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Vice President of Structured Finance
Industry: Finance
Location: Dubai, UAE -
Senior Finance Manager
Industry: Finance
Location: Dubai, UAE
The winners in Kuwait
by Andrew Mernin, James Bennett and Tamara Walid on Sunday, 25 March 2007
Kuwait’s business elite converged at the Sheraton, Kuwait City, to witness the main event, namely Man of the Year HH Sheikh Ahmad Al-Fahad Al-Sabah.
After enduring months of negotiations, where arguments were won and lost and votes were cast, our top panel of judges finally drew up their list of winners for the inaugural Kuwait Arabian Business Awards.
In a ceremony held in Kuwait City earlier this month, over 300 leading lights from the Kuwaiti business community gathered to recognise the country's pacesetters in a range of sectors. Delegates were joined by HH Sheikh Ahmad Al Fahad Al Sabah, director of Kuwait's National Security Agency and a member of the royal family. Also in attendance was Mohammad Al Shaya, chairman of the Alshaya empire - the largest retail group in the Middle East with 1200 stores. Al Shaya used his keynote address to urge Kuwaiti businesses to focus more on international growth and greater social responsibility.
Al Shaya also praised the resilience of the Kuwaiti people and their role in leading the country on the path to economic prominence despite political and financial setbacks.
"Kuwait is a success story we have all helped to achieve. We have one of the highest GDP per capita figures in the region and the rest of the world, a growing economy and a growing presence on the GCC and world economic stages," he said.
"There is no doubt we have been lucky, having been blessed with enormous natural resources. Now, as an economic success, we hold huge responsibility for the societies in which we do business and our greatest responsibility is to the young people of the Middle East. They are our greatest asset," he added.
Al Shaya went on to highlight the importance of young people to the ongoing growth of Kuwait:
"In the next two decades, our young people need our attention as they will need occupations, jobs, careers and security, not only to sustain their lives and their future families but also to further support the development of each economy in this region."
"The MENA labour force will require 100 million new jobs by 2020, which is equivalent to doubling the current level of employment. It's a big task and it requires all of us to focus on expanding our businesses and provide jobs, but we also need to engage, encourage and excite our young people to work in the private sector, so that they can also contribute back to their own society," he added.
From telecoms to tourism, Islamic finance to CSR, join Arabian Business as we uncover the winners at our first ever Kuwait Awards.
Investment company of the year
Winner: Investment Dar
Since its inception in 1994, The Investment Dar (TID) has pursued specialisation, selectivity, innovation and an ongoing quest for development, and its recent purchase of luxury carmaker Aston Martin highlights all those qualities.
From a single consumer finance company with a capital of US$54.6m, to one of the leading Islamic financial organisations in the region listed on the Kuwait Stock Exchange and assets under management of US$15bn, Investment Dar has come a long way. Today, the company has total assets worth US$3.6bn and a clear and structured future strategy. TID's chairman is Adnan Al Musallam, number 73 in Arabian Business's Power List 2007, and the man behind the investment wheel of one of the most important deals affecting CEOs worldwide - the US$925m purchase of Aston Martin with the Kuwaiti company gaining 50% share of James Bond's favourite car manufacturer.
Alongside former Benetton and BAR racing boss David Richards and Mustafa Al Saleh, managing director and CEO of Adeem Investment of Kuwait, Al Musallam was instrumental in securing the successful deal. Musallam is a major player behind the Arab world's growing reputation as one of the most powerful investment forces on the planet.
Bank of the year
Winner: National Bank of Kuwait
The National Bank of Kuwait (NBK) was unanimously selected by Arabian Business as the winner of the best bank in Kuwait for the leading role it has played and continues to play in furthering the national economy.
NBK achieved yet another successful year in 2006 with record net profits of US$876m, the highest ever seen in Kuwait. NBK's outstanding 2006 results also included an improvement in return on equity to 38.6% and return on average assets to 3.6%.
Led by a legend in regional banking, Ibrahim Dabdoub, CEO of the National Bank of Kuwait and number 75 in our Power List 2007, the finance house has become the highest rated regional institution by Moody's, Standard & Poor's and Fitch Ratings. Dabdoub has been with the bank since 1983 and is also a board member.
NBK's deputy CEO, Isam Al Sager picked up the award from deputy parliament speaker, Dr Mohamed Al Busairi and CEO of ITP Holding, Walid Akawi at a special ceremony attended by some top governmental and business leaders as well as media representatives.
Property company of the year
Winner: Al Mazaya Holding
The judges said there was only one winner in the property of the year category 2007. Al Mazaya Holding is a Kuwaiti shareholding company in the field of real estate and has a capital of US$98m. Mazaya aims to provide the best in real estate and is led by chief executive Khaled Esbaitah, interviewed in Arabian Business late last year.
Its projects include Global Tower, Al Roya Tower, Kuwait Business Town, Al Maha Villas, Mazaya Villas, Mazaya Suites and Seven Zones all in Kuwait and the Indigo Icon Jumeirah Lake Towers, Healthcare City, Skygardens, The Villa, Mazaya Business Avenue, Ethos Towers in Business Bay and Liwan in Dubai.
Best in Islamic banking
Winner: Kuwait Finance House
In recent years Kuwait Finance House (KFH) - one of the largest Sharia-compliant businesses in the world - has been at the forefront of the region's ever-expanding Islamic finance sector. Last year, on the back of some impressive results, the company made a number of strategic moves to stay one step ahead of its competitors at home and abroad. Building on a successful 2005, that saw the bank increase its net income by 46% to US$40.2m, KFH continued to record healthy growth last year. In Q3 of 2006, the bank announced a total profit of US$908.4m - an increase of 47% on the same period the previous year. Assets totalled US$19.6bn, up 40% on the previous year, while deposits amounted to US$12bn - an increase of 22%. Focusing on the Asian market, KFH became the first foreign Islamic bank to set up in Malaysia by launching the wholly-owned KFH Malaysia Berhad (KFHMB), with a paid-up capital of US$100m. The newly-formed Asian subsidiary then teamed up with Singapore-based Pacific Star Group - a leading real estate investment group - to set up a US$600m Islamic real estate fund targeted at the Asian market. Another notable landmark was the launch of its US$150m Ishbiliya Village project - a 176,000 sq m real estate development in the Manama, Bahrain.
Best company for Corporate Social Responsibility (CSR)
Winner: National Projects Holding Company
"We believe it is the responsibility of every profitable company to give back to the community in which they live and work," said Mussaed Al Saleh, CEO of the National Projects Holding Company (NPHC) at the Arabian Business Awards. These are refreshing words coming from a market leader in an area where all too often CSR is put on the backburner to rapid expansion and economic growth.
Through its Dubai Recycling Park project, the group is gearing up to play a major role in tackling the region's waste problems. Located in Dubai Industrial City, this will be the first fully integrated waste management and recycling park in the Middle East. The site will measure 1.5 million sq ft and is due for completion within 18 months. NPHC has committed to invest up to US$150m into the project. Continuing its focus on all things green, NPHC has contributed to raising regional environmental awareness by hosting the UAE's inaugural global warming conference.
The group also organised a charity dinner in Kuwait to raise funds for children affected by last year's conflict in Lebanon. Assisting the development of the region's arts and culture sector, the company contributed US$100,000 to help produce the first Arabic Shakespeare play performed by the Royal Shakespeare Company (RSC) in the UK.
Logistics company of the year
Winner: Agility
Since its humble beginnings in Kuwait in 1979, Agility (formerly PWC Logistics) has grown into one of the largest providers of supply chain solutions in the Middle East. Today, the group brings in annual revenues of around US$4.5bn, has 20,000 employees and over 450 offices in 100 countries. Following the successful rebranding of the group - that includes Geologistics, Transoceanic and Trans-Link - Agility now has its aggressive future expansion plans in place. Earlier this year, the company raised its stake in Al Abraj Holding to 6.3%, acquiring 3.47 million shares as it gears up to jointly develop ports and logistics projects inside and outside Kuwait. The group also cemented its position as a market leader in the region by launching an in-house university to develop its own skilled work force. While last year was a resounding success for Agility however, 2007 is so far shaping up to be a more challenging 12 months that could really put the resilience of the company to the test. Earlier this month, following the failure of the logistics giant to release its 2006 financial results, the Dubai Financial Market (DFM) suspended the trading of Agility's shares. Meanwhile, three contracts between Agility and the Kuwaiti government that were cancelled last November, look likely to be reinstated in the coming months. Last year, the government cancelled three build-operate-transfer contracts, causing increased selling of Agility shares and the Kuwait bourse to drop to 16-month lows. This month however, an appeal court ruled that the government should reinstate the deals.
Fastest growing company
Winner: IFA Hotels and Resorts
With a market capitalisation of over US$1bn, IFA Hotels and Resorts (IFA HR) is fast developing as one of the most globally recognised hospitality brands from the GCC region. From Zanzibar to London, the group currently has operations spanning the globe. And still it is continually aiming to widen its pan-international reach. The group recently acquired 24.9% of Raimon Land Plc - a Bangkok-based luxury condominium and real estate development company listed on the Stock Exchange of Thailand (SET). Valued at around US$30m, the acquisition is part of IFA HR's strategy to "expand the geographic reach of the company as a mixed use" developer according to Jassim Al-Bahar, chairman and managing director of the company. In early 2007, the group also acquired two residential buildings in Pine Cliff Residence, a prime tourist resort in the Algarve (Portugal). The resort, costing IFA HR around US$35m, sits on 2km of beachfront, covering an area of 700,000 sq m. The rapidly expanding group also has operations in the UAE, Kenya, Zanzibar, the UK, Lebanon and South Africa. In Dubai, IFA HR is currently developing a 400-room, five-star hotel on the trunk of The Palm Jumeirah, a 1000-room resort on the crescent of The Palm and a 40-storey mixed-use tower near the Dubai Marina.
As the company's seemingly non-stop global acquisition drive has moved into top gear over the last 12 months, its product range has also dramatically increased. Among nine different divisions of IFA HR's portfolio are yacht ownership, hotel ownership and lifestyle membership club subsidiaries.
Best telecoms operator
Winner: MTC Kuwait
Born in Kuwait in 1983 as one of the region's first mobile operators, MTC has prospered throughout the liberalisation of the Middle East's telecoms sector and remains a dominant force despite increasing competition. Today, the telecoms empire stretches across 20 countries, serves over 27 million people and has a market capitalisation of US$19.4bn.
In his acceptance speech, MTC Kuwait's general manager, Barrak Al Sabeeh said that the award was, "in recognition of MTC Kuwait's achievements, especially its contribution to the development of the wireless telecom sector."
The last 12 months have seen a number of major developments for the telecoms giant. According to Bloomberg, the group is currently looking to sell around US$4bn shares on the London Stock Exchange, with an IPO likely to happen in Q1 2008. In February 2007, the company announced plans to invest US$10.5bn through its subsidiary Celtel to expand operations in Africa, where the group currently operates in 14 countries. MTC has set a target of raising its subscriber base from 27 million to 70 million by 2011.
According to Al Sabeeh, since the company's establishment in 1983, MTC Kuwait has provided customers with the latest telecom technology backed up by international service standards. "It has maintained its position as market leader in terms of services and products, with a market share of over 60% where market penetration exceeds 100%," he said.
He added that MTC Kuwait had strengthened its position in a fiercely competitive Kuwaiti market by entering into partnership agreements with leading global telecom names such as Motorola, Siemens, Nokia, and Logica CMG. In doing this, MTC Kuwait has succeeded in providing 3G services throughout Kuwait and now wants to offer HSDPA, currently the fastest data transmission service and one that is the focus of international attention in the telecoms sector.
He also reminded those present at the awards that MTC Kuwait, despite its achievements, was still committed to its successful corporate social responsibility programme, one that has supported education, culture, health and sports in an effort to strengthen its ties with the community.
Finally, Al Sabeeh thanked all the MTC Kuwait staff for their efforts in making the company the success story it has become, pledging that MTC Kuwait would never lose sight of its commitment to customer service.
Best in Kuwait for tourism development
Winner: Kuwait Commercial Markets Complex Company
This year's winner for the prize for ‘Best in Kuwait for Tourism Development' went to Kuwait Commercial Markets Complex Company.
The business is a shareholding entity that started in Kuwait on February 9, 1982 and is now listed on both the Kuwait Stock Exchange as well as the Dubai Financial Market.
The Kuwait-based business specialises in the ownership, management, rental and lease of commercial centres, such as commercial complexes, shopping malls, industrial and commercial showrooms as well as other complementary services like restaurants, coffee shops and entertainment centres. It also conducts other activities such as the wholesale and retail of consumer products as well as the organisation and management of duty-free markets and investment. Among its subsidiaries is Maxicana Company for Ready Food, Kuwait United Entertainment Company and Al Shuwaikh United Real Estate. It also has entertainment and related projects within Kuwait and abroad, such as Marah Land in Oman, Al Salmiah Park and Al Munqif Hilton resort.
The company's issued and paid-up capital is an estimated US$57.5m distributed over around 166 million shares with face value of 100 Kuwaiti fils per share.
The company's latest endeavor is launching the International Tennis Complex in Kuwait, which will stretch to over 70,000 sq m of land and is set for completion in 2008. The project is a reflection of Kuwait's growing enthusiasm to host international tennis competitions and its aim to become one of the most attractive tennis tournament destinations in the world. The development will include a main stadium that will cater for 6000 people, a secondary stadium that will cater for 2000 people, open and closed tennis courts, sports club, players rest building, a four-star hotel and a commercial complex. It will also feature the first retractable roof stadium in Kuwait.
Entrepreneur of the year
Winner: Salah Al Maousherji
With a list of titles as long as your arm, Salah Al Maousherji is an extremely busy man. As well as being executive director of his family's Al Maousherji Group and chairman and managing director of his self-made investment company, Alfarabi Investment, he is also director of diversified group, Arabi Holding. And, as if that wasn't enough, Al Maousherji is also chairman of his own catering company (Al Maousherji Catering Company) and is a partner in Mashoura Consulting Services. With a number of major franchises under his belt, his calibre among the Kuwaiti business fraternity as an entrepreneur, is second to none. Perhaps his most well-known venture is as the owner of the Kuwaiti franchise dealership of fastfood chain, McDonald's. Incepted in 1994, the company now has more than 45 outlets across Kuwait. It has been recognised by several prestigious awards such as the Philippine Presidential Award for the best employer alongside the Golden Globe Award. Launched in early 2005, Alfarabi Investment Company was established with a paid up capital of US$73.5m. Today the Islamic investment institution has a number of high-profile shareholders from across the GCC. As well as Kuwait Finance House - an Islamic bank with total estimated assets of US$10.3bn - the Olayan Group, ranked among the ten largest companies in Saudi, is also a shareholder in the company. Other major shareholders include the Industrial Bank of Kuwait and Al Sayer Group, one of the largest family-owned businesses in Kuwait.
Man of the year
Winner: HH Sheikh Al Sabah, Member of Kuwait Royal Family, chairman of OPEC
Sheikh Ahmad Al Fahad Al Sabah was awarded the ‘Man of the Year' prize at the Arabian Business Kuwait Awards for 2007. Al Sabah's numerous achievements on various fronts justified this reward. In addition to serving as chairman of OPEC in 2004, Al Sabah also held the position of Minister of Energy in Kuwait controlling 20% of the world's oil reserves. He is currently the president of the Olympic Council of Asia (OCA) and heads the drive for private sector investment in Kuwait. Al Sabah is also a member of the International Olympic Committee.
Al Sabah was born in Kuwait in 1961 and received his education from the University of Kuwait from which he graduated with a degree in political sciences. In addition, Sabah holds a degree from the Kuwait Military Academy. He has worked in various positions in different businesses including oil, engineering, water, electricity, communication and construction. In 2000, he was appointed as Kuwait's Minister of Information and became the Acting Minister of Oil in 2001. He was also the president of the Kuwait Olympic Committee from 1990 until 2001 when he joined the International Olympic Committee.
While his uncle Sheikh Sabah still served as prime minister of Kuwait, Al Sabah held the position of Minister of Oil, which was later changed to Minister of Energy. In July 2006, Al Sabah was appointed Director of the National Security Agency and still maintains a good relationship with the Emir of Kuwait.
Known for his influence among the elite circles of the Arab world and abroad, Al Sabah has a dream to one day bring the Olympic Games to the Middle East. He has already a long history of involvements in sports activities and organizations including founding the Yachting and Rowing Federations of Kuwait, former president of the Kuwait Handball Federation, former vice-president of one of the biggest sports clubs in Kuwait namely Arabi Club, president of the federations of football, shooting and rowing.
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