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Thu 26 May 2011 04:01 PM

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Kuwait's Kharafi Group eyes Middle East expansion

Family-owned firm sees ‘millions of dollars’ worth of opportunities in region

Kuwait's Kharafi Group eyes Middle East expansion
KUWAITS KHARAFI: Kharafi Group has holdings in a number of companies including Mobile Telecommunications Co and Kuwait Food Co

Kuwait’s Kharafi Group sees potential for expansion in Saudi
Arabia, Egypt, Qatar and the UAE, Vice President Marzouk
Nasser Al Kharafi said.

“There are a lot of opportunities and we will select what’s
the appropriate investment in light of current developments in the region that
are suitable,” Al-Kharafi said in an interview in Beirut Thursday. “There are
opportunities in the hundreds of millions” of dollars, he said.

The Kharafi Group has holdings in a number of companies
listed on the Kuwait Stock Exchange, including Mobile Telecommunications Co,
Kuwait’s biggest mobile-phone company, and Kuwait Food Co.

Its subsidiary, Kuwait Food Company or Americana, holds the
Middle East franchises for Pizza Hut, KFC and TGI Friday’s, among others. Al
Kharafi was also the largest individual stakeholder of popular doughnut company
Krispy Kreme.

The group has an annual turnover of more than $5bn and
operates in more than 25 countries worldwide with activities including
construction, investment, tourism and commerce, according to its website.

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Abdul A 8 years ago

Ask them if they have any plans in any development project in Kuwait, the answer is NO. How can the development process begin in Kuwait when all the development projects are overseas? I recently went through their shabby international airport and it is embarrassing, that their government does not have enough hindsight to understand that a new airport is step one in the development process. A donut shop or a TGI Fridays in Kuwait is not a major development project that is going to transform this sleepy nation or to generate jobs for it's nationals. Their government needs to show some interest in this country in order for it's citizens to feel pride in their nation.

Chris 8 years ago

A sub standard sewerage system that after two years, still stinks at Ring Road 5 because the sewerage system is antiquated and not functional supports Abdul A's comments. It is still pumping directly into the sea with minimal treatment as the system has failed. Who was responsible for the sewerage system? Let's hope that the restaurants give them profits to subsidise the improvement of the infrastructure that they maintain in Kuwait and hence can improve the country.

Amercian in Kuwait 8 years ago

I agree with Abdul that the airport is a Third World prototype. Have the people responsible never traveled to World Class Airports; even Dammam is impressive and they have enough clean, modern bathtooms.

The answer is they don't care about Kuwait's image !

Ted Dunlop 8 years ago

It is my understanding that The Khorafi Group was awarded a 40 year concession contract to build, operate and finance the Marsa Alam International Airport on a private basis which will be Egypt's first BOT airport project. The company’s responsibilities include all airport construction and maintenance plus complete operation of airport and facilities. And they can't build an airport in Kuwait?

Concerned 8 years ago

Imagine the quality of staff they have in the emigration. Once I came back from Bahrain in the evening after a business trip. My bad luck one of the school sent their kids to Bahrain for some function and they came back in the same flight. Passport control for boys and teachers took 2-3 minutes each but 5-10 minutes for each girl.