Shareholders also elected the Board of Directors for the next three-year term, comprising Sheikh Abdullah Nasser Sabah Al Ahmad Al Sabah, Sheikha Dana Nasser Sabah Al Ahmad Al Sabah, Sheikh Talal Ali Abdullah Al Jaber Al Sabah, Samer Mohammad Emad Abbouchi, Haya Ayman Boodai (Independent Director), and Reem Saud Al Hajeri (Independent Alternate Director). Following the AGM, the newly elected Board convened and appointed Sheikh Talal Ali Abdullah Al Jaber Al Sabah as Chairman and Sheikh Abdullah Nasser Sabah Al Ahmad Al Sabah as Vice Chairman, in addition to the formation of Board committees.
The AGM was chaired by the Company’s Chairman, Sheikh Talal Ali Abdullah Al Jaber Al Sabah, who began the meeting by expressing his sincere gratitude and appreciation to all those who continue to protect our beloved nation with courage and dedication. He also extended his deepest condolences to the families of the martyrs who lost their lives as a result of the recent aggression, praying for mercy upon their souls. He further wished a swift recovery to those injured in the unjustified attacks, while expressing his hopes for the continued safety and protection of Kuwait, the GCC countries, and the wider Arab region.
Talal Al-Ali presented the Board of Directors’ report covering the key events of 2025 and the Company’s achievements. He reviewed global market performance, which was strong but uneven, with equities delivering the best returns in six years despite geopolitical tensions, trade policy uncertainty, and changing monetary expectations. Global equities posted double-digit gains supported by resilient economic growth, strong corporate earnings, easing monetary policy, and continued investment in transformative technologies, especially AI.
On the other hand, regional markets in the GCC underperformed the global rally, weighed down by geopolitical developments and weaker oil prices, although underlying economic fundamentals remained resilient, supported by diversification initiatives, sustained non-oil growth, and a strong long-term project pipeline.
Talal Al-Ali said, “Kamco Invest achieved a net profit of KWD9.2mn (EPS: 26.78 fils), an increase from KWD4.4mn (EPS: 12.72 fils) in 2024. Total revenue during the year increased to KWD33.7mn (2024: KWD25.4mn), while revenue from fees and commission grew by 10.3% to reach KWD18.6mn, representing 55.2% of the total income reported during 2025.”
He added, “We have consistently prioritized the quality of earnings, with a strategic focus on growing fee-based income, which remained the largest contributor to the Company’s revenue base. We remain committed to further strengthening our liquidity position to support our growth ambitions and drive the expansion of our fee-generating business lines, particularly asset management and investment banking.”
The Company enjoys a solid financial position with KWD69.5mn in shareholders’ equity as of 31 December 2025. In its most recent review dated in May 2025, Capital Intelligence maintained its “BBB” long-term credit rating and “A3” short-term rating with a stable outlook.
Faisal Mansour Sarkhou, Chief Executive Officer, provided a detailed presentation of the operational performance for the year, which witnessed numerous milestones and achievements across various fields. Wealth managers worked closely with various business sectors, leveraging their diversified in-house expertise to provide clients with customized solutions and advice. This has resulted in attracting new clients, strengthening relationships with existing clients and raising funds for new and existing products.
Sarkhou said, “The Company achieved strong performance across all key business areas, including client acquisitions, capital raising, and product performance. Throughout the year, it successfully raised over USD1.5bn across various products and transactions, while its assets under management grew by USD626mn, an increase of 3.9%, reaching USD16.5bn as of 31 December 2025. It was also an exceptional year for Investment Banking, in which the team successfully executed 14 landmark transactions across the GCC region with a total value of USD7.0bn. This brings the total value of Investment Banking mandates executed since inception to USD48.3bn across equity capital markets, debt capital markets and mergers & acquisitions.”
Sarkhou added, “Kamco Invest and Burgan Bank strengthened their strategic partnership following the Bank’s acquisition of United Gulf Bank, Kamco Invest’s major shareholder. This collaboration unites two institutions with proven expertise and track records, enabling us to offer an integrated suite of investment and commercial banking solutions. The partnership enhances client access to comprehensive financial services and positions us for sustainable growth in a dynamic market. Furthermore, we secured banking facilities from Burgan Bank totaling KWD87mn, structured across multiple instruments to support operational, investment, and refinancing needs.”
Equity funds and portfolios managed by Kamco Invest continued to demonstrate strong outperformance relative to their peers and respective benchmarks. During the year, the Kamco Investment Fund delivered an impressive return of 20.71% and was recognized across six categories at the LSEG Lipper Fund Awards, underscoring the fund’s exceptional performance and consistent risk-adjusted returns.
At the beginning of the year, Kamco Invest expanded its presence in the Saudi market with the launch of two Shariah-compliant funds: the Kamco Freestyle Saudi Equity Fund and the Kamco SAR Murabaha Fund. In addition, the Kamco Saudi Equity Fund and the Kamco Freestyle Saudi Equity Fund ranked among the top performers in their respective categories in the Saudi market in 2025, based on published performance data on the Saudi Exchange website. These achievements reflect the strength of Kamco Invest’s investment capabilities and disciplined portfolio management approach.
On the Alternative Investments side, which includes real estate, private equity, and structured products, the team continued to broaden its platform and enhance its value proposition to clients. During the year, the team launched new products and entered into key partnerships, further diversifying their offerings. In addition, USD82.0mn was distributed to investors across its products, underscoring the platform’s ability to generate realizations and deliver tangible returns.
Kamco Invest further reinforced its footprint in the technology investment space through the innovative strategy pursued by its closed-ended JEDI Fund, which is now mostly deployed. During the year, the private equity team also launched a GCC-focused pre-IPO tech fund and completed two strategic investments in Saudi Arabia that included Foodics, the region’s leading cloud-based technology and payments platform for restaurants, and Unifonic, a prominent communications platform that enhances engagement between businesses and their customers.
During the year, the team entered into a strategic partnership with Flexam Invest, part of the New York Life Investment Management group, to expand its private debt platform into leasing-focused investment strategies. This collaboration further diversifies Kamco Invest’s alternative offerings and enhances access to specialized asset classes. The first fund under this partnership was successfully launched and achieved its initial closing during the year, marking an important milestone in building this new vertical.
Despite headwinds in regional capital markets and sustained high interest rates, 2025 has been another outstanding year for the Company’s Investment Banking business. The team successfully executed 14 landmark transactions totaling USD7.0bn, reinforcing the Company’s leadership in capital markets. The transactions consisted of 13 sukuk and bond issuances worth USD6.7bn for financial institutions and corporates in Kuwait, Saudi Arabia, United Arab Emirates and Qatar in addition to one liquidity management transaction for USD304mn for a Kuwaiti company.
Kamco Invest maintained a strong focus on expanding its presence in the Kingdom of Saudi Arabia and United Arab Emirates and accelerating business growth, in line with its long-term strategy of strengthening its presence across leading financial and commercial centers. The Company broadened its reach and enhanced its service capabilities to continue delivering integrated, client-centric solutions that address evolving investment needs. This strategic expansion further supported the growth of fee-based revenues and contributed to the resilience and sustainability of its income streams.
The company's brokerage arm, First Securities Brokerage Company (Oula Wasata), continued to expand its client base by leveraging its online trading platforms. Supported by the strong performance of Boursa Kuwait, Oula Wasata recorded a 55% increase in turnover. During the year, it also obtained the Qualified Broker License after fulfilling all regulatory requirements and successfully completing the Market-Wide Tests.
Kamco Invest remains committed to integrating Environmental, Social, and Governance (ESG) principles across its operations to support long-term sustainable growth and value creation. Key initiatives centered on employee well-being and health awareness, youth empowerment, and deeper community engagement through sports and cultural activities. The internship program continued to serve as a cornerstone of this strategy, expanding from 47 interns in 2024 to 79 interns in 2025. The program provides structured rotational exposure, mentorship, and hands-on experience across core business functions, with continued emphasis on Kuwaiti talent.
As part of its technology and digital transformation roadmap, the Company successfully implemented Bloomberg AIM & PORT, an integrated suite of buy-side tools that automates and streamlines portfolio, fund, and trading operations. In parallel, the implementation of the Core Asset Management System is ongoing, establishing a foundation to enhance operational resilience, reinforce security and regulatory compliance, and enable seamless integration with emerging technologies. Together, these initiatives are creating a seamless end-to-end investment and trading lifecycle with straight-through processing (STP), enhancing efficiency, data integrity, decision-making, and client service through integrated client lifecycle and relationship management tools.
In closing, the Chairman reaffirmed that the Company would continue to closely monitor the economic implications arising from the military conflict in the region, heightened geopolitical risks, and increased volatility across global financial markets, while remaining focused on prudent risk management and protecting the interests of clients and shareholders.
He said, “Supported by a strong foundation and an experienced team, we remain confident in our ability to build on our progress and further strengthen our position among the leading regional investment companies.”
The Chairman concluded by extending his sincere appreciation to the regulatory authorities for their continued guidance and constructive collaboration. He also thanked the Company’s clients and shareholders for their trust and loyalty, emphasizing that their ongoing support remains a driving force behind Kamco Invest’s ongoing growth, resilience, and ambition to achieve greater milestones in the years ahead.