| 14 Jul 2009 |
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KCIC to take stock of current global crisis and outlines opportunities in key Asian markets at AGM
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Kuwait, July 14, 2009 -- KCICKCIC
, a Kuwait-based investment firm specializing in Asia investments, unveiled today, during its annual general meeting for shareholders (AGM), that 2009 will be a year for KCICKCIC to reenter it key markets and focuses on growth sectors in Asia, namely energy, real estate, agriculture, infrastructure, and finance.Speaking to shareholders, KCICKCIC's Managing Director Ahmad Al-Hamad said "we continue to see exciting opportunities in Asia across multiple sectors and businesses. We believe that the Middle East and Asia are converging and that KCICKCIC will be able to play an important role in this convergence".
He added, "We see a shift of gravity from the West to the East as Asia recovers faster out of this crisis than the rest of the world. KCICKCIC will continue to pursue attractive investment opportunities in Asia alongside strong partnerships as we have in the past. Ultimately, our objective is to continue building strong relationships to fuel sustainable growth for our partners and returns for our clients and shareholders. We remain committed to our core strategy of becoming the gateway to Asia and advising bi-lateral flows of capital between the Middle East and Asia".
At the AGM, shareholders approved the company's 2008 financial results ending in December 31, 2008 and re-elected the board for the next three years.
KCICKCIC
is an investment company founded with a capital of KD 80 million in 2005 by an "Emiree" Decree with a mandate to develop investment opportunities in Asia towards building an Asia focused asset management company. The public company employs a team of Asian specialists and currently manages assets in excess of USD 450 million. Key shareholders include The Kuwait Investment Authority, the Sovereign Wealth Fund of Kuwait, 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. -Ends-
About KCIC
KCICKCIC
was formally incorporated on December 12, 2005 by an Amiri Decree as a Kuwaiti shareholding company with a total capital of KD 80 million (about US $280 million at that time).Licensed and regulated by the Central Bank of Kuwait, KCICKCIC is a financial institution with a mandate to operate as a fully fledged investment company with both the ability to provide financial services and solicit and manage third party capital. KCICKCIC aims to become a premier investment vehicle in the Middle East for investment into emerging Asia through: 1. Developing proprietary and customized products that are within its sector or regional focus and are in line with client needs. 2.Establishing long-term relationships with key players that facilitate investment proliferation between the Middle East and Emerging Asia. 3.Adopting product asset allocation that diversifies risk across markets, sectors, and products. 4. Focusing on building world class structuring and execution capabilities. 5. Attracting and retaining the best talent from around the world. For additional background information on KCICKCIC please visit http://www.kuwaitchina.com.
Reporters may contact:
Fawaz Al-Sirri
Bensirri PR
+965 66622448
fawaz@bensirri.com
© Press Release 2009
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