United Gulf Bank B.S.C., the investment banking arm of Kuwait Projects Company (Holding) (KIPCO), is regulated by the Central Bank of Bahrain. It operates as a wholesale bank from its home base in Bahrain and its current business model is focused on asset management, investment banking and brokerage services through a network of financial service entities with footprints across the Middle East and North Africa region. UGB’s business revolves around the following major services: conventional and Islamic investment banking, wealth and fund management, corporate finance, business and financial advisory, commercial banking and treasury. In addition to its financial services, UGB has investments in companies engaged in real estate development, hospitality, healthcare, communications, education, proprietary investment in private equities, private equity funds, structured products and quoted equities.

UGB was established as an offshore commercial bank in March 1988. It was initially incorporated as a closed Bahraini shareholding company with an authorised capital of US$ 150 million and paid up capital of US$ 74.5 million. In October 1981, the authorised and paid up capital was increased to US$ 250 million and US$ 200 million respectively, through a public offering of its shares. In 1988, 94 percent of the Bank's equity was acquired by Kuwait Investment Projects Company (KIPCO) and in the same year the Bank was licensed as an offshore investment bank. In 1999, KIPCO changed its legal structure to that of a holding company and its name to Kuwait Projects Company (Holding). The majority of UGB's shares continue to be held by KIPCO.

UGB’s shares are listed on the Bahrain Stock Exchange and Kuwait Stock Exchange. It has been assigned a long term grade rating by Moody’s (Baa3) and Capital Intelligence (BBB+).

UGB and its subsidiary KIPCO Asset Management Company (KAMCO), Kuwait, have a proven track record of successful investment banking activities including corporate finance, advisory, new issues placement, underwriting, mergers and acquisitions, bond issuance and investment product structuring and placements. Assets under management have witnessed continued growth over the years and have increased to US$ 9.0 billion at year end 2008, and were recorded at US$ 7.4 billion on 30 September 2009.

The KIPCO Group is one of the largest diversified holding companies in the Middle East and North Africa, with consolidated assets worth more than US$ 18.6 billion. The Group has significant ownership interests in a portfolio of over 60 companies operating across 23 countries. The company’s main business sectors are financial services and media. Through the subsidiaries and affiliates of its core companies, KIPCO also has interests in real estate, manufacturing, airline, education and the management advisory sectors.