ShareKUWAIT: The Union of Investment Companies held a special celebration marking its 20th anniversary under the slogan “Twenty Years of Continuous Giving and Achievement”, with the participation of member investment companies in Kuwait. Aiming to achieve further milestones and strengthen Kuwait’s position as a leading financial and investment hub regionally and globally, the event highlighted the Union’s significant role across various fields and unveiled an ambitious strategy based on four essential pillars.
Union officials emphasized their constant commitment to supporting various responsible entities in Kuwait and cooperating with regulatory bodies to elevate the investment sector’s standing in the local market and enhance its role in the country’s economic activity. They also stressed the importance of the Union’s role in supporting investment companies in Kuwait, training their leaders and employees, and keeping them updated on the latest developments in the investment sector, contributing to improved productivity and performance at the highest levels.
Officials highlighted the Union’s efforts in forging agreements with global companies to improve the performance of member companies and leverage international expertise to seize the best opportunities. They noted that innovation has been an integral part of the Union’s values since its inception, which over the years, has achieved remarkable advancements in financial services both locally and regionally. This is reflected in its track record of creating unique investment tools and opening new investment gateways.
They further stated that the Union takes pride in its rich journey, consistently prioritizing the interests of its members, and affirmed their commitment to continuing development and innovation across operational and administrative areas in the coming period. The officials assured that the Union spares no effort in collaborating with public and private sector institutions to achieve the desired goals, create a conducive environment for attracting local and global capital to Kuwait, bolster the national economy, and contribute to the development of the Kuwaiti financial market.
They indicated that the Union seeks to promote sustainable investment practices, encourage adherence to environmental, social, and governance (ESG) standards in investment strategies, and enhance transparency. They also highlighted the Union’s role in strengthening partnerships between the public and private sectors, supporting national labor, and endorsing ESG initiatives and other critical issues.
The celebration was primarily sponsored by Kuwait Financial Centre (Markaz) and Kuwait Clearing Company. Other sponsors recognized at the event included Arzan Financial Group, Kuwait Investment Company, Kamco Invest, Rasameel Investment Company, Ammar Finance and Leasing Company, National Investments Company, Aayan Leasing & Investment Company and Al-Dawliya Investment Company.
Core pillar
During the ceremony, it was emphasized that investment companies are a core pillar of the economy and that supporting them through appropriate laws and procedures is vital to their growth and increasing individual investment opportunities, rather than allowing them to erode due to inflation. They stressed the need to regard these companies as one of the key pillars for supporting and developing Kuwait’s economy, especially in light of statistics showing the significant volume of assets they manage.
Fundamental role
On this occasion, the founding president of the Union of Investment Companies, Dharar Al-Ghanim, stated: “The Union has contributed to numerous successes and achievements over the past 20 years, and we are proud of what it continues to offer to Kuwait’s investment sector and its companies and institutions.”
Former Union President Asaad Al-Banwan noted that the Union has played a fundamental and crucial role in the Kuwaiti investment sector over the past two decades. Meanwhile, former Union President Bader Al-Subaie mentioned: “The Union of Investment Companies has succeeded in helping overcome numerous crises and obstacles, achieving many successes and milestones over the past 20 years.” Former Union President Saleh Al-Salmi affirmed that the Union’s contributions over the past 20 years have significantly advanced and developed the sector.
Ambitious vision
Current Chairman of the Union Abdullah Al-Terkait, said: “It is an honor to celebrate 20 years since the founding of the Union of Investment Companies—a journey launched with an ambitious vision and strong will, making it a fundamental pillar of Kuwait’s investment sector and a cornerstone in enhancing the business environment and financial governance.”
He added that 20 years ago, a select group of entrepreneurs and economic visionaries gathered, believing in the necessity of establishing an entity that would uplift the investment sector and defend its companies’ interests. The Union’s founding was a pivotal step in Kuwait’s financial and economic development journey. Since then, the Union’s role has gone beyond representing the sector, actively shaping the investment and business environment, contributing significantly to the establishment of the Capital Markets Authority, thus creating a specialized regulatory body aligned with global developments and reinforcing transparency and governance standards.
He highlighted numerous achievements, notably developing the legislative and regulatory environment. The Union has worked closely with government and regulatory entities, presenting more than 53 proposals to state authorities and regulators regarding economic and business environment improvements. These proposals included legislative suggestions and other amendments, submitted to entities such as the National Assembly, Council of Ministers, Capital Markets Authority and various ministries and official bodies in the country. Among the key proposals was one submitted to the Economic Committee of the Council of Ministers, which contributed to mitigating the effects of the 2008 global financial crisis. The Union also played a pivotal role during the COVID-19 pandemic, demonstrating the sector’s resilience and adaptability to major economic shifts.
Al-Terkait added: “The Union’s role is not confined to the domestic front but extends to acting as a bridge between Kuwaiti investment companies and regional and international markets, through strategic meetings with ambassadors of various countries and presenting investment opportunities to its members, thus enhancing the presence of Kuwaiti companies on the global stage.”
Recognizing the importance of investment education, the Union launched integrated media and awareness initiatives, raising investment literacy in society by utilizing all social media platforms to disseminate financial knowledge in a simple and effective manner. Additionally, the Union continues to publish its quarterly magazine, Al-Mustathmir (The Investor), which has become an essential reference for investors and decision-makers, shedding light on the latest developments in capital and investment markets and providing in-depth analyses to help investors make informed financial decisions.
A brighter future
Al-Terkait emphasized moving forward toward a brighter future under an ambitious strategy based on four key pillars:
1. Enhancing communication and integration with investment companies and stakeholders to ensure strong and effective representation of their interests and defend their rights in line with laws and regulations.
2. Strengthening cooperation with regulatory bodies and relevant institutions to ensure a more competitive and attractive investment environment.
3. Raising positive media influence and public awareness to reaffirm the Union’s role as a strategic partner in shaping financial and investment policies.
4. Institutionalizing a culture of development and training through the Investment Studies Center to qualify cadres capable of keeping pace with global transformations in the investment sector.
He stated: “This strategy is not merely a work plan, but a commitment to a future of greater development and innovation, as the Union continues its role as a primary driver of sustainable investment and economic competitiveness.” He renewed the Union’s commitment to moving forward toward a more ambitious future, saying: ”The challenges ahead are significant, but we are confident that, through the solidarity of our members and partners, we can achieve more accomplishments and enhance Kuwait’s status as a leading financial and investment center regionally and globally.”
Pillar of success
Believing that national talents are the pillar of success, the Union launched the Investment Studies Center as an integrated training platform aligned with the latest global investment practices. It has also strengthened its strategic partnerships with prestigious institutions such as the CFA Institute, Euromoney, and ICMA to ensure sector employees are trained to the highest international standards.
Supporting the sector
Meanwhile, Secretary-General of the Union of Investment Companies Fadwa Darwish stated that the Union plays a pioneering role in developing the investment sector and has contributed significantly and effectively to supporting this vital sector and improving the business environment in Kuwait.
