capable of navigating challenges and seizing opportunities in a dynamic economic landscape. Al-Terkait expressed his sincere gratitude to all shareholders, board members, and executive management for their continued support of Al-Safat Investment's operations. He also thanked regulatory bodies in Kuwait—including the Capital Markets Authority, the Ministry of Commerce and Industry and the Central Bank of Kuwait—for their cooperation and ongoing efforts to enhance and develop the country's financial markets, thereby contributing to the sector's stability and growth.
Kuwait Times
11-05-2025
- Business
- Kuwait Times
Al-Terkait: Al-Safat Investment Co records exceptional Q1 profit of KD 4.6 million
Company assets rose to KD 48.8 million KUWAIT: Al-Safat Investment Company announced exceptional financial results for the first quarter of 2025, with net profits surging to more than KD 4.6 million — a growth of over 4,244 percent compared to the same period in 2024. This reflects the success of the company's investment strategy and the restructuring of its financial portfolio. On this occasion, the company's Chairman Abdullah Hamad Al-Terkait stated that Al-Safat's positive shift was achieved thanks to the efforts of the team at all levels, working in an integrated and comprehensive manner over the past period to enhance the company's operations. By the end of Q1 2025, the company's total assets reached KD 48.8 million, compared to KD 43.7 million in the same period of 2024, while shareholder equity jumped to KD 39 million. Strategic transformation Al-Terkait explained in a press statement that, aside from recovering financial rights, the company's growth is the result of a comprehensive strategic transformation plan initiated in mid-2024. This included restructuring the asset portfolio, exiting unprofitable investments, and investing in high-growth sectors, in addition to improving operational efficiency and liquidity management. He noted that the company's sustainable growth plan includes several key strategic directions: Expanding client services by enhancing communication channels, offering personalized and innovative investment solutions, and broadening the investor base of individuals and institutions. Launching new investment divisions focused on alternative assets, direct investments, and sustainable projects, with plans to establish specialized funds in Gulf markets. Exploring acquisition and asset merger opportunities locally and internationally to maximize returns and diversify income sources and gradually exiting non-performing assets and redirecting their value to economically-viable investments. A new phase Al-Terkait affirmed that 'the Q1 results mark the start of a new phase of growth based on efficiency, innovation, and openness to promising markets,' stressing that Al-Safat is on a confident path to becoming one of the region's leading investment companies in the coming years. He added, 'Al-Safat's Q1 performance confirms that the company is on track to achieve its ambitious goals through effective management, a clear expansion vision, and dynamic engagement with market changes.' He expects the company to maintain strong performance in upcoming periods, supported by shareholder trust and the expertise of its executive team. Challenges and opportunities Al-Terkait noted that the recent period was filled with both challenges and opportunities, during which the company restructured its investments and implemented several financial and operational initiatives that strengthened its position in the investment sector. He emphasized that the company's forward-looking vision and strategic goals will lead to sustainable growth and increased shareholder value amid an ever-changing economic environment requiring continuous adaptation to local and global challenges. Key milestones He highlighted that the company maintained business stability and achieved major milestones, including exiting its investment in the Middle East Chemicals Manufacturing Company through a subsidiary. He also noted that Al-Safat successfully completed the transfer of all 'Cap Corp' investments after securing all regulatory approvals and settling legal disputes related to the company. In a step reflecting its commitment to protecting shareholder rights and maximizing returns, Al-Safat finalized all negotiations for a financial settlement with UAE-based Evolvence and Khalid Salem Al-Muhairi. The total settlement was valued at AED 160 million, with the company receiving the first installment of AED 60 million, which will positively impact Q1 2025 financials. Future outlook Al-Terkait stated that Al-Safat Investment aims for sustainable growth through a comprehensive strategy focusing on seizing promising investment opportunities and strengthening its investment position via diversification and expansion across various promising channels and sectors. Their outlook includes both local and international markets, as well as domestic partnerships aimed at boosting investment liquidity and enhancing professional expertise, all of which contribute to risk diversification — and reduction — to ensure maximum financial returns for shareholders. As part of its clear strategy, the company also plans to continue exiting investments that have reached their intended duration, while wisely deploying capital into projects compliant with Islamic Shariah principles. Al-Safat also seeks local expansion by entering new markets and exploring innovative investment sectors that support its development strategy. In this context, the company will research, study, and introduce new investment products tailored to meet changing market demands.
Al Bawaba
04-05-2025
- Business
- Al Bawaba
Strategic investment insights to be explored in The Report: Kuwait 2025
Oxford Business Group (OBG) has signed a Memorandum of Understanding (MoU) with the Union of Investment Companies (UIC), marking the start of a strategic collaboration to support the development of The Report: Kuwait 2025. Under the terms of the agreement, UIC will serve as the publication's principal financial partner, contributing to the production of a comprehensive analysis of Kuwait's investment landscape. The partnership reflects Kuwait's broader efforts to increase international awareness of the country's evolving financial and investment ecosystem. Through this initiative, UIC will play an active role in providing analytical insights and facilitating access to key stakeholders, contributing to the report's in-depth research process. UIC's support will enable Oxford Business Group to conduct interviews and gather research across strategic sectors, while members of UIC will benefit from year-long access to OBG's global intelligence platform, which provides data and analysis on over 35 markets worldwide. Abdullah Hamad Al-Terkait, Chairman of UIC, said the collaboration aligns with their commitment to advancing Kuwait's role as a leading investment destination. 'Our partnership with Oxford Business Group underscores UIC's strategy to strengthen the local investment environment and increase Kuwait's visibility among global investors. By collaborating with an internationally recognised research platform, we aim to provide high-quality, transparent information that supports both domestic and international decision-makers,' he said. Cristina-Gabriela Mirica, OBG's Country Director for Kuwait, highlighted the importance of engaging with key financial institutions to ensure robust coverage of Kuwait's economic priorities. 'UIC brings deep insight into Kuwait's financial and investment sectors. Their participation will help shape a forward-looking analysis of market dynamics, regulatory changes and investment opportunities as the country advances its economic diversification goals,' she said. The Report: Kuwait 2025 will examine developments across sectors including financial services, real estate, energy, and technology. The publication comes at a time when Kuwait is intensifying efforts to support sustainable growth and private sector participation under the framework of New Kuwait Vision 2035. The report will feature interviews with high-profile public and private sector leaders and provide a data-driven overview of the investment climate and business outlook. This collaboration supports OBG's broader mission to deliver in-depth analysis across emerging markets and contributes to UIC's strategy to enhance transparency, support national development goals, and position Kuwait as a regional hub for business and investment. About Oxford Business Group Oxford Business Group (OBG) is a global research and advisory company with a presence in over 30 countries, spanning Africa, the Middle East, Asia, and the Americas. It is recognised internationally as a distinctive and respected provider of on-the-ground intelligence on world's fastest-growing markets, termed The Yellow Slice, in reference to OBG's corporate colour. Through its range of products – Economic News and Views; OBG CEO Surveys; OBG Events and Conferences; Global Platform, which hosts exclusive video interviews; and The Report publications – as well as its Advisory division, OBG offers comprehensive and accurate analysis of macroeconomic and sector-level developments for sound investment opportunities and business decisions. OBG provides business intelligence to its subscribers through multiple platforms, including its direct subscribers, Dow Jones Factiva subscribers, the Bloomberg Professional Services subscribers, Refinitiv's (previously Thomson Reuters) Eikon subscribers, and more.
Zawya
03-05-2025
- Business
- Zawya
Strategic investment insights to be explored in The Report: Kuwait 2025
Kuwait City: Oxford Business Group (OBG) has signed a Memorandum of Understanding (MoU) with the Union of Investment Companies (UIC), marking the start of a strategic collaboration to support the development of The Report: Kuwait 2025. Under the terms of the agreement, UIC will serve as the publication's principal financial partner, contributing to the production of a comprehensive analysis of Kuwait's investment landscape. The partnership reflects Kuwait's broader efforts to increase international awareness of the country's evolving financial and investment ecosystem. Through this initiative, UIC will play an active role in providing analytical insights and facilitating access to key stakeholders, contributing to the report's in-depth research process. UIC's support will enable Oxford Business Group to conduct interviews and gather research across strategic sectors, while members of UIC will benefit from year-long access to OBG's global intelligence platform, which provides data and analysis on over 35 markets worldwide. Abdullah Hamad Al-Terkait, Chairman of UIC, said the collaboration aligns with their commitment to advancing Kuwait's role as a leading investment destination. 'Our partnership with Oxford Business Group underscores UIC's strategy to strengthen the local investment environment and increase Kuwait's visibility among global investors. By collaborating with an internationally recognised research platform, we aim to provide high-quality, transparent information that supports both domestic and international decision-makers,' he said. Cristina-Gabriela Mirica, OBG's Country Director for Kuwait, highlighted the importance of engaging with key financial institutions to ensure robust coverage of Kuwait's economic priorities. 'UIC brings deep insight into Kuwait's financial and investment sectors. Their participation will help shape a forward-looking analysis of market dynamics, regulatory changes and investment opportunities as the country advances its economic diversification goals,' she said. The Report: Kuwait 2025 will examine developments across sectors including financial services, real estate, energy, and technology. The publication comes at a time when Kuwait is intensifying efforts to support sustainable growth and private sector participation under the framework of New Kuwait Vision 2035. The report will feature interviews with high-profile public and private sector leaders and provide a data-driven overview of the investment climate and business outlook. This collaboration supports OBG's broader mission to deliver in-depth analysis across emerging markets and contributes to UIC's strategy to enhance transparency, support national development goals, and position Kuwait as a regional hub for business and investment. About Oxford Business Group Oxford Business Group (OBG) is a global research and advisory company with a presence in over 30 countries, spanning Africa, the Middle East, Asia, and the Americas. It is recognised internationally as a distinctive and respected provider of on-the-ground intelligence on world's fastest-growing markets, termed The Yellow Slice, in reference to OBG's corporate colour. Through its range of products – Economic News and Views; OBG CEO Surveys; OBG Events and Conferences; Global Platform, which hosts exclusive video interviews; and The Report publications – as well as its Advisory division, OBG offers comprehensive and accurate analysis of macroeconomic and sector-level developments for sound investment opportunities and business decisions. OBG provides business intelligence to its subscribers through multiple platforms, including its direct subscribers, Dow Jones Factiva subscribers, the Bloomberg Professional Services subscribers, Refinitiv's (previously Thomson Reuters) Eikon subscribers, and more. For more information, please contact: Marc-André de Blois Director of PR and Video Content, Oxford Business Group E-mail: mdeblois@ 802 Publishing Pavilion, Production City PO Box 502 659 Me'aisem First Dubai UAE 6th Floor 105 Victoria Street London SW1E 6DT Register to receive our Economic Updates:
