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

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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.‎

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MEW gets CAPT approval to link external sites, NDCC

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KUWAIT CITY, July 21: The Ministry of Electricity, Water and Renewable Energy has obtained approval from the Central Agency for Public Tenders (CAPT) to issue a tender for linking the external sites of the ministry with the National Data Control Center (NDCC), say sources from the ministry. Sources indicated that this tender is included in the contracts of the ministry for the current fiscal year and are scheduled to be implemented by the Planning, Training and Information Systems Sector. Sources revealed that the tender is for linking the external branches with the data center in the main ministry building and the NDCC in order to allow the exchange of information and provision of electronic services.

Sources pointed out that “subject to the approval of CAPT, the tender will be announced and a date will be set for specialized companies to submit their bids, select the winning bid and implement the project under the regulations.” Sources added the ministry intends to install five main power transformer stations for the Automobile Circuit Project — Rawda Block Three, Kabd C, cow farms, Sharq Block Four and Al- Arabi Club; in addition to supplying and extending the necessary underground cables to feed the five planned stations through two tenders: the first for the stations and the second for the cables. Sources said the two tenders aim to provide the energy needed to expand the high-voltage and ultra- high-voltage electrical networks resulting from the increased demand for electricity in the aforementioned areas, as well as to provide electricity continuously throughout the day. Moreover, the ministry also confirmed the start of electricity connection in Al-Mutlaa Residential City (N1 District – parts of Block One; in cooperation with the Public Authority for Housing Welfare (PAHW). It reiterated that it is now receiving applications to connect electricity to 251 plots

By Mohammad Ghanem
 Al-Seyassah/Arab Times Staff 

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DGCA of Kuwait and Japan Take Off on a New Chapter of Aviation Cooperation

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DGCA of Kuwait and Japan Take Off on a New Chapter of Aviation Cooperation

Chairman of the Kuwaiti Directorate General of Civil Aviation (DGCA) Sheikh Humoud Mubarak Humoud Al-Sabah receives the Japanese Ambassador to Kuwait Kenichiro Mukai

KUWAIT CITY, July 21: Chairman of the Kuwaiti Directorate General of Civil Aviation (DGCA) Sheikh Humoud Mubarak Humoud Al-Jaber Al- Sabah said Sunday that the DGCA looks forward to promoting cooperation with Japan in civil aviation. Sheikh Humoud made the remarks while welcoming Japanese Ambassador to Kuwait Kenichiro Mukai to discuss bilateral cooperation in the field of civil aviation, the DGCA said in a press release. He underlined the importance of deepening the distinguished ties between both friendly countries, praising Japan’s advanced experience in technology and aviation industry, it said. For his part, the Japanese Ambassador expressed his appreciation to the Kuwaiti official for his hospitality, saying that his country is interested in furthering cooperation with the State of Kuwait in aviation, in a way that contributes to exchanging expertise and achieving integration in the fields that concern both sides. (KUNA)

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‘Please be careful.’ There are risks and rewards as crypto heavyweights push tokenization

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NEW YORK, July 21, (AP): As cryptocurrencies become more intertwined with the traditional financial system, industry heavyweights are racing for a long-sought goal of turning real-world assets into digital tokens.

“Tokenization is going to open the door to a massive trading revolution,” said Vlad Tenev, the CEO of the trading platform Robinhood at a recent James Bond-themed tokenization launch event in the south of France.

Advocates say tokenization is the next leap forward in crypto and can help break down walls that have advantaged the wealthy and make trading cheaper, more transparent and more accessible for everyday investors.

But critics say tokenization threatens to undermine a century’s worth of securities law and investor protections that have made the U.S. financial system the envy of the world. And Robinhood’s push into tokenizing shares of private companies quickly faced pushback from one of the world’s most popular startups.

The basic idea behind tokenization: Use blockchain technology that powers cryptocurrencies to create digital tokens as stand-ins for things like bonds, real estate or even fractional ownership of a piece of art and that can be traded like crypto by virtually anyone, anywhere at any time.

The massive growth of stablecoins, which are a type of cryptocurrency typically bought and sold for $1, has helped fuel the appetite to tokenize other financial assets, crypto venture capitalist Katie Haun said on a recent podcast.

She said tokenization will upend investing in ways similar to how streamers radically changed how people watch television.

“You used to have to sit there on a Thursday night and watch Seinfeld,” Haun said. “You tune in at a specific time, you don’t get to choose your program, you couldn’t be watching a program like Squid Games from Korea. Netflix was market-expanding. In the same way, I think the tokenization of real-world assets will be market expanding.”

Robinhood began offering tokenized stock trading of major U.S. public companies for its European customers earlier this month and gave away tokens to some customers meant to represent shares in OpenAI and SpaceX, two highly valued private companies.

Several other firms are diving in. Crypto exchange Kraken also allows customers outside the U.S. to trade tokenized stocks while Coinbase has petitioned regulators to open the market to its U.S. customers. Wall Street giants BlackRock and Franklin Templeton currently offer tokenized money market funds. McKinsey projects that tokenized assets could reach $2 trillion by 2030.

The push for tokenization comes at a heady time in crypto, an industry that’s seen enormous growth from the creation and early development of bitcoin more than 15 years ago by libertarian-leaning computer enthusiasts to a growing acceptance in mainstream finance.

The world’s most popular cryptocurrency is now regularly setting all-time highs – more than $123,000 on Monday – while other forms of crypto like stablecoins are exploding in use and the Trump administration has pledged to usher in what’s been called the “golden age” for digital assets.

Lee Reiners, a lecturing fellow at Duke University, said the biggest winners in the push for tokenization could be a small handful of exchanges like Robinhood that see their trading volumes and influence spike.

“Which is kind of ironic given the origins of crypto, which was to bypass intermediaries,” Reiners said.

Interest in tokenization has also gotten a boost thanks to the election of President Donald Trump, who has made enacting more crypto-friendly regulations a top priority of his administration and signed a new law regulating stablecoins on Friday.

“Tokenization is an innovation and we at the SEC should be focused on how do we advance innovation at the marketplace,” said Securities and Exchange Commission Chairman Paul Atkins.

Securities law can be complex and even defining what is a security can be a hotly debated question, particularly in crypto. The crypto exchange Binance pulled back offerings of tokenized securities in 2021 after German regulators raised questions about potential violations of that country’s securities law.

Under Trump, the SEC has taken a much less expansive view than the previous administration and dropped or paused litigation against crypto companies that the agency had previously accused of violating securities law.

Hilary Allen, a professor at the American University Washington College of Law, said crypto companies have been emboldened by Trump’s victory to be more aggressive in pushing what they can offer.

“The most pressing risk is (tokenization) being used as a regulatory arbitrage play as a way of getting around the rules,” she said.

However, the SEC has struck a cautionary tone when it comes to tokens. Shortly after Robinhood’s announcement, SEC Commissioner Hester Peirce, who has been an outspoken crypto supporter, issued a statement saying companies issuing tokenized stock should consider “their disclosure obligations” under federal law.

“As powerful as blockchain technology is, it does not have magical abilities to transform the nature of the underlying asset,” Peirce said.

One of the most closely watched areas of tokenization involves private companies, which aren’t subject to strict financial reporting requirements like publicly traded ones.

Many hot startups are not going public as often as they used to and instead are increasingly relying on wealthy and institutional investors to raise large sums of money and stay private.

That’s unfair to the little guy, say advocates of tokenization.

“These are massive wealth generators for a very small group of rich, well-connected insiders who get access to these deals early,” said Robinhood executive Johann Kerbrat. “Crypto has the power to solve this inequality.”

But Robinhood’s giveaway of tokens meant to represent an investment in OpenAI immediately drew pushback from the company itself, which said it was not involved in Robinhood’s plan and did not endorse it.

“Any transfer of OpenAI equity requires our approval-we did not approve any transfer,” OpenAI said on social media. “Please be careful.”

Public companies have strict public reporting requirements about their financial health that private companies don’t have to produce. Such reporting requirements have helped protect investors and give a legitimacy to the U.S. financial system, said Allen, who said the push for tokenized sales of shares in private companies is “eerily familiar” to how things played out before the creation of the SEC nearly a century ago.

“Where we’re headed is where we were in the 1920s,” she said. “Door-to-door salesmen offering stocks and bonds, half of it had nothing behind it, people losing their life savings betting on stuff they didn’t understand.”

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