Kutayba Y. Alghanim announces that he has entered into an agreement with Warba Bank to sell all the shares comprising the capital of Alghanim Trading Company LLC—the holder of a 32.75% stake in Gulf Bank. The transfer of shares will take place upon receiving the necessary regulatory approvals.
This transaction concludes Kutayba Y. Alghanim’s longstanding investment in Gulf Bank, which began in 1996 and saw the bank’s total assets grow by 360%, reaching KWD 5 billion.
Reflecting on this milestone, Kutayba Y. Alghanim noted: “Our investment in Gulf Bank, spanning nearly three decades, has been an important chapter in our journey. As we conclude this phase, we look forward to considering opportunities that build on our experiences and complement our broader strategic direction.”
This transaction represents a pivotal step in Kutayba Y. Alghanim Group’s efforts to realign its investments, providing the group with the opportunity to redirect its resources toward new ventures that contribute to economic activity in Kuwait and the MENA region.
It is worth noting that Kutayba Y. Alghanim Group includes Alghanim Industries, one of the largest privately-owned companies in the Middle East and North Africa region, with a legacy spanning over a century. Employing more than 15,000 people across the Middle East, India, and Southeast Asia, the company operates in key sectors, including automotive, retail, services, industrial, and food and beverages.
Driven by a customer-focused approach and world-class systems and practices, Alghanim Industries continues its purposeful expansion to strengthen its presence across various sectors by introducing global brands in the automotive sector with a focus on sustainable mobility and achieving notable growth in the industrial sector in the Middle East, India, and Southeast Asia.
