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KIPCO

Coordinates: 29°22′33″N 47°59′11″E / 29.37583°N 47.98639°E / 29.37583; 47.98639
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Kuwait Projects Company (Holding)
Company typePublic
IndustryHolding company
Founded2 August 1975 as Kuwait Investment Projects Company
HeadquartersKIPCO Tower,
Khalid Bin Al Waleed Street,
Sharq, Kuwait City
Area served
GCC & MENA Region
Key people
Sheikh Hamad Sabah Al Ahmad Al Sabah (Chairman)
Sheikh Abdullah Naser Sabah Al Ahmad Al Sabah (Vice Chairman)
ProductsCommercial banking, petrochemical & oil services, foodstuff, asset management & investment banking, media, real estate, healthcare, logistics and education
RevenueIncrease US$ 4.2 billion (2023)[1]
Increase US$ 98 million (2023)[1]
Total assetsIncrease US$ 40.1 billion (2023)[1]
Total equityIncrease US$ 2 billion (2023)[1]
Number of employees
16000[2]
Websitewww.kipco.com 29°22′33″N 47°59′11″E / 29.37583°N 47.98639°E / 29.37583; 47.98639

Kuwait Projects Company (Holding), known as KIPCO, is an investment holding company in the Middle East and North Africa (MENA) region. KIPCO, with consolidated assets of $40.1 billion as of 31 December 2023, operates in 20+ countries across multiple industries. KIPCO is a multi-sector operator with portfolio companies in commercial banking, petrochemical & oil services, foodstuff, asset management & investment banking, media, real estate, healthcare, logistics, and education. [3]

History

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KIPCO was incorporated on 2 August 1975 under Article 94 of the Kuwaiti Commercial Companies Code, Law No. 15 1960.[4] Since incorporation, the company has grown and made investments in a diversified portfolio of companies operating throughout the Gulf Cooperation Council (GCC ) and the wider Middle East and North Africa (MENA) region.

Milestones

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1988 Acquisition of United Gulf Bank (UGB)[5]
1995 Acquisition of stake in United Real Estate Company (URC)[6]
1995 Acquisition of stake in Burgan Bank
1995 Formation of Gulf DTH (Showtime)
1996 Acquisition of stake in Gulf Insurance Company (GIC) – now Gulf Insurance Group[7]
1996 Acquisition of United Industries Company (UIC)
1996 Acquisition of SADAFCO - Saudia Dairy and Foodstuff Company - by UIC
1998 Formation of KAMCI – KIPCO Asset Management Company[8]
1999 Acquisition of stake in Wataniya Telecom[9]
2006 Establishment of US$2 billion EMTN programme[10]
2007 Sale of Wataniya Telecom
2009 Merger of Showtime and Orbit to create OSN[11]
2009 Completion of a 7-year US$500 million bond issue under EMTN programme[12]
2010 Completion of a 7-year US$500 million bond issue under EMTN programme[13]
2010 Sale of 39.2% stake in GIC to Fairfax[14]
2010 KIPCO acquires 34% direct stake in URC by subscribing to rights issue in Dec’10[15]
2010 Acquisition of 40.3% stake in UIC, 28.4% during rights issue and 11.9% from KAMCO in Sep’10[16]
2012 Burgan bank acquires 99.3% in Eurobank Tekfen (rebranded as Burgan Bank – Turkey)[17]
2013 OSN acquires 100% stake in Pehla (region's largest provider of South Asian pay TV content)[18]
2013 Burgan Bank & UGB jointly acquired ~49% stake in Fimbank, Malta[19]
2013 UIC purchases additional 10.8% stake in Qurain Petrochemical Industries Company(QPIC)[20]
2013 UIC divests 29% stake in SADAFCO for KD66 mn[21]
2014 Completion of a 5-year US$500 million bond issue under EMTN programme[22]
2014 UIC divests remaining 11% stake in SADAFCO for KD25mn
2014 Burgan Bank completed the issuance of US$500mn perpetual bond[23]
2014 Burgan Bank successfully raised capital worth KD102.6 million through a rights issue[24]
2015 OSN secures second Syndicated Financing Facility for US$400 million[25]
2015 KIPCO through its subsidiary acquired 51.2% stake in Jordan Kuwait Bank from Burgan Bank[26]
2016 KIPCO repays KD 80 million bond[27]
2016 Completion of a 7-year US$500 million bond issue under EMTN programme[28]
2016 Burgan Bank completed the issuance of a KWD 100 million Tier 2 Capital issuance[29]
2016 GIG acquires 90% stake in Turkish non-life insurer[30]
2016 Burgan Bank successfully completed issuance of 5 year, US$500mn bond under its Medium term notes programme[31]
2016 KIPCO repaid US$500mn bond issued under the EMTN programme in October 2016
2017 Successfully completed issuance of 10 year US$500mn bond under its EMTN programme with simultaneous tender of ~53% of its EMTN 2019[32]
2017 URC announces 40% acquisition in Insha'a Holding.[33]
2017 United Gulf Bank (UGB) has undergone corporate reorganization (in September 2017) and has split its operations across a holding company - United Gulf Holding Company B.S.C. (UGHC) and the regulated banking entity- UGB.[34]
2017 Completed first ever seven-year corporate dinar bond issue of KD 100 million maturing in December 2024[35]
2018 Completed a five-year KD 100 million corporate dinar bond issue maturing in November 2023[36]
2019 Announced a rights issue of 453 million fully underwritten shares[37]
2019 Repaid US$ 500 million bond issued under EMTN program matured in February 2019[38]
2019 KIPCO Completed its rights issue & raised KD 95.08 million in equity[39]
2021 KIPCO Completed its rights issue of 640 million shares (offer was oversubscribed), and KIPCO raised KD 80 million in equity[40]
2022 In Nov 2022, successfully merged Qurain Petrochemical Industries Company K.S.C.P. (QPIC) into KIPCO Largest KD-denominated bond issuance of KD165mn ($538mn); bought back US$343mn of existing bonds due in 2023 & 2024[41]
2023 Completed the sale of its stake in GIG to Fairfax for US$860 million in December 2023. The KIPCO Group realized a profit of ~KD73 million on the sale[42]
2024 In April 2024, announced the completion of OSN+ and Anghami (NASDAQ: ANGH) transaction[43]

Corporate governance

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KIPCO launched its annual Shafafiyah (transparency) investors’ forum in 2004 as a way of supporting transparency.[44] The forum is highlighted by KIPCO and its Group companies shedding light on its ethical and responsible decision making methods for the year.

Board of Directors

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Name Position
Sheikh Hamad Sabah Al Ahmad Al Sabah Chairman
Sheikh Abdullah Naser Sabah Al Ahmad Al Sabah Vice Chairman
Sheikha Dana Naser Sabah Al Ahmad Al Sabah Executive Board Member
Abdullah Yacoub Bishara Independent Board Member
Faisal Hamad Al Ayyar Non-Executive Board Member

[45]

Executive management

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Name Position
Sheikha Dana Naser Sabah Al Ahmad Al Sabah Group Chief Executive Officer
Samer Khanachet Deputy Group Chief Executive Officer
Sunny Bhatia Group Chief Financial Officer
Sheikh Sabah Mohammad Abdulaziz Al Sabah Group Chief Strategic Projects Officer
Khaled Abdul Jabbar Al Sharrad Group Chief HR & Admin Officer, Board Secretary
Moustapha Samir Chami Deputy Group Chief Financial Officer
Mohammad Abdullah Al Hubail Deputy Group Chief of HR & Admin Officer
Ghada Khalaf Group Senior Vice President – Investments
Samer Abbouchi Group Senior Vice President – Investments
Adel Jassem Al Waqayan Group Treasurer
Eman Mohammad Al Awadhi Group Senior Vice President – Corporate Communications & Investor Relations
Riyad Mohammed Hanbali Group Vice President – Internal Audit

[46]

Shareholding structure

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KIPCO's principal shareholder is Al Futtooh Holding Company (AFH), a Kuwaiti holding company owned by members of the Kuwaiti ruling family. Post merger, AFH continues to be the largest shareholder with 31.91% ownership.

The following table sets out the percentage holdings of the company's major shareholders:[47]

  Percentage holding Published on
Al Futtooh Holding Company K.S.C. (Closed)
31.91
27 November 2022
United American Holding Co.& Group (Al Janah Holding Co.)
19.77
16 September 2024
United Industries Co. & Group (Kuwait National Industrial Projects Co.)
6.25
30 November 2022

Group structure

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The principal subsidiaries and associates of KIPCO are in commercial banking, petrochemical & oil services, foodstuff, asset management & investment banking, media, real estate, healthcare, logistics and education sector.

The table below sets out the KIPCO's controlling or significant stakes in key portfolio companies*:[48]

  Commercial Banking Petrochemical Foodstuff AMIB Media Real Estate Oil Services/ Logistics
  Burgan Bank Equate SADAFCO UGH KAMCO Invest OSN United Real Estate Company NAPESCO JTC
KIPCO Group effective stake
62%
6%
41%
91%
56%
70%
63%
60%
47%

∗ Effective stakes as of 31 March 2024

Principal companies/ key subs and associates

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  • Burgan Bank: Burgan Bank is a public shareholding company incorporated in Kuwait by Amiri decree dated 27 December 1975. Its shares are listed on the Boursa Kuwait Premier Market and it is regulated by the Central Bank of Kuwait. As of 30 June 2024, Burgan Bank is the second largest conventional commercial bank by assets US$ 24.9bn and is considered one of the country's most diverse banking groups.
  • Equate: Equate is a petrochemical company headquartered in Kuwait with operations in 11 countries through its subsidiaries. It's product portfolio includes Equate includes Ethylene Glycol (EG), Polyethylene (PE), and Polyethylene Terephthalate (PET). Equate is a second largest producer of Ethylene Glycol in the world with production facilities in Kuwait, the US, Canada, Netherlands, etc. It has a strong credit profile with S&P rating of BBB and Moody's rating of Baa2.
  • United Gulf Holding Company (UGH): UGH is a Bahrain-based financial services group listed on the Bahrain Stock Exchange. Its activities include asset management, corporate finance advisory and brokerage services. With asset base of US$ 2.8bn as at 30 June 2024, UGB has a track record of incubating and growing businesses.
  • KAMCO Invest: Kamco Invest operates in key regional capital markets and is one of the largest investment companies in the GCC in terms of assets under management ("AuM"). KAMCO Invest provides a comprehensive range of investment products and services in asset management, investment banking, and brokerage.
  • OSN: OSN is a general entertainment platform in MENA, operating across multiple platforms:
  • United Real Estate Company (URC): URC is one of the leading real estate developers and investors in Kuwait and the MENA region. URC's core business is real estate development and operations, and it has a diversified portfolio of assets that include commercial centers, hotels, residential properties, and high-rise office buildings and mixed use developments. URC's operations also include construction and contracting services, facilities management, and project management which are primarily conducted through subsidiaries. It is listed on Boursa Kuwait with market cap of approximately US$ 201mn.
  • National Petroleum Services Company (NAPESCO): NAPESCO was founded in 1993 as a private company offering pumping services to the Kuwait energy sector. It is now a leading provider of upstream oilfield services including cementing, stimulation, coiled tubing, hydraulic fracturing, nitrogen, and downhole service tools. NAPESCO's shares are listed on Boursa Kuwait Main Market with market cap of approximately US$ 254mn.
  • Jassim Transport & Stevedoring Company (JTC): JTC is a Kuwaiti-based inland transportation company with operations in Kuwait, Qatar, and Saudi Arabia. It has four core activities that include ports management, contract logistics, equipment leasing, and power rental. Listed on Boursa Kuwait with a market cap of approximately US$ 182mn.
  • Others: The major entities engaged in other businesses are United Education Company, Advanced Technology Company, and United Networks Company etc. which are engaged in the business of education, healthcare, and satellite communication.[49][50]

Business strategy

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The key elements of the group's strategy are to:[51]

  • Maximize value from businesses with a medium to long-term horizon.
  • Seek to generate sustainable, predictable operating cash flows and ROE over the business cycle.
  • Selective disposal opportunistic after multi-dimensional and holistic analysis.
  • Controlling or significant stakes in operating businesses in growth markets.
  • Partner with global or local businesses with a proven track record.

Regional presence

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The group and its associates have a presence in the following countries in the MENA region:[52]

Company Present in
Burgan Bank Kuwait, Algeria, Tunisia, Türkiye, and UAE (representative office in the Dubai International Financial Centre).
Jordan Kuwait Bank Jordan, Cyprus, Iraq, and Lebanon (branch of Bank of Baghdad)
UGH Bahrain, Kuwait, Tunisia, Morocco, Malta, Jordan, Saudi Arabia, UAE, UK, India, and Egypt.
Panther Media Group Ltd (PMG) Content rights in 22 countries in the MENA region; however, it currently focuses on seven core markets, being the UAE, Saudi Arabia, Kuwait, Qatar, Egypt, Bahrain and Jordan.
Equate Group and TKOC Kuwait, the US, Canada, Mexico, Netherlands, Brazil, Singapore, Italy, China, Germany, and the UAE.
KARO Kuwait
NAPESCO Kuwait
SADAFCO Saudi Arabia, Bahrain, Kuwait, Qatar, Jordan, and Poland.
JTC Kuwait, Qatar, Saudi Arabia
ATC Kuwait
United Real Estate Company Kuwait, Jordan, Egypt, Oman, UK, Morocco and Lebanon

Credit ratings

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KIPCO[53] Moody's Fitch Ratings
Short Term
NP
-
Long Term
Ba3
BB-
Outlook
Negative
Stable

Sustainable Growth & Impact

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With a commitment to transparent governance, KIPCO integrates Environmental, Social, and Governance (ESG) principles into its operations. This dedication has earned KIPCO recognition with four prestigious awards from Forbes, affirming its commitment to sustainability and responsible practices. These efforts include the development of a comprehensive ESG Framework and an ESG Committee to ensure alignment with objectives. Additionally, KIPCO prioritizes transparent communication, engaging with internal and external stakeholders through regular dialogue and recognition programs to foster positive multilateral impacts.

Environmental Initiatives

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KIPCO has aligned its environmental efforts with Kuwait's Vision 2035, focusing on resource management and climate action. The company collaborates with NGOs, industry bodies, and government entities to promote sustainability initiatives across Kuwait. Although KIPCO’s carbon footprint is minimal, primarily stemming from office-based operations, KIPCO aims to further reduce greenhouse gas emissions through initiatives such as Digital Document Management, which enhances environmental responsibility while improving financial efficiency. Additionally, KIPCO’s strategic IT investments have led to significant cost savings and environmental benefits.

The company transparently reports its greenhouse gas emissions, covering Scope 1, 2, and 3 emissions. In 2023, KIPCO reported Scope 1 emissions of 8.17 tCO2e, Scope 2 emissions of 1,575.00 tCO2e, and Scope 3 emissions of 162.2 tCO2e, reflecting its ongoing commitment to reducing environmental impact.

Social Responsibility

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KIPCO engages with the Kuwaiti community through a variety of initiatives designed to foster collaboration, empowerment, and social support. The company sponsors entrepreneurship platforms, collaborates with local organizations, and participates in conferences. From 2022 to 2023, KIPCO increased its investment in community initiatives by 380%, spending KD 635,145. This rise in community support highlights KIPCO’s commitment to corporate social responsibility. Employees also actively participate in volunteer work, and the company contributes financially to charitable causes.

KIPCO is also dedicated to investing in its workforce. In 2023, the company spent KD 119,500 on employee training and engagement activities, a 75% increase from the previous year. KIPCO has maintained a Kuwaitization rate of 28%, with 41% of managerial roles held by Kuwaiti nationals. The company promotes gender diversity, with women representing 38% of its workforce and initiatives in place to increase female leadership.

Governance Practices

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KIPCO’s corporate governance framework is foundational to its operations, emphasizing transparency, accountability, and sustainability. The company’s Board of Directors includes 20% female representation, and its executive leadership reflects a commitment to diversity, with 23% of executive managers being women and 46% of leadership roles held by Kuwaiti nationals.

In its procurement practices, KIPCO prioritizes local suppliers, with 68% of suppliers being local. In 2023, the company directed 77% of its procurement expenditure—KD 1,309,114—toward local suppliers, significantly exceeding foreign supplier spending. KIPCO maintains strict adherence to compliance regulations, reporting zero instances of non-compliance or corruption incidents in 2023.

Additionally, KIPCO’s IT Department has implemented several system and data security upgrades, resulting in zero data loss incidents during the year. The company’s total IT expenditure in 2023 was KD 129,295, reflecting its focus on technological resilience and security.[54]

Corporate social responsibility

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KIPCO Sponsors 10th Youth Empowerment Symposium

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KIPCO Holding served as the Strategic Sponsor of the 10th Youth Empowerment Symposium (Tmkeen), marking the 10th anniversary since the event’s launch. Over the decade, the symposium hosted more than 30 international leaders, 95 local leaders and 300 growing entrepreneurs. This is a testament to KIPCO’s longstanding commitment to promote entrepreneurship and empowering young leaders. The initiative aimed to provide a platform for youth to exchange ideas, learn from industry experts, and explore opportunities for entrepreneurship.[55]

KIPCO partners with LOYAC to offer training opportunities for teens

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KIPCO’s partnership with LOYAC, a local non-profit organization that aims to empower youth to become impactful leaders in society. Through this partnership, KIPCO will be sponsoring the ‘7 Habits for Highly Effective Teens’ program sessions that will be offered to youth aged 12 to 18 throughout the year. The ‘7 Habits’ is a Franklin Covey Education program. The goals of this life empowerment program include increasing self confidence and self-esteem, being responsible, defining one’s values, recognizing and prioritizing goals and resisting peer pressure. [56]

KIPCO Group inaugurates The Late Salwa Sabah Al Ahmad Al Sabah Stem Cell and Umbilical Cord Center

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Under the auspices of the Minister of Health, HE Sheikh Dr Basel Humoud Al Sabah, KIPCO – the Kuwait Projects Company (Holding) – inaugurated the Late Sheikha Salwa Sabah Al Ahmad Al Sabah Stem Cell and Umbilical Cord Center. The center was built with a donation of KD 7 million made by Masharee Al Khair Charity Organization on behalf of KIPCO Group. This is the first center in the Gulf region to be dedicated to stem cell research and the storage of umbilical cords.[57]

The Protégés Program

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The Protégés is a mentorship program designed to provide young people with opportunities to learn life and leadership skills, through combination of travel, lectures, group activities, challenges and games for around 6 weeks. Around 25 Protégés are selected based on a thorough screening process ensuring that they meet high standards of excellence. KIPCO is the strategic partner of the program and is supported by nine Group companies.[58]

Dyslexia Campaign

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Dyslexia Campaign is KIPCO's initiative for public awareness about Dyslexia. The campaign – which featured TV and press advertising to highlight the problems faced by those people suffering from dyslexia – was the first of its kind in the Persian Gulf region.[59] In 2008 KIPCO won an award for the campaign on dyslexia at Kuwait's first Corporate Social Responsibility (CSR) Awards.[60]

References

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  1. ^ a b c d KIPCO Annual Report 2023, KIPCO Website, 21 June 2024
  2. ^ KIPCO Overview, KIPCO Website 28 March 2018
  3. ^ [1] KIPCO Corporate Website retrieved 17 July 2024
  4. ^ "EMTN Programme 2018" KIPCO Website 28 March 2018
  5. ^ NBK Capital report, Arabtimesonline.com, 12 February 2014
  6. ^ URC Prospectus, LSE 5 May 2007
  7. ^ Global Research-Kuwait Global Investment House, April 2009
  8. ^ KAMCO News Kuwait times, 04 June 2014
  9. ^ KIPCO World, 2014
  10. ^ "KIPCO share of Wataniya sale deal with QTEL finalized" Kuwait News Agency (KUNA), 13 March 2007
  11. ^ "Showtime Arabia, Orbit announce TV merger" Business.com, 12 July 2009
  12. ^ Global Research-GCC Global Investment House, November 2009
  13. ^ "KIPCO completes US$500m bond issue" Investegate, 12 July 2010
  14. ^ "Fairfax unit to buy 39% of Gulf Insurance Co." Businessinsurance.com, 20 September 2010
  15. ^ "KIPCO raises stake in real estate firm URC" Arabianbusiness.com, 25 January 2011
  16. ^ "Kipco boosts stake in United Industries" Gulfbase.com, 04 July 2010
  17. ^ "Burgan Bank Concludes Purchase of Eurobank Tekfen" Bloomberg.com, 23 December 2012
  18. ^ "OSN acquires Pehla" Khaleej Times, 27 August 2013
  19. ^ "Kuwait's KIPCO takes majority stake in Malta's Fimbank" Reuters.com, 30 May 2010
  20. ^ KIPCO News Archived 2014-07-14 at the Wayback Machine Gulfbankers.com, 01 April 2014
  21. ^ "United Industries divests 29% of SADAFCO in special transaction" Mubasher.info, 05 November 2013
  22. ^ "KIPCO successfully prices US$ 500 mn bond issue" Archived 2014-07-14 at the Wayback Machine RNS Market News, 03 Feb 2014
  23. ^ "Burgan Bank issues USD500m additional Tier 1 capital" Zawya News, 24 September 2014
  24. ^ "Rights issue by Burgan Bank" Archived 2016-03-04 at the Wayback Machine Banking Frontiers
  25. ^ "OSN secures $400 million syndicated financing facility" Arab News, 8 September 2015
  26. ^ "Kuwait's Burgan Bank sells majority stake in Jordanian bank to parent firm" Reuters, 30 December 2015
  27. ^ "KIPCO repays KD 80 million bond" Ameinfo, 17 January 2016
  28. ^ "KIPCO completes US$ 500 million bond issue despite challenging market conditions" Gulf News 24/7, 9 March 2016
  29. ^ "Burgan Bank issues subordinated bonds worth KWD 100m" GULFBANKERS, 13 March 2016
  30. ^ "GIG buys Turkish insurer Turins Sigorta" MENAIR, 14 June 2016
  31. ^ "Burgan Bank successfully issues $500m debut senior bond" Kuwait Times, 19 Sep 2016
  32. ^ "New bond issue: KIPCO issued international bonds for USD 500.0m maturing in 2027 with a 4.5% coupon" C Bonds, 17 Feb 2017
  33. ^ "URC has announced a 39.17% acquisition in leading Kuwaiti building materials company, Insha'a Holding" (Press release). United Real Estate Company. 16 March 2017. Retrieved 3 August 2018.
  34. ^ "UGB Announces Details of the Reorganization" UGB Website, September 13, 2017
  35. ^ [ "Kuwait's KIPCO issues $331m seven-year bond"] Arabian Business, 28 December 2017
  36. ^ "KIPCO completes five-year bond issue" Zawya, 8 November 2018
  37. ^ "KIPCO to raise its capital through a rights issue" Kuwait Times, 2 February 2019
  38. ^ "Repaid US$500 million bond issued under EMTN programme" KIPCO Corporate Website retrieved 13 August 2019
  39. ^ "KIPCO Completed its rights issue" Zawya, 24 July 2019
  40. ^ "KIPCO raises KD 80 million in rights issue" Shares Magazine, 28 June 2024
  41. ^ "KIPCO completes merger with QPIC" Zawya, 28 June 2024
  42. ^ "KIPCO completes the sale of its 46% stake in GIG to Fairfax Financial Holdings" Zawya, 28 June 2024
  43. ^ "Anghami and OSN+ Successfully Complete Milestone Transaction, Creating an Entertainment Powerhouse" PR Newswire, 28 June 2024
  44. ^ KIPCO Annual Report-2016
  45. ^ [2] KIPCO Website retrieved 14 June 2024
  46. ^ [3] KIPCO Website retrieved 3 June 2024
  47. ^ [4] Boursa Kuwait
  48. ^ [5] KIPCO Equity Presentation 2024
  49. ^ [6] KIPCO Equity Presentation 2024
  50. ^ [7] London Stock Exchange
  51. ^ [8] KIPCO Equity Presentation 2024
  52. ^ [9] London Stock Exchange
  53. ^ [10] KIPCO Annual Report 2023 14 June 2024
  54. ^ [11] KIPCO Sustainability
  55. ^ [12] KIPCO Sustainability Report 2023
  56. ^ [13] Zawya, retrieved August 9, 2024
  57. ^ [14] Zawya, retrieved August 9, 2024
  58. ^ "Proteges Third Generation officially launched in Kuwait" Kuwait Times, retrieved July 21, 2014
  59. ^ "KIPCO Sponsors Dyslexia Awareness Campaign" PRWeb, September 10, 2007, retrieved July 21, 2014
  60. ^ "KIPCO's Dyslexia Campaign Wins Corporate Social Responsibility Award" Zawya, Jan 23 2008, retrieved July 21, 2014
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