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KIPCO WORLD
Welcome
to the World of KIPCO
The KIPCO Group is one of the largest diversified holding
companies in the Middle East and North Africa, with
consolidated assets of US$ 20.8 billion. The Group has
significant ownership interests in a portfolio of over 60
companies operating across 26 countries.
KIPCO’s strategy of acquiring, building, scaling and selling
companies in the MENA region has worked successfully for over
twenty years. This strategy has created a portfolio of companies
with a primary focus on financial services and media sectors.
Through its core companies, subsidiaries and affiliates, KIPC
also has interests in the real estate, manufacturing, education
and management sectors.
The MENA region continues to grow as a result of abundant
natural resources and a young and growing population.
Penetration rates in KIPCO’s core sectors are well below other
international markets, and this provides excellent potential for
sustainable and predictable future cash flows.
Financial investments in a broad range of industrial, real estate
and service companies allow KIPCO to maximize opportunities
in fast-growing niche markets such as housing and education
services.
This strategy has continued to deliver healthy long-term returns
for KIPCO’s shareholders.
1
Contents
04
Kuwait
34
Arabian Gulf
36
Bahrain
42
Iraq
46
Oman
50
Saudi Arabia
56
UAE
62
86
Levant
64
Jordan
78
Syria
North Africa
72
Lebanon
88
Algeria
92
Egypt
102
Morocco
112
Tunisia
KUWAIT
4
KUWAIT
KIPCO in Kuwait
5
KUWAIT
KUWAIT
With Kuwait as its headquarters, KIPCO’s operations in
this Arabian Gulf state cover most sectors, with emphasis
on financial services, industry and real estate. Kuwait
is home to Burgan Bank Group - KIPCO’s commercial
banking arm, United Real Estate Company - KIPCO’s
main real estate company, and Gulf Insurance - with its
network of companies across the MENA region. Kuwait
is also the base for the North Africa Holding Company
- whose investments span across North Africa, United
Industries Company - the industrial wing of KIPCO, and
Kuwait Hotels Company - which holds KIPCO’s hospitality
and catering operations.
Population
: 2,595,628
Age Structure:
0-14 years
: 25.8%
15-64 years
: 72.2%
65 years & over : 2%
GDP
: $149.8 billion
Composition by sector:
Agriculture : 0.3%
Industry
: 48%
Services
: 51.7%
Source: CIA website (www.cia.gov).
Numbers are July 2011 estimates, and sums are in 2011 US dollars.
6
KUWAIT
7
KUWAIT
KIPCO has earned a reputation for quality and excellence as a
premier investment holding company in the MENA region. The
company’s workforce of 8,000 employees worldwide helps it
create ideas, connect people, foster an entrepreneurial culture
and uphold standards of professional excellence, and most
importantly, world-class corporate governance.
KIPCO was incorporated in 1975. Since then, the company
has grown substantially and made significant investments in
a diversified portfolio of companies operating throughout the
MENA region and in other countries of the world. KIPCO’s
main sector focus is financial services, insurance and media.
Through its core companies, subsidiaries and affiliates, KIPCO
also has interests in the real estate, industrial, education and
management advisory sectors.
8
KUWAIT
9
KUWAIT
Burgan Bank Group, a subsidiary of KIPCO, is a regional
banking operation with majority owned subsidiaries in the MENA
region. Established in 1977, the bank has acquired a leading
role in the retail, corporate and investment banking sector
through innovative product offers and technologically advanced
delivery channels. Its subsidiaries include Gulf Bank Algeria
(Algeria), Bank of Baghdad (Iraq), Jordan Kuwait Bank (Jordan)
and Tunis International Bank (Tunisia).
Burgan Bank Group has continuously improved its performance
over the years by applying an extended revenue structure, good
asset quality, diversified funding sources and a strong capital
base. The adoption of state-of-the-art services and groundbreaking technology has positioned it as a trendsetter in the
domestic market and within the MENA region.
10
KUWAIT
11
KUWAIT
Established in 1962, Gulf Insurance Company is a leader in
Kuwait’s insurance market. With operations in both life and nonlife insurance segments, GIC is currently the largest insurance
company in Kuwait in terms of written and retained premiums.
GIC provides innovative and comprehensive conventional
insurance and takaful (Islamic insurance) solutions covering a
variety of risk areas.
Over the years, GIC has grown from being a leading personal
and commercial insurer in Kuwait into a regional insurance
solutions provider in Middle East and North Africa. Its
subsidiaries include Gulf Life Insurance Company (Kuwait),
Bahrain Kuwait Insurance Company (Bahrain), Arab Misr
Insurance Group (Egypt), Syrian Kuwaiti Insurance Company
(Syria), Fajr Al-Gulf Insurance & Reinsurance Company
(Lebanon), Arab Orient Insurance Company (Jordan), Egyptian
Life Takaful (Egypt), and Dar Es-Salam Insurance Company
(Iraq). Buruj Cooperative Insurance (Saudi Arabia) is an affiliate
of GIC.
12
KUWAIT
KAMCO, a premier investment and financial services company
based in Kuwait, was established in 1998 with the mission to
significantly alter the local and regional investment landscape.
It is a subsidiary of United Gulf Bank – the investment banking
arm of KIPCO – and was listed on the Kuwait Stock Exchange
in 2003.
KAMCO has successfully established a reputation for solidity,
characterized by its prudent, conservative investment
philosophy which has delivered healthy returns for its clients and
shareholders.
13
KUWAIT
The United Real Estate Company
is one of the most prominent real
estate companies of the Middle East
region. Established in 1973, the
URC’s management has considerable
knowledge and experience in property
development and investments. It also
has extensive experience in renting and
managing commercial and residential
properties in Kuwait.
URC is the developer of prestigious
projects in Kuwait and across the MENA
region, including malls, hotels and
residential complexes. URC is focused on
providing excellent customer service and
firmly believes in adapting to the business
environments and individual markets of
every country in which it operates without
compromise to quality.
14
KUWAIT
KIPCO Tower is the first building of its
kind in Kuwait, offering office space,
luxurious apartments and retail outlets
within a single site. The development is
located in the financial district of Sharq,
neighboring the Al Shaheed and City
Tower, and has become known as one
of the most innovative and industrially
distinguished structures in Kuwait.
The tower – KIPCO’s new headquarters
– is a mixed-use project comprised of
41,159 m2 office space over 38 floors,
58 residential apartments covering 11
floors and over 7,765 m2, and 6,000 m2
of commercial and retail space distributed
over the first five floors. The project is
expected to be completed in 2012. The
tower is equipped with facilities exclusive
to the structure and 24 hour security
measures. The offices have flexible
mechanisms in customizing the layout
thereby improving space and facilities
utilization.
With land space of over 4,850 m2, the
tower offers a 360 degree panoramic
view of Kuwait City and the Arabian Gulf.
The tower also offers a spa, a health club,
and fully equipped business center. The
tower’s apartments are fitted with unique
technology allowing tenants to control
lighting, blinds, and other systems using
wireless touch screens, voice control, and
smart phones. The building’s residential
section offers one, two, and three
bedroom apartments available for rent,
purchase, or lease to own.
15
KUWAIT
Marina World is a five-phase development located in Kuwait’s shopping district of Salmiya, visited daily by
thousands of shoppers. The strategic location of the development allows it to be a mere few steps from the
beach of the Arabian Gulf. The five components of the development are Marina Mall, Marina Crescent,
Marina Waves, Marina Hotel, and the multipurpose Salwa Sabah Al Ahmad Hall. The mall offers a
pleasant shopping experience with a range of high-end and highstreet retail shops, food courts, and fine
dining. Adjacent to the mall is Marina Crescent, a strip of restaurants overlooking the 140 yacht capacity
Marina Yacht Club harbor connected to Marina Mall by a bridge over the well-travelled Arabian Gulf Road.
Not far from Marina Crescent is Marina Waves, which includes fine-dining restaurants, commercial shops, and
a rock climbing facility. The multipurpose Salwa Sabah Al Ahmad Hall is a sought-after venue for weddings,
exhibitions, and seminars due to its prime location on the waterfront and its large parking lot.
16
KUWAIT
17
KUWAIT
18
KUWAIT
The Saleh Shehab Resort is located
south of the Kuwaiti coastline in
Julaia, a 45-minute drive from Kuwait
City. The resort comprises chalets,
landscaped areas, swimming pools,
and a retail section. The resort is a
two-phase project, where Phase-I offers
56 strategically located chalets on a
27,000 m2 plot that are intended for short
term visits. Phase-II includes 49 chalets
in a 19,244 m2 plot that are offered for
sale. The chalets of the Saleh Shehab
Resort are fully equipped, serviced,
and have access to private swimming
pools. The units available vary in size
and specification, such as location,
view, and layout. Phase II of the project
began construction in April of 2011 and
is expected to be completed in Q1 2012.
The commercial segment, named Yaal
Julaia, offers restaurants and recreational
activities to visitors as well as a public
parking facility for all.
19
KUWAIT
20
KUWAIT
The American University of Kuwait is an independent,
private, equal opportunity, and co-educational liberal arts
institution of higher education. The educational, cultural and
administrative structure, methods and standards of AUK are
based on the American model of higher learning. The language
of teaching is English.
Established in 2003, AUK was accredited in 2006 and reaccredited in 2008 by the Private Universities Council of
Kuwait’s Ministry of Higher Education.
The faculty, administration, and staff work hard to create
a caring environment where every aspect of the student’s
development gets attention and support. The course of study is
designed to prepare students for the contemporary world where
critical thinking, communication skills, and life-long learning have
become imperative.
The AUK faculty is a highly qualified group of international
academics with first-hand experience of the American style of
higher education. AUK currently offers 13 degree programs.
21
KUWAIT
22
KUWAIT
Since its establishment in 1962, Kuwait
Hotels Company has become one
of the leading hospitality companies
in providing first-class services within
Kuwait and the Middle East. KHC is the
parent company to Safir International
Hotel Management, Kuwait Catering
Company, Safat Catering Services
Company, Cake & Bake, and Safir
Support Services.
23
KUWAIT
24
KUWAIT
With a vision to become the premier
hospitality company in Kuwait, KHC is
focused on creativity, innovation, and
adding a local flavor to international
standards. By building a distinct life
style for its customers and clients, the
company provides a unique experience.
Through Safir International Hotel
Management, KHC operates hotels in
Kuwait and in the region, including the
newly-opened Safir International Hotel
and Residences in Fintas, Kuwait.
25
KUWAIT
United Industries Company was established in 1979, and
was listed on Kuwait Stock Exchange in 1997.UIC invests in
the downstream industries sector in Kuwait and the GCC and
operates a diversified portfolio of investments in the energy, food
and basic industries sectors.
UIC’s subsidiary, Qurain Petrochemical Industries
Company, was established in 2004 as is a private company
sourcing investments in the petrochemical and related sectors.
QPIC seeks to become a leading company in the petrochemical
sector through direct investments, joint ventures, and alliances
as well as through the creation of new, innovative investment
opportunities.
26
KUWAIT
27
KUWAIT
28
KUWAIT
United Oil Projects Company, an affiliate of UIC, was
incorporated in the 80’s under the name of Kuwait Chemical
Manufacturing Company to meet local and international market
requirements for specialized chemicals. In 2005, the company’s
management adopted a development strategy to respond to
and keep pace with sector developments.
UOP focuses on specialized projects in the energy, oil, gas and
petrochemicals sectors through direct investment, alliances and
joint ventures with specialized international market leaders. The
company’s Chemical Division is a key producer of polymers
that are locally and internationally used in the manufacture of
coatings and glass reinforced products.
29
KUWAIT
30
KUWAIT
United Networks is a leading
solution and service provider in the
communications, information technology
and media sectors in Kuwait. The
company develops, deploys, and delivers
innovative products and services using
state-of-the-art technology platforms
to advance connectivity, value creation,
efficiency and inventiveness in business
and entertainment environments.
Gulfnet Communications, a subsidiary
of United Networks, is a leading licensed
Internet and Online Data Services
provider.
Gulfsat Communications, a subsidiary
of United Networks, is a leading licensed
provider of satellite communication
services offering advanced turnkey
communication solutions across the
Middle East region.
Marina FM, owned by United Networks,
is a fresh approach to local radio, where
the emphasis is on music, energy, fun
and public service.
31
KIPCO Group companies
in Kuwait
32
KUWAIT
Financial Services:
• Burgan Bank
• Gulf Insurance Company
• North Africa Holding Company
• Takaud Saving & Pensions Company
• Gulf Life Insurance Company
• Bahrain Kuwait Insurance Company
• Manafae Investment Company
• Kuwait Private Equity Opportunities Fund
• KIPCO Asset Management Company (KAMCO)
• Kuwait Education Fund
• Al Jazi Money Market Fund
• KAMCO Energy Services Fund
• Bond & High Yiled Fund
• KAMCO Investment Fund
• Al Janah Holding Company
• Al Sharq Financial Brokerage Company
• Overland Real Estate Co. W.L.L.
• Al Raya Investment
Industry:
• Kuwait United Facilities Management
• United Facilities Development
• United Industries Company
• United Precision Drilling Company
• United Oil Projects Company
• United Cement Company
• Kuwait National Industrial Projects Company
• United Industrial Gas Company
• Al Qurain Petrochemical Company
• Qurain Plastic Industries Co.
• Qurain Basic Materials Co.
• United Petrochemical Co.
• North Gulf Cement & Building Material Co.
• Badael Energy Co.
• Eastern Projects General Trading Co.W.L.L
• Western Projects General Trading Co.W.L.L
• Al Khorayef Company for Sale, Maintenance &
• Al Nouzoul Holding Company
• Al Zad Real Estate Company
• First Homes Real Estate Co. W.L.L.
• Al Rawabi International Real Estate Co. KSC
• Amaken Real Estate Development Company
• Hatoon Real Estate Company
Media & Technology:
• United Networks
• Gulfsat Communications Company
• Global Direct Television
• Marina FM
• Gulfnet Communications Company
• Takhatob
Management Advisory:
• Kuwait United Consultancy Company
Services:
• United Capital Transportation Co.
• American University of Kuwait
• Masharee Al Khair
• Chairman’s Club - Kuwait
• Kuwait National Airways
• Royal Aviation
• Al Dhiyafa Holding Company
• Kuwait Hotels Company
• Safat Catering Services Company
• Safir Support Services
• Kuwait Catering Company
• Safir International Hotel Management Company
• Cake ‘n Bake
• United Warehousing Company
• United Theatre & Art Projects Company
• Al Dhiyafa United Real Estate Company
• United Projects Company
• SADAFCO Kuwait Foodstuff Co. W.L.L.
Repair of Oil Production Equipment
• Al Khorayef United Holding Company
Real Estate:
• United Real Estate Company
• Souk Al Mutahida Joint Venture
• United Towers Company
• United Company for Entertainment Projects
• Tamleek United Real Estate Company
• United Fintas Company
• KUCM
• United Building Company
• MENA Homes Real Estate Company
• North Africa Real Estate Company
• Al Raya Real Estate Projects
• Orange Real Estate Co. W.L.L.
33
ARABIAN GULF
34
ARABIAN GULF
KIPCO in the Arabian Gulf
With operations in Kuwait, Saudi Arabia,
Iraq, Bahrain, UAE, Qatar and Oman,
KIPCO has a created a strong presence
in the Arabian Gulf region. From its
headquarters in Kuwait, KIPCO has
grown substantially, with on emphasis on
the financial services sector - including
investment, commercial banking and
insurance.
35
ARABIAN GULF
BAHRAIN
Bahrain is the headquarters of United Gulf Bank, KIPCO’s
asset management and investment banking arm. In this
Arabian Gulf country, KIPCO’s activities are predominantly
in the financial services sector.
Population
: 1,214,705
Age Structure:
0-14 years
: 20.5%
15-64 years
: 77%
65 years & over : 2.6%
GDP
: $30.8 billion
Composition by sector:
Agriculture : 0.4%
Industry
: 63.7%
Services
: 35.9%
Source: CIA website (www.cia.gov).
Numbers are July 2011 estimates, and sums are in 2011 US dollars.
36
BAHRAIN
37
ARABIAN GULF
38
BAHRAIN
United Gulf Bank is a leading asset
management and investment banking
group, with operations spanning the
MENA region. From its home base in
the Kingdom of Bahrain, and through
its regional network of affiliates, the
bank engages primarily in asset and
fund management, investment banking,
private equity, and corporate finance.
Other financial business activities include
proprietary investments, treasury,
brokerage, and commercial banking.
Through its non-financial associate
companies, the bank holds substantial
investments in the real estate, hospitality,
communications and industrial sectors.
UGB is listed on both the Bahrain
Stock Exchange and the Kuwait Stock
Exchange.
Takaud Savings & Pensions is the first
company in the MENA region to offer a
range of personal pension and savings
products. The company is incorporated in
Bahrain and will launch its initial product
range in selected MENA countries in
2012. The company’s product range
will be specifically designed to meet the
investment aspirations of people in the
MENA region.
39
ARABIAN GULF
40
BAHRAIN
The Bahrain Kuwait Insurance
Company was established in 1975
with Bahraini and Kuwaiti shareholders.
Through its shareholding structure, BKIC
is allowed to operate as an insurance
company both in Bahrain and Kuwait, the
only company to enjoy such a privilege.
BKIC is a subsidiary of Gulf Insurance
Company.
Over the past 35 years, BKIC has
enjoyed steady growth in various areas
and built a solid relationship with its
customers and has grown to occupy a
leading position in the insurance industry
in Bahrain. BKIC is well positioned to face
the competitive pressures of the market
and expand into new lines of business as
well as innovative methods of distribution.
As a part of the ongoing strategic
investment program of the company,
BKIC is among the founders of United
Insurance Company (Bahrain), Gulf Assist
(Bahrain), and the Saudi Reinsurance
Company (Saudi Arabia).
41
ARABIAN GULF
IRAQ
Iraq is a country with great potential. KIPCO’s operations
in Iraq are focused on the financial sector, including
banking and insurance.
Population
: 30,399,572
Age Structure:
0-14 years
: 38%
15-64 years
: 58.9%
65 years & over : 3.1%
GDP
: $127.2 billion
Composition by sector:
Agriculture : 9.7%
Industry
: 60.5%
Services
: 29.8%
Source: CIA website (www.cia.gov).
Numbers are July 2011 estimates, and sums are in 2011 US dollars.
42
IRAQ
43
ARABIAN GULF
44
IRAQ
Iraq is embarking on the rejuvenation of
its financial sector and economy, and
the Bank of Baghdad - a subsidiary of
Burgan Bank Group - stands as a vital
financial intermediary that has continued
to evolve and grow, and has emerged as
a reliable and quality-oriented financial
service provider in the MENA region and
the world. The bank offers a wide range
of services and products to meet the
needs of its clients.
45
ARABIAN GULF
OMAN
In Oman, KIPCO has focused its activities exclusively on
the real estate sector, benefitting from the opportunities
available in the country.
Population
: 3,027,959
Age Structure:
0-14 years
: 31.2%
15-64 years
: 65.7%
65 years & over : 3.1%
GDP
: $80.89 billion
Composition by sector:
Agriculture : 1.5%
Industry
: 51.3%
Services
: 47.2%
Source: CIA website (www.cia.gov).
Numbers are July 2011 estimates, and sums are in 2011 US dollars.
46
OMAN
47
ARABIAN GULF
Salalah Mall is the first mall to be
constructed in Oman’s second largest
city, Salalah. The mall, a URC project,
is built on a 65,367 m2 plot with a
built up area of 86,074 m2. Once
completed, the project will include a
hypermarket, three-screen cinema,
recreational facilities, cafés, fine dining,
indoor gardens, a 22,000 m2 shopping
mall and 168 serviced apartments. The
serviced apartments, named Salalah Mall
Residences, will be operated by KIPCO’s
Safir International Hotel Management
Company. The project is based on
traditional Omani architecture with
modern facilites, and is expected to be
completed in mid 2012.
48
OMAN
49
ARABIAN GULF
SAUDI ARABIA
In Saudi Arabia, KIPCO’s operations are mostly in the
industrial and real estate sectors. This is also home to the
Saudia Dairy and Foodstuff Company, which KIPCO holds
through United Industries Co.
Population
: 26,131,703
Age Structure:
0-14 years
: 29.4%
15-64 years
: 67.6%
65 years & over : 3%
GDP
: $676.7 billion
Composition by sector:
Agriculture : 2.1%
Industry
: 67.6%
Services
: 30.4%
Source: CIA website (www.cia.gov).
Numbers are July 2011 estimates, and sums are in 2011 US dollars.
50
SAUDI ARABIA
51
ARABIAN GULF
52
SAUDI ARABIA
The Saudia Dairy & Foodstuff
Company (SADAFCO), a subsidiary
of United Industries Company, was
established in 1976, focusing first on the
production of dairy products and then
expanding to a wide product range in
1991 with the introduction of tomato
paste, cheese and snacks. SADAFCO
was listed on the Stock Exchange of
Saudi Arabia in 2005 and the company
is now a market leader in milk, tomato
paste and ice cream. The flagship brand
Saudia is one of the strongest brands in
Saudi Arabia.
53
ARABIAN GULF
Buruj Cooperative Insurance, an
affiliate of GIC, provides a comprehensive
range of cooperative insurance solutions
and various innovative insurance
products. Personal and professional
services are provided by more than 160
employees located in the company’s
Head Office in Riyadh, and its Jeddah
and Al Khobar branches, as well as 33
points of sale spread over various parts
of the Kingdom of Saudi Arabia.
54
SAUDI ARABIA
55
ARABIAN GULF
UAE
KIPCO’s main media holding, OSN, is based in Dubai.
KIPCO also operates in the financial services sector in the
United Arab Emirates.
Population
: 5,148,664
Age Structure:
0-14 years
: 20.4%
15-64 years
: 78.7%
65 years & over : 0.9%
GDP
: $260.8 billion
Composition by sector:
Agriculture : 0.7%
Industry
: 59.4%
Services
: 39.8%
Source: CIA website (www.cia.gov).
Numbers are July 2011 estimates, and sums are in 2011 US dollars.
56
UAE
57
ARABIAN GULF
OSN is the destination for the widest
choice of brand new premium Western,
Arabic and Filipino entertainment in the
Middle East and Africa. OSN is the home
of 100 channels offering great value
entertainment for viewers in the MENA
region. Exclusive access to the latest
blockbuster movies, top rated series,
sports, documentaries, news, kid’s
entertainment, and live talk shows, OSN
boasts the most comprehensive portfolio
of exclusive rights from all the major
studios.
As the regional leader in innovation, OSN
has changed the TV viewing experience
and brings viewers quality entertainment
through 26 High Definition channels and
currently is the only network offering a full
HD bouquet of channels as well as 3D
entertainment in the region. OSN was the
first to launch the Digital Video Recorder,
the OSN SHOWBOX HD, and the
region’s first Video-On-Demand service,
offering viewers the opportunity to watch
over 1000 movies and over 52 latest
seasons of the top series over the year in
full HD quality and Dolby Digital sound.
58
UAE
59
KIPCO Group companies
in the Arabian Gulf
BAHRAIN
SAUDI ARABIA
Financial Services:
Financial Services:
• Bahrain Kuwait Insurance Company
• Buruj Cooperative Insurance
• United Gulf Bank
• Takaud Pennsions & Savings
Services:
• SADAFCO Bahrain
• Ma’alem National Holding Company JSC
Industry:
• National Gas Company
• United Gulf Industries Ltd
• Al Atoun Steel Industries Co.
IRAQ
Financial Services:
• Bank of Baghdad
• Dar Es-Salam Insurance Company
• Saudia Dairy and Foodstuff Company
Real Estate:
• Kuwait Real Estate Company
• Ama’er National Real Estate Company JSC
Media & Technology:
• Global Direct Electronic Preparation Company
OMAN
Real Estate:
Services:
• United Gulf Logistics Company JSC
• Al Reef Real Estate Company
• Salalah World
UAE
QATAR
Financial Services:
Real Estate:
• United Real Estate Qatar
Services:
• SADAFCO Qatar
• Millennium Private Equity
• Royal Capital Company
Real Estate:
• Al Fujeira Real Estate Limited
Media & Technology:
• Orbit Showtime Network
• Digital Satellite LLC UAE
• Gulf DTH FZ LLC
Services:
• SADAFCO Foodstuff Company LLC, UAE
LEVANT
KIPCO in the Levant
KIPCO’s operations in the Levant are
focused in Jordan, Lebanon and Syria.
While the financial services sector is
currently the most attractive to KIPCO
in this region, the Group also has a
considerable number of real estate
projects in the area.
62
LEVANT
63
LEVANT
JORDAN
Jordan hosts a large number of KIPCO’s financial service
operations, including banking, insurance and investment.
There are also several real estate companies that operate
in the Hashemite.
Population
: 6,508,271
Age Structure:
0-14 years
: 35.3%
15-64 years
: 59.9%
65 years & over : 4.8%
GDP
: $36.82 billion
Composition by sector:
Agriculture : 4.4%
Industry
: 30.3%
Services
: 65.2%
Source: CIA website (www.cia.gov).
Numbers are July 2011 estimates, and sums are in 2011 US dollars.
64
JORDAN
65
LEVANT
Jordan Kuwait Bank was founded
in 1976 and has evolved into a major
player in the Jordanian banking system
over the last few years. The bank
currently operates a domestic network
of 53 branches and offices distributed
throughout Jordan in addition to two
branches in Palestine and a branch in
Cyprus. The bank employs almost 1000
people.
Jordan Kuwait Bank – a subsidiary of
Burgan Bank Group – maintains its leading
position in the introduction and adaptation
of technology in banking; it was the first
bank in Jordan to offer electronic banking
services, bancasssurance and smart (chip
& pin ) credit cards. This innovation is
combined with a unique customer- friendly
atmosphere, that has enabled the bank to
enhance its position as the best clientfocused bank in Jordan and substantiated
its slogan: ‘More than just a bank’.
66
JORDAN
67
LEVANT
68
JORDAN
Abdali Mall, a project of the URC, will be
the first mall located in the new downtown
Abdali district in Amman, Jordan. The
project is built over a 29,604 m2 island
plot with a built up area of 227,327 m2,
allowing easy access from all directions.
The development comprises a low rise
modern development entertainment
complex offering a unique shopping and
entertainment experience. The mall will have
a collection of international and local retail
components over 53,599 m2, a 10,000 m2
department store, 5,000 m2 supermarket,
eleven-screen cinema, flagship and anchor
stores, casual restaurants, in addition to
rooftop and terraced cafés.
69
LEVANT
70
JORDAN
Since it was established in 1996, Arab
Orient Insurance Company – a
subsidiary of Gulf Insurance Company
– has endeavored to be one of the
leading general insurers in its market.
The company’s reputation is synonymous
with reliability and quality, and was the
first insurance company in Jordan to be
rated by an international credit agency.
It provides superior customer service at
competitive rates.
71
LEVANT
LEBANON
Lebanon is another country in the Levant where KIPCO
has focused its financial services and real estate
operations. This country also hosts some of KIPCO’s
most prestigious hospitality operations.
Population
: 4,143,101
Age Structure:
0-14 years
: 23%
15-64 years
: 68%
65 years & over : 9%
GDP
: $61.61 billion
Composition by sector:
Agriculture : 4.5%
Industry
: 15.9%
Services
: 79.7%
Source: CIA website (www.cia.gov).
Numbers are July 2011 estimates, and sums are in 2011 US dollars.
72
LEBANON
73
LEVANT
74
LEBANON
Raouche View at 1090, a project of
URC, is a luxury residential building
in Raouche overlooking the famous
Pigeon’s Rock. Comprising 22 floors, the
development includes 40 apartments and
two penthouses available for sale and
built on a plot area measuring 5,015 m2.
The project has a built up area of 32,200
m2 including 232 parking spaces, and
for each apartment, a drivers room and
storage space. In addition, the building
is equipped with 542 m2 gymnasium
and indoor swimming pool, a children’s
playground, a landscaped area, and an
outdoor swimming pool. The project is
expected to be complete by mid 2013.
75
LEVANT
Safir Bhamdoun Hotel and
Commercial Center, another URC
project, is located 30 minutes from Beirut,
in the heart of Bhamdoun, Lebanon.
This development is a combination of a
hotel operated by Safir International Hotel
Management and a commercial center in
the middle of two of Bhamdoun’s busiest
streets.
76
LEBANON
Fajr Al Gulf Insurance and
Reinsurance Company, a subsidiary
of Gulf Insurance Company, is a provider
of value-added insurance solutions and
services to Lebanese consumers and
businesses anywhere in the world. Fajr
Al Gulf is one of the fastest growing
insurance providers in the Lebanese
market with 11 branches, 25 product
lines across the business and personal
insurance segments.
77
LEVANT
SYRIA
KIPCO’s focus in Syria is predominantly on the financial
services and the real estate sectors.
Population
: 22,517,750
Age Structure:
0-14 years
: 35.2%
15-64 years
: 61%
65 years & over : 3.8%
GDP
: $107.6 billion
Composition by sector:
Agriculture : 17.7%
Industry
: 28.2%
Services
: 54.1%
Source: CIA website (www.cia.gov).
Numbers are July 2011 estimates, and sums are in 2011 US dollars.
78
SYRIA
79
LEVANT
80
SYRIA
Syria Gulf Bank, an associate of UGB, began operations in
2007. It provides commercial and international services to small
businesses and professionals in a variety of industries. With 12
branches and close to 200 employees, SGB assists its clients’
financial needs, including corporate and retail banking services
and trade finance.
81
LEVANT
The Syrian Kuwaiti Insurance
Company is a joint stock company
established in 2006, and a subsidiary
of Gulf Insurance Company. SKIC
is headquartered in Damascus with
branches in Aleppo, Homs, Lattakia
and Tartous. Through these offices, the
company provides insurance services to
its customer base.
82
SYRIA
83
KIPCO Group companies
in the Levant
JORDAN
Financial Services:
• Jordan Kuwait Bank
• Arab Orient Insurance Company
• United Financial Investments Company
Real Estate:
• Ejara Leasing Company
• United Real Estate Company Jordan
• Arwa Real Estate Development Company
• Al Manazil United Real Estate Development Co.
• Athaniyia Company
• Areej United Homes Company
• Abdali Mall Company
• Abdali Boulevard Company
Media & Technology:
• Global Direct for Satellite Services LLC Jordan
Services:
• SADAFCO Jordan Foodstuff Company
LEBANON
Financial Services:
• Fajr Al Gulf Insurance & Reinsurance Company
Real Estate:
• Lebanese United Real Estate Company
• United Lebanese Real Estate Company
• Al Rouche Holding
• Bhamdoun Lebanese Real Estate Company
Services:
• Al Dhiyafa Holding Co.
SYRIA
Financial Services:
• Syria Gulf Bank
• Syria Gulf Investment Company
• Syrian Kuwait Insurance Company
• United Investment Company Syria
• Investment United Company Syria
Real Estate:
• Syria Real Estate Development Company
• United Real Estate Company Syria
Media & Technology:
• Syrian Communication Technology
NORTH AFRICA
86
NORTH AFRICA
KIPCO in North Africa
With business spanning across Egypt,
Algeria, Morocco and Tunisia, KIPCO’s
activities in North Africa are quite diverse.
The Group companies operate in financial
services, real estate, industry and much
more.
87
NORTH AFRICA
ALGERIA
KIPCO’s operations in Algeria are in financial services,
with some activity in the industrial sector.
Population
: 34,994,937
Age Structure:
0-14 years
: 24.2%
15-64 years
: 70.6%
65 years & over : 5.2%
GDP
: $264.1 billion
Composition by sector:
Agriculture : 8.1%
Industry
: 61.6%
Services
: 30.2%
Source: CIA website (www.cia.gov).
Numbers are July 2011 estimates, and sums are in 2011 US dollars.
88
ALGERIA
89
NORTH AFRICA
Gulf Bank Algeria – a subsidiary of
Burgan Bank Group – is one of the
leading banks in the country. The
bank has 29 branches and offers its
clients a wide range of innovative and
personalized retail and corporate banking
products and services. In order to meet
the demands of its clients, the bank also
offers Islamic Sharia-compliant services.
90
ALGERIA
91
NORTH AFRICA
EYGPT
Although the bulk of KIPCO’s activities in Egypt are in real
estate and industry, the Group’s activities also include
financial services, media and hospitality.
Population
: 82,079,636
Age Structure:
0-14 years
: 32.7%
15-64 years
: 62.8%
65 years & over : 4.5%
GDP
: $515.4 billion
Composition by sector:
Agriculture : 14.4%
Industry
: 39.5%
Services
: 45.8%
Source: CIA website (www.cia.gov).
Numbers are July 2011 estimates, and sums are in 2011 US dollars.
92
EGYPT
93
NORTH AFRICA
Aswar is a high-end residential
community located on the eastern side of
New Cairo, comprising 75 villas and 170
parking spaces over 112,770 m2 with
a built up area of 40,995 m2. The villas
offer privacy for every home and access
to roads and service facilities. The URC
project includes a Club House and Tennis
court and is expected to be completed in
mid 2014.
94
EGYPT
Arab Misr Insurance Group, a subsidiary of Gulf Insurance
Company, commenced operations in 1994. It offers unique
reinsurance programs with market leaders worldwide. In 2009,
AMIG became the number one insurance company in Egypt in
both underwriting and technical results. In 2010 it ranked first
in terms of growth ratio in the Egyptian market, and in 2011 it
became the only Egyptian insurance company be rated by an
international agency after obtaining its first financial rating from
A.M. Best.
95
NORTH AFRICA
EMIC United Pharmaceutical is a
state-of-the-art pharmaceutical factory
with focus on producing oncology
and intensive care products. It is the
first pharmaceutical industry in the
MENA region to attain the Irish GMP
accreditation, enabling to register and
export its products to Europe. EUP’s
plant in Bard City Industrial Zone
comprises four main production lines:
sterile production, capsule production,
tablet production, and liquid production.
96
EGYPT
The Egyptian International
Medical Center is one of the largest
pharmaceutical distributors in Egypt,
focusing on oncology, intensive care
products and blood derivatives. EIMC has
succeeded in creating a wide customer
base through its nine existing branches.
Its customers include pharmacies, key
private and governmental hospitals all
over Egypt, as well as wholesale and
scientific offices and centers.
97
NORTH AFRICA
98
EGYPT
Kandil Glass, in which KIPCO’s North
Africa Holding Company holds a majority
stake, was established in 2005 to
supply and serve the local and export
markets. The company supplies high
quality bottles and jars for the food and
beverage industries with a capacity of
22,000 tons per year. The business is
customer-oriented and is focused on the
continuous development of its products
tailored to customer needs.
Kandil Glass has installed the lastest
technology which allows bottles to be
made much lighter and stronger. It also
allows glass containers to be made with
much higher accuracy, resulting in fewer
defects and a lower rate of rejections.
99
NORTH AFRICA
100
EGYPT
The Fairmont Heliopolis Hotel, owned
by URC through its subsidiary, offers a
convenient location just five kilometers
from Cairo International Airport. Heliopolis
is a tree-lined suburb of the city that
is home to Egypt’s Diplomatic and
Presidential Offices. The second asset is
the adjacent Fairmont Towers Heliopolis.
This stylish Cairo hotel features spacious
guest rooms, 16 dining options and
recreational opportunities. It is equal
distance between downtown and Cairo
International Airport, making it an ideal
location for guests who wish to explore
the city or meet with clients.
101
NORTH AFRICA
MOROCCO
In Morocco, North Africa Holding Co. has made
significant investments in the real estate sector.
Population
: 31,968,361
Age Structure:
0-14 years
: 27.8%
15-64 years
: 66.1%
65 years & over : 6.1%
GDP
: $163 billion
Composition by sector:
Agriculture : 16.6%
Industry
: 32.3%
Services
: 51%
Source: CIA website (www.cia.gov).
Numbers are July 2011 estimates, and sums are in 2011 US dollars.
102
MOROCCO
103
NORTH AFRICA
104
MOROCCO
Set in 222 hectares of undulating Marrakech countryside, against a spectacular backdrop of the snowcapped Atlas Mountains, Assoufid Villas-Resort-Golf offers majestic villas, a luxury hotel and spa, an 18hole private golf course with clubhouse and a golf academy. This project, an investment of the Kuwait-based
North Africa Holding Company, is a three hour flight from most European capital cities, it is an oasis of
serenity where tranquillity, luxury and generosity of space prevail.
The 82 hectare, 18-hole golf course is designed by Niall Cameron, with a private golf club of only 300
members. The indoor and outdoor dining club is operated by the ‘Rocco Forte Collection’.
105
NORTH AFRICA
The Rocco Forte Hotel and Spa consists of three separate
palazzos with only 98 suites located in the middle of a
13-hectare olive grove. Created in contemporary style, it
combines the traditions of Moroccan architecture with a 21st
century design.
The adjacent spa offers a wide selection of beauty and health
treatments. The hotel and spa will be opened in 2014, and
operated by the Rocco Forte Collection.
106
MOROCCO
107
NORTH AFRICA
There are less than 90 villas on the 222 hectares of the project, with each plot
stretching over a hectare or more. Built in four architectural styles, there are eight
different types of villas ranging from 600 to 800 m2. Each villa has a 300 m2 of covered
terraces, a guardian’s studio, utility room, garage and covered car park, heated pool
house, and storage. The property offers full amenities with international level of comfort
and security.
108
MOROCCO
109
NORTH AFRICA
110
MOROCCO
In April 2011, the Kuwait-based North
Africa Holding Company announced
it had acquired a minority stake with
board representation in Dar Saada
Company (DSC), a Palmeraie Holding
affiliate company that specializes in social
and intermediate housing development.
With 14 projects under development
throughout the major cities of Morocco,
the company enjoys strong brand
recognition and emerged as a major
market player.
111
NORTH AFRICA
TUNISIA
Most of KIPCO’s activities in Tunisia are in the financial
services sector, with some investment in the country’s
industrial sector.
Population
: 10,629,186
Age Structure:
0-14 years
: 23.2%
15-64 years
: 69.3%
65 years & over : 7.5%
GDP
: $101.7 billion
Composition by sector:
Agriculture : 10.6%
Industry
: 34.6%
Services
: 54.8%
Source: CIA website (www.cia.gov).
Numbers are July 2011 estimates, and sums are in 2011 US dollars.
112
TUNISIA
113
NORTH AFRICA
The Tunis International Bank – a
subsidiary of Burgan Bank Group
– provides a comprehensive range
of international financial services for
corporations, financial institutions, and
individuals and governments, both in
Tunisia and in other countries. The bank’s
reputation as a local provider of the
highest quality products and services is
well-established.
As a Tunisian bank, TIB’s traditional
and natural marketplace has been the
Maghreb countries. Looking forward, the
bank aims to play a key role in promoting
business and partnerships between Gulf
investors and the Maghreb.
114
TUNISIA
The Tunisian Electro-Mechanical
Equipment Company, SACEM, is the
leading electrical distribution transformer
manufacturer in Tunisia. Established in
1966, this subsidiary of the Kuwait-based
North Africa Holding Company, has a
long heritage of producing high quality
and competitively priced products, in
addition to a strong and dependable after
sales service. This makes SACEM ideally
positioned to serve its clients’ business
needs.
115
KIPCO Group companies
in the North Africa
ALGERIA
EGYPT
MOROCCO
Financial Services:
Financial Services:
Real Estate:
• Arab Misr Insurance Group
• Assoufid
• Algeria Gulf Bank
• Egyptian Takaful
Industry:
• Algerian Methanol SPA (ALMET)
Industry:
• Kandil Glass
Services:
• Pigier
• Egyptian International Medical Center
• United Pharmaceuticals
Real Estate:
• United Building Company Egypt S.A.E.
• United Areej for Agricultural Investment
• United Manazil for Real Estate Investment
• United Aswar for Real Estate Investment
• United Building Company S.A.K.
• United Real Estate Holding Egypt
Media & Technology:
• Nile Communication Network
• Global Direct (Egypt)
Services:
• Al Dhiyafa Holding Co.
• Gulf Egypt Hotels & Tourism
• Swiss Premium Foods Company
• Arab Company for Animal Produce S.A.E.
TUNISIA
Financial Services:
• Tunis International Bank
• United Gulf Financial Service Co. / North Africa
Industry:
• SACEM
KIPCO Group companies
Worldwide
India
Media & Technology:
• Pulsar Knowledge Centre
UK
Media & Technology:
• Gulf DTH Production UK
Management Advisory:
• United Gulf Management Ltd.
USA
Financial Services:
• Hunter Capital Group LLC
Management Advisory:
• United Gulf Management Inc.
KIPCO...
from the Atlantic Ocean
to the Arabian Sea
KIPCO’s operations extend across the
Middle East and North Africa region
– from the Atlantic in Morocco to the
Arabia Sea in Oman. With holdings in
a range of sectors with high growth
potential such as retail and commercial
banking, insurance, real estate and
industry, KIPCO Group has investments
in countries throughout the region.
Financial Services
Industry
Real Estate
Media & Technology
Management Advisory
Services
P.O. Box 23982, Safat 13100, Kuwait, Tel: +965 1805 885 Fax: +965 2243 5790, www.kipco.com
KIPCO World 2012