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These strategic appointments at Warba Bank are with intent to bring experienced professionals and each of them will play key role in developing the Bank’s business in line with the Bank’s targets and strategic direction, aiming to provide the best banking services as per the international standards and in compliance with Islamic Sharia principles.

Al Obeid brings to Warba Bank over 25 years of experience, in which he previously held numerous positions that provided him with extensive experience in the Banking sector as a whole, and in particular focus on the Credit sector. Prior to joining Warba Bank, Al Obeid was Head of International Banking Credit at the Ahli United Bank (AUB). He also held the position of Assistant Managing Director of the Credit and Treasury Department at the Securities House Company (SHC). Furthermore, Al Obeid maintains strong relationships and contacts with several local, regional and international companies.

Noorani joins Warba Bank following a career spanning almost three decades in the GCC, Middle East and Indian banking sectors. He has held a number of senior positions in the Islamic, Commercial Investment Banking and Risk Management. Noorani, before joining Warba Bank, headed the Risk Management Compliance Group at Al Hilal Bank Group in Abu Dhabi, and was formerly the Head of Group Risk and Capital Strategy at Samba Financial Group in Saudi Arabia. During a distinguished career, he has received several prestigious awards for his work in financial services industry, and has been a prominent speaker at a number of high profile industry events.

Articles in this section are primarily provided directly by the companies
appearing or PR agencies which are solely responsible for the content. The
companies concerned may use the above content on their respective web sites
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The company also said it saw an increase in net assets value by 6.15% from year-end 2011 and a return on equity of 5.62% in the first quarter of the year.

Q1 2012 financial highlights:

- Net profit: KD4.75m, up 157% from KD1.85m in Q1 2011
- Total income: KD5.80m in Q1 2012, up 124% from KD2.59m in Q1 2011
- Gains on financial assets doubled in Q1 2012 from Q1 2011
- Investment in associates has started to positively contribute to the income, gaining KD0.64m in Q1 2012
- Net assets: KD87.15m, up 6.15% from year-end 2011.

KCIC Managing Director Ahmad Abdlatif Al-Hamad said, “KCIC was successful at reversing near half of the losses booked in 2011 during the first quarter of 2012 thanks to our “buy and hold” strategy. This is a clear indication that our investments strategy is based on strong fundamentals and have a long-term trajectory.

“While keeping a close eye on risk management, we have an optimistic outlook about KCIC’s 2012 prospects in Emerging Asia and the company is well-positioned for market recovery. More people realize the world’s growth prospects are in Emerging Asia and the region’s long-term growth story is getting stronger and keeps attracting investors from other parts of the world.

“We are also excited about the opening of our Hong Kong office, which enables us to build on our existing links between GCC investors and investment opportunities in Asia.”

KCIC is an investment company founded by an Emiree Decree with a capital of KD80m and a mandate to invest in domestic demand-driven sectors in Asia, namely energy, real estate, healthcare, infrastructure, and financial services. The publicly-listed company employs a team of Asia specialists and currently manages assets in excess of $260m.

Key shareholders include the Kuwait Investment Authority (Kuwait’s Sovereign Wealth Fund), 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).

This positive result came on the back of positive performances in the markets. Markaz’s investments witnessed strong growth, especially in the MENA real estate sector, as a result of their well poised allocation to benefit from the favorable market conditions in the GCC and International markets.

Markaz liquidity remains healthy providing Markaz with the ability to access opportunities. Our net debt stands at KD32m, or, 36% of our shareholders’ equity. Our total shareholders’ equity has reached KD87.7m at the end of the quarter a net increase of 4.2% from year end 2011, and our assets under management reached KD888m, a net increase of 6% from year end 2011.

Markaz Chairman and MD, Mr. Diraar Y. Alghanim, said “Markaz profit has grown because of its high quality assets and strong financial standing. Markaz positive results in the first quarter reflect its diverse base of assets and high solvency. In addition, available credit channels give Markaz the required flexibility to change its assets distribution, enabling the company to capitalize from the volatile investment environment.”

Alghanim added, “In the local arena, the investment sector remains the main source of finance for grand projects and institutions through its ability to develop and manage various financial tools such as equity, bonds, Sukuk and mezzanine. We hope the current dialogue between public and private institutions will improve the various sectors of the State’s economy.”

Mr. Manaf Alhajeri, Chief Executive Officer at Markaz said “Several investment opportunities arose during the first quarter in a number of markets, such as the real estate market, the debt market and distressed debt market despite the recurring economic turbulence in the region and the world. The main challenge for the Kuwaiti economy is to achieve sustainability and diversity of channels. This requires joint efforts by the government and the public sector to mobilize the concentration of liquidity from the weak channels to real productive projects that benefit all economic sectors.”

Asset Management

Mena Equities

For the first quarter of 2012, Markaz flagship Kuwait focused funds Mumtaz and MIDAF closed with a gain of 3.9% and 1.8% respectively against an increase of 2.8% on their KIC Index benchmark. Markaz Islamic fund, focused on the Kuwait market, closed the quarter with a gain of 2.9% against an increase of 1.9% in its benchmark Al-Madar Index while our another Kuwait focused Forsa Fund, the only derivatives fund in the region returned 2.6% for the quarter. Our MENA focused Markaz Arabian Fund NAV gained 10.6% YTD against a gain of 15.9% in the benchmark SP Pan Arab Composite Index.

International Investments

In the first quarter of this year, Atlas Diversified Class, investing in a portfolio of global funds, had a robust performance of 10.14% outperforming its benchmark by 84 basis points. Atlas Emerging Market Thematic Class Fund, which invests in a portfolio of Emerging Markets equity funds focusing on selected themes, grew 7.19% in Q1. Atlas ETFs Program, which allocates its assets into various Exchange Traded Funds globally, increased 9.14% in the same period.

Private Equity

Following Q4 2011, the Private Equity market continued to show a slowdown globally. Aggregate buyout deals fell by 17% in North America, 21% in Europe, and 27% in Asia and the rest of the world. As of Q1 2012, Markaz Private Equity Portfolio realized a year-to-date return of 3.28%.

Investment Banking

Corporate Finance Advisory

Markaz executed several trades in distressed debt of Kuwaiti issuers, allowing the company to become a market maker for such debt.

Consistent with the market environment, Markaz continues to build strong capabilities in distressed debt transactions, restructuring advisory services (either representing creditors or corporations), liquidating non-core assets for Markaz clients, and raising fresh capital (debt and/or equity) for local corporations. Markaz currently has five assignments in the various activities described above.

Fixed Income

Markaz Fixed Income Fund (MFIF), recorded a return of 1.34% during Q1 2012 and an absolute return of 3.30% since the fund’s inception last year. As at the end of Q1 2012, the average credit rating of the MFIF’s holdings was “A” with an average maturity of three years, while the average yield to maturity was 7.59% and the average coupon rate was 5.92%. MFIF’s assets are allocated across the GCC and across various sectors.

Structured Finance

Markaz has been the sole options market maker in the Middle East since 2005. The company continues to develop and stimulate options market as it has many benefits to traders in the Kuwaiti market, especially the derivatives market.

Mena Real Estate

Markaz Real Estate Fund

Markaz Real Estate Fund “MREF” reached its maximum capital allowed of KD50m (par value) in March 2012 at that point we were able to secure CMA approval to increase the maximum capital of the fund to KD100m (renewed par value). “MREF” received additional subscriptions totaling KD5.4m in Q1 2012 and deployed KD9.5m in acquisition of new properties raising its portfolio of properties to 34. On the financial side, the fund continued to make steady monthly cash distributions to its investors.

Aradi Development investment

We are focusing our efforts towards the exit of the second of the two investments (Al Bandariah) in KSA Eastern province after completion and exit of the first investment (Al Nimr) during 2010.

KSA Residential investment

Markaz is proceeding with the development of 54 residential villas in Al Khobar KSA. Markaz team initiated the marketing and sales campaign in time with the completion of the mock-up and first four units in November 2011. Up to end of Q1 2012 we have sold 5 villas and expect to complete the sale of the developed villas by the end of 2012, and aims to generate 30% gross returns.

U.S. Real Estate

In order to capitalize on the prevalent distress in the real estate debt markets, Markaz continues to grow its U.S. distressed debt activity, seeking to invest in non-performing and sub-performing commercial mortgages in the U.S. During the first quarter of this year, Markaz added two additional transactions to our portfolio, bringing the total number of distressed debt acquisitions to 13.

Oil and Gas

Markaz Energy Fund

Markaz manages “Markaz Energy Fund” (MEF) which invests in a diversified portfolio within the oil gas sector. MEF’s positive performance in the first quarter is attributed to the following:
• A partial reversal of the previous impairment of MEF’s investment in Kosan Crisplant;
• Gains in the local and international equities as well as the fixed income portfolios;
• Record production and profits during Q1 2012 made by Kuwait Energy Company, one of MEF’s investments operating in the exploration and production segment.

First Equilease

First Equilease (previously Kuwait First Transportation Company), a company that leases equipment primarily to contractors in the energy sector, has both Markaz and MEF as investors and has achieved 31.3% return on investment since inception. First Equilease continued to implement its expansion plans during Q1 2012.

A ribbon cutting marked the official opening of the Hall which serves as a room to host training courses and workshops at KSE and is equipped with high-end audio and video technology. The Hall was renovated and branded by Wataniya Telecom and will be called the “Wataniya Hall”.

Commenting on this event, Wataniya Telecom’s GM and CEO, Scott Gegenheimer said that “Wataniya’s cooperation with KSE symbolizes our pursuit to take part in local projects and make vital contributions to the development of our society and its members. We want to assist KSE in providing the latest scientific and technical training to its members which is at par with international standards. These engineers are big contributors to the development of infrastructure in Kuwait and Wataniya wants to support and encourage them.”

From his end, Husam Al-Khorafi, Head of KSE highly praised Wataniya’s efforts and extended his gratitude by saying: “We would like to thank Wataniya for their valuable contribution to the Kuwait Engineers Society. Wataniya has always supported the community on many different levels. Their efforts and contributions in renovating the hall at KSE will be remembered at many future events held at the organization.”

Al-Khorafi concluded hoping for more cooperation to take place between KSE and Wataniya saying, “We are eager to collaborate on more effective training programs especially for Telecom Engineers as this will undoubtedly enhance their experience and will definitely showcase both KSE and Wataniya’s role in always supporting the community.”

Head of KSE Husam Al-Khorafi handed over notable trophies to Wataniya and Fono teams at the end of the ceremony. Trophies of appreciation were given to several senior members of Wataniya and Fono’s management; Scott Gegenheimer, Juha Korhonen the Chief Commercial Officer, Public Relations Director Abdolaziz Al-Balool, Eng. Khaled Al-Housani GM at Fono, Eng. Tareq Beidas Fono Corporate Sales Senior Manager as well as Hazem Fayeq and Wael Hasabullah from sales.

CashU’s prepaid cards are available at retailers in all countries served by Jazeera Airways. With the Middle East being the main concentration of the cashU user base and Kuwait being in the top three of this base, the partnership is beneficial to both parties.

“More customers will now be able to book online for their next vacation from the comfort of their home. With cashU, they will definitely have access to a secure, flexible and convenient payment method that enhances their planning and booking experience on jazeerairways.com,” said Jazeera Airways Vice President of Sales Rafik Boghdady.

Jazeera Airways operates a two-class cabin comprising a Business Class and an Economy Class, and serves 19 destinations in the Middle East. In 2011, the airline carried 1.2 million passengers in total across its network that includes high-demand business, religious, leisure, family, and weekend destinations such as such as Dubai, Bahrain, Beirut, Alexandria, Amman, Damascus, Istanbul, Sharm El Sheikh, Assiut, Aleppo, Deir Ezzor, Luxor, Mashhad, Sohag, Jeddah, Riyadh, Cairo and Najaf. Jazeera Airways is an IATA-member airline and operates one of the youngest Airbus A320 fleets across the Middle East and North Africa.

“Airlines are generally prone to last minute abandoned sales. This deal will reduce the chances of this happening because if a customer doesn’t have a bank account or is unable to pay using a debit or credit card, they can use this payment option,” said Martin Waldenstrom, CEO, cashU.

Research conducted by cashU shows that the most popular and convenient way of topping up larger amounts of money for online accounts is through exchange houses such as UAE Exchange. As a result travelers can now top up their accounts with up to $1,000. This is an added benefit as the user will be charged less on larger top up accounts.

“Both Jazeera Airways and cashU will enjoy extensive exposure through this deal, not only among their existing customers but also potential ones. Having cashU integrated as a payment method will provide users with access to a whole new category, in which they can use their accounts to make safe and secure online transactions. This indicates the importance of having a pre-paid online payment option besides the traditional methods available,” added Waldenstrom.

Part of Jabbar Internet Group, cashU was launched in July, 2002 as the region’s first prepaid online payment gateway. cashU is available in 35 countries around the world and is used on more than 4,500 merchant websites which specialize in offering the services of online gaming, online shopping, dating matrimony, IT services, FX trading and much more.

Kuwait Marriott Hotels will add to its existing portfolio of properties in Kuwait, Residence Inn, which is scheduled to open in 2015. The announcement comes as part of Marriott International, Inc. a long term agreement with Family United General to manage the Residence Inn by Marriott Kuwait City, bringing the total number of properties to be managed to four, which include JW Marriott, Courtyard By Marriott Hotel, Arraya Ballroom, as well as The new Residence Inn by Marriott.

Owned by Family United General, Residence Inn will offer 143 spacious and modern studios, one, and two- bedroom suites. Designed as a service apartment for stays of five nights or more, each suite will include a fully functional kitchen and separate living area, flat screen TV and Marriott’s widely acclaimed bed and bath linens. Rates will vary depending on length of stay. A unique feature will be the Residence Inn lobby that will offer a communal environment and include a self-service lounge, casual restaurant and a meeting room. A “grab and go” kiosk/market offering snacks, basic food items, newspapers, magazines and various sundries will be located adjacent to the front desk. Residence Inn also features fitness facilities that allow travelers to continue with their regular routine of a healthy and balanced lifestyle.

George Aoun, General Manager of Kuwait Marriott Hotels said: “This comes as a broader move to establish brand recognition via a worthwhile venture. We believe that Kuwait is an ideal fit to invest in luxurious brands that will accommodate the needs and desires of business and leisure travelers from around the world. With the growth in tourism, high disposable income, oil wealth and economic development, we assured that more Marriott properties will make its way through to the local market.”

Kuwait Marriott Hotels currently houses the Courtyard by Marriott Kuwait City hotel, a business hotel centrally located within easy reach to the financial and business district and directly connected to Arraya shopping Mall. The spacious hotel rooms feature a large work desk, free breakfast and high-speed Internet. Club floor rooms feature business lounge access. Located on higher floors, leisure and recreational facilities offer luxurious amenities and attentive service. Marriott also manages the 1,500 sqm Arraya Ballroom, which is adjacent to the hotel, and is perfect for large gala dinners and social events.

Ghazi F. Al Nafisi, Salhia’s Chairman Managing Director said, “We are delighted to be part of a new and lucrative investment in the Marriott group .Hospitality is a flourishing sector granting us the opportunity to expand with a diverse portfolio and increase in volume of our current business. Some of our local commercial entities are Salhia plaza, Sahab tower in the Salhia commercial complex, Arraya tower, Arraya commercial offices in Arraya commercial center, and Salhia Tower in Bahrain bay.”

Recently awarded Best Business hotel in Kuwait City, the JW Marriott Kuwait is located in the heart of the business and downtown commercial district directly connected to the luxurious Salhia Shopping Mall. The Kuwait City hotel offers the latest in comfort, luxury bedding, expansive work areas, in-room safe and mini-bars. Each of the hotels restaurants are authentic in every detail with well-crafted menu selections offering. Elite Health Clubs with a relaxing Jacuzzi and an indoor pool are also part and parcel of the whole package.

“We look forward to entering this exciting new chapter and continue to provide world class services with a host of facilities guaranteed to stand the test of time,” added George Aoun.

The event was held today at the CAIT premises, and was attended by prominent representatives of the majority of the Kuwaiti governmental bodies. Kaspersky Lab executive committee attended the event, accompanied by a senior delegation of analysts and senior executives.

Stefan Tanase, Senior Security Researcher, EEMEA, Global Research Analysis Team, Kaspersky Lab, tracked the evolution of the main tendencies in the field of cybercriminal activity, and evaluated the key incidents of 2011. Tanase also shared his projections for 2012 and beyond, based in the particular interests, capabilities and limitations of the main players in cyberspace.

Khalid Abu Baker, Corporate Sales Manager, Kaspersky Lab Middle East and Turkey, shared Kaspersky Lab’s experience and learnings from the Middle East region, and discussed with the attendance of the conference how to build an efficient IT security environment, and the importance of having a secure IT infrastructure to establish a successful business. Furthermore, how can organizations overcome the IT security challenges especially with the increasingly complex endpoint environments comprised of various devices, platforms and operating systems.

Abdullatief Suraie Al-Suraie, Director General, The Central Agency for Information Technology commented saying, “Hosting Kaspersky today at the Central Agency for Information Technology aims first at showcasing the company’s achievements in this field and future trends to the IT security systems administrators in the Agency and all invited government agencies and institutions, especially in light of unprecedented security challenges that we are all facing. Secondly, it aims at sharing Kaspersky our concerns, needs and requirements to maintain our systems, databases and e-mail content in general. Thirdly, we aim to examine ways to leverage Kaspersky’s international expertise in achieving our goals and providing our needs.

He continued, “The Central Agency for Information Technology is always in touch with leading companies about all aspects of technology, especially in the field of IT security, since we know that the challenge is huge and complicated. What we might experience in Kuwait may be the result of a hacking attempt initiated from the other side of the world or sometimes from within the enterprise. Our only option is openness, professionalism, building specialized technical skills and worldwide cooperation, since the challenge is undoubtedly global”.

Tarek Kuzbari, Managing Director of Kaspersky Lab Middle East and Turkey said commenting on this event, “We are very proud that we are holding our first Kaspersky IT Government Security Conference in Kuwait, and we are thankful for the hospitality of the Central Agency of Information Technology. This is indeed an honor for us to be here today, to share our international and reliable security expertise and knowledge.”

“With 864% growth in five years, Kaspersky Lab was recognized as one of the 500 fastest growing technology companies from 24 EMEA countries based on five-year average percentage revenue growth. This milestone is a testimony of its success, showing the strength of Kaspersky Lab’s products and solutions, and positioning it as a trust-worthy partner across governments and business in the Middle East region,” he continued saying.

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