Gulf Bank has successfully obtained regulatory approvals, including the Capital Markets Authority’s (CMA) go-ahead, for the establishment of Gulf Capital Investment Company. Operating as a closed joint stock enterprise specializing in securities activities, it now functions as the fully owned investment arm of Gulf Bank, with an established capital of KD 10 million.
Having secured authorizations from the Central Bank of Kuwait and the Ministry of Commerce and Industry, Gulf Bank’s subsidiary, Gulf Capital Investment Company (Invest GB), is now officially licensed by the CMA. This regulatory green light enables Invest GB to engage in a spectrum of securities activities, serving as an investment portfolio manager, investment advisor, custodian, investment controller, collective investment scheme manager, subscription agent, and securities broker not registered in the stock exchange. The license is valid for a specified duration from the date of issuance by the Capital Markets Authority.
Mr. Jassim Mustafa Boodai, Chairman of Gulf Bank, expressed his delight at the official launch of Gulf Investment Company after the successful completion of all regulatory milestones. He highlighted the company’s entry into operations with a comprehensive range of investment services catering to customer aspirations in both local and international markets. Mr. Boodai commended the expertise and professionalism of the distinguished team leading the company.
Underlining the new company’s commencement with assets exceeding one billion Kuwaiti dinars (approximately 3.2 billion US dollars), Mr. Boodai emphasized that all investment services and products previously provided by the bank now fall under the purview of the newly established investment arm.
Acknowledging the cooperation of regulatory authorities, Mr. Boodai extended his gratitude to the Central Bank of Kuwait, the Ministry of Commerce and Industry, and the Capital Markets Authority for their support in securing the necessary approvals for the company’s launch.
Mr. Waleed Khaled Mandani, Acting CEO of Gulf Bank and Chairman of Gulf Capital Investment Company, highlighted the new company’s role in strengthening Gulf Bank’s pivotal position in activating the local capital market. He emphasized the commitment to offering distinguished investment opportunities, expanding the investor base, and providing thoughtful and diversified investment options to achieve optimal returns with minimal risks.
Mr. Mandani emphasized Gulf Bank’s meticulous approach to human resource selection for Gulf Investment Company, adhering to standardized criteria to ensure competitive efficiency on local, regional, and global scales. More than 70% of the company’s workforce comprises national talent, demonstrating a substantial “Kuwaitization” rate in the Kuwaiti investment sector. The representation of women among the entire company staff is at 40%, aligning with Gulf Bank’s strategic emphasis on job localization and women’s empowerment.
As of the end of September 2023, Gulf Bank stands as one of Kuwait’s leading banks, with total assets amounting to KD 7 billion and an “A” rating from the three major credit rating agencies.
Continuing its commitment to innovation, Gulf Bank offers pioneering investment solutions to customers, including WISE, the first digital investment platform in the Kuwaiti market. This platform provides customers with excellent investment opportunities in various international markets, ensuring easy access and performance tracking from anywhere and at any time.