KUWAIT CITY, Feb 5: NBK Capital announced today that it aspires for further successful business deals during the forthcoming period, after a record gain from the sale of its 40% stake in Al-Talea International Transport Ltd. (Hanco) of Saudi Arabia, a leading fleet leasing and rental company in Saudi Arabia, in a deal valuing the Company at $140 million. Salah Yousuf Al-Fulaij, CEO of NBK Capital stated, “The Hanco deal executed via NBK Capital Equity Partners Fund I, a fund managed by our company, as part of its Alternative Investments Group, with a capital of $250 million, has contributed to enhancing our company’s capabilities and potential towards a continued focus on investment, while capitalizing on growth and expansion opportunities in the Middle East, Turkey, and particularly the GCC countries.

“NBK Capital, since its inception in July 2005 as a subsidiary of National Bank of Kuwait (NBK), the bank with the highest rating in the region, has continued to perform strongly, supported by its team of 150 financial professionals and specialists. The company operates from its strategically situated regional offices in Kuwait, Dubai, Istanbul, and Cairo.” Al-Fulaij continued, “The company provides full-fledged, whole host of financial and investment products and services to international standards. In its operations, the company focuses on four pillars: alternative investments, asset management, brokerage, and research, in addition to investment banking,” he elaborated.

“Alternative Investments Group had previously invested in Turkey, Saudi Arabia, Kuwait, UAE, and Qatar, through alternative investment management funds. The NBK Capital Equity Partners Fund adopts the active investment methodology to create long-term sustainable value by focusing on the development of financial fundamentals, operation, strategic improvements, and corporate governance. This has been successfully implemented with Hanco over the past two years since the start of partnership with Bin Suleiman Group, which have a stake in Hanco, despite the global financial crisis and its implications for the region,” he added.

“NBK Capital has been able to double its investments in Hanco as its team, within two years from commencing investment in Hanco, has successfully motivated it to realize a record income and fleet volume. Thus, the company has attained the second place as the largest car rental provider in Saudi Arabia, and one of the largest in the Gulf,” Al-Fulaij explained.
“The company has been able to directly contribute to increasing profitability in Hanco through special initiatives by the work team. The initiatives were applied in collaboration with the partners and the distinct management team of Hanco. The initiative has proven to be significant in attracting a number of buyers interested in entering into investment in the company and acquiring the offered stake,” he concluded.