Incorporation of Al-Riyada Finance & Investment Co. with KD 15 Million Capital
Chairman & Managing Director of Al-Riyada Finance & Investment Co. Mr. Mohannad Al-Sane announced that Al-Riyada Finance & Investment Co. is incorporated with a KD 15 Million capital fully paid up by the owners. He indicated that this company would be the finance and investment arm of Shuwaik Gate Holding Co. in its capacity as the major shareholder owning approximately 40% of the company’s capital. Mr. Al-Sane added that the company has adopted a Sharia compliant method in conducting its activities whereas the company’s activity would be focused on providing financial solutions to companies and individuals, direct investment in investment, real estate and industrial opportunities and establishment of investment, real estate and industrial funds in both local and regional markets. Mr. Al-Sane stated that the company aims to preserve the company’s funds by targeting strategic investment opportunities. These opportunities would generate remarkable returns for the company and its shareholders in light of the economic crises which has created rare promising investment opportunities which the company will filter, examine and avail in order to realize remarkable profit on its capital. Al-Sane added that the company has employed the services of promising efficiencies and expertise in order to execute its strategy in addition to its continuous efforts to establish a risk management department reporting to higher management, this step was adopted to encounter the impacts of the financial crises which has clearly highlighted the most significant role risk management plays to achieve the stabilization of business deals. The company studies possible opportunities and future expansions in order to identify the company’s capabilities and risks resident in these investments. Risk management aims to minimize losses, guarantee invested funds and avoid possible risks which may emanate from unstudied expansion. He added that the company is in the process of entering new projects and issuing new investment products within the next few weeks so that these products would form the company’s initial activity inside and outside Kuwait. Mr. Al-Sane indicated that the company’s opening product would be the finance transaction of a unique and significant real estate activity in Kuwait which will be announced soon. Mr. Al-Sane embraced the vital role which Sheikh/ Salem Al-Sabah, CBK governor, and his team played in regard to the issuance of the financial stability law. He emphasized that this modern professional law, which is the first of its kind in the region, serves economy and mitigates damages which Kuwait Private Sector incurred due to the global financial crises.