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Sun 31 May 2015 06:07 PM

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Kuwait's Al Kharafi Group appoints new chairman

Firm run by one of Gulf state's most prominent merchant families has appointed Fawzi al-Kharafi as chairman

Kuwait's Al Kharafi Group appoints new chairman
The billionaire family has stakes in a number of high-profile Kuwaiti companies including telecommunications firm Zain and construction firm Kharafi National.

Kuwait's Al Kharafi Group, the firm run by one of the Gulf Arab state's most prominent merchant families, has appointed Fawzi al-Kharafi as chairman of the business to replace his brother Jassim, who passed away earlier this month.

The billionaire family has stakes in a number of high-profile Kuwaiti companies including telecommunications firm Zain and construction firm Kharafi National.

It had been linked with selling a majority stake in Kuwait Food Co (Americana), which operates franchises for restaurant chains including KFC and Pizza Hut around the region, with KKR and Savola Group among the bidders drawn. Talks over a multi-billion-dollar deal fell away earlier this year.

Al Kharafi Group also appointed Mohannad Mohamed al-Kharafi as deputy chairman, director at the company Bader al-Kharafi told Reuters on Sunday.

Loay al-Kharafi, a board member, also told Reuters that all other positions at the group remain as they were, reflecting the depth and stability of the business.

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