Business
Warba Bank Signs Full Acquisition of Alghanim Trading Company
KUWAIT CITY, Apr 8: Following final approvals from regulatory and supervisory authorities, including the Capital Markets Authorityand the Central Bank of Kuwait, Warba Bank today announced it has signedthe agreement to fully acquire Alghanim Trading Company W.L.L. The strategic transaction supports the Bank’s expansion into vital sectors and further diversifies its investment portfolioin line with its long-term vision for sustainable growth, while protecting the interests of shareholders, customers and the wider community.
The transaction, valued at KD 498.2 million, results in Warba Bank indirectly owning 32.75% of Gulf Bank’s capital.
Chairman of Warba Bank, Hamad Musaed AlSayer, said:“The completion of Warba Bank’s full acquisition of Alghanim Trading marks an exceptional milestone that reflects the strength of our strategic direction and future-focused growth plan. This step is not only an expansion of the bank’s assets in size and value, but also a reaffirmation of our commitment to delivering added value to our shareholders and customers, and to reinforcing our leadership position in the Islamic banking sector both locally and regionally. It empowers us to provide advanced, innovative services that meet customer aspirations and the evolving needs of the market, today and tomorrow.”
He further emphasized that the full acquisition represents a decisive strategic step toward realizing the bank’s vision of becoming a key player in supporting Kuwait’s national economy by diversifying its business activities and strengthening its presence in value-generating sectors.
“We are proud of this milestone transaction, which aligns with our long-term strategy and confirms our commitment to building a multi-sector, resilient and high-growth Islamic financial institution capable of generating sustainable returns for shareholders,” he added.
The bank noted that the financial impact of the transaction will be reflected in the upcoming quarterly financial results, in accordance with applicable accounting standards and upon completion of the relevant operational and regulatory procedures.
AlSayer also highlighted that the conclusion of this acquisition coincides with the start of the bank’s capital increase subscription period, for which the necessary approvals were previously secured. This offers institutional and individual shareholders an exceptional opportunity to invest in Kuwait’s dynamic banking sector, specifically in an Islamic bank that has cemented its presence locally and regionally, while continuously evolving its services and offerings to meet shifting economic demands.
He added that Warba Bank was originally established by Amiri Decree to serve as a key pillar in supporting Kuwait’s economic development.
“Today, we are proud to be a bank that puts Kuwait at the center of its strategy, where all our profits benefit the nation and its people. Warba’s success is the success of Kuwait. We remain deeply committed to playing an active role in shaping a sustainable economic future for generations to come,” he said.
AlSayer continued by stating that Warba Bank has now entered a new phase of growth and expansion, in line with its vision to be the leading Islamic bank in Kuwait. He emphasized the bank’s ongoing investment in technology and innovation to achieve financial sustainability and contribute to national development in line with Kuwait Vision 2035.
He concluded by noting that the Bank’s investment strategy prioritizes local investment in both fixed assets and human capital, and that Warba Bank currently holds the highest Kuwaitization rate among all local banks. As the newest and most advanced Islamic bank in the country, Warba also maintains a strong track record in digital banking innovation.
Capital Increase for Continued Growth
The capital increase will strengthen Warba Bank’s regulatory capital base and provide the necessary liquidity to support the next phase of expansion and the achievement of its strategic objectives. This move will also enable the Bank to continue investing in digital banking solutions and further develop its portfolio of Sharia-compliant financial products and services.
Hamad Malallah
KUWAIT CITY, Aug 14: United Projects for Aviation Services Company (UPAC), a commercial real estate and facilities management company, today announced its financial results for the second quarter of 2025. For the six months ended June 2025, the company reported net profits of KD 497 thousand, down 62% from 2024, or 0.94 fils per share, with revenues of KD 3.29 million down 25.6% from 2024.
Eng. Hamad Malallah, Chief Executive Officer at UPAC, said: “The second quarter presented a transitional period as we successfully concluded the project to manage and operate Terminal 1 at Kuwait International Airport, officially handing it over to the Directorate General of Civil Aviation (DGCA) in May 2025. While this shift has naturally impacted the company’s revenues, it also paves the way for new avenues of growth and development as we focus on future projects and strategic partnerships. It is important to note that UPAC built the entire project and operated it throughout the contract term before transferring it to the DGCA under the Build, Operate, and Transfer (BOT) system. We take great pride in the success of this national project over 26-year and in delivering it to the State.”
Malallah continued: “I’m pleased to share that in July, we welcomed our first operator at Messilah Beach: Villa Shams, Kuwait’s first ladies-only beach club. Officially opened on 10 July 2025, Villa Shams offers a premium, private experience designed exclusively for women, in a secure and refined setting. This milestone reflects UPAC’s vision to create inclusive recreational environments that cater to all segments of society.”
“Planning for other areas on the Messilah Beach site has also been progressing steadily. Our teams are actively working alongside confirmed operators, both global and local brands, to support their on-ground preparations for upcoming openings with a list of exciting tenants. We are looking forward to be bringing an exceptional, family-friendly beach destination experience to Kuwait through Messilah Beach, which is set to become a vibrant, year-round destination,” added Malallah.
Malallah concluded: “We remain committed to identifying and pursuing strategic business opportunities within our industry that drive growth and create value for the company and its shareholders.”
Al Messilah Beach, one of Kuwait’s prime family entertainment destinations, was developed by Touristic Enterprises Company as part of its role in spearheading growth of Kuwait’s tourism sector. UPAC is managing all aspects of the site including leasing, entertainment activities, facility management, and overall project operations.
UPAC is a co-investor in Abu Dhabi’s $1.3 billion Reem Mall on Reem Island. Reem Mall is Abu Dhabi’s latest signature shopping, dining, and entertainment family destination spanning an impressive 183.4K sqm GLA. Anchored by a hyper-market and various notable entertainment and home furnishing concepts, the mall will be home to around 400 international and local brands. Snow Abu Dhabi, one of the mall’s entertainment anchors, is the city’s only snow park. The mall also has one of the largest home furnishing offerings in Abu Dhabi as well as one of the largest Carrefour outlets in the city. One of the prominent new openings was Sharaf DG, an expansive 3,334sqm electronics retail space with 34 brand experience zones making it the largest store of its kind in Abu Dhabi.
The mall is one of the region’s first fully integrated omnichannel retail ecosystems with digital, e-commerce, and logistics capabilities. It brings together all consumer and retail services to ensure a seamless customer experience.
As of June 2025, around 66% of GLA is open and trading, with an additional 14% under fit-out, bringing the effective leased GLA to 80%. As of date, Reem Mall has also secured signed proposals covering a further 4% of GLA. Key performance metrics continue to show strong momentum, with footfall and tenant sales increasing by 30% to 40% year-on-year. Notably, the mall achieved two consecutive record-breaking months in May and June 2025, setting new highs for both visitor numbers and sales.
Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between US dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, on Aug 14. (AP)
MANILA, Philippines, Aug 14, (AP): Asian shares were mixed on Thursday after days of gains driven by hopes for lower US interest rates, while US futures slipped. Bitcoin rose more than 3% to a new record of over $123,000, according to CoinDesk. In Tokyo, the Nikkei 225 fell 1.3% to 42,705.36 as investors sold to lock in recent gains that have taken the benchmark to all-time records.
The Japanese yen rose against the dollar after US Treasury Secretary Scott Bessent said in an interview with Bloomberg that Japan was “behind the curve” in monetary tightening. He was referring to the slow pace of increases in Japan’s near-zero interest rates. Low interest rates tend to make the yen weaker against the dollar, giving Japanese exporters a cost advantage in overseas sales.
The dollar fell to 146.31 Japanese yen early Thursday, down from 147.39 yen. The euro fell to $1.1703 from $1.1705. In Chinese markets, Hong Kong’s Hang Seng index shed less than 0.2% to 25,655.26, while the Shanghai composite index added 0.1% to 3,686.07. South Korea’s Kospi fell less than 0.1% to 3,222.99, while Australia’s S&P ASX 200 index added 0.5% to 8,866.70. Taiwan’s TAIEX fell 0.5%, while India’s Sensex edged 0.1% higher.
“Asian markets opened today like a party that ran out of champagne before midnight – the music still playing, but the dance floor thinning out,” Stephen Innes of SPI Asset Management said in a commentary. The futures for the S&P 500 and the Dow Jones Industrial Average were down less than 0.1%. On Wednesday, US stocks ticked higher, extending a global rally fueled by hopes the Federal Reserve will cut USinterest rates.
The S&P 500 rose 0.3% to 6,466.58, coming off its latest all-time high. The Dow climbed 1% to 44,922.27, while the Nasdaq composite added 0.1% to its own record set the day before, closing at 21,713.14. Treasury yields eased in the bond market in anticipation that the Fed will cut its main interest rate for the first time this year at its next meeting in September.
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