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.

KUWAIT: Zain, the leading digital service provider in Kuwait, hosted a two-day event to mark the launch of its managed cloud services and cybersecurity solutions.

BERLIN: Germany will significantly expand its hydrogen refueling network as it seeks to wean lorries and buses off fossil fuels and decarbonize its transport network.

WASHINGTON, US: US President Joe Biden (right) announces his Budget for Fiscal Year 2023 as Acting Office of Management and Budget director Shalanda Young listens in the State Dinning Room of the White House in Washington, DC on March 28, 2022. – AFP

By Sajeev K Peter

KUWAIT: The Comprehensive Economic Partnership Agreement (CEPA), signed between the United Arab Emirates and India recently, will cover a wide spectrum of trade relations between the countries such as goods, services and digital trade, among others, and will allow 90 percent of India’s exports a preferential access to the UAE, announced Indian Ambassador to Kuwait Sibi George.

DUBAI: Volatility on oil markets sparked by Russia’s invasion of Ukraine would be worse without OPEC+, the Saudi energy minister said on Tuesday, insisting the alliance that includes Russia deserves credit.

SHANGHAI: Shanghai recorded a steep climb in COVID-19 cases Tuesday as panic-buying in the Chinese city of about 25 million stripped supermarket shelves bare.

COLOMBO: Sri Lanka’s state-run hospitals are running out of life-saving medicines due to a shortage of dollars needed to import essentials as the country reels from a dire economic crisis, officials said Tuesday.