Business

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

Published

5 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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Business

Real estate transactions dip sharply in Kuwait

Published

12 hours ago

September 9, 2025

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KUWAIT CITY, Sept 9: The real estate market witnessed a significant decline in the number and value of transactions in the first week of September, compared to the same period last year, as well as the last week of August. This is a clear indication that the market has entered a period of relative calm and investment anticipation driven by seasonal factors and qualitative shifts in transactions, particularly commercial real estate, which accounted for about 60 percent of the total trading value during the week, compared to only three transactions. It reflects the interest of major institutions or entities in ‘heavy’ commercial transactions. The weekly report of the Real Estate Registration and Documentation Department at the Ministry of Justice for the period from Sept 1 to 3 showed that the number of real estate transactions was 62, with a total value of KD83.92 million.

These include 37 private transactions worth KD 13.5 million, 22 investment transactions worth KD 17.6 million, and three commercial transactions worth KD 52.8 million. Compared to the first week of September 2024, weekly trading recorded a decline of approximately 39 percent in the number of transactions, compared to a 16.8 percent increase in total value due to the completion of qualitative commercial deals. The number of transactions during that period reached 101, valued at KD 69.8 million, reflecting a quantitative decline versus a qualitative increase in transactions on an annual basis. Compared to trading during the fourth (and final) week of August 2025, the decline was more severe, with 139 transactions recorded, valued at KD 163.24 million.

This is a decline of approximately 55 percent in the number of transactions (77 transactions) and a 49 percent decrease in the value or KD 79.32 million. It is a clear indication that the market has entered a short-term slowdown after a remarkable wave of activity in August. Regarding private real estate transactions, they declined from 89 in the last week of August to just 37, a decrease of nearly 58 percent. The value also fell from KD 33.4 million to KD 13.5 million — by KD19.9 million, a decrease of nearly 60 percent. This indicates a decline in residential ownership activity due to travel or investors’ anticipation of market movements following the recent enactment of several real estate laws. Despite the decline in the number of investment transactions from 28 in August 2025 to 22 in September, the value of transactions increased to KD 17.6 million, compared to KD 15.3 million in August. It means continued demand for investment properties and the search for attractive, quality opportunities. As for commercial transactions, only three transactions were recorded this week, worth KD52.8 million or 60 percent of the total weekly trading value. It shows the execution of quality deals and investors’ focus on quality transactions and assets with long-term returns.

By Marwa Al-Bahrawi
Al-Seyassah/Arab Times Staff

Business

Kuwait urges GCC tax reform for economic integration

Published

15 hours ago

September 9, 2025

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Kuwait urges GCC tax reform for economic integration

Undersecretary of the Kuwaiti Ministry of Finance, Aseel Al-Munifi

KUWAIT CITY, Sept 9: Undersecretary of the Kuwaiti Ministry of Finance, Aseel Al-Munifi, on Tuesday emphasized the need to develop the tax system and achieve financial sustainability to promote economic integration among Gulf Cooperation Council (GCC) member states.

Speaking at the 15th meeting of the Committee of Heads and Directors of Tax Administrations in GCC countries in Kuwait, Al-Munifi said the meeting is part of ongoing efforts to coordinate GCC tax authorities and develop mechanisms to unify joint tax policies that serve the interests of member states and their populations.

She expressed hope that the annex to amend the unified excise tax agreement would be signed at the upcoming financial and economic cooperation meeting scheduled in Kuwait next October, which will bring together the GCC finance ministers. Al-Munifi also commended the heads and directors of tax authorities and the Unified Tax System Working Group for their efforts in preparing studies, working papers, and recommendations.

Khalid Al-Sunaidi, Assistant Secretary-General for Economic and Development Affairs at the GCC General Secretariat, said the meeting continues the process of cooperation among GCC countries in tax policies. He noted that the aim is to unify tax frameworks, enhance economic integration, and support competitiveness at the regional and international levels.

Al-Sunaidi added that discussions at the meeting included outcomes from the GCC Unified Tax System Working Group on redefining energy drinks to reduce the consumption of unhealthy products, and plans to establish a comprehensive electronic system for all types of indirect taxes, alongside other related topics.

During the meeting, GCC tax heads and directors reviewed recommendations and decisions from the 14th meeting and previous sessions, submitting them to the undersecretaries of finance in the GCC. It was agreed to form a technical working group to develop the electronic system for indirect taxes and to redefine energy drinks in the Unified Excise Tax Agreement according to international definitions and classifications.

Business

Kuwait aims to attract value-added direct investments

Published

19 hours ago

September 9, 2025

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KUWAIT CITY, Sept 9: The Kuwait Direct Investment Promotion Authority (KDIPA) on Monday announced that BlackRock has obtained regulatory approvals and commercial licenses to operate in Kuwait, reflecting confidence in the country’s economic development.

KDIPA Director General Sheikh Dr. Meshaal Al-Jaber Al-Ahmad Al-Sabah told KUNA that Kuwait is committed to attracting value-added direct investments, with a strong focus on developing national competencies, strengthening long-term partnerships, and ensuring sustainable growth based on knowledge.

BlackRock CEO and Chairman Larry Fink said the company values its decades-long partnership with Kuwait and looks forward to reinforcing it through a direct presence in the country, contributing to the financial system, and supporting the development of national competencies.

The initiative aims to achieve several strategic objectives, including enhancing mutual trust between the company and its clients and supporting Kuwait’s “New Kuwait 2035” vision, in line with BlackRock’s broader goal of contributing to the development of capital markets in the Middle East.

BlackRock will start operations in Kuwait with an office that includes a customer service team, a financial advisory team, and an Aladdin system team, enabling the provision of advanced investment solutions and services. Ali Al-Qadi has been appointed head of the Kuwait office while continuing his role as head of client team management for both Kuwait and Qatar.

The Capital Markets Authority of Kuwait officially granted a license to BlackRock Advisors – United Kingdom Limited to operate as an investment advisor in Kuwait. The authority described this as a step that underscores Kuwait’s growing position on the global financial map, noting that BlackRock is one of the world’s largest asset managers.

The CMA said the move marks a milestone in developing Kuwait’s financial market and confirms the country’s ability to attract major international institutions, aligning with national efforts to consolidate Kuwait’s vision as a leading global financial and commercial center.