Performance at UGB's major subsidiaries and associates has been strong and has contributed substantially to UGB’s revenues.

Subsidiaries

KIPCO Asset Management Company (KAMCO), Kuwait
Established in 1998, KAMCO is one of the leading asset management and financial services institutions in Kuwait. KAMCO created a niche for itself in the Kuwait market by offering integrated asset management and financial services to a diverse local, regional and international client base. Assets under management exceed US$ 7.4 billion. KAMCO has been listed on the KSE since 2003. UGB's ownership in KAMCO is 85.5%. For more information visit www.kamconline.com

Tunis International Bank (TIB), Tunisia
Tunis International Bank was incorporated in June 1982 as one of the first offshore banks in Tunisia. TIB provides a comprehensive range of corporate banking and trade finance products and is playing a pivotal role in the growing Tunisian economy. UGB acquired a 77% stake in TIB in 1997. For more information visit www.tib.com.tn

United Gulf Bank Securities Company (UGBS), Bahrain
UGB Securities was established in 1998, with the objective of providing proprietary and brokerage services for clients wishing to transact in shares listed on the Bahrain Stock Exchange, Kuwait Stock Exchange, Dubai Financial Market, Abu Dhabi Securities Market, Muscat Securities Market, Tadawul Stock Exchange and Cairo Stock Exchange. Its ownership is held by UGB and KAMCO in the proportion of 70% and 30% respectively.

United Gulf Financial Services - North Africa (UGFS - North Africa), Tunisia
UGFS North Africa was established in Tunisia in October 2008 as a new asset management company. The company’s objective is to focus on offering portfolio management services, funds services and corporate finance in connection with the portfolio management services. It has recently commenced operations. Its ownership stake is held 60% by UGB, 20% by KAMCO, 10% by TIB and 10% by NAHC.

Associates

Financial Services

Al Sharq Financial Brokerage Company (ASFB), Kuwait
ASFB was established in March 1985 with the objective of providing financial brokerage activities in the Kuwait Stock Exchange. It is one of the largest local brokerage firms in Kuwait. UGB directly owns 15% and indirectly owns an additional 4.6% through its subsidiary KAMCO.

Manafae Investment Company (Manafae), Kuwait
Manafae is an Islamic investment company established in 2005 that specializes in offering Sharia compliant investment products and consultancy services. UGB has a consolidated ownership of 25% in this firm. For more information visit www.manafae.com

Millennium Private Equity (MPE), UAE
MPE was incorporated in April 2008 as a Sharia compliant private equity management company. MPE is licensed by the Dubai Financial Services Authority (DFSA), and has launched private equity funds focusing on telecommunications, media and technology as well as the energy sectors. UGB owns a 50% stake in MPE.

North Africa Holding Company (NAHC), Kuwait
NAHC was established in 2006 in Kuwait, to undertake investment activities in the North Africa region initially targeting five countries: Algeria, Egypt, Libya, Morocco and Tunisia. NAHC has adopted a diversified approach, investing as a private equity partner in start-up companies as well as in listed securities. It is owned 37% by UGB and its subsidiary KAMCO. For more information visit www.northafricaholding.com

Royal Capital PJSC (Royal Capital), Abu Dhabi
Royal Capital was incorporated as an investment company in Abu Dhabi in 2007. The principal activities of the company are investment banking and consultancy. UGB’s consolidated stake in this company is 44%.For more information visit www.royalcapital.ae

Syria Gulf Bank (SGB), Syria
Syria Gulf Bank (SGB) commenced commercial banking operations in June 2007. The bank offers a range of retail and corporate banking services. UGB owns 27.5% in SGB. For more information visit www.sgbsy.com


Non Financial Core Investments

Al Dhiyafa Holding Company (Al Dhiyafa), Kuwait
Al Dhiyafa, a hospitality company, was established in Kuwait in November 2005. It is a holding company that owns luxury resorts in Egypt, Lebanon and Kuwait. UGB owns a consolidated interest of 31%.

Kuwait Education Fund (KEF), Kuwait
KEF is one of the largest private sector funds of its kind. It is designed to benefit Kuwait’s education sector through investing in companies and financially feasible projects that add to the development of students, teachers and parents in the private and public education systems. UGB owns a consolidated interest of 31% in KEF.

Kuwait Private Equity Opportunities Fund, (KPEOF), Kuwait
The fund started its activities in February 2005 and owns minority interests in 19 companies that are incorporated in Kuwait. UGB owns a consolidated interest of 45%. 

United Networks, Kuwait 
United Networks (formerly United Cable Company) is a pioneer in Kuwait for offering solutions and services in the field of communications for the information sector, and continues to develop and launch creative services with interactive features supported by a high speed network. Through its four companies, United Networks also provides data transfer, integrated communication solutions and fast internet services via satellite to a wide range of companies and government establishments. United Networks is also the distributor of Showtime channels in Kuwait. UGB’s 28% stake in United Networks was acquired in 2004. For more information visit www.unitednetworks.com.kw

United Industries Company (UIC), Kuwait
UIC, a holding company, has varied industrial and commercial interests. UIC’s portfolio includes stakes in Qurain Petrochemical Industries Company, Saudia Dairy & Foodstuff Company (SADAFCO), United Oil Projects Company (UOP), Hempel Paints Middle East, Amaken United Real Estate Company, and Al Atoun Steel Industries Company. UIC is 43.5% owned by KAMCO. For more information visit www.uickw.com

United Health Care Company (UHC), Kuwait
United Health Care Company (UHC) is a Kuwaiti closed joint stock company incorporated in November 2005. The main objective of UHC is to provide an expanding array of specialized health care services in Kuwait, the GCC and the MENA region. KAMCO owns a 20% interest in UHC. For more information visit www.ums.com.kw 

United Real Estate Company, Jordan (URCJ)
URCJ was incorporated in May 2006. The company’s activities include a strategic urban development project in the heart of Amman, Jordan, with Abdali Investment and Development. UGB owns an equity stake of 47%.

United Real Estate Company (URC), Kuwait
URC was incorporated in 1973. URC’s primary activities encompass real estate investment, property development and management of commercial, hospitality and entertainment properties across the MENA region. UGB’s ownership in URC is 29.9%. For more information visit www.urconline.com