How business, doctors and journalists prey on your food anxieties I
How business, doctors and journalists prey on your food anxieties I
How business, doctors and journalists prey on your food anxieties I
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SPECIAL ADVERTISING SUPPLEMENT P .S<br />
of Kuwait <str<strong>on</strong>g>and</str<strong>on</strong>g> the Mlddle East <str<strong>on</strong>g>and</str<strong>on</strong>g> the<br />
Commerclal Bank of Kuwait,<br />
Nati<strong>on</strong>al Bank of Kuwait (NBK)<br />
increased net profits in 1994 by 5 .8%<br />
to $178 .5 milG<strong>on</strong> . N8K has about 40%<br />
of the domestic market <str<strong>on</strong>g>and</str<strong>on</strong>g> moved<br />
into impressive new oremises at the<br />
beginning of the yea. it is particularly<br />
str<strong>on</strong>g in the corporate finance field<br />
<str<strong>on</strong>g>and</str<strong>on</strong>g> has been successful in bidding for<br />
much of Kuwait Airways' <str<strong>on</strong>g>business</str<strong>on</strong>g> as it<br />
rebuilds its fleet . It is exp<str<strong>on</strong>g>and</str<strong>on</strong>g>ing its<br />
overseas network <str<strong>on</strong>g>and</str<strong>on</strong>g> has even<br />
opened a representative office<br />
in Vietnam .<br />
Gulf Bank a'iso advanced $80 milli<strong>on</strong><br />
to finance an Airbus A300 in 1993 .<br />
John D . Harris, the chief generai<br />
manager, says that his bank<br />
"is c<strong>on</strong>centrating <strong>on</strong> st<str<strong>on</strong>g>and</str<strong>on</strong>g>ards of<br />
service <str<strong>on</strong>g>and</str<strong>on</strong>g> improving our financial<br />
products . Branches are being<br />
redesigned <str<strong>on</strong>g>and</str<strong>on</strong>g> a fully automated<br />
computerized system will be installed<br />
by the end of 1996 . We have no plans to<br />
merge ." Guh Bar.k's profits increased<br />
by21%in 1994,<br />
Burgan Bank's managing director,<br />
Ahmed AI-Abdullah AI-Ahmed AI-<br />
Sabah, is positive about the futt :re .<br />
Loan syndicati<strong>on</strong>s, pro ;ect finance <str<strong>on</strong>g>and</str<strong>on</strong>g><br />
joint ventures figure in his plans, with<br />
Asia <str<strong>on</strong>g>and</str<strong>on</strong>g> South Africa being to the fore .<br />
The leading banks are developing<br />
new sevices, extending credit-card<br />
faciiities, c<strong>on</strong>sumer loans <str<strong>on</strong>g>and</str<strong>on</strong>g><br />
teleph<strong>on</strong>e banking . 'With .43% of the<br />
populati<strong>on</strong> being under the age of 15,<br />
there is c<strong>on</strong>siderable c<strong>on</strong>centrati<strong>on</strong> <strong>on</strong><br />
the youth market .<br />
Kuwait Finance Center (KFC) was<br />
the first quoted mercnant bank <strong>on</strong> the<br />
Kuwait stock exchange in 1988,<br />
though its impressive chairman, Diraar<br />
Y. Alghanim, explains that its origins<br />
date back to ;he early 1970s when it<br />
worked closely with South Korea <str<strong>on</strong>g>and</str<strong>on</strong>g><br />
Egypt <str<strong>on</strong>g>and</str<strong>on</strong>g> established a joint-venture<br />
merchant bank in Seoul, which last<br />
year was renamed Hyundai<br />
Internati<strong>on</strong>al Merchant Bank . KFC<br />
holds a unique license as an<br />
investment bank, undertakes advisory<br />
work for foreign clients <str<strong>on</strong>g>and</str<strong>on</strong>g> invests<br />
directly in the U .S . <str<strong>on</strong>g>and</str<strong>on</strong>g> Europe .<br />
Side by side with Western-style<br />
commercial banking, Islamic finance is<br />
growing in importance since-it started<br />
in Kuwait 18 years ago . Kuwait Finance<br />
House (KFH) was established as a<br />
retail bank, which operates according<br />
to Sharia law that forbids dealing in<br />
interest . It is 49% government-owned .<br />
PRIVATIZATION<br />
Sheikh Salem Abdul Az!z AI-Sabah, the<br />
Governor of the Central Bank of<br />
Kuwait, emphasized the necessity of<br />
providing the private sector with a<br />
b :gger role in the domestic ec<strong>on</strong>omic<br />
activity to help solve chr<strong>on</strong>ic problems<br />
pertaining to m<strong>on</strong>opclies witnessed in<br />
the public sector, in a recent interview<br />
in the English-language daily, the<br />
Kuwait Tirnes .<br />
"This will be very he':pful in<br />
des!gning <str<strong>on</strong>g>and</str<strong>on</strong>g> maintaining a balanced<br />
price pclicy, create incentives <str<strong>on</strong>g>and</str<strong>on</strong>g><br />
increase the spirit of competiti<strong>on</strong> in the<br />
local market," he said . "The private sector<br />
would attract local investment, which<br />
will in turn ciscourage capital outflow,"<br />
Like the other oil-producing<br />
countries, Kuwait has a large public<br />
sector that dcminates the ec<strong>on</strong>omy<br />
<str<strong>on</strong>g>and</str<strong>on</strong>g> the private sector, <str<strong>on</strong>g>and</str<strong>on</strong>g> includes the<br />
bulk of oil acd o!I-sector-related<br />
activities as we,.'' as a wide range of<br />
nomoil-related activities including the<br />
major utilities . -<br />
In a shcr, space of time trading has resumed its<br />
place as a'rainstay of Kuwaic's development .<br />
In Kuwait's commitment to growth,<br />
the private sector has to play<br />
an increasingly important role, The<br />
Kuwait Investment Authority (KIA),<br />
which is resp<strong>on</strong>sibie for the<br />
management of the <strong>on</strong>going revenues<br />
from oil, request.ed that the World<br />
Bank prepare a comprehensive<br />
privatizati<strong>on</strong> strategy <str<strong>on</strong>g>and</str<strong>on</strong>g><br />
implementati<strong>on</strong> plan .<br />
Ali A . Rashaid Al-Bader, KIA's<br />
managing director <str<strong>on</strong>g>and</str<strong>on</strong>g> a former<br />
banker, expiains that privatizati<strong>on</strong> will<br />
go ahead <strong>on</strong> two fr<strong>on</strong>ts . "We have<br />
already begun the sale of government<br />
shareholdings in some local<br />
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Burgan Bank Q<br />
Ahmed Al Jeber Sven<br />
5uea of Kuwur ~<br />
Td . :2a39W0 (20 6ncal<br />
Fex No. . 2