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00:00Welcome to a new episode of our program on Kuwait and in this week's episode, the
00:28Emir of Kuwait is resolving the National Assembly and commenting on the constitution.
00:33Kuwait is waiting for reforms from the new government led by Sheikh Ahmed Abdullah.
00:40And Al-Bursa is reacting positively to the decision to resolve the Assembly.
00:45All this and more news in our episode this week, follow us.
00:53Welcome.
00:54The Emir of Kuwait, Sheikh Mishal Al-Ahmad Al-Sabah, addressed the people
00:58and announced the resolution of the National Assembly and the cancellation of some of the constitutional agreements
01:03for no more than four years.
01:06A decision that many consider necessary to get Kuwait out of the circle of political crises
01:11that has continued for years and that has put an end to many issues and issues.
01:16We have touched on the issues of the previous periods,
01:20and even a few days ago,
01:23actions and behaviors that came against the facts of the constant constitution.
01:31There are those who threatened and promised to provide an answer
01:36as soon as one of the ministers returned to his bag.
01:43Others object to the nomination of others.
01:47They are ignorant or blind to the fact that the choice of the head of state
01:54and its members is a constitutional right solely for the head of state.
02:00And it is not permissible for anyone to cross his borders,
02:04or to approach his borders, or to interfere in his business.
02:10In fact, the borders have reached limits that cannot be accepted
02:15or silenced
02:18due to the destruction of constitutional values
02:22and the destruction of democratic principles
02:26that we have all accepted as a guiding way to achieve public interest.
02:35So we find some, unfortunately,
02:39who are inclined to interfere in the prince's private affairs
02:45and to interfere in the choice of his heir,
02:49forgetting that this is a clear and clear constitutional right
02:55for the prince.
02:57The Kuwaiti Government
03:01The new government is facing many challenges and issues
03:05and the Kuwaitis hope that with the decline of political sanctions,
03:09the government will be able to focus on reform and development issues
03:13and find solutions to many vital problems.
03:16With the announcement of the formation of the new government
03:19by Sheikh Ahmad al-Abdallah,
03:21Kuwait welcomes a new phase.
03:24The Kuwaiti people hope that it will be an opportunity
03:27to achieve the achievements that have been delayed for years,
03:31where the files and priorities have evolved
03:34after the political crises between the two legislative and executive authorities,
03:38which led to the independence of successive governments
03:41and the dissolution of the UN Councils a third time,
03:44until a decision was made to suspend the work of the UN Council
03:48for no more than four years
03:50so that Kuwait can get out of the circle of tension
03:53between the UN Councils and the successive governments.
03:56The new government is facing priorities that concern the citizen
04:01and that focus on improving the standard of living,
04:04service development and solving high-risk issues,
04:08such as housing, for example,
04:10where there are about 96,000 housing applications
04:13accumulated in front of the Public Housing Authority.
04:16The housing crisis in Kuwait
04:19has been going on for two decades,
04:21and I am of the opinion that the solution
04:23will only be achieved through the liberation of land,
04:26the privatization of the private sector,
04:28and the implementation of laws such as the Real Estate Law
04:31to enable the financing process,
04:33which is one of the laws that has remained relevant in the UN Council.
04:36One of the issues that has attracted the attention of the Kuwaiti street
04:39is the increase in salaries,
04:41a topic that has been addressed by successive governments
04:44that have tried to create a balance
04:46between satisfying the people's desires
04:48and not wasting money.
04:51One of the biggest challenges
04:53that the Kuwaiti budget faces every year
04:55is the depreciation of salaries
04:57by more than a part of the spending,
04:59and this depreciation has increased over the years.
05:02There is also the issue of supporting the private sector,
05:05which does not represent more than 13% of the national output,
05:09where oil dominates the Kuwaiti economy.
05:12Supporting the private sector is no longer an option,
05:15because Kuwait needs to create 300,000 jobs
05:18in the next 10 years,
05:20and the government sector cannot accommodate the number of graduates,
05:24where about 54,000 Kuwaitis work in the public sector
05:28compared to only about 70,000 in the private sector.
05:31Therefore, Kuwait needs a radical transformation
05:34in the culture of work and the role of the private sector
05:37in the development and creation of job opportunities for Kuwaitis.
05:40In addition to economic issues,
05:42there are also political challenges,
05:44as the current geopolitical tensions
05:46force all the countries of the region
05:48to play a key role in limiting the outbreak of the crisis,
05:52widening the war zone,
05:54and opening the door to more confrontations.
05:57It is certain that no government
05:59can solve all the issues at once,
06:02but the Kuwaitis are waiting for serious and good moves
06:06and decisions that make them feel
06:08that Kuwait has begun to move in the right direction.
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06:47The Kuwaiti stock market has been in a state of turmoil
06:50since its first session after the council's decision
06:53to increase its liquidity by more than 100 million dinars.
06:56Analysts say that implementing government development plans,
06:59proposing projects, and supporting the private sector
07:02will support the stock market's profits.
07:05With 100% profits, the two points are close to the first market indicator
07:10and 0.5% to the general market indicator.
07:13With a liquidity increase of 100 million dinars
07:16and a billion dinars added to the main market value,
07:19the Kuwaiti stock market has received the latest political developments
07:22that were represented in the UN Session.
07:25The stock market has been in a state of turmoil
07:28since its first session after the council's decision
07:31to increase its liquidity by more than 100 million dinars.
07:34With 100% profits, the two points are close to the first market indicator
07:37and 0.5% to the general market indicator.
07:40With a liquidity increase of 100 million dinars
07:43and a billion dinars added to the main market value,
07:46the Kuwaiti stock market has received the latest political developments
07:49that were represented in the UN Session.
07:52With a liquidity increase of 100 million dinars
07:55and a billion dinars added to the main market value,
07:58the Kuwaiti stock market has received the latest political developments
08:01that were represented in the UN Session.
08:04The Kuwaiti stock market has been in a state of turmoil
08:07since its first session after the council's decision
08:10to increase its liquidity by more than 100 million dinars
08:13and a billion dinars added to the main market indicator.
08:16With a liquidity increase of 100 million dinars
08:19and a billion dinars added to the main market value,
08:22the Kuwaiti stock market has received the latest political developments
08:25that were represented in the UN Session.
08:28With a liquidity increase of 100 million dinars
08:31and a billion dinars added to the main market value,
08:34the Kuwaiti stock market has been in a state of turmoil
08:37since its first session after the council's decision
08:40to increase its liquidity by more than 100 million dinars
08:43and a billion dinars added to the main market indicator.
09:01which was delayed due to conflicts and disputes, and the increase in the solution of the National Assembly.
09:07Despite the great upheaval, analysts see that the market is still at the beginning of the road,
09:12and that it may need a period of purchase before the judgment on its arrival,
09:16and that a constant upheaval requires more development projects,
09:21and an interest to restore economic activity to the priority list,
09:25and above all, a long-term economic vision that is feasible to implement.
09:36The companies in Al-Bursa followed the announcement of the first quarter results,
09:39where Camco Invest announced the first quarter results, which turned into a profit,
09:44despite the challenges and negative feelings facing the financial markets,
09:49according to the CEO of the company, Mr. Faisal Sarkozy, in exclusive statements to the Arab CNBC.
09:55Of course, 2023 was a relatively difficult year for the Kuwaiti investment sector in the region,
10:03and this change may be one of the reasons why in the first quarter, the events were more positive.
10:12If we look at October 2023, with the geopolitical events that took place in the region,
10:19and the continuation of the global events between China and the war in Russia and Ukraine,
10:24the global problems had their effects.
10:28During the first quarter, the financial markets were down, especially in the region,
10:35and the oil prices rose a little and reached a higher level than the levels we saw in 2023,
10:45and I think that the general atmosphere has become better,
10:48and this, of course, as investment companies exposed to the markets, has its effects.
10:54If we look at the operational enemy of the company, how did you find it?
11:00Of course, we, as an investment company, were active in the field of the assets management sector,
11:07and in the assets management sector, we saw growth.
11:10This growth was good in the first quarter, with new products and hiring new customers,
11:18in addition to improving the prices of shares and investments under our management.
11:26In terms of asset management, it was a good quarter.
11:30In terms of financial investment management, there were a number of deals,
11:34and we participated in one of the deals with 500 million dollars in stakes,
11:39in addition to a number of other deals that caused income, and there were more in the way,
11:45but I think that in the first quarter, the main income from our work in asset management,
11:52and in terms of financial investments, was excellent, according to our expectations, and more.
12:04After the break, stay tuned for more news and interviews in Aynon on Kuwait.
12:23This program is brought to you by Kuwait Stock Exchange, a story of success.
12:33Welcome.
12:34With the solution of the deadline to announce the company's first quarter results on the 15th of the month,
12:39the company's announcements for the first quarter profits from 2024 were adjusted,
12:45and the results were good in general, which was one of the reasons for improving the stock exchange performance.
12:50The companies of Al-Bahr Group have recently gained the attention of brokers,
12:55with the issuance of financial data showing an improvement in performance,
12:58and the prices of some of the group's shares have seen a great rise,
13:02as the share price has doubled several times in a short period of time.
13:06Within the framework of the joint general assemblies to approve the financial data of the companies for 2023,
13:14Al-Bahr Group has awarded a total of a set of financial funds for financing and investment,
13:18based on the data of the year, which achieved profits of 7 million dinars.
13:23Al-Bahr Group has decided to distribute the profits to the contributors,
13:27with 2% for each share and 4% as a share of it.
13:31In an interview with CNBC Arabia, Talal Al-Bahr, the head of the board, said that the company has succeeded in achieving profits,
13:39despite the challenges, thanks to its diversity and diversity of assets,
13:43and thanks to its diversified investments in good assets such as the Kuwait Stock Exchange and the Miami Stock Exchange.
13:49Alhamdulillah, the year 2023 was a good year,
13:54with the things that the world has gone through, or the markets have gone through,
13:59the increase in interest, and it was a bit challenging,
14:02but Alhamdulillah, our results were good, we distributed the profits to the contributors.
14:05Our main assets showed the strength of the company,
14:10and this is what we wanted to achieve, our investments in the Kuwait Stock Exchange,
14:15our investments in the Miami Stock Exchange, which is the third largest stock exchange in the world,
14:19the 13th largest in the world,
14:21Al-Wafir, which is a logistics company,
14:25which manages the green market in Kuwait,
14:29our investments in real estate,
14:32our savings in Arzan Wealth,
14:36and Alhamdulillah, things are good.
14:39Jassim Zinel, the CEO of Arzan Group,
14:43stated that the group is currently reaping the strategic fruits that it has been applying for 10 years,
14:49and relies on entering the type of investments in the best areas of investment in the world.
14:55Look, Arzan is currently reaping the strategic fruits that it has been applying for many years.
15:03For more than 10 years, we have told the contributors
15:08that our vision is to build a strong financial institution,
15:14and God willing, Kuwait will be proud of it,
15:18and we will move from Kuwait to the region and then to the world.
15:22Arzan today, if you measure it in its short life,
15:27which is 10-12 years,
15:29from the time it was rehabilitated,
15:32it is one of the most advanced financial institutions in terms of its application,
15:39in its management, in the type of investment products it offers to the market,
15:45for investment and financial solutions for customers.
15:48Most companies in the Gulf announced financial results and strong growth rates in 2023,
15:55with IFA, hotels and products,
15:58which grew their profits from last year by 380%,
16:03to reach about 14 million dinars.
16:06The company said that the results reflect the schedule of projects that entered it recently,
16:12and the improvement of the business environment, especially in the UAE.
16:16Yes, of course, in IFA, we focused on our core business,
16:21which is the first bundle, which is Reoccurring Income and Income Generating Assets.
16:27We have, of course, one of our trophy assets, which is Fairmont in Pound Jumeirah,
16:33and this now includes Reoccurring Income,
16:37which goes directly to the contributors' interest.
16:41Other than the assets that we have, which is the income for us,
16:45in 2023 and 2024 and 2025,
16:53we have two very large projects in the Pound area,
16:58in partnership with Omniyat Real Estate.
17:01The International Financial Consulting Company, IFA, also announced
17:06a growth of more than 1,000%,
17:09as a result of the contributions and contributions of its partner companies.
17:19Saad Al-Saad, Chairman of the Board of Directors of the National Industries Group,
17:23stated that the company's growth and profits in the first quarter were 86%,
17:26to reach 30 million dinars.
17:28This came first because of the company's investments outside Kuwait.
17:32Saad's exclusive statements came to the Arab CNBC,
17:35on behalf of the General Association,
17:37which decided to allocate profits in 2023,
17:40worth 5 cents and 5% of its shares.
17:44The big jump in profits came from our businesses outside Kuwait.
17:49This is from our businesses outside Kuwait.
17:54The industry in Kuwait, whether in our contribution to the Kuwait Cement Company,
18:00or our contribution to the Kuwait Cement Company, is zero.
18:03There is no return.
18:07The only thing that is included in this is the buildings,
18:11and the buildings also come from our businesses outside Kuwait,
18:15in Saudi Arabia in particular.
18:17This is the majority of the profits.
18:20So, unfortunately, the income that comes to us comes from outside Kuwait.
18:25Which sectors, industry, real estate, investment, led to these four?
18:34In Kuwait, the industry is zero, its income.
18:38Outside Kuwait, its income is about 30% or 40% of the investment.
18:46This is a very good percentage.
18:49And all of this is in the iron industry, and other industries, and chemicals, and, and, and, and.
18:55It is there, you can see it in the tweet.
18:58As for the real estate, in Saudi Arabia, its performance last year was very good,
19:07and it continued in this quarter as well.
19:09So, it also gave us a good income for our Kuwaiti contributors.
19:15Noor Investment Company last year had excellent performance.
19:21How did it contribute to the company in 2023 or in the first quarter?
19:27Last year, there was something exceptional,
19:32which was a case of more than 9 million dinars.
19:37They earned it and returned the profits.
19:39This is something exceptional.
19:42Their problem with the currency is that it is true that profits come out,
19:47but on the other hand, it takes specialties to lower the currency.
19:51So, if you take Noor, it is about 7% or 8% of the investment.
19:59I mean, if you take it for a certain period of time.
20:02Since you are talking about Noor, I will also move to the Karachi power station.
20:06According to my knowledge, it has become better in terms of operation,
20:09but there is something related to the price.
20:11How do you evaluate the performance of the power station?
20:13You know, we are not leaders in this matter.
20:17We are contributors with contributors bigger than us.
20:20So far, there is nothing related to selling or anything like that.
20:26So far, nothing has been done because there are still things related
20:29between the Karachi Electric company and the Pakistani government.
20:36So far, there is no room for anyone to come and buy.
20:41But there are people who still want to buy.
20:46But this is nothing.
20:50Al-Sifat Investment Company
20:53Al-Sifat Investment Company has announced the results of the year 2023
20:58in which Al-Sifat has achieved a million dinars in profits.
21:01The President of the Board of Directors, Abdullah At-Tarqeet,
21:03said to the Arab CNBC on behalf of Al-Sifat
21:06that Al-Sifat is currently studying some opportunities for integration and acquisitions
21:10in the real estate sector, education and health.
21:13Of course, the financial results of Al-Sifat for the year 2023
21:18were exceptional compared to the integration process.
21:22The integration process has achieved more than 5 million dinars.
21:26But the specializations that will be reflected, I expect, in a positive way
21:30will reach the rights of the contributors in the coming period.
21:33Therefore, the results of the integration process have been announced
21:36with less profits.
21:39But we see, as the Board of Directors,
21:42and after studying all the company's principles,
21:45that the specializations that were taken at the end of the financial data in 2023
21:52will be reflected, God willing, in a positive way
21:54for the future of the financial data of the company.
21:57What are the most important sources of income and revenues for Al-Sifat?
22:01What is the most important conservative thing for the company?
22:04Of course, Al-Sifat's sectors differ in different sectors.
22:08Perhaps, the most important is the real estate sector.
22:11And, of course, we have the industrial sector.
22:13Some of the exits that were made at the level of the industrial sector were announced,
22:19and there may be announcements during the current year.
22:24In addition to some different fields, we have external sources.
22:28We have some sources that have been acquired from the integration process.
22:33Some of them are in the field of IT,
22:37some of them are in the field of the investment portfolio in the Kingdom of Bahrain,
22:42and other countries.
22:44Today, of course, the Board of Directors is hesitating to re-evaluate these principles
22:47and re-formulate them in a positive way,
22:49as well as to consider new positive opportunities in the field of the real estate sector.
22:56Are there specific plans for 2024?
22:59You just told me that there will be some exits as well.
23:02Yes, there will be some exits in some areas,
23:04and, of course, there will be more opportunities.
23:07In any sector, we are focusing on the real estate sector at the moment,
23:12and this, of course, is not less important than education and health.
23:15We also want Al-Sifat to be present in the field of education and health.
23:22After the integration with Capcor,
23:24are there any other integration or acquisitions plans for the coming period?
23:28Honestly, we are studying many opportunities.
23:30If we summarize the investment sector,
23:35the investment sector as a size of companies does not exceed 5 billion.
23:39Compared to the size of the market, it does not exceed 10%.
23:42The opportunities are almost competitive.
23:46We are putting a lot of opportunities in some operations.
23:50The acquisition or integration, which, God willing,
23:52will be successful in the coming year,
23:56and it will be announced as soon as the operations are completed.
24:05This will reflect a positive value for the contributors directly
24:10and for the market indirectly.
24:17With this, we have reached the end of this episode
24:19of our program, Our Eye on Kuwait.
24:21See you next week in a new episode, God willing.