7 Kuwaiti companies make it to top 100 in Arab world
Middle East Forbes Magazine
KUWAIT CITY, June 20: Seven Kuwaiti companies made it to the top 100 companies in the Arab world by Middle East Forbes Magazine for this year, reports Al-Anba daily.
The list includes National Bank of Kuwait (NBK), Kuwait Finance House (KFH), Zain, KIPCO, Agility, Gulf Bank and Commercial Bank of Kuwait with total assets estimated at $213 billion and market value of shares reaching $39 billion.
The magazine said the top 100 companies in the Arab world were chosen out of 1,300 companies listed on 12 Arab financial markets based on four financial standards — net profits, total revenues, total assets and market value of shares.
The report disclosed that NBK and KFH are part of the top 20 with NBK leading among the Kuwaiti companies and ranked 10th among the Arab companies with revenue of $3.2 billion, net profit of $1 billion and the market value of its shares reached $13.4 billion.
Furthermore, Deputy Executive Director of Projects at Kuwait National Petroleum Company (KNPC) Abdullah Fouad Al-Ajmi announced that the company is on the verge of completing several strategic projects that will be put into commercial operation within the next few months, reports Al-Rai daily.
Al-Ajmi revealed the completion of engineering works to facilitate documents relating to the fuel tanks project contract in Mutla.
He indicated about the ongoing process to obtain approval for the budget for the project, estimated to be KD 480 million.
Al-Ajmi said the new gas-tanks project at Mina Ahmadi will be completed gradually, affirming that phase one of the project, which has four tanks, will be inaugurated in September when the commercial operation commences. He stressed that phase two, with six tanks, at Mina Ahmadi will begin commercial operation before the end of this year. Al-Ajmi indicated that mechanical works for the removal of acidic gas project is expected to be completed in mid-2018, revealing that the contracting company — Gulf Spic General Trading and Contracting Company — will soon commence survey, purchase and inspection works.