Performance at UGB's major subsidiaries and associates has been strong and has contributed substantially to UGB’s revenues.

Subsidiaries

KIPCO Asset Management Company (KAMCO), Kuwait
Established in 1998, KAMCO is one of the leading asset management and financial services institutions in Kuwait. KAMCO created a niche for itself in the Kuwait market by offering integrated asset management, financial services and investment advisory research services to a diverse local, regional and international client base. Assets under management exceed US$ 8.8 billion. KAMCO has been listed on the KSE since 2003. UGB's ownership in KAMCO is 85.7%. For more information visit www.kamconline.com

United Gulf Financial Services - North Africa (UGFS - North Africa), Tunisia
UGFS North Africa was established in Tunisia in October 2008 as a new asset management company. The company’s activities encompass portfolio management services, funds management services and corporate finance in connection with the portfolio management services. Its ownership stake is held 60% by UGB, 20% by KAMCO and 10% by NAHC.

Associates

Financial Services

Al Sharq Financial Brokerage Company (Al Sharq), Kuwait
Al Sharq was established in March 1985 with the objective of providing financial brokerage activities in the Kuwait Stock Exchange. It is one of the largest local brokerage firms in Kuwait. UGB directly owns 15% and indirectly owns an additional 4.6% through its subsidiary KAMCO.

Burgan Bank (BB), Kuwait
Established in 1977, BB is a leading commercial bank and financial services provider in Kuwait with principal activities in retail, corporate, private and investment banking sectors. The sale of UGB’s commercial banking assets to BB was completed in 2010 with UGB acquiring a 17% stake in BB. BB is a subsidiary of KIPCO, and has assets of over US$ 15 billion. For more information visit www.burgan.com

Manafae Investment Company (Manafae), Kuwait
Manafae is an Islamic investment company established in 2005 that specializes in offering Sharia compliant investment products and consultancy services. UGB has a consolidated ownership of 30% in this firm. For more information visit www.manafae.com

North Africa Holding Company (NAHC), Kuwait
NAHC was established in 2006 in Kuwait, to undertake investment activities in the North Africa region initially targeting five countries: Algeria, Egypt, Libya, Morocco and Tunisia. NAHC has adopted a diversified approach, investing as a private equity partner in start-up companies as well as in listed securities. It is owned 44% by UGB and its subsidiary KAMCO. For more information visit www.northafricaholding.com

Royal Capital PJSC (Royal Capital), Abu Dhabi
Royal Capital was incorporated as an investment company in Abu Dhabi in 2007. The principal activities of the company are investment banking services, asset management services and products, and consultancy in the MENA region. UGB’s consolidated stake in this company is 43%. For more information visit www.royalcapital.ae

Syria Gulf Bank (SGB), Syria
Syria Gulf Bank (SGB) commenced commercial banking operations in June 2007. The bank offers a range of retail and commercial banking services. UGB owns 31% in SGB. For more information visit www.sgbsy.com

Takaud Savings & Pensions Company (Takaud), Bahrain
Takaud was established in 2010, and will launch its initial product range of personal pension and savings plans in selected MENA countries at the beginning of next year. UGB owns 50% in Takaud.


Non Financial Core Investments

Overland Real Estate Company (Overland), Kuwait
Established in 2010, Overland invests in equities and real estate as its principal activity. UGB owns 44% on a consolidated basis.

United Industries Company (UIC), Kuwait
UIC, a holding company, has varied industrial and commercial interests. UIC’s portfolio includes stakes in Qurain Petrochemical Industries Company, Saudia Dairy & Foodstuff Company (SADAFCO), United Oil Projects Company (UOP), Hempel Paints Middle East, Amaken United Real Estate Company, and Al Atoun Steel Industries Company. UIC is 32% owned by KAMCO. For more information visit www.uickw.com

United Networks, Kuwait 
United Networks (formerly United Cable Company) is a pioneer in Kuwait for offering solutions and services in the field of communications for the information sector, and continues to develop and launch creative services with interactive features supported by a high speed network. Through its four companies, United Networks also provides data transfer, integrated communication solutions and fast internet services via satellite to a wide range of companies and government establishments. United Networks is also the distributor of Showtime channels in Kuwait. UGB’s 28% stake in United Networks was acquired in 2004. For more information visit www.unitednetworks.com.kw

United Real Estate Company (URC), Kuwait
URC was incorporated in 1973. URC’s primary activities encompass real estate investment, property development and management of commercial, hospitality and entertainment properties across the MENA region. UGB’s ownership in URC is 19%. For more information visit www.urconline.com

United Capital Transport Co (UCT), Kuwait