RIYADH: Kuwait Projects Company Holding (KIPCO) reported a 78 percent drop in net profit last year to KD6.5 million ($21.4 million).
“Our 2020 results reflect the efforts of our core companies to mitigate the impact of the global COVID-19 pandemic, Faisal Al-Ayyar, KIPCO vice chairman said in a stock exchange filing.
The pandemic affected the company’s commercial banking business, as well as its real estate, hospitality and petrochemical holdings, while its insurance business was mostly stable in 2020.
Its OSN media platform however managed to post an increase in subscribers, despite the impact on generating new sales due to the closure of retail outlets.
The pandemic accelerated the company’s digital transformation, it said.
KIPCO directors recommended a cash dividend of 5 percent (5 fils per share) subject to approval by the company’s General Assembly and regulatory authorities.
The KIPCO Group is one of the biggest holding companies in the Middle East and North Africa, with consolidated assets of $34 billion as Dec. 31 2020.
Kuwait’s KIPCO profits fall even as more people watch OSN at home
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Kuwait’s KIPCO profits fall even as more people watch OSN at home
- The pandemic affected the company’s commercial banking business, as well as its real estate, hospitality and petrochemical holdings
Saudi Arabia’s NDF unveils strategic partners for MOMENTUM 2025 conference
RIYADH: Saudi Arabia’s National Development Fund has unveiled the lineup of strategic partners for the Development Finance Conference MOMENTUM 2025, as the Kingdom accelerates efforts to build a more integrated development-finance ecosystem.
The conference, scheduled for Dec. 9–11 at the King Abdulaziz International Conference Center in Riyadh, will bring together policymakers, lenders and global development institutions as the Kingdom seeks to expand financing channels for key sectors.
Saudi National Bank and Arab National Bank are named Main Partners, while Riyad Bank will serve as Banking Partner, NDF said in a press release.
Bank AlJazira and Saudi Awwal Bank join as Enabling Partners, and public-sector participants include Invest Saudi, the Made in Saudi Program, and the Saudi Conventions and Exhibitions General Authority.
Riyadh Municipality also joins the list as the host city partner, while Saudi Post is the logistics partner for the conference.
“Collectively, these partnerships advance the conference’s vision of fostering collaboration among public and private sectors, contributing to Saudi Vision 2030 objectives,” the release said.
Organized by NDF, this year’s conference is convened under the theme “Leading Development Transformation.”
MOMENTUM 2025 reflects the NDF’s central role as a principal enabler of development in the Kingdom and as a strategic driver of the national development finance system through its 12 affiliated development funds and banks.
“Through this conference, NDF aims to align efforts, amplify impact, enhance coordination and integration, and build meaningful partnerships with leaders across the public and private sectors. Together, these efforts are intended to ensure sustainable growth and empower strategic sectors to deliver on national and global development goals,” the release added.
The program will feature more than 100 speakers from over 120 local and international entities, further underscoring the conference’s role as a national forum supporting the leadership’s vision of building a dynamic financing ecosystem that empowers key sectors.
Several princes, ministers, senior officials, CEOs, global leaders, development experts, and economists are scheduled to attend the conference.
The event will spotlight the contribution of the private sector and small and medium-sized enterprises in elevating the Kingdom’s economic growth, generating jobs, and boosting competitiveness.
