Message from the Group CEO

Dear shareholders,

The year 2023 witnessed the implementation of a new investment philosophy in KIPCO. With a vision set out by the Board of Directors, and an aim to preserve and grow stakeholders’ value, the company’s Executive Management began the execution of its plan to ensure greater sectoral balance within our portfolio, streamlining our businesses as well as unlocking value by enhancing synergies across our companies.

Following the completion of KIPCO’s merger with Qurain Petrochemical Industries, 2023 saw the successful exit from our insurance business, the sale of stakes within our portfolio banks and oil service businesses, as well as strong activity on the liability management front. Together with the efforts made to further enhance the overall performance of our portfolio companies, the results reported for 2023 reflect the impact of these transactions.

We begin 2024 with anticipation for the success of the merger between OSN+ and Anghami, a move that will create not only one of the region’s largest streaming entities, but also a media tech company with AI at its core. We also continue to look at opportunities for mergers, partnerships and growth across our business sectors.

Moving into 2024, preserving and strengthening shareholders’ value will continue to be our priority as we work to build a stronger KIPCO with greater business sustainability.

Best regards,

Dana Naser Sabah Al Ahmad Al Sabah
Group Chief Executive Officer