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Kuwait Report

Marcopolis presents the Kuwait Report focused on the investments, doing business, economy and other topics featuring interviews with Kuwaiti leaders. The sectors under review in this issue are industry, oil and gas sector, investments, banking sector, telecom sector and many more. 

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CompaniesFebruary 13, 2012

Top 10 Companies in Kuwait | Most Important Companies in Kuwait

top 10 companies in Kuwait
Written by Ben Novak
Published: February 13, 2012

The top 10 list of the largest companies in Kuwait is compiled and updated by the MarcoPolis research team. The list is topped by Kuwait Finance House (KFH), Zain Group, Agility and Gulf Bank, ranked #1, #2, #3 and #4 respectively, in Forbes’ Top 100 Companies in the Middle East for 2021.


Top 10 Companies in Kuwait | Kuwait’s Largest Companies

The List

RankCompanyCountryIndustryDescription
1

Kuwait Finance House (KFH)

 Kuwait Banking & Finance Incorporated in 1977 as the first bank operating in accordance with the Islamic principles of Shariah, Kuwait Finance House K.S.C. (KFH) has emerged as one of the leading Islamic banks in the world. KFH has business operations in Bahrain, Turkey, Jordan, Saudi Arabia, Malaysia, as well as affiliates in the United Arab Emirates, Oman and Bangladesh. Dubbed the 'Harvard of Islamic Banks' in the 2007 issue of Forbes magazine, KFH has earned global recognition, having received numerous prestigious local and international awards. The accolades attest the financial strength, quality of assets and the efficiency and professionalism of its employees.
2

Zain Group

 Kuwait Telecoms Zain is the pioneer of mobile telecommunications in the Middle East. Founded in 1983, it was the region’s first mobile operator and has since expanded rapidly. Zain operates across eight countries in the Middle East and Africa, serving around 48.5 million active customers, and employing more than 7,500 people. In 2020, the company launched commercial 5G services in Bahrain, and completed the sale and leaseback of Zain Kuwait’s 1,620 towers for $130 million.
3

Agility

 Kuwait Logistics Agility has become one of the largest logistics companies in the region with 26,000 employees working across more than 100 countries. In January 2021, the company invested around $35 million into the IPO of SPACs Queen’s Gambit Growth Capital and Queen’s Gambit Holding. Agility donated $130,000 to “Feena Khair” to support Bahrain’s fight against the pandemic. It also facilitated the urgent movement of 1.2 million doses of COVID-19 vaccine into Indonesia. According to the company, it has committed to investing $100 million to help SMEs move online through its digital logistics platform, Shipa.
4

Gulf Bank

 Kuwait Banking & Finance Gulf Bank is one of the largest and leading banks in Kuwait, with a broad offering of consumer banking, wholesale banking, treasury, and financial services, through its large network of over 50 branches and over 300 ATMs. Established in 1960 with 50 employees and $6 million in capital, Gulf Bank has become one of the country’s largest banks, with over KD 6 billion in total assets as of 31 December 2021. Its biggest shareholder is the Alghanim family, which owns 32.7% of the bank, worth $686 million as of May 2021. Behbehani Investment owns 5.4%, while the Public Institution for Social Security owns 5.5%.
5

KIPCO Group

 Kuwait Investments Founded in 1975, KIPCO has since become one of the MENA region’s most successful companies. KIPCO’s operations extend across the Middle East and North African region. With holdings in sectors such as financial services, media, real estate, manufacturing and education, KIPCO Group comprises over 60 companies and employs over 16,000 people in 24 countries. These include a majority ownership in the Burgan Bank Group, the Gulf Insurance Group, and OSN. In 2020, KIPCO increased its share in OSN from 60.5% to 87.6%. Burgan Bank also issued a $500 million bond in the international debt market, which was four times oversubscribed.
6

Commercial Bank of Kuwait (Al-Tijari)

 Kuwait Banking & Finance Established on 19th June 1960, Commercial Bank is the second oldest Bank in Kuwait. From retail banking to mega project finance, CBK is mobilizing its substantial capital base and decades of expertise to assume a cutting edge role in Kuwait economy. The Bank has emerged as a lead financier, arranging a flow of loans to diverse power, construction and notable infrastructure projects in Kuwait. In 2020, it implemented smart teller and deposit machines equipped with NFC verification technology.
7

Al Ahli Bank of Kuwait (ABK)

 Kuwait Banking & Finance Since its foundation in 1967, ABK has progressed to be one of the leading Kuwaiti banks in the region, providing a wide range of financial and banking services and products across all its markets. ABK has 30 branches in Kuwait, three branches in the U.A.E., and 43 branches in Egypt. In addition to its retail operations, the Bank also has a highly successful commercial side. Its Corporate Division focuses on financing for the construction, real estate and trade sectors, providing loans, letters of credit and guarantees, and financing services, while the Treasury and Investments Division provides effective foreign exchange and interest rate services and advice for the Kuwait, Gulf and International markets. ABK is listed as one of the 10 safest banks in the Middle East by Global Finance.
8

National Bank of Kuwait (NBK)

 Kuwait Banking & Finance NBK operates, along with its subsidiaries, through six segments: the Consumer and Private Banking segment provides consumer loans, credit cards, deposits, foreign exchange, other branch related services to individuals and institutional clients; the Corporate Banking segment provides lending, deposits, trade finance, foreign exchange and advisory services to business and corporate customers; the Investment Banking and Asset Management segment provides capital market advisory and execution services, wealth management, asset management, custody, brokerage and research; the Islamic Banking segment serves its clients through its subsidiary, Boubyan Bank KSC; the Group Centre segment includes treasury, investments and other activities, and the International segment includes all branches, subsidiaries and associates outside Kuwait.
9

Kuwait Investment Authority (KIA)

 Kuwait Investments Founded in 1953, Kuwait Investment Authority (KIA) is the world’s oldest sovereign wealth fund. As of 2021, it was the world’s 3rd largest sovereign wealth fund with $ 700 billion in assets under management. KIA manages the Kuwait General Reserve Fund, the Kuwait Future Generations Fund, as well as any other assets committed by the Ministry of Finance. Its board of directors is headed by the Minister of Finance and Minister of State for Economic Affairs and Investments, with other seats allocated to the Minister of Oil and Minister of Electricity and Water, Governor of the Central Bank of Kuwait, Undersecretary of the Ministry of Finance, and 5 other nationals who are experts in the field, 3 of which should not hold any other public office.
10

Mabanee

 Kuwait Real Estate & Construction The Mabanee Company is a Kuwaiti shareholding company that has five divisions: real estate development; the ownership, construction, management and operation of commercial malls; project management; the establishment and management of real estate investment portfolios; and logistics. It is best known for the Avenues mall brand, which includes Avenues Kuwait - the largest mall in Kuwait with more than 1,100 stores. The company is building two hotels in Kuwait, which will be managed by the Hilton Group. It also has malls in Bahrain and it is building shopping centers in Riyadh and Khobar in Saudi Arabia. Alshaya United owns 34.17% of the company. Since 1999, the Company has been listed in the Kuwait Stock Exchange and is under the Premier Market Index, as well as the MSCI Index.

 

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