KIPCO


Kuwait Projects Company , known as KIPCO, is an investment holding company in the Middle East and North Africa region, with consolidated assets of US$34.2 billion as of 31 December 2018. 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.

History

KIPCO was incorporated on 2 August 1975 under Article 94 of the Kuwaiti Commercial Companies Code, Law No. 15 1960.
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.

Milestones

Corporate governance

KIPCO is a strong supporter of promoting transparency of operations, thereby launching its annual Shafafiyah investors’ forum in 2004. 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

Executive management

Shareholding structure

KIPCO's principal shareholder is Al Futtooh Holding Company, a Kuwaiti holding company owned by members of the Kuwaiti ruling family, with a direct holding of 44.7% as of 30 June 2019. 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 30 June 2019:
Percentage holding
Al Futtooh Holding Company K.S.C.
44.7
Investment companies and other institutions
44.3
Investment funds
2.6
High-net-worth individuals and retail investors
6.3
Treasury shares
2.1

Group structure

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:

Principal companies/ key subs and associates

The key elements of the group's strategy are to:
The group and its associates have a presence in the following countries in the MENA region:
CompanyPresent in
Burgan BankKuwait, Iraq, Algeria, Tunisia, Turkey, Malta and Lebanon
United Gulf Holding Co.Bahrain, Kuwait, Tunisia, UAE, Syria, Malta, Morocco, Iraq and USA
Gulf Insurance GroupKuwait, Saudi Arabia, Lebanon, Egypt, Syria, Jordan, Bahrain, UAE, Iraq, Algeria and Turkey
Panther Media Group Ltd Licensed to operate in 25 countries in the MENA region; however, it currently focuses on 7 core markets
United Real Estate CompanyKuwait, Jordan, Egypt, Oman, Syria, UAE, Lebanon, Morocco and UK
Jordan Kuwait BankJordan, Cyprus and Palestine
United Industries CompanyKuwait
United Education CompanyKuwait

Credit rating

Corporate social responsibility

The Protégés Program

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.

Dyslexia Campaign

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. In 2008 KIPCO won an award for the campaign on dyslexia at Kuwait's first Corporate Social Responsibility Awards.