s part of providing additional services and high-quality investment products

NIC Appoints Gulf Bank as Selling Agent of Al Wataniya Fund

Fahad Al-Mukhaizim:

  • The agreement represents an added value to leading local and regional institutions and crowns a long-lasting mutual understanding
  • Al Wataniya Fund is a leading investment fund in terms of performance and distributions
  • Al Wataniya fund achieved remarkable return of 285.8% since inception on 5 May 2001
  • The net asset value of the Al-Wataniya Fund amounted to approximately KD 152 million while the net unit value amounted to 762 fils as of the end of November 2021
  • Cash dividends to shareholders since the inception of Al Wataniya Fund amounted to 65% in cash and 160% as bonus shares

Waleed Mandani:

  • The Agreement with NIC is in line with the future strategic objectives of the Bank
  • Gulf Bank always seeks to develop its customers experience and meet their investment needs
  • We are confident of becoming a distinguished partner with NIC

In a major move towards developing new collaborations that aim to enhance the partnership between the investment companies and Kuwaiti banking sector, National Investments Company (NIC) has announced the signing of an agreement with Gulf Bank. Under the agreement, the Bank will act as a selling agent of Al Wataniya Fund in accordance with the CMA law.  NIC selected Gulf Bank because it is a leading bank and subject to the supervision of CBK and licensed to perform the activity of Selling Agency by CMA.

NIC announced in a press release that this agreement aims to double the marketing and promotional efforts of the company’s products for potential investors in Kuwait and the region. This would be achieved by providing the service of selling Al Wataniya Fund by Gulf Bank and its branches across Kuwait, which would in turn reflect positively on reaching the largest customer base of investors.

The agreement was signed by Mr. Fahad Al-Mukhaizim – CEO of NIC, and Mr. Waleed Mandani – Deputy CEO at Gulf Bank, in the presence of officials from both sides.

Added Value

Al-Mukhaizim said:”We are pleased to sign this agreement with Gulf Bank, which is an added value for both parties. NIC is always keen to provide additional services and high-quality investment products to its customers. Now, Al Wataniya Fund has become available for investment to Gulf Bank`s customers”.

Praising the Gulf Bank, Al-Mukhaizim said:” The Bank is recognized for providing leading financial services via its wide network of branches across the country. We believe that this agreement crowns a long-lasting mutual understanding between the two leading institutions which undoubtedly would help build a broad base of investors. Also, it spurs more investment in investment funds that are based on investment foundations with sustainable and weighted-risks returns”.

He emphasized NIC`s endeavour to strengthen the partnership with Gulf Bank in the future, to include the distribution of more funds and products of the company.

Broader cooperation

Waleed Mandani, Deputy CEO at Gulf Bank said that the agreement is in line with the future strategic objectives of the Bank, opens broader areas of cooperation between both parties in future and supports the Bank`s efforts aiming to enhance its constructive endeavours to expand its core banking business. He noted that Gulf Bank always seeks to develop the banking experience of its customers and meet their investment needs.

He expressed his happiness at the signing of the agreement, which confirms the leading position of Gulf Bank in the market in terms of strategic partnerships that aim to strengthen its customer base. Also, the agreement is a result of mutual trust in the competence and effectiveness of the two institutions.

Mandani explained that the agreement with NIC ensures the marketing and distribution of units of Al Wataniya Fund, one of the leading investment funds in Kuwait and the region. He expressed his confidence that Gulf Bank will become a distinguished partner with NIC where the positive impact of this agreement will be reflected in achieving the aspirations of shareholders and high-net-worth customers.

Outstanding return

Al-Mukhaizim indicated that Al Wataniya Fund is one of the top-performing funds that invest in listed equities on Boursa Kuwait. The fund achieved remarkable return of 285.8% since inception on May 5, 2001. Al Wataniya Fund achieved annual return for 2018 of 8.35% outperforming the return of its benchmark of 5.23% for the same period. Also, it maintained its good rank among the large-sized funds category of more than KD 50 million and achieved a YTD return of 22.5% and 285.8% since inception.

Al-Mukhaizim added that Al Wataniya is one of the biggest investment funds in Kuwait with a net assets value of KD 152 million. The net unit value of the fund amounted to 762 fils as of 30 November 2021. Since inception, the fund distributed cash dividends to shareholders amounting to 65% and 160% as bonus shares.

He confirmed that Al Wataniya continues to seize the best investment opportunities and benefit from them in line with the strategic vision and growth plan of NIC according to stringent technical criteria.

Al-Mukhaizim concluded that NIC always seeks to create new paths for growth by overcoming many economic challenges and obstacles, seizing distinguished opportunities, and aspiring towards leadership by offering investment products and services that meet all customer needs and achieve distinguished financial returns. In doing so, NIC relies on its proven track record of accomplishments and its long-experienced team.

Being one of the largest investment companies in Kuwait and the region, NIC plays an active role in various local, regional and global sectors and has large and diversified base of shareholders from elite institutions and high-networth individuals. The company was recently won the “Fastest Growing Fund Management Company Kuwait” Award from the leading platform Global Banking and Finance Awards. One of the reasons for the continuous success of NIC lies in focusing its efforts continuously on developing the resources of its clients. This could be achieved by providing unique and diversified investment opportunities that achieve the highest possible returns and quality services.

Gulf Bank is one of the leading banks in Kuwait, providing a wide range of services including consumer banking, wholesale banking, treasury, and financial services through its large network of over 50 branches and over 200 ATMs.  Established in 1960, Gulf Bank was listed on the Kuwait Stock Exchange (Boursa Kuwait) in 1984. The bank`s total assets amounted to over KD 6 billion as of 31 December 2020. The Bank remains an ‘A’ rated bank by four major credit rating agencies as follows:

Outlook Long-term rating Rating Agency
Stable A3 Moody`s
Negative A- S&P
Negative A+ Fitch
stable A+ Capital Intelligence


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