KUWAIT CITY, March 10: The Minister of Finance Mostafa Al-Shamali made a press release on the margin of opening Kuwait Finance House (KFH) branch in Al-Sour, where he asserted that the government is committed to support the role of the private sector, and that it should be part of the developmental plans, since the ministry believes that the domestic economy should be inclined to more market liberty, in order to be able to match the rapid developments that the global economy witnesses.
He added that the development process has begun in the right direction, and that all collective efforts are required to boost that process.
He mentioned that he is glad to see the progress that KFH is achieving both domestically and overseas, which is a clear example that the Kuwaiti private sector enjoys a good reputation among regional and global markets.
Meanwhile, KFH Chairman and Managing Director Bader Al-Mukhaizeem, said that the opening of the branch highlights KFH’s local market expansion policy, despite the fact that 43 percent of KFH’s 2009 profits came from markets overseas, which reveals KFH investment experience and its awareness of the developments taking place in markets around the globe, KFH focuses its efforts to expand in various areas of Kuwait, in order to provide its clients with best service standards.
He noted that the new branch will reinforce KFH’s presence in Kuwait City, which is the center of financial and commercial business.
He stressed the importance of developing KFH’s relationships with its clients, which resulted in more trust between KFH and its clients. He noted that the 2009 budget reveals that the clients’ deposits reached KD 7.3 billion with an accumulative growth rate of 23 percent.
He went on to say that KFH continued to maintain its market share and managed to achieve an accumulated growth of revenues with a rate that reached 19 percent between years 2005-2009, while the accumulative growth of the total assets during the same period reached 25 percent, since the total assets reached KD 11.3 billion by the end of 2009.