Gulf Bank Officially Introduces Gulf Capital Investment Company

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Kuwait City, Nov 20: Following approval from the Capital Markets Authority, Gulf Bank has secured all required regulatory authorizations for the establishment of Gulf Capital Investment Company. Functioning as a closed joint stock enterprise specializing in securities activities, it now operates as the fully owned investment arm of the Bank, with a capital of KD 10 million.

After obtaining approvals from the Central Bank of Kuwait and the Ministry of Commerce and Industry, Gulf Bank has obtained the approval of the Capital Markets Authority to license Gulf Capital Investment Company, known as Invest GB. This entity is granted authorization to engage in securities activities, functioning 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 validity of this license is for a specified duration from the date of issuance by the Capital Markets Authority.

Gulf Bank’s Chairman, Mr. Jassim Mustafa Boodai, conveyed his joy regarding the official launch of Gulf Investment Company, following the successful completion of all regulatory approvals. He highlighted the commencement of its operations in providing a comprehensive range of investment services to meet the aspirations of customers in both local and international markets. Mr. Boodai emphasized the expertise and professionalism of the distinguished team leading the company.

Mr. Jassim Mustafa Boodai noted that the new company will commence operations by managing assets exceeding one billion Kuwaiti dinars (equivalent to about 3.2 billion US dollars). Additionally, he pointed out that all investment services and products previously provided by the bank will now fall under the purview of the new investment arm.

Expressing gratitude, Mr. Boodai thanked all regulatory authorities for their cooperation in securing the necessary approvals for the company’s launch, including the Central Bank of Kuwait, the Ministry of Commerce and Industry, and the Capital Markets Authority.

Mr. Waleed Khaled Mandani, Acting CEO of Gulf Bank and Chairman of Gulf Capital Investment Company emphasized that the establishment of the new company is part of Gulf Bank’s ongoing efforts to strengthen its pivotal role in activating the local capital market. He highlighted the company’s commitment to offering distinguished investment opportunities, expanding its investor base, and providing thoughtful and diversified investment options to achieve the highest returns with the lowest risks.

Mr. Mandani emphasized Gulf Bank’s meticulous approach to selecting human resources for Gulf Investment Company, adhering to standardized criteria, to guarantee the company’s competitive efficiency on local, regional, and global scales. He highlighted that more than 70% of the company’s workforce consists of national talent, showcasing a substantial “Kuwaitization” rate in the Kuwaiti investment sector. Furthermore, the representation of women among the entire company staff is at 40%, aligning with Gulf Bank’s strategic emphasis on job localization and the empowerment of women.
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.
Gulf Bank continues to offer innovative investment solutions to its customers, including WISE, the first digital investment platform in the Kuwaiti market. This platform provides excellent investment opportunities for customers to initiate investments in various international markets, enabling easy access and performance tracking from anywhere, and at any time.

Invest GB Overview:
• Capital Size: KD 10 million
• Assets Under Management: $3.2 billion
• National Employment Percentage: 70%
• Women Workforce Representation: 40%

Hani Al-Awadhi Appointed as CEO of Invest GB

In line with its commitment to foster national talents in leadership roles, the Capital Markets Authority (CMA) has approved the appointment of Mr. Hani Al Awadhi as the CEO of Gulf Capital Investment Company (Invest GB). Currently serving as the General Manager of Investment at Gulf Bank, Mr. Al Awadhi brings over 20 years of experience in both local and international investment.
Before joining Gulf Bank, Mr. Al-Awadhi held the positions of Head of Managed Funds and Acting Head of GCC Equities at Gulf Investment Corporation (GIC), overseeing global investments in hedge funds, private equity, real estate, infrastructure, and more. His career includes various roles in prominent institutions and companies, both domestically and internationally.

With a wealth of expertise in developing, implementing, and monitoring alternative investment portfolios, Al-Awadhi played a key role in establishing and maintaining one of the region’s largest hedge fund investment programs. He also contributed to the successful listing of Shamal Az-Zour Company on Boursa Kuwait. Actively involved in corporate governance, Mr. Al Awadhi holds multiple directorial positions on various boards. He earned a Bachelor’s degree in Business Administration from the Frank G. Zarb School of Business at Hofstra University.

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