COLOMBO: Street protests escalated in Sri Lanka Friday as demonstrators blocked main roads across the country over an unprecedented economic crisis.

KUWAIT: Boursa Kuwait concluded its successful participation in the Arab Federation of Capital Markets (AFCM) annual conference entitled, “AFCM Annual Conference: Bahrain 2022”, which was held in the Kingdom of Bahrain, on March 28 and 29, 2022.

NEGOMBO, Sri Lanka: The sky and seas off Sri Lanka’s coast are crystal blue but a worsening economic crisis has kept fishermen moored at Negombo harbour, out of gas and unable to reel in the day’s catch. 

DUBAI: His Highness the Prime Minister Sheikh Sabah Khaled Al-Hamad Al-Sabah, during his current visit to attend the World Government Summit  (WGS 2022) being held at the Expo 2020 venue in Dubai, met with and exchanged cordial greetings with the Chairman of LuLu Group, Yusuff Ali MA.

WASHINGTON:  Rather than pressuring China to change its “unfair” trade practices, US Trade Representative (USTR) Katherine Tai said Wednesday the economy would better served by policies to encourage domestic manufacturing.

FRANKFURT: As Germany scrambles to reduce its dependence on Russian energy, the pungent fumes from the manure and other organic waste in Peter Kaim’s farm could be part of the solution. 

KUWAIT: Keeping pace with the momentum and ambition of achieving leadership in the food sector and expanding its business across the Gulf region, Aleid Foods Company announced the launching of Goals_25, a clear strategic plan and a pivotal turning point in Aleid’s journey of continuous development, which consolidates the idea with everyone in the work environment and solidifies the trust in the company’s ambitious expansion strategy and creating growth opportunities.

COLOMBO:  As Sri Lankans faint in day-long queues for fuel and swelter through stifling evening blackouts by candlelight, anger is mounting over the worst economic crisis in living memory. 

Hamad Al-Ameeri

NIC recorded in 2021 the highest profits at all levels of KD 24.4 million at 31 fils per share

* The Board of Directors recommends the distribution of the largest cash dividends in the past 10 years, equivalent to 45 fils per share

* NIC started 2021 with M&A transactions, sell-side mandates, restructuring and various advisory services, promoting digital innovation in investment products and services, in addition to keeping pace with the rapid changes in the world of business and finance

* NIC’s exceptional performance over more than three and a half decades included outstanding successes in its various activities, which placed it in the ranks of the leading companies not only in Kuwait, but in the region as well

* NIC confirms its position as one of the largest investment companies in terms of revenue and profitability, supported by positive results and its ability to overcome all crises and extraordinary situations

* The international awards won by NIC in 2021 were the result of a collective effort, in addition to intense strategic efforts in CSR throughout the year, which focused on meeting the needs and requirements of society

Fahad Abdulrahman Al-Mukhaizim

Fahad Abdulrahman Al-Mukhaizim

Significant growth of 31.2% in total assets, reaching KD 290.6 million compared to the same period at the end of 2020, which amounted to KD 221.4 million

* In 2021 the volume of AUM jumped to KD 1.09 billion, compared to KD 1 billion in the same period ending in 2020

* Profits and distributable reserves increased to KD 48.4 million, representing 60.7% of the capital, compared to KD 31.5 million in 2020

* A remarkable increase of 584% in other comprehensive revenues through comprehensive income during the current year 2021, reaching KD 25.6 million, while other comprehensive revenues reached KD 3.7 million in 2020

* Growth rate of 23.9% in total shareholders’ equity, reaching KD 216.8 million, compared to KD 175 million in the same period in 2020, despite the challenges the region experienced in 2020 and 2021

* An exceptional increase of 47.5% in the management, brokerage and advisory fee income, amounting to KD 9.1 million, compared to KD 6.2 million in 2020

* Outstanding performance in achieving record ratios and good returns on most of our investment funds in 2021, with Al-Wataniya Investment Fund reporting an increase of 27.8%, Mawarid Fund for industrial and petroleum services achieving a 30%, return, Zajil Fund for Services and Telecommunications recording a return of 15.5%, and finally the Al-Mada Investment Fund achieving a 31.6% return

* The strategic decision by the NIC owners to invest mainly in the privatization of Boursa Kuwait Company had a distinct material impact on the financial position of the company

KUWAIT: The National Investments Company (NIC) approved the consolidated financial statements for the year ended December 31, 2021.