KCIC hosts David Eldon

David Eldon is the former director of HSBC Asia and Chairman of the Hong Kong Shanghai Banking Corporation (HSBC) and has over 37 years of banking experience in Asia.

A frequent CNN Asia analyst, Mr. Eldon is today the Chairman of the Noble Group, the largest diversified commodity trader in Asia as well as Chairman of the Dubai International Financial Centre (DIFC), and a number of other boards and government appointments, including co-chair of the national competitiveness committee of the President of South Korea, in addition to chairing the KCIC Advisory Board.

A KSE-listed company based in Kuwait, KCIC invests in domestic demand related sectors in Asia, namely energy, real estate, healthcare, infrastructure, and financial services.

KCIC Managing Director, Ahmad Al Hamad, said:

"We were honored to host David Eldon, who had invaluable insights to share with Kuwait's investment and finance community. The insights he brings are unparalleled and crucial for anyone from the Middle East who is doing business in Asia."

Guests of honors attending the luncheon included senior executives from the National Bank of Kuwait, Gulf Bank, HSBC, Kuwait Investment Authority, The Arab Fund for Economic and Social Development, Kuwait Financial Centre and senior officials from Asian Embassies, including the Embassy of Vietnam, Embassy of India, and Embassy of Malaysia.

At the lunch, KCIC Chief Economist, Alessandro Magnoli Bocchi, presented facts on the 'new silk road' anticipated economy.

He said, "Today Asia is turning to domestic demand as a driver for its future growth. This surge in demand, currently outpacing the economies of G8 countries, continues to be fueled by the growing middle class in emerging Asia, creating better educated and sophisticated consumers who will support a vibrant domestic economy over the next decades. We believe this growth will be sustained by Asia's strong demographic and economic fundamentals, especially when considering the growth drivers, labor dynamics, and capital dynamics that are already in place and supporting growth that exceeds that of the G8 economies. All together, this results in a significant expansion in wealth as the rates of disposable income increase, the middle class grows, and urbanization continues."

KCIC was founded in 2005 with a capital of KD80m by an Emiree Decree with a mandate to develop investment opportunities in Asia towards building an Asia focused asset management company. The public company employs a team of Asian specialists and currently manages assets in excess of $450m. Key shareholders include the Kuwait Investment Authority, the Sovereign Wealth Fund of Kuwait, National Investment Company, one of the leading investment banks in the Middle East, and Al Ghanim Industries, one of the largest conglomerates in the Middle East.

KCIC listed on the Kuwait Stock Exchange on November 24th, 2009.