26-05-2025
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.
