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Zawya
02-07-2025
- Business
- Zawya
Markaz: Kuwait equities extended their rally after de-escalation of geopolitical and trade tensions towards the end of the month
Kuwait: Kuwait Financial Centre 'Markaz' released its Monthly Market Review report for June 2025. Kuwait equity market was positive during June 2025, bringing the market's YTD gains to 14.8%. Kuwait's All Share Index gained 4.2% during the month supported by easing of geopolitical tensions in the Middle East. Consumer staples and real estate sectors were the top gainers, rising 9.1% and 7.7% respectively. The banking sector index increased by 6.2% for the month. Among banking stocks, Kuwait International Bank and Burgan Bank were the top gainers, rising 15.9% and 8.7% respectively during the month. KIB has disclosed that a board member has bought 50,000 shares in the company. Burgan Bank has also disclosed purchase of shares by North Africa Holding, a subsidiary KIPCO Group, as part of its disclosures on insider transaction. Warba Bank and Gulf Bank continued to gain for the month, rising by 8.5% and 7.2% respectively amid ongoing merger discussions. Among Premier Market stocks, Mezzan Holding was the top gainer after KIB, rising 10.0%. Kuwait's consumer price index increased by 2.25% y/y in May 2025 with food and beverage price inflation rising by 4.7% y/y. Following the passage of debt law in March 2025, Kuwait is planning to borrow about KD 6 billion in FY 2025-26, according to Bloomberg. The S&P GCC Composite index gained 3.0% in June 2025. Saudi equity index gained by 1.6% during the month, amid broad-based gains. Saudi Aramco declined by 2.7% during the month, pressured by decline in oil prices in latter part of the month. Abu Dhabi's equity index increased by 2.8% in June 2025, supported by gains in blue-chips. Abu Dhabi Islamic Bank (ADIB) and Aldar Properties gained 12.1% and 7.3% respectively for the month. Dubai's equity index gained 4.1% for the month, supported by gains in blue chips. Dubai Islamic Bank (DIB) and Salik Company gained by 9.9% and 5.8% respectively for the month. Salik Company's strong 2024 performance supported its share price in June. Qatar's equity markets gained 2.7% for the month, supported by gains in natural gas prices. Saudi Arabia's GDP for Q1 2025 grew by 3.4% y/y, higher than the 2.7% y/y growth reported earlier in its flash estimates, on account of smaller annual decline from the oil sector and stronger private sector growth. Fitch has affirmed UAE's AA rating with a stable outlook, citing robust financial buffers despite regional risks and hydrocarbon dependence. UAE's central bank has lowered its 2025 GDP growth forecast for the country to 4.4% y/y, down from earlier estimate of 4.7% y/y, citing lower oil prices, slowdown in global economic activity and increased uncertainty. Global markets were positive during June 2025, supported by de-escalation of geopolitical tensions in the Middle East, progress on trade deal between U.S and China and dovish comments from U.S Fed. The MSCI World and S&P 500 indices rose by 4.2% and 5.0% respectively for the month. According to U.S-China deal, U.S. would charge a 55% tariff on imported Chinese goods while China would charge a 10% tariff on U.S. imports. U.S has also agreed to allow Chinese students to study in its universities, while China would remove export restrictions on rare earths. The MSCI EM index gained 5.7% during the month. Chinese equities rose by 2.9%, supported by reports on U.S-China trade deal. South Korean and Taiwan equities gained 13.9% and 4.3%, respectively, supported by election results (South Korea) and positive trade talks with US (Taiwan) The U.S inflation stood at 2.4% y/y in May 2025, slightly up from the 2.3% y/y reading in April 2025. While inflation numbers are being closely followed, they are yet to show significant impact from the tariffs. The U.S labor market added 139,000 jobs in May, down from 147,000 jobs added in April, indicating emerging weakness amid policy uncertainty. The yield on the 10-year US treasury notes declined 17 bps during the month to 4.24%. U.S Fed held rates steady at 4.25%-4.5% in June 2025, citing persisting risk of inflation. The central bank maintained its expectation of 50-bps rate cuts for 2025, but lowered rate expectation for 2026 and 2027 by 25 bps each to a target rate of 3.50%-3.75% and 3.25%-3.50%, respectively. U.S Fed has also lowered its economic growth expectations for 2025 to 1.4% y/y, from 1.7% y/y estimated in March 2025. Oil (Brent) prices closed the month at USD 67.6 per barrel, rising by 5.8% during the month. The commodity was volatile during June amid geopolitical tensions in the Middle East and U.S-China trade talks, closing at USD 78.85 per barrel on 19th June 2025, its highest close price in five months. However, in the latter part of the month, easing of tensions, expectations of further output hike by OPEC+ in its July meeting and progress in U.S-China trade deal pressured prices. OPEC+ is expected to further increase its output by 411,000 bpd from August 2025. Gold prices closed at USD 3,303, marginally up by 0.4% for the month. Further developments on geopolitical tensions and trade talks would be closely watched by the markets. With the U.S President's tariff pause ending on July 09, 2025, finer details on tariff implementation and their impact on the economy and inflation would impact markets. Given the minimal expected impact from U.S tariffs on GCC, impact of tariffs on oil demand, continued unwinding of production cuts and performance of non-oil economy would be key market determinants for GCC equities. About Kuwait Financial Centre 'Markaz' Established in 1974, Kuwait Financial Centre K.P.S.C 'Markaz' is one of the leading asset management and investment banking institutions in the MENA region with total assets under management of over KD 1.44 billion (USD 4.67 billion) as of 31 March 2025. Markaz was listed on the Boursa Kuwait in 1997. Over the years, Markaz has pioneered innovation through the creation of new investment channels. These channels enjoy unique characteristics and helped Markaz widen investors' horizons. Examples include Mumtaz (the first domestic mutual fund), MREF (the first real estate investment fund in Kuwait), Forsa Financial Fund (the first options market maker in the GCC since 2005), and the GCC Momentum Fund (the first passive fund of its kind in Kuwait and across GCC that follows the momentum methodology), all conceptualized, established, and managed by Markaz. For further information, please contact: Sondos Saad Corporate Communications Department Kuwait Financial Centre K.P.S.C. "Markaz" Email: Ssaad@
Arabian Post
12-06-2025
- Business
- Arabian Post
GCC Banks Accelerate Toward USD‑Denominated AT1 Sukuk Surge
Sharjah Islamic Bank and Warba Bank have spearheaded a flurry of USD‑denominated Additional Tier 1 sukuk issuances across the Gulf Cooperation Council, as institutions capitalise on narrower spreads, robust investor demand and abundant liquidity to bolster capital under Basel III norms. Sharjah Islamic priced a US$500 million perpetual issuance with a six‑year non‑call period at 6.125%, tightening from initial guidance of 6.5%, after books exceeded US$1 billion. Simultaneously, Kuwait's Warba Bank concluded a US$250 million AT1 sukuk issuance, re‑offering at a 6.25% yield—also tightened from initial guidance of 6.5%. The instrument, based on a perpetual structure with a 5.5‑year non‑call window, follows Warba's major equity move: the acquisition of a 32.75% stake in Gulf Bank from Alghanim Trading and a KWD 436.7 million rights issuance completed in April. Sharjah Islamic Bank's listing on Nasdaq Dubai marks its fifth sukuk issuance, raising its total sukuk portfolio on the exchange to US$2.5 billion. The deal attracted strong interest from regional and international investors, reinforcing Dubai's growing role as a nexus for Islamic capital. The transaction's pricing depth, with a reset spread of 195.6 basis points—125.7 bps tighter than its 2019 equivalent—highlights an improved cost of capital. ADVERTISEMENT Analysts attribute this wave of AT1 issuances to an increasingly mature Islamic fixed‑income market. GCC banks are under pressure to meet Basel III capital thresholds while tapping investor appetite for Sharia‑compliant instruments amid a global shift towards ethical finance. The depth and oversubscription observed signal confidence in GCC financial stability and growth trajectories. Banking insiders view Sharjah Islamic's move as emblematic of a broader trend. Its programme is now a benchmark in AT1 pricing within the Islamic sukuk arena, and the issuance is being seen as a signpost to other regional banks eyeing capital diversification. Global Capital, a financial news provider, has reported that Warba's issuance helped catalyse the broader GCC AT1 market, with Saudi banks preparing similar deals. Warba Bank's issuance was structured via Warba Tier 1 Sukuk Limited, and it is dual‑listed on the London Stock Exchange's International Securities Market and Nasdaq Dubai. The sukuk follows a Mudaraba structure and was syndicated by joint global coordinators and bookrunners including Emirates NBD Capital, Standard Chartered, Abu Dhabi Commercial Bank and HSBC. The financial backdrop has been supportive: increasing liquidity in global markets, stable benchmark yields in the US, and sustained inflows into Islamic finance vehicles. Sharjah Islamic underscores its confidence in long‑term strategy, stating the issuance supports its capital base aligned with Basel III standards . Meanwhile, Warba's move is synchronised with its stake acquisition in Gulf Bank, reflecting a broader expansion and capital optimisation strategy. Investor sentiment continues to favour GCC issuers. Demand for Sharia‑compliant fixed‑income paper is rising, particularly from European institutional investors and Islamic funds, seeking diversification. Sharjah's issuance was oversubscribed by over two‑times its size, with participation spanning the GCC, Europe and Asia. Gulf markets are responding in kind: Saudi banks are preparing their own AT1 sukuk to finalise in the coming months, encouraged by the positive reception to these pricings.
Zawya
12-06-2025
- Business
- Zawya
Capital sukuk floods debt market as GCC banks look to refinance, diversify funding sources
The debt market was recently awash with Additional Tier 1 (AT1) USD-denominated capital sukuk as GCC banks—including three from Saudi Arabia—rushed to take advantage of tighter spreads, strong investor demand and the ample liquidity in the region for Islamic paper. Here are some of the latest issuances in May: Sharjah Islamic Bank's $500 million AT1 sukuk offering saw books at over $1 billion, tightening prices to 6.125% from initial price thoughts (IPTs) at 6.5%. Kuwait's Warba Bank issued a $250 million AT1 sukuk, with a reoffer yield of 6.25%, tighter than the original price guidance of 6.5%. The bank is in the process of buying a 32.75% stake in Gulf Bank from Alghanim Trading Company LLC, and it completed a 436.7 million dinar ($1.42 billion) rights issuance in April. In Saudi Arabia, Alinma Bank raised $500 million in sustainable AT1 at 6.5%, narrowing from IPTs of around 7% as books climbed to $2 billion. Saudi Awwal Bank issued AT1 green sukuk worth $650 million at 6.5%, and Bank Albilad issued a $650 million AT1 sukuk at a profit rate of 6.5% as well. The wave of issuances was largely driven by upcoming call dates—Sharjah Islamic Bank, for example, has a call in July—and the need to refinance existing instruments while strengthening capital buffers. Saudi banks in particular are experiencing rapid balance sheet growth, which has increased the urgency to shore up their capital ratios. 'While the timing made it seem coordinated, it was more a matter of internal processes and regulator approvals aligning up. The result was a temporary glut, which may have impacted pricing, but there was no sign of market stress,' said a Dubai-based banker. Saudi banks are actively seeking funding to support the massive capex programmes underway in the kingdom and address the need to finance fiscal deficits amid steadily falling oil prices. To meet these demands, banks are also tapping into dollar markets as a way to diversify funding sources. Scarcity premium The banker pointed out that despite similar credit ratings (many Saudi and UAE banks are rated in the 'A' range), there is a noticeable pricing differential. For example, recent AT1 issuances saw Saudi banks pricing around 6.5%, while UAE's Sharjah Islamic priced at 6.125%, reflecting a scarcity premium for the UAE paper. Even with that premium, Saudi AT1 still prices tighter than some global peers. 'This is where relative value becomes critical, especially for global fund managers, who tell us that GCC paper trades too tight relative to global comparables. For a London-based investor who can choose between HSBC, Standard Chartered, and a Saudi Tier 1, the global names often offer better yield for a similar or better credit rating,' the banker said. Some regional funds and investors, in particular those who are constrained by their mandates, do not have the flexibility to buy global banks. But for large, unconstrained institutional players, the value proposition of GCC paper is becoming less compelling, especially as supply continues to build. Meanwhile, the investor base has been heavily skewed—up to 70% of the recent allocations—toward the GCC, according to the banker. Saudi and regional private banks, as well as local institutional investors, have been snapping up the issuances. For Islamic investors, the recent weeks have been a bonanza. Five of the USD AT1 deals issued during May were structured as sukuk and attracted Islamic investors, who have few comparable options outside the region. (Reporting by Brinda Darasha; editing by Seban Scaria)
Al Bawaba
03-06-2025
- Business
- Al Bawaba
Markaz: Kuwait equities were positive during the month led by gains in Premier Market stocks
Kuwait Financial Centre 'Markaz' released its Monthly Market Review report for May 2025. Kuwait equity market was positive during May 2025, supported by strong corporate earnings for some companies and improvement in oil prices. Global markets were buoyed by signs of easing trade tensions. Oil prices increased for the month on the back of de-escalation of trade tensions even as supply concerns tempered markets were positive in May 2025, led by gains in Premier Market stocks. Kuwait's All Share Index (price returns) gained 1.9% supported by positive corporate earnings for some companies. Consumer staples and oil and gas sectors were the top gainers, rising 16.2% and 6.9% respectively. The banking sector index increased 1.6% for the month. Among banking stocks, Burgan Bank and Warba Bank were the top gainers, rising 12.4% and 11.3% respectively during the month. Warba bank has increased its paid-up capital by 100% to KD 436.7 million. Warba Bank and Gulf Bank have initiated discussions to explore a potential merger of the two banks. This is Gulf Bank's third merger discussion following its earlier discussion with Al Ahli Bank of Kuwait (2023) and Boubyan Bank (January 2025).Among Premier Market stocks, Jazeera Airways and Boursa Kuwait were the top gainers, rising 36.7% and 17.7% respectively. Jazeera Airways has reported a 274.8% y/y increase in its net profit for Q1 2025, totaling KD 4.7 million. The increase in passenger traffic and an increase in ancillary revenue after the introduction of new services and products supported growth in profits.S&P has affirmed Kuwait's credit rating at A+ with stable outlook, citing strong public and external balance sheets, backed by significant stock of government financial assets. The agency expects Kuwait's fiscal deficit to remain high, averaging 8.9% of GDP between 2025 and 2028. However, the agency expects the fiscal deficit to decline 6% of GDP by 2028 from about 14% in 2025, due to higher oil revenue on the back of higher production and measures taken by the government to increase non-oil S&P GCC Composite index declined by 2.4% in May 2025 weighed by decline in Saudi equities. Saudi equity index declined by 5.8% during the month, amid decline in earnings for some majors like Saudi Aramco and SABIC, concerns on long-term impact of broader weakness in oil prices on government spending and 12% m/m decrease in the country's oil exports in March 2025. Saudi Telecom Company and Al Rajhi Bank's stock prices declined by 8.0% and 6.5% respectively for the month. flynas, Saudi Arabia's budget airline, has launched its IPO, seeking to raise SAR 3.9 billion (USD 1.0 billion) and SAR 4.1 billion (USD 1.1 billion).Abu Dhabi's equity index increased by 1.6% in May 2025, supported by gains in banking stocks. First Abu Dhabi Bank and Abu Dhabi Commercial Bank gained 7.2% and 3.8% respectively for the month, likely due to continuing momentum from the positive earnings report last month. Dubai's equity index gained 3.3% for the month, supported by gains in blue chips. Emirates NBD gained 9.0% during the month. The bank has received in-principle regulatory approval to set up wholly owned subsidiary in India. It has also offered USD 6 to 7 billion in an all-cash deal for a 61% stake in India's government owned IDBI Bank. Qatar's equity markets were flat for the Arabia's real GDP increased by 2.7% y/y in Q1 2025, supported by non-oil economic activity and government activity. The country's fiscal deficit rose to USD 15.65 billion in Q1 2025 from USD 3.30 billion in Q1 2024 due to an 18% y/y decline in oil revenues and a 5% y/y rise in expenditure. IPO proceeds across MENA region for Q1 2025 reached USD 21 billion, registering a 106% y/y rise, according to EY. Saudi Arabia had been the epicenter of activity with 12 of the 14 listings taking place in the markets were positive during May 2025, supported by de-escalation of trade tensions. The MSCI World and S&P 500 indices rose by 5.7% and 6.2% respectively for the month. U.S and China have agreed to pause levy of additional tariffs announced in April 2025 for 90 days and to also lower tariff levels. The U.S and U.K have also arrived at a trade deal to lower tariffs, giving room for optimism that U.S might strike such deals with other countries as well. Nasdaq 100 surged by 9.0% during the month on the back of strong earnings reports and expansion plans from tech companies. The MSCI EM index gained 4.0% during the equities rose by 2.1%, supported by easing trade tensions, stimulus measures, rate cuts and positive economic data. Indian equities also gained by 1.5% for the month, on the back of institutional interest and earnings momentum.U.S inflation stood at 2.3% y/y in April 2025, slightly down from 2.4% y/y reading in March 2025. The U.S labor market added 177,000 jobs in April, down from 185,000 jobs added in March. The yield on the 10-year US treasury notes rose by 24 bps during the month to 4.41%. The U.S Fed held rates steady in May 2025, citing an increased risk of inflation and unemployment and higher uncertainty around the economic outlook, in the backdrop of recent tariffs. Moody's has downgraded the U.S' sovereign credit rating to Aa1 from Aaa, citing concerns on the growing debt of over USD 36 trillion due to increasing government expenditure and flat government revenues. The U.S House of Representatives has also passed the tax and spending bill which would increase tax breaks and defence spending, weakening the country's fiscal (Brent) prices closed the month at USD 63.9 per barrel, rising by 1.2% during the month. While the easing of trade tensions lent support, concerns of rise in supply weighed on prices. In the backdrop of U.S sanctions on Iran and ongoing discussions between the two countries on nuclear deal, easing of sanctions would enable Iran to re-enter oil market. This would add 400,000 bpd to the global crude supply. OPEC+ is also widely expected to continue to hike output in July 2025. Gold prices closed at USD 3,289, closing flat for the month, maintaining its YTD gain of 25.4%. While expected de-escalation of trade tensions had supported markets during the month, further developments on trade relations between U.S-China and U.S-EU would continue to impact markets, with persisting concerns over economic outlook and inflation. While progress in trade relations and volatility in oil prices might continue to influence GCC markets, sustained momentum in non-oil economic activity and improvement in oil GDP are likely to support investor sentiments.
Zawya
02-06-2025
- Business
- Zawya
Markaz: Kuwait equities were positive during the month led by gains in Premier Market stocks
Kuwait: Kuwait Financial Centre 'Markaz' released its Monthly Market Review report for May 2025. Kuwait equity market was positive during May 2025, supported by strong corporate earnings for some companies and improvement in oil prices. Global markets were buoyed by signs of easing trade tensions. Oil prices increased for the month on the back of de-escalation of trade tensions even as supply concerns tempered gains. Kuwait markets were positive in May 2025, led by gains in Premier Market stocks. Kuwait's All Share Index (price returns) gained 1.9% supported by positive corporate earnings for some companies. Consumer staples and oil and gas sectors were the top gainers, rising 16.2% and 6.9% respectively. The banking sector index increased 1.6% for the month. Among banking stocks, Burgan Bank and Warba Bank were the top gainers, rising 12.4% and 11.3% respectively during the month. Warba bank has increased its paid-up capital by 100% to KD 436.7 million. Warba Bank and Gulf Bank have initiated discussions to explore a potential merger of the two banks. This is Gulf Bank's third merger discussion following its earlier discussion with Al Ahli Bank of Kuwait (2023) and Boubyan Bank (January 2025). Among Premier Market stocks, Jazeera Airways and Boursa Kuwait were the top gainers, rising 36.7% and 17.7% respectively. Jazeera Airways has reported a 274.8% y/y increase in its net profit for Q1 2025, totaling KD 4.7 million. The increase in passenger traffic and an increase in ancillary revenue after the introduction of new services and products supported growth in profits. S&P has affirmed Kuwait's credit rating at A+ with stable outlook, citing strong public and external balance sheets, backed by significant stock of government financial assets. The agency expects Kuwait's fiscal deficit to remain high, averaging 8.9% of GDP between 2025 and 2028. However, the agency expects the fiscal deficit to decline 6% of GDP by 2028 from about 14% in 2025, due to higher oil revenue on the back of higher production and measures taken by the government to increase non-oil revenue. The S&P GCC Composite index declined by 2.4% in May 2025 weighed by decline in Saudi equities. Saudi equity index declined by 5.8% during the month, amid decline in earnings for some majors like Saudi Aramco and SABIC, concerns on long-term impact of broader weakness in oil prices on government spending and 12% m/m decrease in the country's oil exports in March 2025. Saudi Telecom Company and Al Rajhi Bank's stock prices declined by 8.0% and 6.5% respectively for the month. flynas, Saudi Arabia's budget airline, has launched its IPO, seeking to raise SAR 3.9 billion (USD 1.0 billion) and SAR 4.1 billion (USD 1.1 billion). Abu Dhabi's equity index increased by 1.6% in May 2025, supported by gains in banking stocks. First Abu Dhabi Bank and Abu Dhabi Commercial Bank gained 7.2% and 3.8% respectively for the month, likely due to continuing momentum from the positive earnings report last month. Dubai's equity index gained 3.3% for the month, supported by gains in blue chips. Emirates NBD gained 9.0% during the month. The bank has received in-principle regulatory approval to set up wholly owned subsidiary in India. It has also offered USD 6 to 7 billion in an all-cash deal for a 61% stake in India's government owned IDBI Bank. Qatar's equity markets were flat for the month. Saudi Arabia's real GDP increased by 2.7% y/y in Q1 2025, supported by non-oil economic activity and government activity. The country's fiscal deficit rose to USD 15.65 billion in Q1 2025 from USD 3.30 billion in Q1 2024 due to an 18% y/y decline in oil revenues and a 5% y/y rise in expenditure. IPO proceeds across MENA region for Q1 2025 reached USD 21 billion, registering a 106% y/y rise, according to EY. Saudi Arabia had been the epicenter of activity with 12 of the 14 listings taking place in the country. Global markets were positive during May 2025, supported by de-escalation of trade tensions. The MSCI World and S&P 500 indices rose by 5.7% and 6.2% respectively for the month. U.S and China have agreed to pause levy of additional tariffs announced in April 2025 for 90 days and to also lower tariff levels. The U.S and U.K have also arrived at a trade deal to lower tariffs, giving room for optimism that U.S might strike such deals with other countries as well. Nasdaq 100 surged by 9.0% during the month on the back of strong earnings reports and expansion plans from tech companies. The MSCI EM index gained 4.0% during the month. Chinese equities rose by 2.1%, supported by easing trade tensions, stimulus measures, rate cuts and positive economic data. Indian equities also gained by 1.5% for the month, on the back of institutional interest and earnings momentum. U.S inflation stood at 2.3% y/y in April 2025, slightly down from 2.4% y/y reading in March 2025. The U.S labor market added 177,000 jobs in April, down from 185,000 jobs added in March. The yield on the 10-year US treasury notes rose by 24 bps during the month to 4.41%. The U.S Fed held rates steady in May 2025, citing an increased risk of inflation and unemployment and higher uncertainty around the economic outlook, in the backdrop of recent tariffs. Moody's has downgraded the U.S' sovereign credit rating to Aa1 from Aaa, citing concerns on the growing debt of over USD 36 trillion due to increasing government expenditure and flat government revenues. The U.S House of Representatives has also passed the tax and spending bill which would increase tax breaks and defence spending, weakening the country's fiscal position. Oil (Brent) prices closed the month at USD 63.9 per barrel, rising by 1.2% during the month. While the easing of trade tensions lent support, concerns of rise in supply weighed on prices. In the backdrop of U.S sanctions on Iran and ongoing discussions between the two countries on nuclear deal, easing of sanctions would enable Iran to re-enter oil market. This would add 400,000 bpd to the global crude supply. OPEC+ is also widely expected to continue to hike output in July 2025. Gold prices closed at USD 3,289, closing flat for the month, maintaining its YTD gain of 25.4%. While expected de-escalation of trade tensions had supported markets during the month, further developments on trade relations between U.S-China and U.S-EU would continue to impact markets, with persisting concerns over economic outlook and inflation. While progress in trade relations and volatility in oil prices might continue to influence GCC markets, sustained momentum in non-oil economic activity and improvement in oil GDP are likely to support investor sentiments. About Kuwait Financial Centre 'Markaz' Established in 1974, Kuwait Financial Centre K.P.S.C 'Markaz' is one of the leading asset management and investment banking institutions in the MENA region with total assets under management of over KD 1.44 billion (USD 4.67 billion) as of 31 March 2025. Markaz was listed on the Boursa Kuwait in 1997. Over the years, Markaz has pioneered innovation through the creation of new investment channels. These channels enjoy unique characteristics and helped Markaz widen investors' horizons. Examples include Mumtaz (the first domestic mutual fund), MREF (the first real estate investment fund in Kuwait), Forsa Financial Fund (the first options market maker in the GCC since 2005), and the GCC Momentum Fund (the first passive fund of its kind in Kuwait and across GCC that follows the momentum methodology), all conceptualized, established, and managed by Markaz. For further information, please contact: Sondos Saad Corporate Communications Department Kuwait Financial Centre K.P.S.C. "Markaz" Email: Ssaad@
