• Trolley listing exceeded expectations, with over 15x oversubscription and demand surpassing USD 2.25 billion
  • The Company maintained a prudent approach aligned with prevailing regional and global conditions

Khaled Waleed AlFalah:

  • Q1 2026 results were directly impacted by geopolitical developments across global and regional markets, while the Company maintained a cautious and disciplined approach in response to evolving regional and global conditions
  • Continued focus on portfolio diversification and performance efficiency is strengthening the Company’s ability to navigate current challenges and gradually restore its growth trajectory
  • Despite regional tensions affecting financial markets and supply chains, the Company has preserved a strong financial position and continued to progress steadily, supported by a balanced approach and disciplined strategy

Fahad Abdulrahman AlMukhaizim:

  • The Company is focused on reinforcing sustainable growth and advancing its digital capabilities in line with market developments, meeting the evolving expectations of clients and shareholders
  • Assets under management increased by USD 400 million during the first quarter, reflecting growth of approximately 10.2% compared to the same period last year, bringing total assets under management to nearly USD 4 billion

The Board of Directors of National Investments Company (NIC) approved the Company’s consolidated financial statements for the first quarter ended 31 March 2026, which reflected a decline in financial performance compared to the same period last year. This was driven by recent developments that led to heightened volatility across financial markets and increased investment uncertainty, while the Company maintained a prudent approach in response to global market fluctuations. The Company recorded a net loss of KWD 5.2 million during the first quarter of the year.

In its statement, NIC noted that total shareholders’ equity attributable to the parent company stood at KWD 189.4 million as of the end of Q1 2026, while total assets reached KWD 357.3 million as of 31 March 2026.

Challenging Start to the Year

In this context, Khaled Waleed AlFalah, Chairman of National Investments Company, stated that the Company’s Q1 2026 results were directly impacted by geopolitical developments across global and regional markets during the quarter, alongside a cautious approach adopted in response to prevailing conditions. These factors were reflected in liquidity levels and investor confidence, leading to volatility across several investment sectors.

AlFalah noted that the Company responded by adopting more conservative investment policies, with a strong focus on risk management and operational resilience to safeguard its assets while maintaining a balanced risk-return profile.

He further emphasized that the current environment requires a high degree of investment discipline, reaffirming the Company’s commitment to developing differentiated investment solutions and pursuing selective, high-quality opportunities that support recovery and enhance performance in the periods ahead.

AlFalah added that the Company continues to execute its long-term strategy, focused on portfolio diversification and performance optimization, strengthening its ability to navigate current challenges, gradually restore growth momentum, and deliver sustainable value to its shareholders.

Comprehensive Strategic Outlook

AlFalah emphasized that National Investments Company continues to execute its operating strategy through a disciplined and well-considered approach focused on adapting to evolving market conditions. He noted that the Company’s performance was influenced by a range of economic challenges and external factors, prompting a stronger focus on operational resilience and the recalibration of certain priorities. He also highlighted the Company’s continued commitment to embedding institutional sustainability through adherence to governance standards, enhanced transparency, and the development of an integrated risk management framework that supports its ability to navigate volatility and maintain stability over the medium to long term.

He added that the Company places strong emphasis on enhancing internal efficiency and strengthening its operating environment, while maintaining a balanced approach between measured expansion and regulatory compliance, reinforcing its market position. He further noted that the strength of the Company’s capital base provides the flexibility to execute future plans and capitalize on promising investment opportunities across both local and regional markets, driving sustainable returns and long-term value creation for shareholders.

AlFalah also highlighted the Company’s commitment to its societal role through a range of initiatives across humanitarian, social, and charitable areas, as well as its continued support for public-benefit institutions. This reflects an integrated approach that aligns economic performance with positive social impact, underscoring the Company’s belief in investing in people as a cornerstone of building a more cohesive and sustainable society.

In closing, AlFalah expressed his appreciation for the continued support and confidence of the Board of Directors, commending the executive management team for its expertise and professionalism, as well as the strong sense of teamwork across NIC’s employees, which has collectively strengthened the Company’s ability to navigate challenges and deliver positive outcomes. He noted that this performance comes amid a rapidly evolving global environment shaped by geopolitical developments and international events, including regional tensions and their impact on financial markets and supply chains, creating increased complexity across investment sectors. Despite these challenges, he affirmed that the Company has maintained a strong financial position and continued to progress steadily, supported by its balanced approach and disciplined strategies.

He concluded by emphasizing that the alignment between institutional support and operational efficiency has been instrumental in enabling the Company to adapt to changing conditions and capitalize on emerging opportunities. He reaffirmed NIC’s commitment to upholding the highest standards of governance and transparency, while continuing to deliver sustainable value to its shareholders and advancing confidently toward broader growth and future success.

Strong Investment Performance

Commenting on the Company’s performance during Q1 2026, Fahad Abdulrahman AlMukhaizim, Board Member and Chief Executive Officer of National Investments Company, highlighted the dynamic investment activity across its various sectors.

He noted the successful execution of the private placement and the listing of Trolley General Trading Company during the first quarter of 2026. The offering was oversubscribed by 15x the initial offering size, with total demand exceeding USD 2.25 billion, attracting thousands of subscribers. The Company was listed on Boursa Kuwait’s Premier Market, with the transaction drawing significant interest from international institutional investors, including strategic investors from the United Kingdom, Saudi Arabia, and the UAE. This transaction also represented the only IPO in Kuwait in 2026, underscoring NIC’s leadership in structuring and executing transactions within a selective market environment. This followed the Company’s successful private placement of Action Energy Company in Q4 2025. Notably, Trolley’s share price increased by 30% as of the close on 31 March 2026, despite ongoing geopolitical challenges in the region.

AlMukhaizim added that the Company maintains a strong pipeline of capital markets transactions, including a planned private offering in the education sector targeted for Q4 2026, advisory mandates for preparing three entities for listing across various sectors, as well as a capital increase transaction in the transportation sector.

Within Alternative Investments, the division continued to pursue attractive opportunities, successfully closing a key transaction during the quarter while advancing due diligence on two additional deals. This reflects continued progress in capital deployment and underscores the division’s commitment to value creation, effective asset management, and disciplined investment strategies that deliver long-term benefits to shareholders.

In Institutional and Wealth Management, the sector delivered strong performance, increasing assets under management by more than USD 400 million during the quarter, representing growth of approximately 10.2% compared to Q1 2025, despite prevailing economic and geopolitical challenges across Kuwait and the region. During the same period, the division established hundreds of new investment portfolios, reflecting sustained investment activity and strong client confidence. The sector also successfully managed the Trolley IPO subscription process and enhanced shareholder services through a dedicated team to address investor inquiries, improving overall service efficiency during the subscription period.

In Asset Management, AlMukhaizim commended the strong performance of the Company’s investment products, with several funds delivering positive returns during the first quarter. GCC portfolios also recorded positive performance over the same period, despite market pressures driven by geopolitical developments and heightened uncertainty impacting investor sentiment and liquidity flows.

Meanwhile, the Trading and Financial Instruments team expanded its market-making services by adding three new listed companies on Boursa Kuwait, bringing the total number of companies served to 19. This reflects growing confidence in the Company’s capabilities and reinforces its position as a leading provider of market-making services in the Kuwaiti market.

AlMukhaizim further noted that the Real Estate Sector delivered stable performance during the quarter, supported by a measured expansion of its portfolio and higher occupancy rates across owned and managed assets, with several properties reaching full occupancy. Looking ahead, the sector has initiated the sourcing, evaluation, and structuring of new investment opportunities, including participation in both public and private tenders, as part of its strategy to expand the real estate portfolio and strengthen the Company’s institutional presence both locally and regionally.

Driving Future Business Growth

Within the framework of National Investments Company’s vision to shape future business growth, AlMukhaizim highlighted the solid progress achieved by the Strategy and Corporate Development sector during Q1 2026, including advancement of the transformation strategy in partnership with McKinsey, alongside the rollout of performance management initiatives and enhancements to the operating model.

On the sustainability front, he noted that the Company completed its ESG readiness assessment in collaboration with “Accountability”, establishing baselines, identifying gaps and improvement priorities, and activating sustainability ambassadors. This supports a more integrated strategic direction under the “Wejha” identity, while sustaining momentum in driving transformation with efficiency and agility. He also commended the successful implementation of the disaster recovery site at ZainTECH, with all systems tested within an isolated network environment.

He further highlighted the strong performance of the Human Capital Sector, supported by positive hiring momentum and high employee retention. Employee engagement levels exceeded regional benchmarks, reflecting a positive work environment and a strong corporate culture. From a performance and development perspective, strategic initiatives, as well as leadership and professional development programs, were activated. These efforts were complemented by initiatives focused on employee wellbeing and internal engagement, reinforcing the Company’s foundation to support the achievement of its strategic objectives for 2026.

In closing, AlMukhaizim reaffirmed the Company’s commitment to sustained execution and continued development throughout 2026, emphasizing its focus on strengthening sustainable growth and advancing its digital capabilities in line with market developments and stakeholder expectations. He also underscored the Company’s ongoing role in supporting Kuwait’s economic development through integrated investment solutions that reflect its deep expertise and leading market position.