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Kuwait Projects Company (Holding)
IndustryHolding company
Founded2 August 1975 as Kuwait Investment Projects Company
HeadquartersKIPCO Tower,
Khalid Bin Al Waleed Street,
Sharq, Kuwait City
Area served
GCC & MENA Region
Key people
Sheikh Hamad Sabah Al Ahmad Al Sabah
Faisal Hamad Al Ayyar
(Vice Chairman)
ProductsCommercial Banking, AMIB, Insurance, Real estate, Industrial, Investment, Media & Technology
RevenueIncrease US$2,173 million (2017)[1]
Decrease US$78 million (2017)[1]
Total assetsIncrease US$34 billion (2017)[1]
Total equityDecrease US$4.0 billion (2017)[1]
Number of employees
16000[2] 29°22′33″N 47°59′11″E / 29.37583°N 47.98639°E / 29.37583; 47.98639Coordinates: 29°22′33″N 47°59′11″E / 29.37583°N 47.98639°E / 29.37583; 47.98639

Kuwait Projects Company (Holding), known as KIPCO, is an investment holding company in the Middle East and North Africa (MENA) region, with consolidated assets of US$34.5 billion as of 31 December 2017. The Group has significant ownership interests in a portfolio of over 60 companies operating across 24 countries.The group's main business sectors are financial services, media, real estate and manufacturing. Through its core companies, subsidiaries and affiliates, KIPCO also has interests in the education and medical sectors.[3]


KIPCO was incorporated on 2 August 1975 under Article 94 of the Kuwaiti Commercial Companies Code, Law No. 15 1960.[4] Since incorporation, the company has grown substantially and made significant investments in a diversified portfolio of companies operating throughout the GCC and the wider MENA region.


1988 Acquisition of United Gulf Bank (UGB)[5]
1995 Acquisition of stake in United Real Estate Company (URC)[6]
1995 Acquisition of stake in Burgan Bank
1995 Formation of Gulf DTH (Showtime)
1996 Acquisition of stake in Gulf Insurance Company (GIC) – now Gulf Insurance Group[7]
1996 Acquisition of United Industries Company (UIC)
1996 Acquisition of SADAFCO - Saudia Dairy and Foodstuff Company - by UIC
1998 Formation of KAMCI – KIPCO Asset Management Company[8]
1999 Acquisition of stake in Wataniya Telecom[9]
2006 Establishment of US$2 billion EMTN programme[10]
2007 Sale of Wataniya Telecom
2009 Merger of Showtime and Orbit to create OSN[11]
2009 Completion of a 7-year US$500 million bond issue under EMTN programme[12]
2010 Completion of a 7-year US$500 million bond issue under EMTN programme[13]
2010 Sale of 39.2% stake in GIC to Fairfax[14]
2010 KIPCO acquires 34% direct stake in URC by subscribing to rights issue in Dec’10[15]
2010 Acquisition of 40.3% stake in UIC, 28.4% during rights issue and 11.9% from KAMCO in Sep’10[16]
2012 Burgan bank acquires 99.3% in Eurobank Tekfen (rebranded as Burgan Bank – Turkey)[17]
2013 OSN acquires 100% stake in Pehla (region’s largest provider of South Asian pay TV content)[18]
2013 Burgan Bank & UGB jointly acquired ~49% stake in Fimbank, Malta[19]
2013 UIC purchases additional 10.8% stake in Qurain Petrochemical Industries Company(QPIC)[20]
2013 UIC divests 29% stake in SADAFCO for KD66 mn[21]
2014 Completion of a 5-year US$500 million bond issue under EMTN programme[22]
2014 UIC divests remaining 11% stake in SADAFCO for KD25mn
2014 Burgan Bank completed the issuance of USD500mn perpetual bond[23]
2014 Burgan Bank successfully raised capital worth KD102.6 million through a rights issue[24]
2015 OSN secures second Syndicated Financing Facility for US$400 million[25]
2015 KIPCO through its subsidiary acquired 51.2% stake in Jordan Kuwait Bank from Burgan Bank[26]
2016 KIPCO repays KD 80 million bond[27]
2016 Completion of a 7-year US$500 million bond issue under EMTN programme[28]
2016 Burgan Bank completed the issuance of a KWD 100 million Tier 2 Capital issuance[29]
2016 GIG acquires 90% stake in Turkish non-life insurer[30]
2016 Burgan Bank successfully completed issuance of 5 year, USD500mn bond under its Medium term notes programme[31]
2016 KIPCO repaid USD500mn bond issued under the EMTN programme in October 2016
2017 Successfully completed issuance of 10 year USD500mn bond under its EMTN programme with simultaneous tender of ~53% of its EMTN 2019[32]
2017 URC announces 40% acquisition in Insha'a Holding.[33]
2017 United Gulf Bank (UGB) has undergone corporate reorganization (in September 2017) and has split its operations across a holding company - United Gulf Holding Company B.S.C. (UGHC) and the regulated banking entity- UGB.[34]
2017 Completed first ever seven-year corporate dinar bond issue of KD 100 million maturing in December 2024[35]

Corporate governance[edit]

KIPCO is a strong supporter of promoting transparency of operations, thereby launching its annual Shafafiyah (transparency) investors’ forum in 2004.[36] In this forum, KIPCO and its Group companies shed light on ethical and responsible decision making methods, while safeguarding the integrity of financial reporting. KIPCO has made timely and balanced disclosures, while efficiently recognising and managing risk.

Board of directors[edit]

Name Position
Sheikh Hamad Sabah Al Ahmad Al Sabah Chairman
Faisal Hamad Al Ayyar Vice Chairman
Abdullah Yacoub Bishara Board Director
Sheikh Abdullah Nasser Sabah Al Ahmad Al Sabah Board Director
Sheikha Futtouh Nasser Sabah Al Ahmad Al Sabah Board Director[36]

Executive management[edit]

Name Position
Faisal Hamad Al Ayyar Vice Chairman (Executive)
Samer Subhi Khanachet Group Chief Operating Officer
Masaud Mahmoud Jowhar Hayat Chief Executive Officer, Banking
Tariq Mohammad Abdulsalam Chief Executive Officer, Investments
Pinak Maitra Group Chief Financial Officer
Khaled Abdul Jabbar Al Sharrad Group Chief HR and Administration Officer, Board Secretary
Declan Sawey Group Treasurer
Mohsen Ali Husain Group Chief Audit Executive
Mazen Isam Hawwa Group Senior Vice President, Finance and Operations
Robert Drolet Consultant
Adel Jassem Al Waqayan Treasurer
Osama Talat Al-Ghoussein Senior Vice President, Banking
Tawfiq Ahmad Al Jarrah Executive Director - Hessah Al Mubarak District
Eman Mohammad Al Awadhi Group Communications Director[36]

Shareholding structure[edit]

KIPCO's principal shareholder is Al Futtooh Holding Company (AFH), a Kuwaiti holding company owned by members of the Kuwaiti ruling family, with a direct holding of 44.7% as of 31 December 2017. The remainder of the shares are primarily held by institutions, equity funds, high-net-worth individuals and retail investors.

The following table sets out the percentage holdings of the Company’s shareholders as at 31 December 2017:[37]

  Percentage Holding
Al Futtooh Holding Company K.S.C. (Closed)
Investment Companies & Other institutions
Investment Funds
High Net Worth Individuals & Retail Investors
Treasury shares (KIPCO Parent)

Group structure[edit]

The principal subsidiaries and associates of KIPCO are in the financial services and real estate sectors, and KIPCO also has a joint venture in the media sector. The remaining companies of the Group and its associates operate in the service and industrial sectors.

The table below sets out the KIPCO’s Principal Companies:

  Financial Services Media Real Estate
  United Gulf Holding Company Gulf Insurance Group Burgan Bank OSN United Real Estate Company
Geographic presence in MENA
7 countries
11 countries
8 countries
26 countries
8 countries

Principal Companies/ Key Subs and Associates[edit]

  • Burgan Bank: Burgan Bank is the 2nd largest conventional bank in Kuwait in terms of assets offering a full range of banking services to both retail and commercial customers. It operates under four divisions which are corporate banking, retail banking, private banking and investment banking and treasury.
  • Panther Media Group (PMG): PMG is the largest digital satellite premium Pay TV operator in MENA region operating under the brand name "OSN". It offers exclusive Western and Arabic content and has exclusive contracts with all 8 major Hollywood studios. As at 31 December 2017, OSN had around one million subscribers.
  • United Gulf Holding Company B.S.C. (UGH): UGH is a public Bahraini shareholding company. It operates as a non-financial holding company of the activities of KIPCO Group. Through its subsidiaries and associates it has interest in commercial and investment banking and asset management services, the holding company also manages a diversified portfolio of investments in private equity funds, private equities, structured products, trading portfolios.
  • Gulf Insurance Group (GIG): GIG is the market leader in Kuwait (by GPW and Direct Premiums), Bahrain and Jordan (by GPW) and Egypt (by Technical profit) among the private sector. GIG's product portfolio includes marine, aviation, property, casualty, motor, life and health insurance.
  • United Real Estate Company (URC): URC is the 2nd largest listed real estate player on KSE in terms of assets. URC is an integrated real estate company, which invests in, manages and develops real estate properties in Kuwait and within the MENA region.
  • United Industries Company (UIC): UIC invests in the downstream industries sector in Kuwait and the GCC states and it operates a diversified portfolio of investments in the energy, food and basic industries sectors.
  • Others: KIPCO directly or indirectly holds more than 20 companies which are engaged in other businesses. The major entities engaged in other businesses are Advance Technology Company, United Education Company, Kuwait United Consultancy Company, United Capital Transport Company and Gulfsat.[4]

Business Strategy[edit]

The key elements of the Group's strategy are to:[4]

*Leverage its position and reputation in the GCC and wider MENA regions to capture further growth in these regions

  • Acquire, create, build and selectively sell businesses in sectors that capitalise on regional opportunities
  • Exercise management control over businesses
  • Maximise value from businesses with a medium-to long-term horizon

Regional presence[edit]

The Group and its associates have a presence in the following countries in the MENA region:[4]

Company Present in
Burgan Bank Kuwait, Iraq, Algeria, Tunisia, Turkey, Malta, Lebanon (branch of Bank of Baghdad) and Libya (representative office of Tunis International Bank)
United Gulf Bank Bahrain, Kuwait, Tunisia, UAE, Syria, Malta and Morocco
Gulf Insurance Group Kuwait, Saudi Arabia, Lebanon, Egypt, Syria, Jordan, Bahrain, UAE, Iraq, Algeria and Turkey
Panther Media Group Ltd (PMG) Licensed to operate in 26 countries in the MENA region; however, it currently operates in 21 countries
United Real Estate Company Kuwait, Jordan, Egypt, Oman, Syria, UAE, Lebanon, Morocco and UK
United Industries Company Kuwait

Credit rating[edit]

KIPCO[38] S&P Moody’s
Long Term
Short Term
Prime 3

Corporate social responsibility[edit]

The Protégés Program[edit]

The Protégés is a mentorship program designed to provide young people with opportunities to learn life and leadership skills, through combination of travel, lectures, group activities, challenges and games for around 6 weeks. Around 25 Protégés are selected based on a thorough screening process ensuring that they meet high standards of excellence. KIPCO is the strategic partner of the program and is supported by nine Group companies.[39]

Dyslexia Campaign[edit]

Dyslexia Campaign is KIPCO's initiative for public awareness about Dyslexia.The campaign – which featured TV and press advertising to highlight the problems faced by those people suffering from dyslexia – was the first of its kind in the Persian Gulf region.[40] In 2008 KIPCO won an award for the campaign on dyslexia at Kuwait's first Corporate Social Responsibility (CSR) Awards.[41]


  1. ^ a b c d KIPCO Financial Statements 2017, KIPCO Website, 28 March 2018
  2. ^ KIPCO Overview, KIPCO Website 28 March 2018
  3. ^ KIPCO News Zawya, 08 March 2018
  4. ^ a b c d "EMTN Programme 2018" KIPCO Website 28 March 2018
  5. ^ NBK Capital report,, 12 February 2014
  6. ^ URC Prospectus, LSE 5 May 2007
  7. ^ Global Research-Kuwait Global Investment House, April 2009
  8. ^ KAMCO News Kuwait times, 04 June 2014
  9. ^ KIPCO World, 2014
  10. ^ "KIPCO share of Wataniya sale deal with QTEL finalized" Kuwait News Agency (KUNA), 13 March 2007
  11. ^ "Showtime Arabia, Orbit announce TV merger", 12 July 2009
  12. ^ Global Research-GCC Global Investment House, November 2009
  13. ^ "KIPCO completes US$500m bond issue" Investegate, 12 July 2010
  14. ^ "Fairfax unit to buy 39% of Gulf Insurance Co.", 20 September 2010
  15. ^ "KIPCO raises stake in real estate firm URC", 25 January 2011
  16. ^ "Kipco boosts stake in United Industries", 04 July 2010
  17. ^ "Burgan Bank Concludes Purchase of Eurobank Tekfen", 23 December 2012
  18. ^ "OSN acquires Pehla" Khaleej Times, 27 August 2013
  19. ^ "Kuwait's KIPCO takes majority stake in Malta's Fimbank", 30 May 2010
  20. ^ KIPCO News, 01 April 2014
  21. ^ "United Industries divests 29% of SADAFCO in special transaction", 05 November 2013
  22. ^ "KIPCO successfully prices US$ 500 mn bond issue" RNS Market News, 03 Feb 2014
  23. ^ "Burgan Bank issues USD500m additional Tier 1 capital" Zawya News, 24 September 2014
  24. ^ "Rights issue by Burgan Bank" Banking Frontiers
  25. ^ "OSN secures $400 million syndicated financing facility" Arab News, 8 September 2015
  26. ^ "Kuwait's Burgan Bank sells majority stake in Jordanian bank to parent firm" Reuters, 30 December 2015
  27. ^ "KIPCO repays KD 80 million bond" Ameinfo, 17 January 2016
  28. ^ "KIPCO completes US$ 500 million bond issue despite challenging market conditions" Gulf News 24/7, 9 March 2016
  29. ^ "Burgan Bank issues subordinated bonds worth KWD 100m" GULFBANKERS, 13 March 2016
  30. ^ "GIG buys Turkish insurer Turins Sigorta" MENAIR, 14 June 2016
  31. ^ "Burgan Bank successfully issues $500m debut senior bond" Kuwait Times, 19 Sep 2016
  32. ^ "New bond issue: KIPCO issued international bonds for USD 500.0m maturing in 2027 with a 4.5% coupon" C Bonds, 17 Feb 2017
  33. ^ "URC has announced a 39.17% acquisition in leading Kuwaiti building materials company, Insha'a Holding" (Press release). United Real Estate Company. 16 March 2017. Retrieved 3 August 2018.
  34. ^ "UGB Announces Details of the Reorganization" UGB Website, September 13 2017
  35. ^ [ "Kuwait's KIPCO issues $331m seven-year bond"] Arabian Business, 28 December 2017
  36. ^ a b c KIPCO Annual Report-2016
  37. ^ [1] KIPCO Corporate Website retrieved 28 March 2018
  38. ^ [2] KIPCO Website 09 November 2015
  39. ^ "Proteges Third Generation officially launched in Kuwait" Kuwait Times, retrieved July 21, 2014
  40. ^ "KIPCO Sponsors Dyslexia Awareness Campaign" PRWeb, September 10, 2007, retrieved July 21, 2014
  41. ^ "KIPCO's Dyslexia Campaign Wins Corporate Social Responsibility Award" Zawya, Jan 23 2008, retrieved July 21, 2014

External links[edit]