Abdullah AlTerkait elected Chairman of UIC, Faisal Sarkhou as his deputy
KUWAIT: The 19th ordinary general assembly of the Union of Investment Companies (UIC) reconstituted the new board of directors headed by Abdullah Hamad AlTerkait, succeeding former Chairman of the Board of Directors Saleh Saleh Al-Selmi.
KUWAIT: The Union of Investment Companies holds the 19th ordinary general assembly.
At a meeting held by the General Assembly on Tuesday with an attendance rate of 92.9 percent, the member companies discussed the agenda and all its items were approved, including the reports of the board of directors and the auditor, while the general assembly cleared the previous board members of any liabilities.
Board of directors
The assembly elected the new board of directors whose membership includes: Abdullah Hamad AlTerkait, representative of Al-Safat Investment Company, Faisal Mansour Sarkhou, representative of Kamco Invest, Abdullah Muhammad Hamoud Al-Shatti, representative of Aayan Leasing and Investment Company, and Fahad Abdul Rahman Al-Mukhaizim, representing National Investments Company, Dakhil Abdullah Al-Dakhil representing Rasameel Investment Company, Muhammad Abdullah Al-Saad representing Amar Finance and Leasing Company, Fawaz Sulaiman Al-Ahmad representing Kuwait Investment Company, Duaij Raad Al-Saleh representing Kuwait Clearing Company and Jassim Hassan Zainal, representative of Arzan Financial Group for Finance and Investment.
Formation of the Council
Following the general assembly, the council elected Abdullah Hamad AlTerkait to assume the presidency of the Union and Faisal Mansour Sarkhou as Vice President, Fahad Abdul Rahman Al-Mukhaizim as Secretary and Duaij Raad Al-Saleh as Treasurer.
In a press statement issued by the Union after adoption of the new board, AlTerkait expressed his thanks and appreciation to the members of the board of directors for their confidence in recommending him as Chairman of the board for the new session. He also thanked the former members of the board of directors: Saleh Saleh Al-Selmi, Bader Nasser Al-Subaie and Issa Khaled Al-Issa for the efforts they made and provided during their period of membership in the Union’s board of directors, praising all members of the committees working in the Union for their volunteerism to enrich the aspects of technical work in the union.
Union’s achievements
Chairman of the Board of Directors Abdullah Hamad AlTerkait said: The Union has achieved various achievements over the past years through positive contributions at the level of issues of concern to investment matters locally. AlTerkait explained that the local investment environment has become conducive to achieving more achievements and successes, especially in light of the support the country is currently providing to achieve its sustainable development goals under the leadership of His Highness the Amir Sheikh Mishal Al-Jaber Al-Ahmad Al-Sabah, may God protect him.
A foundation for success
He added His Highness the Amir’s keenness to direct the work towards launching projects that the nation and the citizens need represents a solid foundation capable of achieving an unprecedented economic progress which places on all of us the responsibility of listening, obeying, supporting and participating in the collective work for the country’s advancement and prosperity and enhancing its resources, finances and investment capabilities.
AlTerkait stressed that the Union will spare no effort in cooperating with governmental and private state institutions in order to achieve the desired goals and then provide a suitable environment to attract local and international investments into Kuwait in a way that translates the recommendations of His Highness the Amir.
Future role
Regarding the expected future role of the Union of Investment Companies and its interest in strengthening the national economy and contributing to the development of the Kuwait’s financial market, AlTerkait reaffirmed the new council’s commitment to making an effort to realize more achievements by utilizing the capabilities and competencies of the members of the new council, and with the confidence of the member companies.
He explained that the targeted role will be multifaceted. That includes promoting sustainable investment practices as well as encouraging adherence to environmental, social and governance standards in investment strategies and enhancing transparency.
A catalyst for innovation
According to AlTerkait, the Union will seek to become a catalyst for innovation and technological progress in the investment sector in light of the rapid pace of digital transformation and the increasing importance of financial technology solutions. He pointed out that efforts will continue to be exerted to strengthen the Union’s position as a leading organization in the training and professional development sector, based on our belief in the Union and in the necessity of investing in the human element as a basic step to achieving sustainable development goals. This is in addition to the rapid developments witnessed by the global, regional and local labor market, as its requirements for skills and competencies are changing, he said, adding continuous learning and skill improvement has become essential for investment professionals to establish themselves and compete.
Openness and cooperation
“As part of the Union of Investment Companies’ efforts to achieve its mission through openness and cooperation with various bodies concerned with the work of specialized entities, the Union has signed many memorandums of understanding and cooperation agreements with many local and international bodies as these endeavors aim to contribute to improving the investment environment in Kuwait, enhancing the role of the private sector in business fields, and spreading awareness and knowledge in various investment activities in a way that contributes to advancing economic development towards growth and prosperity,” AlTerkait concluded.
