Kuwait: ACICO Group announced its new Board of Directors elected at its Ordinary General Assembly Meeting convened on the morning of 14 December 2025. The following directors were elected:

  • Mr. Ahmed Ghassan Al-Khaled
  • Ms. Ghaida Ghassan Al-Khaled
  • Mr. Waleed Khaled Yaqoub Madani
  • Mr. Bader Mohammed Al-Qattan
  • Mr. Emad Abdullah Al-Essa
  • Mr. Bandar Sulaiman Al-Jarallah
  • Mr. Khaled Saeed Esbaitah
  • Mr. Fawaz Salem Al-Mudhaf

The newly elected Board convened on the same day to appoint the Chairman and Vice Chairman, resulting in the election of:

  • Mr. Emad Abdullah Al-Essa as Chairman of the Board
  • Mr. Ahmed Ghassan Al-Khaled as Vice Chairman of the Board

Strong Ownership Structure to Support the Next Phase

The election of the new Board comes as a group of strategic investors acquire ownership in the Company. The new investors comprise of companies with extensive experience in the Kuwaiti and regional markets, as well as proven expertise across industry, asset management and financial services.

This diversification of the investor base is expected to strengthen ACICO’s capital position and support its expansion plans, including its strategy to develop state-led real estate projects. It will also provide the Group with a stronger network of relationships, contributing to more efficient execution of government and private sector projects, particularly in infrastructure and construction materials. The entry of these investors adds significant value to ACICO’s expansion journey and enhances its ability to accelerate growth plans and achieve its strategic objectives for the next phase.

Continued Vision and Growth

On this occasion, the Company’s shareholders extended their appreciation and gratitude to the previous Board of Directors for their dedicated efforts in redefining the Company’s strategy and laying a solid foundation for a new phase of sustainable growth.

Commenting on the outcome, the newly elected Board of Directors stated: “We are proud of the trust placed in us by the shareholders to lead this pivotal next phase. We assume our responsibilities today for a company that stands on solid foundations. As the new Board, we are committed to continuing this journey and building on it through an ambitious vision aimed at strengthening ACICO’s position as a key partner in the construction materials and contracting sectors, and as an active contributor to Kuwait’s economic growth.”

The Board added: “ACICO’s diversified business portfolio, the quality of its regionally approved products, and the expertise of its teams spanning more than 35 years represent key strengths that give us the confidence and capability to move steadily toward new horizons of innovation and development, while continuing to support national projects within Kuwait and beyond.”

The Board further confirmed that the coming phase will see a comprehensive review of the Company’s five-year strategic plan, with the aim of aligning it with the country’s future development plan and increasing collaboration to maximize returns for shareholders. The Company will also focus on enhancing operational efficiency, developing production capacity, and increasing market share through entry into new projects.