Middle East

NIC Appoints Gulf Bank as Distributor to Alwataniya Foundation

Kuwait: The National Investments Company (NIC) has announced the signing of a contract with Gulf Bank as a major move towards developing a new collaboration aimed at strengthening partnerships between investment companies and the Kuwait Banking Sector. Under the agreement, the Bank will act as a distributor of the Alwataniya Fund in accordance with the CMA Act. NIC chose Gulf Bank because it is a major bank, under the supervision of CBK, and licensed to carry out the activities of distributors by CMA.

NIC announced in a press release that the agreement aims to double the marketing and promotion efforts of its products for potential investors in Kuwait and the region. This is achieved by Gulf Banks and their branches across Kuwait providing services to sell the Alwataniya Fund, which is positively reflected in reaching the largest customer base of investors. The agreement was signed by NIC CEO Fahad Al-Mukhaizim and Gulf Bank Deputy CEO Waled Mandani in the presence of both parties.

Added value

Al-Mukhaizim said: “We are pleased to be able to sign this agreement with Gulf Bank, which is valued for both parties. NIC is always keen to provide its clients with additional services and quality investment products. Currently, the Alwataniya Fund. Is now available for investment in Gulf Bank’s customers. “

Al-Mukhaizim praised Gulf Bank, saying: We believe that this agreement undoubtedly means a long-term mutual understanding between the two major institutions that will help build a foundation for a wide range of investors. It also facilitates investment in investment funds based on an investment base with sustainable and weighted risk returns. He emphasized that NIC is working to strengthen its partnership with Gulf Bank in the future and include more funding and product distribution for the company.

Broader cooperation

Mr. Mandani, Vice President of the Gulf Bank, said the agreement was in line with the Bank’s future strategic goals and was built to open up a wide range of areas of cooperation between the parties and expand the core banking system in the future. He said he would support the Bank’s efforts to strengthen its efforts. jobs. He said Gulf Bank is constantly aiming to develop its clients’ banking experience and meet their investment needs.

He was pleased to sign a contract confirming Gulf Bank’s leading position in the market in terms of strategic partnerships aimed at strengthening its customer base. This agreement is also the result of mutual trust in the capabilities and effectiveness of the two institutions. Mandani explained that the agreement with NIC will ensure marketing and distribution of units in the Al Wataniya Fund, one of the major investment funds in Kuwait and the region. He said he was confident that Gulf Bank would be an outstanding partner with NIC and that the positive impact of this agreement would be reflected in the fulfillment of the aspirations of shareholders and high net worth clients.

Excellent return

Al-Mukhaizim said the Al Wataniya fund is one of the best funds to invest in stocks listed on the Kuwait Stock Exchange. The fund has achieved an astonishing 285.8 percent return since its inception on May 5, 2001. The Alwataniya Fund achieved an annual return of 8.35% in 2018, surpassing the benchmark return of 5.23% over the same period. It also maintained a good rank in the category of large funds of over 50 million KD, achieving YTD returns of 22.5% and 285.8% year-to-date.

Al-Mukhaizim added that Al Wataniya is one of the largest investment funds in Kuwait with a net worth of 152 million KD. As of November 30, 2021, the fund’s net unit value was 762 Phil. Since its inception, the fund has distributed 65% and 160% cash dividends to shareholders as bonus shares. He confirmed that Al Wataniya will continue to capture the best investment opportunities and benefit from them in line with NIC’s strategic vision and growth plans in line with strict technical standards.

Al-Mukhaizim states that NIC will always overcome many financial challenges and obstacles, seize outstanding opportunities, meet the needs of all clients and provide investment products and services that achieve outstanding economic benefits. We conclude that we are looking for a new path to growth by aiming for leadership in. In doing so, NIC relies on a team with that track record and years of experience.

One of Kuwait and one of the largest investment companies in the region, NIC plays an active role in different regions, regions and global sectors, providing a large and diverse foundation for elite and high net worth shareholders. I’m waiting. The company recently received the “Fastest Growing Fund Management Company Kuwait” award from its leading platform, the Global Banking and Finance Awards. One of the reasons for the continued success of NICs is their continued focus on developing client resources. This can be achieved by offering a unique variety of investment opportunities that deliver the highest possible returns and quality services.

Gulf Bank is one of Kuwait’s leading banks, offering a wide range of services including retail banking, wholesale banking, finance and financial services through a large network of over 50 branches and over 200 ATMs. increase. Established in 1960, Gulf Bank was listed on the Kuwait Stock Exchange (Kuwait Stock Exchange) in 1984. As of December 31, 2020, the total assets of banks exceed 6 billion KD. Agency:

Outlook Long-term rating Rating agency
Stable A3 Moody’s
Negative A- S & P
Negative A + Fitch
Stable A + Capital intelligence

https://news.kuwaittimes.net/website/nic-appoints-gulf-bank-as-selli-agent-of-al-wataniya-fund/ NIC Appoints Gulf Bank as Distributor to Alwataniya Foundation

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