Al Hajeri: Managed assets increased to $ 1.06 billion at 4% per annum
Al-Hajeri stated that GCC's financial markets ended in the third quarter with a positive overall performance. The Kuwaiti, Qatar and UAE markets grew by 6.5%, 9.2% and 4.8%, but the Saudi markets, which accounted for the largest Standard & Poor's index of Arab countries, dropped by 2.7% .
Kuwait's Financial Center ("Markaz") announced financial results for nine months at September 30, 2007. Total revenues amounted to RSD 15.12 million, an increase of 14 percent over the same period of 2017. While fees and fees for management increased by 36 percent in relation to the period In the same period last year, it reached 6.94 million kuna and the net profit attributed to the parent company of the parent company amounted to 4.14 million kunas, to 9 shares per share and a profit margin of 27 percent.
Manaf Al Hajeri, Chief Executive Officer, said: "The Center has achieved positive financial results through asset management and investment banking activities from the beginning of 2018 to the end of the third quarter. Revenues from fees and commissions on asset management services grew by 19 percent to 5 , JD 15 million and fees and charges from investment banking services grew to 1.79 million KD.
Al-Hajeri added that the Center's investments generated revenues of 8.17 million Kuna and a 10% return on an annual basis, and due to our conservative asset valuation policy we recorded a combined distribution of 2.75 million Kuna reflecting current market conditions in some Countries, The volume of assets managed by Al Markaz increased 4.0 percent year-on-year to 1.06 billion KD at the end of the third quarter.
The Kuwait, Qatar and UAE markets grew by 6.5%, 9.2% and 4.8%, but Saudi markets, which represent the largest share of the Standard & Poor's index for Arab countries, which is 2.7 percent less.
He noted that most of the active equity funds managed by Al Markaz surpassed their success since the beginning of the year, and the Investment and Development Fund Center is at the top of Kuwait's best Kuwait funds invested in the Kuwait Stock Exchange, making a 11.70 percent return on the year before. At the end of September, followed by the "Great Returns Center" with a return of 11.11% over the same period.
"Real estate projects in the GCC region are characterized by asset quality, high commitment to standard financing compared to similar projects and industry standards, and the Center has managed to maintain a weighted rate of around 96 percent of the entire portfolio. For property that generates income in Kuwait, UAE and Saudi Arabia, and the occupancy rate at the Al Maha Residential Project in Kuwait and the Abu Dhabi Residential Development Project, which we recently developed 85% and 100%.
In particular, the slowdown in economic growth in the region, which began in mid-2014 when oil prices fell, as well as geopolitical development, still affect the real estate market performance in the GCC region, reflecting rental prices and sales values as a result of the fall in 2018. up to 10 percent in UAE and Saudi Arabia, while remaining stable in Kuwait.
Al Hajeri said, "With our asset quality and poor market performance, the Center will continue to operate its GCC real estate assets as income-generating assets in anticipation of optimal output opportunities while the market is recovering." This strategy will provide opportunities for optimal return and provide the best possible value to our investors. "As part of the Middle East and North Africa (MENA) real estate portfolio's efficiency enhancement plan, we were completely out of commercial property in Jordan in the third quarter and achieved a total return of 29 percent.
The real estate sector continued to slow down, as property prices rose by 2 percent on the CPPI. In the first nine months of 2018, the Center has launched three industrial property development projects in the United States and Europe.
"We have selected projects that focus on assets with strong foundations such as supply and demand dynamics, positive growth in rental and job stability," said Al Hajri. "The Center also has three projects in the United States, an Industrial and Self-Control Project, and we have a 27 percent return rate."
He stressed that the Center continues to provide services to companies and individuals in the Middle East and North Africa as well as transnational corporations with cross-border operations. Since the beginning of 2018, the Center has provided a range of consulting services to its clients, including mergers, acquisitions,
One of the most prominent activities of the Team of the Center was restructuring the debt of Sultan's Food Center and another job for ACICO to sell a minority stake in one of its subsidiaries.
The Center continues to expand its client base, with the support of a strong record of investment banking business. The value of the advisory operations carried out by Al Markaz during his career was around HRK 1.24 billion since the end of September 2018.
The Center recently won the Best Investment Bank in Kuwait for 2018 for the seventh time in eight years by Global Finance, the finance and investment journal. The award committee selected the Center based on a number of criteria including market share, number and volume of transactions, services and consulting, distribution network, efforts to meet market conditions, innovations, prices and market reputation.
Due to rapid economic and geopolitical development around the world, markets are witnessing increased volatility, and the Center wants to communicate with its customers continuously to discuss how to reduce the impact of these fluctuations on their investments.
Numerous measures have been taken to improve the efficiency of internal operations, improving their efficiency and reducing their cost. These steps are a continuation of the Center's 40 years of leadership in asset management and investment banking in the region.