Kuwait's KIPCO takes leading role at Dubai 2003 IMF / World Bank Meetings

The KIPCO delegation to Dubai 2003, led by managing director and chief executive officer Faisal Al-Ayyar, comprised management of KIPCO Group companies United Gulf Bank; Burgan Bank; Gulf Insurance Company; Kipco Asset Management Company (KAMCO); Jordan Kuwait Bank; United Gulf Management Inc.; Tunis International Bank; and Algeria Gulf Bank.

Dubai 2003, staged over two days in the last week of September, hosted the annual meetings of the International Monetary Fund and World Bank for the first time outside the European and American continents. As such, it was a groundbreaking event attracting unprecedented levels of worldwide interest and publicity

"We were delighted to participate in such a prestigious occasion and showcase our portfolio of financial institutions on a global stage," said Mr. Al-Ayyar. As a forward-looking organisation heavily involved in international and regional financial services, it was important that we were there to join and interact with international institutions debating future policies which will impact global finance."

The US$6 million line of credit agreement with the Arab Trade Financing Program was signed by Jordan Kuwait Bank, an affiliate of United Gulf Bank, the KIPCO subsidiary and investment banking arm.

The KIPCO reception, on the first evening of Dubai 2003, was held at the Dubai Grand Hyatt for hundreds of invited guests from government agencies, major international banks and financial institutions.

A number of top-level meetings between KIPCO delegates and senior representatives of international and regional financial institutions were also held on the sidelines of Dubai 2003.

KIPCO, with assets of more than US$ 10 billion under management or control, is one of the leading diversified holding companies in the Middle East and North Africa, and a major regional force in financial services and media & technology, with further interests in real estate and finance. The largest private sector company in Kuwait, KIPCO employs more than 10,000 people internationally. Its shares are publicly traded on the Kuwait Stock Exchange