Latest news with #Al-Jarrah
Jordan News
5 days ago
- Business
- Jordan News
Civil Service Consumer Corporation Announces Discounts on Over 250 Items - Jordan News
Amman – The Civil Service Consumer Corporation (CSCC) announced promotional discounts on more than 250 food and non-food items, starting Monday and running through Thursday evening, July 3. The discounts range from 7% to 30%. اضافة اعلان Acting Director General Eng. Essam Al-Jarrah stated in a press release on Sunday that the offers mainly include essential goods such as rice, sugar, vegetable oils, tea, powdered milk, legumes, and tahini. These discounts will be available across all 69 CSCC branches throughout the Kingdom's governorates and districts, with sufficient quantities to meet consumer demand. He encouraged consumers to visit the corporation's official Facebook page to view full details of the discounted items and their prices. Al-Jarrah added that consumers in the capital, Amman, can also place orders via the online store at or through the CSCC mobile app available on Android and iOS under the name 'Civil Service Consumer Store.' He emphasized that these discounts are part of the corporation's ongoing efforts to ease the financial burden on citizens, especially those with low and middle incomes, and to protect them from rising prices. The corporation bases its purchases and sales on strict quality standards and laboratory testing, he said, confirming that all discounted items have passed the required health and safety tests before being made available in stores. Al-Jarrah also noted that citizens can submit suggestions and feedback through official communication channels, including the hotline 4885843, the corporation's Facebook page, direct contact with market managers or customer service, suggestion and complaint boxes at store entrances, and the official website
Al Bawaba
23-03-2025
- Business
- Al Bawaba
KIB's AGM approves 5% cash dividend and 5% bonus shares for the year 2024
Kuwait International Bank (KIB) held its Annual General Meeting (AGM) and Extraordinary General Meeting (EGM) on Thursday, 20 March 2025, with 76.6% of shareholders in attendance. The AGM approved the agenda items of both the ordinary and extraordinary General Assembly meetings, among which was the recommendation to distribute cash dividends at a rate of 5% of the nominal value per share (5 fils per share) and 5% bonus shares (5 shares per 100 shares) from the issued and paid-up giving an overview of the KIB Group's financial performance and achievements, Sheikh Mohammed Jarrah Al-Sabah, Chairman of KIB, stated: 'Despite global economic challenges, we have thankfully achieved strong results, thanks to the capabilities we have built over the years. Today, we boast advanced digital capabilities, flexible business models, a highly skilled workforce, a passionate executive management team, and an ambitious strategic plan.'He added: 'Our focus is on strengthening our financial position, enhancing and developing asset quality, diversifying revenue streams, and expanding our operations. Additionally, we are advancing cybersecurity and reinforcing our commitment to corporate social responsibility (CSR) initiatives, and environmental, social, and governance (ESG) principles.'Al-Jarrah pointed to the prudent policies of the Central Bank of Kuwait (CBK) in mitigating the impact of global economic fluctuations on the country's banking and financial sector. He also highlighted that economic challenges, rapid technological advancements, and the ongoing AI revolution are intensifying pressures on the operating environment. With customer preferences shifting rapidly and expectations rising, new challenges have emerged, requiring well-crafted strategies to navigate them on the most important results based on its financial statements, Al-Jarrah explained that for the year ended 31 December 2024, KIB Group recorded a net profit attributable to shareholders of KD 23.1 million, reflecting a 21% year-over-year growth, with 11.04 fils earnings per share (EPS). Meanwhile, total operating income increased by 26% compared to 2023, reaching KD 91.4 million in 2024, This increase was primarily driven by 29% growth in net financing income which rose to KD 68 million, in addition to the increase in fees and commission income by 43% to reach KD 17.4 the Bank's strategy, Al-Jarrah said: 'We have developed our new and ambitious strategic plan to bring us closer to realizing our vision of becoming the Islamic bank of choice in Kuwait. Our strategic mission for 2024–2028 is to revitalize performance across our core businesses and expand into new growth avenues, forging a unique and invaluable market position as a profitability leader. We are committed to achieving this mission while upholding our core values: teamwork, efficiency, and customer centricity.'He further explained: 'We have identified key strategic pillars as comprehensive areas for improvement. For each pillar, we have established clear strategic objectives, further broken down into specific initiatives, targeted outcomes, and predefined timelines spanning three phases over the next five years.'Al-Jarrah added: 'In the coming years, we will focus on strengthening and expanding our business relationships with both existing and future customers by growing core banking activities and developing innovative, customer-centric financial products and services. We will implement continuous, transformative enhancements to the customer experience, build agile business models that adapt to market dynamics, and invest in advanced technology and digitalization to support our operations. These efforts will enhance operational efficiency, accelerate transaction processing, and elevate service quality. Additionally, we remain committed to investing in our people, nurturing promising national talent, and preparing the next generation of leaders to drive sustained growth into the future.'Enhancing efficiency and expanding digital horizonsFrom his side, Raed Jawad Bukhamseen, Vice Chairman and Chief Executive Officer of KIB, said: "The year 2024 saw significant achievements and strong growth across all our business sectors. Our banking operations experienced robust expansion in assets and deposits, while strategic partnerships with leading companies contributed to higher financing and non-financing revenues. We also enhanced corporate and individual service quality by streamlining processes, reducing transaction times, improving operational efficiency, and strengthening relationships with key customers.' Regarding the Bank's financial position, Bukhamseen highlighted that the total assets grew by 9%, reaching KD 3.92 billion, compared to KD 3.62 billion at the end of 2023. This increase was primarily driven by a 14% expansion in the financing portfolio, which rose to KD 2.85 billion by the end of 2024, up from KD 2.49 billion in 2023. Additionally, the investments portfolio, primarily concentrated on high-quality Sukuk, recorded a notable 42% increase, rising by KD 150.7 million to reach KD 513.4 million at the end of 2024, compared to KD 362.7 million in 2023Bukhamseen added that depositors' accounts grew by 30%, reaching KD 2.75 billion by the end of 2024, up from KD 2.12 billion in 2023. Meanwhile, shareholders' equity increased by 4% to KD 348 million. He also highlighted that KIB maintained high levels of total capital adequacy ratio, in compliance with Basel III regulations, standing at 18.38% as of 31 December 2024, while maintaining adequate liquidity ratios for all regulatory ratios issued in this regard by the Central Bank of Kuwait and in compliance with Basel III underscored KIB's notable achievements during 2024, including the successful issuance of a USD300 million Additional Tier 1 Sukuk (AT1) with an expected profit rate of 6.625%. The issuance saw investor demand exceeding twice the original size of the issued Sukuk, with final pricing achieving the tightest spread ever achieved on an AT1 Sukuk globally at the time of issuance, at 195 basis points above US Treasury. The strong demand for the Sukuk reflects confidence in the strength and durability of the Kuwaiti banking sector in general, and Islamic banking operations and KIB in particular. It is also a clear indication and confirmation of the confidence that both local and international investors have placed in KIB's strategy and its distinguished and sustainable financial is worth noting KIB's impressive track record in sukuk issuances. Through its investment arm, KIB Invest, KIB participated in the successful issuance of a USD1.25 billion, seven-year sovereign sukuk issued by the Government of Bahrain at the end of 2024, serving as Joint Lead Manager (JLM).Bukhamseen also noted that KIB's subsidiaries continue to achieve tangible achievements in diversifying and developing their products and services, targeting all companies across various sectors to provide innovative and advanced reaffirmed KIB's optimistic outlook for the future, emphasizing its strong commitment to investing in human capital as a key strategic priority. This includes comprehensive training programs and opportunities for national talent, aimed at cultivating a new generation of qualified performanceOn his part, Mohamed Said El Saka, KIB's Deputy CEO, said: "The 2024 end-of-year results represented a significant milestone in the Bank's journey, as it continued to achieve its strategic objectives centered on innovation and sustainable growth. This approach has notably enhanced the Bank's competitiveness by expanding its financing portfolio and adopting cutting-edge digital solutions that align with evolving market demands."El Saka added: 'In the realm of digital services, we enhanced our online banking platform and mobile app for corporate customers. KIB has also made a significant advancement in the retail banking sector by leveraging digital capabilities. The Bank introduced numerous new features and services across its digital channels. Furthermore, KIB has invested in innovative digital solutions for the real estate sector. These initiatives have contributed to business growth, increased revenues, and diversified income streams. Additionally, we expanded our investments in real estate research and development.'El Saka emphasized KIB's continued efforts to strengthen its distinctive position in the sector. This was exemplified by the Bank receiving several prestigious awards in 2024, including 'Best Real Estate Solutions Provider – MENA 2024' from Capital Finance International ( magazine, 'Best Retail Banking Product 2024' from World Finance magazine, recognizing the comprehensive upgrade of the KIB Mobile App, and 'Excellence in FinTech Innovation & Digital Leadership in Kuwait for 2024' by the World Union of Arab Bankers (WUAB).He added that these awards reflect KIB's unwavering commitment to delivering innovative, high-quality services to its customers and reinforce its leadership in digital and real estate banking solutions. ESG activities In 2024, while implementing its strategic plan initiatives, KIB simultaneously reinforced its commitment to ESG practices and CSR, integrating them into the Bank's broader strategic initiatives. KIB also developed a dedicated ESG strategy and launched initiatives to promote energy conservation, encourage recycling, and reduce paper-based transactions. Additionally, it signed cooperation agreements with universities to provide training programs for students and introduced entrepreneurship training programs through the KIB Mubader Center. Throughout 2024, the Bank remained focused on ensuring that all strategic initiatives align with regulatory requirements and implementing best-in-class cybersecurity practices to safeguard the Bank's assets and customers. Overall, KIB strives to balance strategic growth with social and environmental responsibility, while maintaining strict regulatory and security compliance. Acknowledgments and appreciation In his final remarks, Al-Jarrah extended his sincere thanks and appreciation to all shareholders, members of the Board of Directors, and the Executive Management for their continuous support to the Bank, and to everyone who supported its journey. He also expressed gratitude to the Central Bank of Kuwait for its ongoing support, commending its distinguished regulatory and supervisory role. Additionally, he thanked the Ministry of Commerce and Industry for its relentless efforts in supporting commercial and economic activities in the country, and the Capital Markets Authority for its supervisory and regulatory role in supporting an attractive and competitive investment environment in Kuwait. Al-Jarrah also thanked the esteemed members of KIB's Sharia Supervisory Board, as well as the Bank's employees for their outstanding efforts, and its valued customers for their trust and continuous support of its journey and their effective contribution to its achievements. He also commended the efforts made by the State of Kuwait, its leadership and its people, to maintain the stability and security of the country. Election of the KIB's board members The Ordinary General Assembly of KIB's shareholders elected 11 members to the Bank's Board of Directors for the next three years. The non-independent members elected were Sheikh Mohammed Jarrah Al-Sabah, Mr. Raed Jawad Bukhamseen, Mr. Anwar Jawad Bukhamseen, Mr. Jassim Hassan Zainal, Dr. Abdullah Abdul Samad Marafi, Mr. Saleh Sulaiman Al-Trad, and Mr. Marzouq Khaled Yousef Al-Marzouq. The independent members were Mr. Abdul Razzaq Salah Al-Mutawa, Mr. Jassim Mohammed Al-Wazzan, Mr. Jihad Mohammed Ahmed Al-Qabandi, and Mr. Salem Falah Al-Hajraf. © 2000 - 2025 Al Bawaba (
Asharq Al-Awsat
19-02-2025
- Business
- Asharq Al-Awsat
Saudi Arabia Allocates 3 Mining Complexes in Eastern and Madinah Regions
Saudi Arabia's Ministry of Industry and Mineral Resources has designated three sites for mining complexes in the Eastern and Madinah regions. This initiative aims to enhance the investment environment in the mining sector, improve transparency, attract investors, and support mining licenses for building materials quarries. According to ministry spokesperson Jarrah Al-Jarrah, developing these mining complexes will help regulate the building materials quarry sector, strengthen governance in mining, and increase investor confidence. The initiative is expected to attract further investments while ensuring sustainability by focusing on environmental protection, occupational health and safety, and community participation in the sector's growth under the Mining Investment Law. Al-Jarrah added that the allocated sites include a location southeast of Madinah, covering 108.25 square kilometers, a site in the Eastern Province south of Khafji, spanning 4.84 square kilometers, and another site southwest of Khafji, covering 4.28 square kilometers. By allocating these sites, the ministry aims to stimulate local economic development by creating job opportunities for residents in nearby areas, increasing local procurement, and fostering effective community engagement. The initiative also emphasizes adherence to environmental regulations, ensuring responsible mining practices, and implementing rehabilitation and closure plans for mining sites.
Arab News
16-02-2025
- Business
- Arab News
Saudi Arabia's Northern Borders region holds $1.22tn in mining resources
JEDDAH: Saudi Arabia's Northern Borders region, home to an estimated SR4.6 trillion ($1.22 trillion) in mineral resources, is emerging as a key driver of economic growth and investment, according to the Ministry of Industry and Mineral Resources. The region is a major hub for phosphate production, a critical component in global food security due to its use in agricultural fertilizers. Mining projects in Waad Al-Shamal, an industrial city dedicated to the sector, have positioned Saudi Arabia among the world's leading phosphate producers and exporters. As part of Vision 2030, the Kingdom is accelerating efforts to develop its mining sector and reduce its reliance on oil and gas. The ministry has identified mining as a key pillar of economic transformation, focusing on resource efficiency and attracting both local and international investment. Jarrah bin Mohammed Al-Jarrah, spokesman for the ministry, said the region contains significant deposits of phosphate, coal, dolomite, limestone, and silica sand. It also has five phosphate ore sites and 29 active mining licenses, including 15 for building material quarries and 14 for mineral exploitation. Beyond mining, the Northern Borders region is expanding its industrial footprint, with 61 factories operating across Arar, Tarif, and Rafha in sectors such as building materials, food processing, and chemicals, Al-Jarrah said. The developments come as minister of industry and mineral resources Bandar bin Ibrahim Al-Khorayef began a visit to the region on Feb. 16 to assess industrial and development projects aimed at strengthening its role as a mining hub. His visit aligns with the ministry's broader strategy to attract investment and position mining as a key sector in Saudi Arabia's economic diversification. Saudi Arabia's mining ambitions have gained significant momentum in recent years. At a meeting in July, Alkhorayef highlighted that the estimated value of the Kingdom's mineral wealth had surged from $1.3 trillion to $2.5 trillion by early 2024 — a 90 percent increase — driven by government investments in geological surveys, exploration, and private sector participation. The rise in valuation reflects a more comprehensive understanding of the country's vast mineral potential, as well as increasing demand for critical minerals needed for global energy transitions.
Zawya
11-02-2025
- Business
- Zawya
KIB Group achieved profit of $75mln for the year 2024
KUWAIT CITY The Chairman of Kuwait International Bank (KIB), Sheikh Mohammed Jarrah Al-Sabah, announced the Bank's financial results for the year ended on 31 December 2024, highlighting that KIB achieved a net profit attributable to shareholders of KD 23.1 million, marking a 21% increase over the last year, with earnings per share (EPS) of 11.04 fils. Meanwhile, total operating income increased by 26% over 2023, reaching KD 91.4 million in 2024. In this regard, Al-Jarrah highlighted that the financial results achieved by KIB reflect the Bank's effective strategy that is focused on continuous innovation and excellence in banking services, as well as its ability to adapt to market changes and competition. This success is further supported by its robust financial position and solid, stable capital base. Al-Jarrah said: 'At KIB, we believe success is not solely measured by numbers but by our ability to anticipate the future and sustain high performance. That's why we invest significantly in technology, digital infrastructure and human capital development, ensuring we meet our customers' needs at the highest standards in a rapidly changing market environment.' As for the financial statements for 2024, Al-Jarrah noted that the total assets witnessed a 9% growth, amounting to KD 3.92 billion, in comparison to KD 3.62 billion at the end of 2023. This growth came primarily as a result of an increase in the financing portfolio by 14%, reaching KD 2.85 billion at the end of 2024, compared to KD 2.49 billion at the end of 2023. Additionally, the financial investments portfolio which primarily concentrated on high-quality Sukuk recorded a significant growth of 42%, amounting to KD 150.7 million, bringing the total to KD 513.4 million at the end of 2024, compared to around KD 362.7 million in 2023. Regarding dividends' distribution among the shareholders, Al-Jarrah stated that KIB's Board of Directors proposed cash dividends of 5 fils per share and 5% as bonus shares from the issued and paid-up capital, subject to the approvals of the Bank's shareholders' general assembly and competent regulatory authorities. Al-Jarrah added: 'KIB's growth in 2024 was driven by its focus on strengthening its financing portfolio and diversifying investments, which contributes to long-term financial stability. The Bank remains committed to supporting the national economy by backing initiatives and projects that promote innovation and entrepreneurship. Additionally, the Bank is dedicated to creating sustainable value for the community, customers, and shareholders, while upholding the highest standards of governance and transparency.' Al-Jarrah concluded his remarks by emphasizing that the Bank's positive results would not have been possible without the exceptional efforts of its dedicated team and the unwavering support of its valued shareholders. He reaffirmed KIB's commitment to investing specially in technology, digital infrastructure, developing human capital and implementing future plans to meet market demands, all while upholding its social responsibility to deliver sustainable value for all stakeholders. Innovation and Sustainable Growth On his part, Raed Jawad Bukhamseen, Vice Chairman and Chief Executive Officer of KIB, stated: 'This year's results represent a pivotal milestone in our journey, reflecting our strategic focus on innovation and sustainable growth. This approach has allowed us to strengthen our competitiveness significantly by optimizing our financing portfolio and adopting innovative digital solutions that keep pace with market trends.' Bukhamseen added: 'The Bank has effectively achieved a balance between growing its investment portfolio and expanding its banking services, leading to a significant increase in operating revenues. These results highlight the Group's exceptional performance and growth in key financial indicators, showcasing the success of our strategy and our commitment to the highest standards in the banking industry.' Commenting on KIB's financial performance, Bukhamseen noted the increase in the net financing income by 29% in 2024, to reach KD 68 million, in comparison with the approximate KD 52.9 million in 2023. Fee and commission income increased to KD 17.4 million, up from KD 12.2 million, reflecting a growth rate of 43%. This contributed to a rise in total operating income, which reached KD 91.4 million compared to KD 72.6 million in 2023, marking a growth of 26%. Discussing the Bank's financial position, Bukhamseen highlighted that depositors' accounts in KIB grew by 30%, totaling of KD 2.75 billion by the end of 2024, with the comparison with 2.12 billion in 2023. Meanwhile, shareholders' equity attributable to the shareholders grew by 4% to reach KD 348 million. He further noted that KIB maintained high levels of total capital adequacy ratio, in accordance with Basel III instructions, reaching 18.38% as at 31 December 2024. Issuance of USD300 million in Sukuk Bukhamseen underscored KIB's notable achievements during the first half of 2024, including the successful issuance of a USD300 million Additional Tier 1 Sukuk (AT1) with an annual profit rate of 6.625%. The issuance saw investor demand exceeding twice the original size of the issued Sukuk, with final pricing achieving the tightest spread ever achieved on an AT1 Sukuk globally at the time of issuance, at 195 basis points above US Treasury. Furthermore, the AT1 Sukuk issued in 2019 were fully redeemed by way of exercising of the Call Option in 2024. Establishing KIB Invest In 2024, the Bank officially launched its investment arm, Al Dawli Invest Investment Company (KIB Invest), to engage in Islamic investment activities and provide a diversified suite of investment solutions tailored to meet clients' evolving needs, Bukhamseen noted. This was achieved through a specialized team with extensive expertise in local, regional, and global markets. Bukhamseen also highlighted that KIB Invest served as Joint Lead Manager (JLM) in the issuance of a seven-year sovereign Sukuk for the Kingdom of Bahrain. The Sukuk raised USD1.25 billion for 7 years and attracted demand exceeding 2.8 times the targeted size. He expressed pride in KIB Invest's position as a trusted partner for major institutions and investors in GCC markets. Expanding the Branch Network As part of KIB's efforts to expand its branch network and be closer to its customers across various areas of Kuwait, the Bank opened a new branch in Sabah Al-Salem. The branch features a modern, innovative design and advanced technological capabilities aligned with KIB's digital infrastructure investment strategy. Additionally, the Bank inaugurated its 18th branch in Mubarak Al-Kabeer, designed with a contemporary approach and equipped with the latest banking technologies. These steps demonstrate the Bank's commitment to enhancing its digital infrastructure and broadening the scope of its services, he said. Enhancing Services and Innovating New Solutions KIB achieved significant progress in developing banking services and digital products in 2024, while also introducing innovative financial solutions designed to continually elevate the customer experience. These efforts aim to address customers' evolving needs and empower them to manage their finances and conduct transactions securely at all times. This is based on its comprehensive strategy towards digital transformation, innovation and sustainable digital growth, keeping pace with the latest developments in the banking sector, and aligning with its main slogan, 'Bank for Life'. Social Responsibility In 2024, the Bank launched several key initiatives, solidifying its position as a leader in community development across various sectors, as part of its comprehensive social responsibility program. Leading these efforts was its continued support, for the fourth consecutive year, of the 'Let's Be Aware' (Diraya) banking awareness campaign, initiated by the Central Bank of Kuwait (CBK) in collaboration with the Kuwait Banking Association (KBA). The campaign aligns with the Bank's mission to promote financial and banking literacy across all segments of society. To maximize its impact, KIB strategically targeted high-traffic locations, such as major shopping centers, while also leveraging media platforms and its digital channels to disseminate awareness messages. Prestigious Awards and Recognitions In 2024, KIB achieved numerous prestigious accolades, reflecting its leadership in the banking sector. These included the 'Best Real Estate Solutions Provider – MENA 2024' award from Capital Finance International ( magazine and the 'Best Retail Banking Product 2024' from World Finance magazine, recognizing the successful revamp of the KIB Mobile application. Additionally, KIB was honored with the 'Excellence in FinTech Innovation & Digital Leadership in Kuwait 2024' by the World Union of Arab Bankers (WUAB). Furthermore, the Arab Academy for Management, Banking and Financial Sciences (AAMBFS) announced the appointment of Al-Jarrah as Chairman of its Board of Trustees. Recognized as one of the leading educational institutions in the Arab world, the academy plays a vital role in preparing top professionals in finance, banking, and management. In their closing remarks, Al-Jarrah and Bukhamseen praised the exemplary regulatory and supervisory role of the Central Bank of Kuwait and its steadfast support. They also expressed their gratitude to the Capital Markets Authority for its efforts in creating an attractive and competitive investment environment in Kuwait. In addition, they acknowledged the dedicated efforts of all KIB teams and their significant contributions to achieving these results. They extended their heartfelt appreciation to the Board of Directors and the Executive Management for their continued support and wise guidance in further strengthening KIB's financial position.
