KIPCO

Last updated
Kuwait Projects Company (Holding)
Company type Public
Industry Holding company
Founded2 August 1975 as Kuwait Investment Projects Company
HeadquartersKIPCO Tower,
Khalid Bin Al Waleed Street,
Sharq, Kuwait City
Area served
GCC & MENA Region
Key people
Sheikh Hamad Sabah Al Ahmad Al Sabah (Chairman)
Sheikh Abdullah Naser Sabah Al Ahmad Al Sabah (Vice Chairman)
ProductsCommercial banking, petrochemical & oil services, foodstuff, asset management & investment banking, media, real estate, healthcare, logistics and education
RevenueIncrease2.svg US$ 4.2 billion (2023) [1]
Increase2.svg US$ 98 million (2023) [1]
Total assets Increase2.svg US$ 40.1 billion (2023) [1]
Total equity Increase2.svg US$ 2 billion (2023) [1]
Number of employees
16000 [2]
Website www.kipco.com 29°22′33″N47°59′11″E / 29.37583°N 47.98639°E / 29.37583; 47.98639

Kuwait Projects Company (Holding), known as KIPCO, is an investment holding company in the Middle East and North Africa (MENA) region. KIPCO, with consolidated assets of $40.1 billion as of 31 December 2023, operates 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]

Contents

History

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 and made investments in a diversified portfolio of companies operating throughout the Gulf Cooperation Council (GCC ) and the wider Middle East and North Africa (MENA) region.

Milestones

1988Acquisition of United Gulf Bank (UGB) [5]
1995Acquisition of stake in United Real Estate Company (URC) [6]
1995Acquisition of stake in Burgan Bank
1995Formation of Gulf DTH (Showtime)
1996Acquisition of stake in Gulf Insurance Company (GIC) – now Gulf Insurance Group [7]
1996Acquisition of United Industries Company (UIC)
1996Acquisition of SADAFCO - Saudia Dairy and Foodstuff Company - by UIC
1998Formation of KAMCI – KIPCO Asset Management Company [8]
1999Acquisition of stake in Wataniya Telecom [9]
2006Establishment of US$2 billion EMTN programme [10]
2007Sale of Wataniya Telecom
2009Merger of Showtime and Orbit to create OSN [11]
2009Completion of a 7-year US$500 million bond issue under EMTN programme [12]
2010Completion of a 7-year US$500 million bond issue under EMTN programme [13]
2010Sale of 39.2% stake in GIC to Fairfax [14]
2010KIPCO acquires 34% direct stake in URC by subscribing to rights issue in Dec’10 [15]
2010Acquisition of 40.3% stake in UIC, 28.4% during rights issue and 11.9% from KAMCO in Sep’10 [16]
2012Burgan bank acquires 99.3% in Eurobank Tekfen (rebranded as Burgan Bank – Turkey) [17]
2013OSN 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]
2013UIC purchases additional 10.8% stake in Qurain Petrochemical Industries Company(QPIC) [20]
2013UIC divests 29% stake in SADAFCO for KD66 mn [21]
2014Completion of a 5-year US$500 million bond issue under EMTN programme [22]
2014UIC divests remaining 11% stake in SADAFCO for KD25mn
2014Burgan Bank completed the issuance of US$500mn perpetual bond [23]
2014Burgan Bank successfully raised capital worth KD102.6 million through a rights issue [24]
2015OSN secures second Syndicated Financing Facility for US$400 million [25]
2015KIPCO through its subsidiary acquired 51.2% stake in Jordan Kuwait Bank from Burgan Bank [26]
2016KIPCO repays KD 80 million bond [27]
2016Completion of a 7-year US$500 million bond issue under EMTN programme [28]
2016Burgan Bank completed the issuance of a KWD 100 million Tier 2 Capital issuance [29]
2016GIG acquires 90% stake in Turkish non-life insurer [30]
2016Burgan Bank successfully completed issuance of 5 year, US$500mn bond under its Medium term notes programme [31]
2016KIPCO repaid US$500mn bond issued under the EMTN programme in October 2016
2017Successfully completed issuance of 10 year US$500mn bond under its EMTN programme with simultaneous tender of ~53% of its EMTN 2019 [32]
2017URC announces 40% acquisition in Insha'a Holding. [33]
2017 United Gulf Bank (UGB) has undergone corporate reorganization (in September 2017) and has split its operations across a holding company - United Gulf Holding Company B.S.C. (UGHC) and the regulated banking entity- UGB. [34]
2017Completed first ever seven-year corporate dinar bond issue of KD 100 million maturing in December 2024 [35]
2018Completed a five-year KD 100 million corporate dinar bond issue maturing in November 2023 [36]
2019Announced a rights issue of 453 million fully underwritten shares [37]
2019Repaid US$ 500 million bond issued under EMTN program matured in February 2019 [38]
2019KIPCO Completed its rights issue & raised KD 95.08 million in equity [39]
2021KIPCO Completed its rights issue of 640 million shares (offer was oversubscribed), and KIPCO raised KD 80 million in equity [40]
2022In 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]
2023Completed 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]
2024In April 2024, announced the completion of OSN+ and Anghami (NASDAQ: ANGH) transaction [43]

Corporate governance

KIPCO launched its annual Shafafiyah (transparency) investors’ forum in 2004 as a way of supporting transparency. [44] The forum is highlighted by KIPCO and its Group companies shedding light on its ethical and responsible decision making methods for the year.

Board of Directors

NamePosition
Sheikh Hamad Sabah Al Ahmad Al SabahChairman
Sheikh Abdullah Naser Sabah Al Ahmad Al SabahVice Chairman
Sheikha Dana Naser Sabah Al Ahmad Al SabahExecutive Board Member
Abdullah Yacoub BisharaIndependent Board Member
Faisal Hamad Al AyyarNon-Executive Board Member

[45]

Executive management

NamePosition
Sheikha Dana Naser Sabah Al Ahmad Al SabahGroup Chief Executive Officer
Samer KhanachetDeputy Group Chief Executive Officer
Sunny BhatiaGroup Chief Financial Officer
Sheikh Sabah Mohammad Abdulaziz Al SabahGroup Chief Strategic Projects Officer
Khaled Abdul Jabbar Al SharradGroup Chief HR & Admin Officer, Board Secretary
Moustapha Samir ChamiDeputy Group Chief Financial Officer
Mohammad Abdullah Al HubailDeputy Group Chief of HR & Admin Officer
Ghada KhalafGroup Senior Vice President – Investments
Samer AbbouchiGroup Senior Vice President – Investments
Adel Jassem Al WaqayanGroup Treasurer
Eman Mohammad Al AwadhiGroup Senior Vice President – Corporate Communications & Investor Relations
Riyad Mohammed HanbaliGroup Vice President – Internal Audit

[46]

Shareholding structure

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: [47]

 Percentage holdingPublished on
Al Futtooh Holding Company K.S.C. (Closed)
31.91
27 November 2022
United American Holding Co.& Group (Al Janah Holding Co.)
19.77
16 September 2024
United Industries Co. & Group (Kuwait National Industrial Projects Co.)
6.25
30 November 2022

Group structure

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]

 Commercial BankingPetrochemicalFoodstuffAMIBMediaReal EstateOil Services/ Logistics
 Burgan BankEquateSADAFCOUGHKAMCO InvestOSNUnited Real Estate CompanyNAPESCOJTC
KIPCO Group effective stake
62%
6%
41%
91%
56%
70%
63%
60%
47%

∗ Effective stakes as of 31 March 2024

Principal companies/ key subs and associates

Business strategy

The key elements of the group's strategy are to: [51]

Regional presence

The group and its associates have a presence in the following countries in the MENA region: [52]

CompanyPresent in
Burgan Bank Kuwait, Algeria, Tunisia, Türkiye, 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, Saudi Arabia, 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 TKOCKuwait, the US, Canada, Mexico, Netherlands, Brazil, Singapore, Italy, China, Germany, and the UAE.
KAROKuwait
NAPESCOKuwait
SADAFCO Saudi Arabia, Bahrain, Kuwait, Qatar, Jordan, and Poland.
JTCKuwait, Qatar, Saudi Arabia
ATCKuwait
United Real Estate CompanyKuwait, Jordan, Egypt, Oman, UK, Morocco and Lebanon

Credit ratings

KIPCO [53] Moody'sFitch Ratings
Short Term
NP
-
Long Term
Ba3
BB-
Outlook
Negative
Stable

Sustainable Growth & Impact

With a commitment to transparent governance, KIPCO integrates Environmental, Social, and Governance (ESG) principles into its operations. This dedication has earned KIPCO recognition with four prestigious awards from Forbes, affirming its commitment to sustainability and responsible practices. These efforts include the development of a comprehensive ESG Framework and an ESG Committee to ensure alignment with objectives. Additionally, KIPCO prioritizes transparent communication, engaging with internal and external stakeholders through regular dialogue and recognition programs to foster positive multilateral impacts.

Environmental Initiatives

KIPCO has aligned its environmental efforts with Kuwait's Vision 2035, focusing on resource management and climate action. The company collaborates with NGOs, industry bodies, and government entities to promote sustainability initiatives across Kuwait. Although KIPCO’s carbon footprint is minimal, primarily stemming from office-based operations, KIPCO aims to further reduce greenhouse gas emissions through initiatives such as Digital Document Management, which enhances environmental responsibility while improving financial efficiency. Additionally, KIPCO’s strategic IT investments have led to significant cost savings and environmental benefits.

The company transparently reports its greenhouse gas emissions, covering Scope 1, 2, and 3 emissions. In 2023, KIPCO reported Scope 1 emissions of 8.17 tCO2e, Scope 2 emissions of 1,575.00 tCO2e, and Scope 3 emissions of 162.2 tCO2e, reflecting its ongoing commitment to reducing environmental impact.

Social Responsibility

KIPCO engages with the Kuwaiti community through a variety of initiatives designed to foster collaboration, empowerment, and social support. The company sponsors entrepreneurship platforms, collaborates with local organizations, and participates in conferences. From 2022 to 2023, KIPCO increased its investment in community initiatives by 380%, spending KD 635,145. This rise in community support highlights KIPCO’s commitment to corporate social responsibility. Employees also actively participate in volunteer work, and the company contributes financially to charitable causes.

KIPCO is also dedicated to investing in its workforce. In 2023, the company spent KD 119,500 on employee training and engagement activities, a 75% increase from the previous year. KIPCO has maintained a Kuwaitization rate of 28%, with 41% of managerial roles held by Kuwaiti nationals. The company promotes gender diversity, with women representing 38% of its workforce and initiatives in place to increase female leadership.

Governance Practices

KIPCO’s corporate governance framework is foundational to its operations, emphasizing transparency, accountability, and sustainability. The company’s Board of Directors includes 20% female representation, and its executive leadership reflects a commitment to diversity, with 23% of executive managers being women and 46% of leadership roles held by Kuwaiti nationals.

In its procurement practices, KIPCO prioritizes local suppliers, with 68% of suppliers being local. In 2023, the company directed 77% of its procurement expenditure—KD 1,309,114—toward local suppliers, significantly exceeding foreign supplier spending. KIPCO maintains strict adherence to compliance regulations, reporting zero instances of non-compliance or corruption incidents in 2023.

Additionally, KIPCO’s IT Department has implemented several system and data security upgrades, resulting in zero data loss incidents during the year. The company’s total IT expenditure in 2023 was KD 129,295, reflecting its focus on technological resilience and security. [54]

Corporate social responsibility

KIPCO Sponsors 10th Youth Empowerment Symposium

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. [55]

KIPCO partners with LOYAC to offer training opportunities for teens

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. [56]

KIPCO Group inaugurates The Late Salwa Sabah Al Ahmad Al Sabah Stem Cell and Umbilical Cord Center

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. [57]

The Protégés Program

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. [58]

Dyslexia Campaign

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. [59] In 2008 KIPCO won an award for the campaign on dyslexia at Kuwait's first Corporate Social Responsibility (CSR) Awards. [60]

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References

  1. 1 2 3 4 KIPCO Annual Report 2023, KIPCO Website, 21 June 2024
  2. ↑ KIPCO Overview, KIPCO Website 28 March 2018
  3. ↑ KIPCO Corporate Website retrieved 17 July 2024
  4. ↑ "EMTN Programme 2018" KIPCO Website 28 March 2018
  5. ↑ NBK Capital report, Arabtimesonline.com, 12 February 2014
  6. ↑ URC Prospectus, LSE 5 May 2007
  7. ↑ Global Research-Kuwait Global Investment House, April 2009
  8. ↑ KAMCO News Kuwait times, 04 June 2014
  9. ↑ KIPCO World, 2014
  10. ↑ "KIPCO share of Wataniya sale deal with QTEL finalized" Kuwait News Agency (KUNA), 13 March 2007
  11. ↑ "Showtime Arabia, Orbit announce TV merger" Business.com, 12 July 2009
  12. ↑ Global Research-GCC Global Investment House, November 2009
  13. ↑ "KIPCO completes US$500m bond issue" Investegate, 12 July 2010
  14. ↑ "Fairfax unit to buy 39% of Gulf Insurance Co." Businessinsurance.com, 20 September 2010
  15. ↑ "KIPCO raises stake in real estate firm URC" Arabianbusiness.com, 25 January 2011
  16. ↑ "Kipco boosts stake in United Industries" Gulfbase.com, 04 July 2010
  17. ↑ "Burgan Bank Concludes Purchase of Eurobank Tekfen" Bloomberg.com, 23 December 2012
  18. ↑ "OSN acquires Pehla" Khaleej Times, 27 August 2013
  19. ↑ "Kuwait's KIPCO takes majority stake in Malta's Fimbank" Reuters.com, 30 May 2010
  20. ↑ KIPCO News Archived 2014-07-14 at the Wayback Machine Gulfbankers.com, 01 April 2014
  21. ↑ "United Industries divests 29% of SADAFCO in special transaction" Mubasher.info, 05 November 2013
  22. ↑ "KIPCO successfully prices US$ 500 mn bond issue" Archived 2014-07-14 at the Wayback Machine RNS Market News, 03 Feb 2014
  23. ↑ "Burgan Bank issues USD500m additional Tier 1 capital" Zawya News, 24 September 2014
  24. ↑ "Rights issue by Burgan Bank" Archived 2016-03-04 at the Wayback Machine Banking Frontiers
  25. ↑ "OSN secures $400 million syndicated financing facility" Arab News, 8 September 2015
  26. ↑ "Kuwait's Burgan Bank sells majority stake in Jordanian bank to parent firm" Reuters, 30 December 2015
  27. ↑ "KIPCO repays KD 80 million bond" Ameinfo, 17 January 2016
  28. ↑ "KIPCO completes US$ 500 million bond issue despite challenging market conditions" Gulf News 24/7, 9 March 2016
  29. ↑ "Burgan Bank issues subordinated bonds worth KWD 100m" GULFBANKERS, 13 March 2016
  30. ↑ "GIG buys Turkish insurer Turins Sigorta" MENAIR, 14 June 2016
  31. ↑ "Burgan Bank successfully issues $500m debut senior bond" Kuwait Times, 19 Sep 2016
  32. ↑ "New bond issue: KIPCO issued international bonds for USD 500.0m maturing in 2027 with a 4.5% coupon" C Bonds, 17 Feb 2017
  33. ↑ "URC has announced a 39.17% acquisition in leading Kuwaiti building materials company, Insha'a Holding" (Press release). United Real Estate Company. 16 March 2017. Retrieved 3 August 2018.
  34. ↑ "UGB Announces Details of the Reorganization" UGB Website, September 13, 2017
  35. ↑ [ "Kuwait's KIPCO issues $331m seven-year bond"] Arabian Business, 28 December 2017
  36. ↑ "KIPCO completes five-year bond issue" Zawya, 8 November 2018
  37. ↑ "KIPCO to raise its capital through a rights issue" Kuwait Times, 2 February 2019
  38. ↑ "Repaid US$500 million bond issued under EMTN programme" KIPCO Corporate Website retrieved 13 August 2019
  39. ↑ "KIPCO Completed its rights issue" Zawya, 24 July 2019
  40. ↑ "KIPCO raises KD 80 million in rights issue" Shares Magazine, 28 June 2024
  41. ↑ "KIPCO completes merger with QPIC" Zawya, 28 June 2024
  42. ↑ "KIPCO completes the sale of its 46% stake in GIG to Fairfax Financial Holdings" Zawya, 28 June 2024
  43. ↑ "Anghami and OSN+ Successfully Complete Milestone Transaction, Creating an Entertainment Powerhouse" PR Newswire, 28 June 2024
  44. ↑ KIPCO Annual Report-2016
  45. ↑ KIPCO Website retrieved 14 June 2024
  46. ↑ KIPCO Website retrieved 3 June 2024
  47. ↑ Boursa Kuwait
  48. ↑ KIPCO Equity Presentation 2024
  49. ↑ KIPCO Equity Presentation 2024
  50. ↑ London Stock Exchange
  51. ↑ KIPCO Equity Presentation 2024
  52. ↑ London Stock Exchange
  53. ↑ KIPCO Annual Report 2023 14 June 2024
  54. ↑ KIPCO Sustainability
  55. ↑ KIPCO Sustainability Report 2023
  56. ↑ Zawya, retrieved August 9, 2024
  57. ↑ Zawya, retrieved August 9, 2024
  58. ↑ "Proteges Third Generation officially launched in Kuwait" Kuwait Times, retrieved July 21, 2014
  59. ↑ "KIPCO Sponsors Dyslexia Awareness Campaign" PRWeb, September 10, 2007, retrieved July 21, 2014
  60. ↑ "KIPCO's Dyslexia Campaign Wins Corporate Social Responsibility Award" Zawya, Jan 23 2008, retrieved July 21, 2014
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