Sheikh Bahaa Rafic Hariri acquires 5% share in Kipco worth $100m

The acquisition comes in line with the overall strategy of Sheikh Bahaa R. Hariri, which aims to invest in a wide range of securities, both regionally and internationally, in order to ensure the best outcome for business growth and the creation of long-term value especially in the midst of the current global situation.

The KIPCO Group is one of the biggest diversified holdings in the Middle East and North Africa, with consolidated assets worth more than $19bn. The Group has significant ownership interests in a portfolio of over 50 companies operating across 18 countries and employing over 8,000 people.

The company's main business sectors are financial services and media. Through the subsidiaries and affiliates of its companies, KIPCO also has interests in Healthcare, Industry, the Management & Advisory sector and Real Estate.

"My strategy in investments always depended on the fundamentals," said Sheikh Bahaa R. Hariri while commenting on the acquisition, "In looking at the Kuwait market which has been able to implement sound political and economic judgement in the face of the global economic situation, and in looking at KIPCO, it is evident that, even with the current global situation, the fundamentals for a solid partnership are there. It is worthwhile to note that even at these difficult times, KIPCO has managed to hold its own and has done better than most. This, I believe, is because the fundamentals are there, both on a national and corporate level."

Further adding, "There is a strong and wise leadership under H.H. Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, that defines Kuwait's overall economic and political stability in the long run, which is one of the main reasons I feel Kuwait is a solid market to invest in; consolidated with KIPCO's wise management leading the company through these tough economic times to achieve a sound track record on business development that has earned it high ratings with both Moody and S&P. Our strategic investment at this time comes when the book value of KIPCO is strong, and needs to be invigorated towards a brighter future for all of us."

This move comes as an additional expansion for Sheikh Bahaa R. Hariri, a man with a vision and with investments in the Middle East and internationally.