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

ASSET MANAGEMENT & INVESTMENT BANKING

KAMCO Investment Company K.S.C. (Public) (KAMCO)
UGB Consolidated Subsidiary based in Kuwait

Established in 1998, KAMCO Investment Company is a leading asset management and financial institution, with one of the largest private sector assets under management (AUM) in the GCC region. Its three principal business lines are asset management, financial services, and investment advisory research services, which are offered to a diverse local, regional and international client base. Key developments in 2016 include the opening of the Company’s first international office in Dubai International Financial Centre as part of its geographic expansion policy; and acting as joint lead manager for two of the first subordinated Tier 2 Basel III compliant bond issuances in Kuwait – for Burgan Bank and Gulf Bank – both valued at KWD 100 million (US$ 237 million) each. KAMCO also acquired General Electric’s Global Operation Center in the USA, in line with its strategy to provide new and innovative income generating alternative asset streams. At the end of 2016, the Company had total client AUM of over US$ 10 billion. UGB owns 86% of KAMCO, which is listed on the Kuwait Stock Exchange.

For more information visit www.kamconline.com

United Gulf Financial Services Company North Africa (UGFS-NA)
UGB Consolidated Subsidiary based in Tunisia

Commencing operations in 2009, United Gulf Financial Services Company North Africa is an asset management company regulated by the Tunisian Capital Market Authority – Conseil du Marché Financier (CMF). The Company is primarily involved in three main activities: fund services, portfolio management services, and corporate finance services. UGB has a total consolidated interest of 85% in UGFS-NA, whose shares are unlisted.

For more information visit www.ugfsnorthafrica.com.tn

North Africa Holding Company K.S.C (c) (NorAH)
UGB Associate Company based in Kuwait

North African Holding Company was established in 2006 with the aim of capitalising on the significant investment opportunities arising within North African economies, by building genuine partnerships with local businesses that have demonstrated the ability, or have the potential, to deliver real value. The Company’s target market spans Morocco, Algeria, Tunisia, Libya and Egypt, which together account for two thirds of the MENA population, and offer considerable untapped investment potential. Key growth sectors include real estate, industrial, logistics, healthcare, education and agribusiness. UGB has a total consolidated interest of 44% in NorAH, whose shares are unlisted.

For more information visit www.northafricaholding.com

COMMERCIAL BANKING

 

Burgan Bank K.P.S.C. (BB)
UGB Associate Company based in Kuwait

Established in 1975, Burgan Bank is a subsidiary of KIPCO. The Bank is Kuwait’s second largest lender in terms of assets, and over the years has acquired a leading role in the commercial banking sector in the MENA region, with operations spanning Kuwait, Turkey, Jordan, Algeria, Tunisia, Iraq, Lebanon and Dubai. Its achievements in product innovation, information technology, efficiency, quality and corporate governance have been recognised by numerous awards, with several of them being unique to the region. In 2016, Burgan Bank successfully completed a KWD 100 million (US$ 237 million) subordinated Tier 2 Basel III compliant bond issue, one of the first of its kind in Kuwait. UGB has an equity stake of 15% in Burgan Bank, which is listed on the Kuwait Stock Exchange.

For more information visit www.burgan.com

FIMBank p.l.c. (FIMBank)
UGB Consolidated Subsidiary based in Malta

Established in 1994, FIMBank is an international trade finance specialist. The Bank’s main business lines comprise trade commodity finance, forfaiting, factoring and treasury. FIMBank has branches in Dubai and Athens, and a representative office in London; and owns the UK registered London Forfaiting Company, which is represented across four continents. Factoring subsidiaries and joint-ventures have been established in Brazil, India, Egypt and Chile. The successful implementation of a consolidation strategy over the past two years has resulted in the Bank returning to profitability in 2016.  UGB owns a 61% stake in FIMBank, whose shares are listed on the Malta Stock Exchange.

For more information visit www.fimbank.com

SAVINGS AND PENSIONS

Takaud Savings & Pensions B.S.C (c) (Takaud)
UGB Consolidated Subsidiary based in Bahrain

Takaud Savings & Pensions is a venture between the KIPCO Group and UGB. The objective of this new entity is to specialise in offering savings and private pension products engineered and conceived primarily for customers in the MENA region. The Company’s growth strategy involves establishing specialised companies in different countries within the MENA region, or entering into strategic distribution agreements. The Bahrain head office provides market analysis, product engineering, distribution management, asset management and funds management. In 2016, the Company signed new distribution agreements with Ahli Capital, the investment arm of Al Ahli Bank of Kuwait; Amwal, the first regulated asset management firm in Qatar; and Bahrain based Takaful International, one of the pioneering Islamic insurance companies in the Middle East. As part of its thought leadership and industry awareness activities, TAKAUD hosted the inaugural Middle East Pensions Conference in 2016 under the patronage of the Central Bank of Bahrain.

For more information visit www.takaud.com

BROKERAGE

Al Sharq Financial Brokerage Company K.S.C. (c) (Al Sharq)
UGB Associate Company based in Kuwait

Established in 1985, Al Sharq Financial Brokerage Company has grown to become one of the largest brokerage firms in Kuwait, as measured by the number of transactions conducted on the Kuwait Stock Exchange (KSE). In 2016, Al Sharq had a market share of 19% of aggregate trades on the KSE. UGB owns 19% of the  Company on a consolidated basis. Al Sharq’s shares are unlisted.

For more information visit www.sharqetrade.com

NON-FINANCIAL ASSOCIATES

United Real Estate Company (URC)
UGB Associate Company based in Kuwait

Established in 1973, United Real Estate Company is involved in real estate activities that include the purchase, sale, lease and rental of land and buildings. URC handles the construction of private and public buildings and projects, and manages third party properties in Kuwait, Egypt, Lebanon, Oman, Morocco and Jordan. The Company’s real estate portfolio includes commercial complexes, hotels and resorts, residential buildings, high rise office buildings, and mixed use developments. In Kuwait, these include KIPCO Tower, Marina Plaza, Marina Mall and Marina Hotel. URC is developing Abdali Mall in Jordan, Junoot in Oman, Raouche Views in Lebanon, Aswar Residences in Egypt, and Assoufid in Morocco.  It has also developed Salalah Gardens Mall and Salalah Mall Residences in Oman. UGB owns a 10% stake in URC, which is listed on the Kuwait Stock Exchange.

For more information visit www.urc.com.kw

United Capital Transport Company (UNICAP)
UGB Associate based in Kuwait

United Capital Transport Company was established in 2011 as a joint venture between UGB’s subsidiary KAMCO and ANHAM, a leading contracting firm active throughout the MENA region, Central Asia and Europe. The Company is a leasing solutions provider to governments, international oil companies, and businesses involved in various construction, mining and industrial services. UNICAP offers timely, efficient and customer-focused equipment and logistical support services to a variety of clients and markets. Customised leasing, transportation and financing solutions are provided to vendors and customers to meet their specific needs within geographically diverse and strategically challenging markets. UGB owns 40% of UNICAP on a consolidated basis. The Company’s shares are unlisted.

For more information visit www.unicapco.com

Assoufid B.V.

UGB Associate Company based in Morocco

Assoufid is a Morocco-based real estate development company. Its prime property is the Assoufid high end mixed use development in Marrakech. The property is spread over 222 hectares on a naturally undulating terrain, and set against the backdrop of the snow capped Atlas Mountains. The first phase is the award winning Assoufid Golf Club, which has been completed. The second phase currently underway, includes a 5-star hotel and luxury branded golf villas. UGB holds a 40% stake in the Company, whose shares are unlisted.