INTERNATIONAL BANKS
There are varied benefits to having operations that go beyond the borders of Kuwait, providing clients a broader basket of services.

The acquisition of Piraeus Bank Egypt took place in November 2015 after about six months of negotiations, a record time for such a transaction given all the processes and regulatory approval requirements. We have traditionally been a local bank with only a marginal presence in the UAE, but due to our operational expansion to Egypt, we have technically doubled our branches and staff and become more of a regional bank. On the operating side, we are continuing the solid trend of the past couple of years. For the first half of 2016, we achieved top line revenue of KWD44 million, slightly ahead of last year. To be fair, this growth was a little below our expectations, but remains faster than the market. The low oil prices have reduced business activities and, consequently, led to a decreased demand for loans and investments. This obviously has impacted the banking sector, but we have been able to maintain some limited but reasonable growth.

We are traditionally viewed as a strongly corporate bank but have a growing retail banking presence comprising almost 40 branches across Kuwait. We are involved in some major projects in the oil sector for the production of clean fuel in addition to public projects for water desalination and purification. Ahli United Bank has been part of the major syndicated transactions and consortiums formed to finance large construction and contracting projects in Kuwait. Historically, over its 75-year history in Kuwait the bank has been involved in financing many significant building and infrastructure projects. The coming year is expected to continue under the pressure of low oil prices and regional geopolitical uncertainty. It is therefore prudent to remain conservative and cautious but we will continue to seek fresh opportunities and support bankable business ventures and projects. Kuwait offers a stable investment climate with significant sovereign reserves and internationally well regarded and admired institutions.

Over the past few years, we have seen our retail customers in Kuwait triple and a growth of assets of more than 200% by 2016. Aligned with this, we have assessed the market environment, reviewed the direction of the bank moving forward, and realized there is significant demand for a second branch. Adding to the above, the Central Bank of Kuwait allowed foreign banks to open multiple branches in the market in 2014. We saw this as an opportunity to revisit our strategy in the market and now we have plans to open our second branch by end-2017. Currently, the Kuwait branch is a fully fledged bank, with a focus on retail, corporate, and treasury. The second branch, due to open in Al-Jahra Area, will have a similar focus. We look forward to providing our growing customer base with enhanced access and convenience and continuing our commitment to the Kuwaiti market.

Since the establishment of the Kuwait branch in 2010, Bank Muscat has largely been focusing on corporate finance and wholesale transactions in particular. Our focus is on local and international medium-to-large companies that are involved in the country's development plan. We also offer advisory services on the best structure for financing transactions. In order to support clients involved in major projects such as the construction of power stations, roads, and hospitals, we partner with other local and international banks in syndications or club deal financings. As a foreign branch, Bank Muscat is required to maintain and finance businesses within Kuwait. The head office network supporting foreign companies involved in Kuwaiti projects complements us. We also serve as a link for local business entities interested in doing business in Oman. We introduce them to the head office in Oman and sometimes get referrals for Omanis interested in setting up business in Kuwait. This synergy with the head office and correspondent banks network facilitates growth.

TABLE OF CONTENTS
Guest Speaker
Dato’ Sri Haji Mohammad Najib bin Tun Haji Abdul Razak, Prime Minister , Malaysia
TBY talks to Dato' Sri Haji Mohammad Najib bin Tun Haji Abdul Razak, Prime Minister of Malaysia, on the growing contribution that Islamic countries are making to the global economy and how Islamic financing can offer new opportunities to industry and academia.
read articleInterview
HE Khaled Nasser Abdullah Al-Roudan, Minister, Commerce and Industry (MoCI)
TBY talks to HE Khaled Nasser Abdullah Al-Roudan, Minister of Commerce and Industry (MoCI), on tools and strategies for diversifying the economy, the role of international players in supporting a wider range of sectors, and the rapidly developing food industry.
read articleInterview
HE Yousef Al-Ebraheem, Advisor , Al-Diwan Al-Amiri
TBY talks to HE Yousef Al-Ebraheem, Economic Advisor to the Al-Diwan Al-Amiri, on the need for a rejuvenation of Kuwait's infrastructure to support an economy that has come a long way and the role education will play in delivering the expertise required by the society.
read articleInterview
Dr. Khaled A. Mahdi, Secretary-General , Supreme Council for Planning & Development (GSSCPD)
TBY talks to Dr. Khaled A. Mahdi, Secretary General of the Supreme Council for Planning & Development (GSSCPD), on the breakdown of Kuwait's long-term economic plan, the KPIs that will benchmark its success, and what Vision 2035 means for the nature of the economy.
read articleInterview
Sheikh Dr. Meshaal Jaber Al Ahmed Al Sabah, Director General, Kuwait Direct Investment Promotion Authority (KDIPA)
TBY talks to Sheikh Dr. Meshaal Jaber Al Ahmed Al Sabah, Director General of the Kuwait Direct Investment Promotion Authority (KDIPA), on launching an investment promotion conference, attracting the right partners for PPP, and expectations for the year ahead.
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HE Dr. Mohammad M. Al-Zuhair, Executive Chairman, Kuwait National Fund for Small and Medium Enterprise Development
TBY talks to HE Dr. Mohammad M. Al-Zuhair, Executive Chairman of the Kuwait National Fund for Small and Medium Enterprise Development, on empowering young Kuwaitis, IT and entrepreneurialism, and the growth of fintech.
read articleFocus: Still all in the family?
Merchant families in Kuwait
Family-owned businesses play a major role in the Kuwaiti economy. However, with many approaching the third generation of management, they are starting to come across unique problems that may pose issues for the greater economy.
read articleInterview
HE Sheikh Abdullah Ahmad Al-Humoud Al-Sabah, Director, Environmental Public Authority (EPA)
TBY talks to HE Sheikh Abdullah Ahmad Al-Humoud Al-Sabah, Director of Environmental Public Authority (EPA), on how oil companies can contribute to Kuwait's vision on sustainability and the various projects that are coming to fruition.
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Dr. Samira S. Omar Asem, Director General, Kuwait Institute for Scientific Research (KISR)
TBY talks to Dr. Samira S. Omar Asem, Director General of the Kuwait Institute for Scientific Research (KISR), on commercializing the green innovations coming from R&D initiatives, the role of collaboration across multiple sectors, and projects that we should expect to see more of in the future.
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Khaled Abdulrazzaq Al Khaled, Vice-Chairman and CEO, Boursa Kuwait Company
TBY talks to Khaled Abdulrazzaq Al Khaled, Vice-Chairman and CEO of Boursa Kuwait Company, on the takeover of the Kuwait Stock Exchange and the role the bourse plays in both the privatization of government entities and as a source of capital for family businesses.
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HE Essam Abdul Mohsen Al-Marzouq, Minister, Oil & Minister of Electricity and Water
TBY talks to HE Essam Abdul Mohsen Al-Marzouq, Minister of Oil & Minister of Electricity and Water, on cooperation with other ministries, the private sector's role in energy, and upcoming regulations.
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Ghalib Shlash Safouq, Assistant Undersecretary for the Construction Projects Sector, Ministry of Public Works
TBY talks to Ghalib Shlash Safouq, Assistant Undersecretary for the Construction Projects Sector at the Ministry of Public Works, on Kuwaiti companies, the country's healthcare facilities, and the role of international companies.
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Khaled K. Al Mashaan, Vice-Chairman & CEO, ALARGAN International Real Estate Company
TBY talks to Khaled K. Al Mashaan, Vice-Chairman & CEO of ALARGAN International Real Estate Company, on drivers of growth, operating throughout the region, and real estate prices in Kuwait.
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Tawfiq Ahmed Bin Sultan, Chairman, Middle East Telecommunications Company (METCO)
TBY talks to Tawfiq Ahmed Bin Sultan, Chairman of the Middle East Telecommunications Company (METCO), on e-government potential, the future of the economy, and the state of technology uptake in Kuwait.
read articleInterview
Sheikh Yousef Abdullah Sabah Al-Nasser Al-Sabah, Director General, Kuwait Ports Authority (KPA)
TBY talks to Sheikh Yousef Abdullah Sabah Al-Nasser Al-Sabah, Director General of Kuwait Ports Authority (KPA), on his operational plans for the near future and turning Kuwait into a regional logistics hub.
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HE Khaled Nasser Abdullah Al-Roudan, Acting Minister, State for Youth Affairs
TBY talks to HE Khaled Nasser Abdullah Al-Roudan, Acting Minister of State for Youth Affairs, on e-platforms and blended learning programs, developing ICT skills, and preparing young people for tomorrow.
read articleInterview
Eng. Ali Hussein Al Youha, Secretary-General, National Council for Culture, Arts and Letters
TBY talks to Eng. Ali Hussein Al Youha, Secretary-General of the National Council for Culture, Arts and Letters, on the activities of the Council and works to preserve and enhance Kuwait's cultural heritage.
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