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KCIC records another profitable year, expects significant growth in 2011

Kuwait: Thursday, May 19 - 2011 @ 15:45

Speaking to shareholders, Managing Director Ahmad Abdlatif Al Hamad said, “Though the year 2010 was a tough year for the investment industry, we were still able to deliver our fifth straight year profitability and achieve an asset growth of 3.2%, without leverage, by capitalizing on opportunities in Asian markets through comprehensive research, meticulous risk management, and strong execution capabilities.”

“Our success since inception six years ago is a testament to the firm’s measured and restrained approach to investing, which continues to deliver sustainable long-term profits and enables us to keep having one of the healthiest balance sheets among our peers”, said Al Hamad.

“Looking forward, we have seen immense pressure placed on oil and other commodity prices due to the political unrest in the Middle East. Despite these events and risks associated with them, KCIC has embarked upon the year with a continued commitment of extracting profits for the firm and in return in shareholder value. The year ahead presents KCIC with significant opportunities for it to raise assets under management and service a wider and increasing universe of clients who are seeking exposure to Asia.”

Listed on the Kuwait Stock Exchange, KCIC is an investment company founded with a capital of KD80m an Emiree Decree with a mandate to develop investment opportunities in Asia towards building an Asia focused asset management company. The public company employs a team of Asian specialists and currently manages assets in excess of $450m. Key shareholders include The Kuwait Investment Authority, the Sovereign Wealth Fund of Kuwait, National Investment Company, one of the leading investment banks in the Middle East, and Al Ghanim Industries, one of the largest conglomerates in the Middle East.

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Thursday, May 19- 2011 @ 15:45 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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