Business

ABK Holds Ordinary and Extraordinary General Assembly Meetings for the Financial Year Ended 31 December 2024

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3 months ago

April 16, 2025

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KUWAIT CITY, Apr 16: Al Ahli Bank of Kuwait (ABK) Group held its Ordinary and Extraordinary General Assembly for ‎the financial year ended 31 December 2024, with an attendance rate of 90.910% of ‎shareholders. The meeting was chaired by the Chairman of the Board, Talal Mohammed Reza ‎Behbehani, and attended by Acting Group CEO Mr. Abdulla AlSumait, members of executive ‎management, and representatives from the Ministry of Commerce and Industry, and Kuwait ‎Clearing Company.‎

The assembly approved all items on the agenda, including the distribution of cash dividends at ‎‎10% (10 fils per share) and free bonus shares at 5% (5 shares for every 100 shares held). The ‎meeting also reviewed the Board of Directors’ report on the 2024 results, the auditor’s report, ‎and other items.‎

Following this, the new Board of Directors for the next three years (2025–2027) was elected, ‎comprisingTalal Mohammed Reza Behbehani;Salah Ahmed Al Serhan;Ali Ebrahim Hejji Hussain ‎Marafi; Khaled Othman Abdulwahab Al Othman; Adel Ibrahim Yali Ahmed Behbehani; ‎RaedAbdulkareem Al Moamen; and The Public Institution for Social Securityas non-independent ‎board members. This is in addition to Tarek Fareed Abdulrahman Al Othman; Dr. Mahdi Ismael ‎Ali Al Jazzaf; Ahmed Abdullah Mohammed Al-Baghli; Dr. Mohammad Munther Abdul Kareem ‎Al-Zuhair as independent board members; andShaimaa Mohammed Abbas Bin Hussain as a ‎reserve independent board member. Furthermore, Behbehani Investment Company and ‎Mohammad Saleh & Reza Yousuf Behbehanias reserve non-independent board member.‎

Sustainable Growth

On this occasion, Chairman Talal Mohammad Reza Behbehani stated, “We have maintained ‎sustainable growth in our net profits and various financial indicators by consistently keeping ‎pace with developments. This reflects our ongoing commitment to maximizing shareholder ‎returns and providing added value to all our stakeholders, thereby strengthening their trust in ‎the Group and reinforcing our leading position in the banking sector in Kuwait and the regional ‎markets in which we operate, including the United Arab Emirates and Egypt.”‎

He added, “The Group achieved net profits of KD 52.41 million by the end of 2024, a 16% ‎increase, with earnings per share reaching 21 fils, up 17% year-on-year. Net operating profit ‎rose by 11% to KD 107.41 million, while total assets reached KD 7.37 billion, growing by 17%. ‎Customer deposits grew by 16% to KD 4.42 billion, while the loan portfolio increased by 13% to ‎KD 4.83 billion. Operating income also increased by 9% to KD 200.75 million.”‎

He continued, “Our non-performing loan ratio (NPL) dropped to 1.23% from 1.67% in 2023, ‎covered by provisions at 460%. Capital adequacy ratio (CAR) stood at 16.94%, and shareholders’ ‎equity increased by 1.4% to KD 628 million.”‎

Behbehani confirmed that these indicators reflect the Group’s success in achieving its strategic ‎goals, thanks to the outstanding performance of all divisions and their dedication to continuous ‎achievement. He stressed the Group’s commitment to maintaining strong profitability, ‎sustainable growth, and innovation in banking services, products, and solutions, in line with its ‎newly approved strategy and clear vision across all levels, with a focus on strategic expansion ‎and leveraging growth opportunities in local and regional markets.‎

He emphasized the Group’s forward momentum in enhancing service quality, maintaining ‎growth momentum, strengthening its strong financial position, improving asset quality, and ‎diversifying income sources. He also highlighted the Group’s readiness to seize opportunities ‎arising from new economic decisions aimed at stimulating activity in the Kuwaiti and regional ‎markets, and its preparedness to finance major development projects that will be launched as ‎part of the New Kuwait 2035 vision.‎

He further noted that ABK continues to reinforce its leading position in Kuwait and the markets ‎it serves, evidenced by winning over 15 awards in 2024 from global institutions specialized in ‎evaluating banking performance locally and regionally.‎

Egypt and the UAE

Behbehani noted that ABK-Egypt achieved strong net profit growth of 137% in 2024, reaching ‎EGP 6.6 billion. This was due to a sustainable growth strategy and flexible business plans ‎aligned with the evolving banking sector in Egypt and a commitment to delivering added value ‎for both customers and shareholders.‎

Meanwhile, ABK–UAE continued to significantly contribute to the Group’s financial results by ‎enhancing its services and products. The DIFC branch participated in syndicated loans ‎exceeding USD 10 billion across GCC countries, Europe, Asia, and others during 2024.‎

Digital Transformation

Behbehani noted that 2024 was a landmark year in ABK’s digital transformation journey under ‎its integrated strategy aligned with the ‘Simpler Banking’ vision. This included launching a ‎newly designed website that offers customers a seamless, 24/7 experience with top-tier ‎security standards.‎

He highlighted the Group’s collaborations with leading companies to introduce new digital ‎solutions and its readiness to leverage artificial intelligence (AI) technologies by partnering with ‎specialized institutions to enhance operations and drive innovation.‎

He thanked the regulatory authorities, including the Central Bank of Kuwait, the Ministry of ‎Commerce and Industry, Kuwait Clearing Company, Boursa Kuwait, the Central Bank of Egypt, ‎and the Central Bank of the UAE for their continued support of ABK and the banking sector.‎

He praised the executive management team for successfully executing strategic plans and ‎commended employees as the Group’s most valuable asset, urging everyone to strive for ‎further achievements in the coming period to meet the needs of existing and prospective ‎customers.‎

Strong Performance

Acting Group CEO Abdulla AlSumait stated, “The year 2024 witnessed significant developments ‎in ABK’s operations, as we continued to provide solutions that meet diverse customer needs and ‎enhanced operational efficiency across all divisions.”‎

He emphasized that ABK’s strong 2024 performance reflects its adaptability and customer-first ‎approach, noting success in enhancing the product portfolio, diversifying income sources, ‎expanding market share, and attracting new customers to the ever-growing ABK family.‎

Al-Sumait added that these results were achieved through meticulous planning, coordination ‎among departments, and adherence to excellence while offering innovative solutions in line ‎with global developments.‎

Branch Upgrades

AlSumait noted that ABK continued its branch renovation plan in 2024, reopening Jabriya and ‎Zahra branches with modern designs featuring the latest banking technologies. The plan will ‎continue in the upcoming period to include more branches across Kuwait.‎

He affirmed that ABK is committed to continuously upgrading its digital infrastructure and ‎systems while adhering to the highest security standards to safeguard customer data—‎solidifying ABK as their preferred banking partner.‎

He highlighted the launch of several new accounts and successful campaigns in 2024, including ‎a special offer for oil sector employees, a new family banking bundle, a UAE mortgage loan, ‎and real estate escrow agent services in the UAE. These offerings reflect ABK’s ongoing ‎commitment to providing integrated, tailored services and solutions for all customer segments.‎

He also revealed ABK’s intention to surprise customers with exclusive campaigns and offers ‎designed to meet their needs and deliver benefits through diverse banking solutions.‎

Employee Development

AlSumait affirmed ABK’s dedication to enhancing employee performance through continuous ‎investment in training programs, promoting productivity, and fostering a positive work ‎environment that drives innovation. He also emphasized the Bank’s ongoing efforts to attract ‎top talent and improve employee benefits to strengthen loyalty and engagement.‎

‎‘Let’s Be Aware’ Campaign

AlSumait stated that ABK continued to support the ‘Let’s Be Aware’ campaign in collaboration ‎with the Central Bank of Kuwait and the Kuwait Banking Association to raise awareness of ‎banking services and promote financial inclusion. This included hosting events and offering ‎targeted digital content on banking topics, helping ABK secure a top ranking in the campaign’s ‎annual evaluation.‎

He stressed that social responsibility remains a cornerstone at ABK, which actively engages with ‎all segments of society and supports educational, sporting, cultural, environmental, and ‎humanitarian initiatives through sponsorships and participation.‎

Sustainability Report

In 2024, ABK issued its fourth sustainability report, highlighting key operational developments, ‎carbon emission reduction achievements, significant support for SMEs, and strong social ‎responsibility efforts—demonstrating its leadership across sectors.‎

Additional Tier 1 Bonds

In 2024, ABK issued USD 300 million in Additional Tier 1 capital bonds at a 6.5% annual yield. ‎This marked ABK’s return to global debt markets since 2018, with overwhelming demand—‎oversubscribed by 4.5x—reflecting high investor confidence in the Group’s strength and ‎financial stability. ‎

High Credit Ratings

ABK maintained strong credit ratings of A from Fitch and A2 from Moody’s. These ratings ‎reflect global and institutional confidence in ABK’s financial position.‎

Premier Market Listing

In 2024, ABK’s stock was promoted to the Premier Market on Boursa Kuwait due to its ‎compliance with qualification requirements. This increased institutional trading and ‎demonstrated ABK’s commitment to meeting regulatory standards and maintaining its status in ‎the index.‎

Related Topics:ABK assembly December Ended Extraordinary financial General holds meetings Ordinary Year

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Second phase of merging Kuwait oil companies underway

Published

15 hours ago

June 30, 2025

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KUWAIT CITY, June 30: In preparation for the second phase of merging the subsidiaries of the Kuwait Petroleum Corporation (KPC), informed sources revealed that the executive phase of merging Gulf Oil Company with Kuwait Oil Company (KOC) has begun through the transfer of the corporation’s shares in the capital of the Gulf Oil Company to KOC. They highlighted a meeting held recently between the two companies’ CEOs to start making administrative decisions regarding this matter. The sources explained that the second phase, following the initial merger of KIPIC with the Kuwait National Petroleum Company, is part of KPC’s strategy to restructure the oil sector. This phase commenced with a meeting between KOC’s CEO Ahmed Al-Eidan, acting CEO of Gulf Oil Company Bader Al-Munaifi, and representatives from the oil sector’s leadership and workforce. The meeting also discussed the implications of Decision No. 60/2024, issued on May 5, 2024, concerning the transfer of KPC’s ownership of shares. ‘

Al-Eidan affirmed the importance of job stability and preserving all benefits of Gulf Oil employees. It was decided that the legal and administrative status of Gulf Oil Company will remain unchanged at this stage, including the company’s name, logo, and operational sites at its headquarters and joint operations in Khafji and Al-Wafra. The sources clarified that Al-Eidan indicated the change is limited solely to the transfer of share ownership, with KOC becoming the owning entity instead of KPC. Consequently, the highest authority will be the Board of Directors of KOC, without affecting daily operations or the current institutional structure.

By Najeh Bilal
Al-Seyassah/Arab Times Staff

Business

Kuwait enhances laws to combat money laundering and terror funding

Published

17 hours ago

June 30, 2025

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Kuwait enhances laws to combat money laundering and terror funding

The Kuwait government approves tougher measures to tackle financial crimes.

KUWAIT CITY, June 30: Kuwait is intensifying efforts to combat money laundering and terrorist financing by enhancing its legislative framework, announced Minister of Finance and Minister of State for Economic Affairs and Investment Noura Al-Fassam on Monday.

The minister spoke in a statement issued by the Ministry of Finance following the publication of Decree Law No. (76) of 2025 in the official gazette, Kuwait Today. This decree introduces important amendments to Law No. (106) of 2013, reflecting Kuwait’s integrated government efforts to strengthen measures against financial crimes.

During the Cabinet meeting on June 17, the draft of the amended decree law was approved, underlining Kuwait’s commitment to raising the effectiveness of the national response to money laundering and terrorism financing. The amendments align with the requirements of the Financial Action Task Force (FATF) and relevant international standards.

The new decree law includes two significant amendments:

Article One replaces Article (25) of Law No. (106) of 2013, empowering the Council of Ministers, upon the recommendation of the Minister of Foreign Affairs, to issue necessary decisions to implement United Nations Security Council resolutions related to terrorism, terrorism financing, and the proliferation of weapons of mass destruction under Chapter VII of the UN Charter. These decisions will take effect immediately upon issuance, consistent with Security Council Resolution No. 1373 of 2001. The executive regulations will define the rules for publishing these decisions, appealing them, authorizing the release of frozen funds for essential living expenses, and managing such assets.n
Article Two adds a new Article (33 bis) to Law No. (106) of 2013, stating that any violation of decisions issued under Article (25) will result in fines ranging from 10,000 to 500,000 Kuwaiti dinars per violation. This penalty complements any additional sanctions imposed by regulatory authorities on financial institutions or designated non-financial businesses.n

The Ministry emphasized that these amendments support the National Committee for Combating Money Laundering and Terrorism Financing by broadening its powers to apply targeted financial sanctions in compliance with FATF standards. This includes the mandatory freezing of assets belonging to individuals and entities listed locally as terrorists, effective immediately upon decision issuance.

Furthermore, the amendments enable the Committee to impose fines on violators and require publishing the national list of designated terrorists on the Committee’s official website, enhancing transparency and meeting international obligations.

Minister Al-Fassam concluded that the updated legislative measures reaffirm Kuwait’s strong commitment to fighting financial crimes, safeguarding national security and stability, and fulfilling its global responsibilities.

Business

Kuwait updates regulations for public properties and service fees

Published

19 hours ago

June 30, 2025

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Kuwait updates regulations for public properties and service fees

Updated regulations aim to boost fair use and revenue from state properties.

KUWAIT CITY, June 30: The Ministry of Finance announced on Sunday the issuance of a new ministerial decision amending the regulations governing the use of state-owned real estate and service fees, in a move aimed at achieving a fair balance between public interest and the needs of individuals and institutions.

In a press statement, the Ministry said the decision comes as part of its broader efforts to regulate the use of government-owned properties and protect national resources. Ministerial Resolution No. 54 of 2025 introduces amendments to the regulations first outlined in Resolution No. 40 of 2016.

Minister of Finance and Minister of State for Economic Affairs and Investment, Eng. Noura Al-Fassam, stated that the amendments are intended to ensure fairness, clarify procedures, and improve transparency in the utilization of state assets.

“These changes aim to establish a fair balance in how state-owned properties are used by citizens and entities, while safeguarding public interests,” Al-Fassam said.

She added that the updated regulations were the result of a comprehensive pricing study comparing Gulf and international markets. The amended prices remain below average rates in Gulf Cooperation Council (GCC) countries, and were developed with Kuwait’s economic and social conditions in mind. The goal, Al-Fassam noted, is to promote equal opportunities and secure sustainable revenue streams for the state.

The amendments cover a wide range of activities involving the use of state-owned property, including chalets, rest houses, commercial complexes, cooperative societies, banks, and warehouses. They also apply to educational institutions, sports clubs, and hospitals.

In support of national food security and the promotion of local production, the Ministry also announced the stabilization of agricultural coupon prices under the new regulations.

The revised framework reflects Kuwait’s continued efforts to modernize its public asset management policies while maintaining a strong emphasis on economic fairness, efficiency, and sustainability.