Al-Othman: Baitok-Saudi Arabia achieves SR19m profit since beginning of year
- Saudi Arabia: Sunday, December 30 - 2012 at 11:05
- PRESS RELEASE
CEO of Saudi Kuwait Finance House Abdul Aziz Al-Othman stated that the company achieved profit since beginning of year SR19m after investing in various short and long term investments.
He added that the company has been recently restructured in collaboration with a foreign consultancy firm that takes into consideration taking advantage of golden opportunities offered by the Saudi economy in several fields. The new strategy also relies on diversifying businesses, which limits risks, and focuses on real fields of economy through taking part in major profitable projects. He mentioned that the company that has a capital of SR 500 million is licensed and managed to recruit competent Saudi employees. The company depends on analyzing rapid developments in the Saudi economy, in order to seize suitable investment opportunities that offer good returns.
Regarding the restructuring program, he noted that the strategy was drawn in collaboration with Booz & Company. The policy of the human resources was set in collaboration with Howard Watson. He highlighted the fact that the new strategy of the company focuses on taking advantage of competitive privileges of KFH-Group, such as managing real estate and investment funds, issuing Sukuk, and syndications.
It is worth noting that KFH has recently managed to setup the biggest sovereign Sukuk deal in the Turkish market for $1.5bn, cementing its role in boosting this product; especially since governments and companies seek new financing instruments with better privileges. Most countries race to issue legislations that organize the process of issuing Sukuk. KFH took part in a Sukuk deal worth $6bn, not to mention that KFH subsidiary Liquidity Management House, is considered to be a major player in the field of Sukuk worldwide.
In addition, KFH-Malaysia managed to setup a Sukuk deal for a major Japanese company in a deal that was the first of its kind in the Japanese market. KFH is the first Islamic bank that issues Sukuk for the German government.
It is worth noting that Al-Othman has over 30 years of experience in the banking and finance sectors, and has worked for the Saudi Development Fund, Islamic Development Bank, and Al-Jazeera Bank.
Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
Any opinions, advice, statements, offers or other information expressed in this section of the AMEinfo.com Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / 4C. AME Info FZ LLC / 4C is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AMEinfo.com Web site.