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Kuwait Investment Company to establish a digital bank

Kuwait, (Business News Report)|| The Kuwait Investment Company (KIC) is intending to establish a digital bank, after obtaining the approval of the Board of Directors in partnership with an alliance of a group of investors.

The KIC said in a disclosure to the Boursa Kuwait that there is no financial impact on the company’s financial position at the present time as a result of disclosing this information.

It should be noted that the Kuwaiti company was established in 1961 and listed on the Boursa Kuwait in 1984, with an authorized capital of 55.12 million dinars.

It also works in investing and developing the savings of its shareholders and clients and the loans it contracts by investing them in securities, rights, privileges and assets.

In a related context, official data revealed that the 22 Kuwaiti investment funds (including 14 conventional funds and eight Islamic funds), achieved profits amounting to about 136.77 million dinars during the first quarter of 2022, an increase of 220% compared to the same period of 2021, which During which profits amounted to 42.71 million dinars.

The figures showed that the traditional funds achieved profits of 117.48 million dinars, representing 86% of the total profits of all funds, while the profits of Islamic funds amounted to 19.28 million dinars, or 14% of the total profits of the funds.

The positive performance of the stock exchange during the first quarter was reflected in the performance of the funds, as the general index of the stock exchange recorded a rise of 15.6% at the end of last March’s trading, with gains of 1,103 points to reach 8,146 points.

The Premier Market Index also rose by 18.5%, achieving 1,422 points, to reach 9,061 points, from 7,639 points by the end of 2021.

The main market index also achieved gains by 6.2%, adding 368 points of gains, to reach 6,254 points from 5,886 points by the end of 2021. These increases come with the increase in foreign flows in the Kuwaiti Stock Exchange and the clear improvement in oil price levels.

The Al-Raed Investment Fund, managed by the Kuwait Investment Company, topped the list of the most profitable funds with a value of 26.25 million dinars, or 19.2% of the total profits of investment funds, followed by the Al-Watania Investment Fund, with profits amounting to 22.24 million dinars, or 16.27% of the total profits.

In third place was the Markaz Fund for Excellent Returns, which is managed by the Kuwait Financial Center Company, with profits amounting to 13.64 million dinars, or 9.98% of the total profits of all funds. The KAMCO First Market Index Fund, which is managed by KAMCO Investment Company, with profits amounted to 13.28 million dinars, came in fourth place with a profit rate of 13.28 million dinars, with a rate of 9.71% of the total profits.


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