The Top 10 list of the largest companies in Kuwait is compiled and updated bi-annually by the MarcoPolis research team. The numerical rankings are calculated by assets from each company’s annual reports. The Top 10 list is topped by Kuwait Investment Authority (KIA), which accumulated 592bn USD in assets as of 2016, followed by Kuwait Petroleum Corporation (KPC); ranking #12 and #15, respectively, in Forbes' Top 100 Companies in the Arab World list.
Kuwait is a small petroleum based economy controlling roughly 6% of the world’s oil reserves. Oil and gas represent nearly 60% of GDP and 94% of export revenues. The availability of high oil revenues has delayed privatisation and the diversification of the economy. However with state revenues being substantially impacted by the collapse in global oil prices in 2015, the government of Kuwait has intensified its efforts to reform, encourage foreign investment and to support economic diversification. The IMF estimates that GDP for 2017 will be 124.9 billion US dollars.
Top 10 Largest Companies in Kuwait by Assets
The List
| Rank | Company | Country | Industry | Chairman | Asssets (bn USD) |
Description |
|---|---|---|---|---|---|---|
| 1 |
Kuwait Investment Authority (KIA) |
Kuwait | Investments | Anas Khaled Al-Saleh | 592 | The largest company by assets is no other than Kuwait’s largest sovereign wealth fund—Kuwait Investment Authority (KIA). KIA is an autonomous government body responsible for the management and administration of the General Reserve Fund (GRF), and the assets of the Future Generations Fund (FGF), as well as any other funds entrusted to it by the Minister of Finance for and on behalf of the State of Kuwait. KIA invests in the Local, Arab and International Markets with its main office located in Kuwait City and a branch office in London, UK. KIA is by far the largest company by assets. Kuwait transfers 10% of oil revenue into the Reserve for Future Generations each year, which is the overall responsibility KIA in Kuwait, the parent organization of the Kuwait Investment Office. |
| 2 |
Kuwait Petroleum Corporation (KPC) |
Kuwait | Oil & Gas | H.E. Isam Al Marzouq | 110.57 | KIA is followed by KPC, which is the largest corporation in Kuwait and one of world's largest corporation by revenues, larger than Deutsche Telecom, BMW, HSBC, Petronas, BHP Billiton, Microsoft, Boeing, Pfizer, Goldman Sachs, Lockheed Martin etc. KPC is has diverse business interests across the spectrum encompass all aspects of the hydrocarbon industry, from onshore and offshore upstream exploration through production and refining, marketing, retailing, petrochemicals, as well as, marine transportation. KPC has numerous subsidiaries: Kuwait Oil Company (KOC), Kuwait National Petroleum Company (KNPC), Petrochemical Industries Company, Kuwait Oil Tanker Company, Kuwait Aviation Fuelling Company, Kuwait Foreign Petroleum Exploration Company, Kuwait Petroleum International, Kuwait Gulf Oil Company, Oil Services Company, and Oil Development Company. |
| 3 |
National Bank of Kuwait (NBK) |
Kuwait | Banks & financial services | Nasser Musaed Al-Sayer | 81.6 | Market Capital as of May 2016 $11.6 Billion USD The National Bank of Kuwait was the first indigenous bank in Kuwait; all board members and founders were renowned merchants of Kuwaiti origin. It is the largest bank in Kuwait and has established itself as a financial leader in the Arab world. The National Bank of Kuwait has assets of over $43billion USD and a market share of 35%. |
| 4 |
Kuwait Finance House (KFH) |
Kuwait | Banks & financial services | Hamad Abdulmohsen Al-Marzook | 27.46 | Market Capital as of May 2016 $8.2 Billion USD Kuwait Finance House was founded in 1977. It is considered a pioneer in Islamic Finance banking or Sharia compliant banking. Today it is one of the leading Islamic financial institutions in the world. It is one of the biggest lenders in both the local and the regional markets. Kuwait Finance House is a publically listed company on the Kuwait Stock Exchange and the largest shareholder in the Kuwait Investment Authority. |
| 5 |
Kuwait Projects Company (KIPCO) |
Kuwait | Investments | Sheikh Hamad Sabah Al Ahmad Al Sabah | 31.8 | Market Capital as of May 2016 $2.7 Billion USD KIPCO Group comprises over 60 companies and employs over 12,000 people. It was founded in 1975 and today is one of the MENA region’s most successful companies. KIPCO’s main business sectors are financial services and media, though it has holdings in manufacturing and real estate also. KIPCO Group companies include Burgan Bank Group which is one of the region’s biggest banking groups as well as Gulf Insurance Group, both with activities in Africa and the Middle East. KIPCO also has majority ownership of OSN, the region’s largest and most successful pay TV company. |
| 6 |
Gulf Bank |
Kuwait | Banks & financial services | Omar Kutayba Alghanim | 18 | Market Capital as of May 2016 $4.6 Billion USD Gulf Bank is a Kuwait based financial institution providing a wide range of financial and investment services. The bank is structured into four business units including personal, priority banking, business banking and corporate and institutional banking. |
| 7 |
Al Ahli Bank of Kuwait (ABK) |
Kuwait | Banks & financial services | Talal Mohamed Reda Yousuf Behbehani | 14.4 | The creation of ABK in 1967 brought together diverse departments which are extraordinary in their individual capabilities as well as in the ways they enhance and complement each other. Whether serving the needs of the retail market through deposit products, the provision of Visa or MasterCard credit services or a comprehensive consumer loan programme, Al Ahli Bank of Kuwait works to provide superior solutions to its customers’ financial needs. The Bank has a retail network of 22 branches and overseas branches in Dubai, UAE & Abu Dhabi. Al Ahli Bank of Kuwait is the Best Retail Bank in Kuwait for 2017 as it recently won the prestigious Best Retail Bank in Kuwait award from The Asian Banker for the second year in a row. |
| 8 |
Commercial Bank of Kuwait (CBK) |
Kuwait | Banks & financial services | Ali Mousa Al-Mousa | 13.4 | Market Capital as of 2016 $2 Billion USD Commercial Bank of Kuwait is one of the largest financial institutions in Kuwait. Established in 1960 it is the second oldest bank in Kuwait. The Bank is one of the leading lenders to diverse power, construction and infrastructure projects in Kuwait. |
| 9 |
Zain |
Kuwait | Telecommunications | Mohannad Al Kharafi | 11.6 | Market Capital as of May 2016 $4.5 Billion USD Zain is the pioneer of mobile telecommunications in the Middle East. Founded in 1983 it was the region´s first mobile operator and has since expanded rapidly. Today, Zain is a leading mobile and data services operator with a commercial footprint in 8 countries in the Middle East and North Africa. The group employs over 7000 staff and provides mobile and data services to over 47 million active customers. Zain is listed on the Kuwait Stock Exchange and the company´s capital is 100% free floating and publicly traded. The largest shareholder is the Kuwait Investment Authority with a 24.6% stake. |
| 10 |
Agility |
Kuwait | Logistics | Tarek Abdulaziz Sultan Al Essa | 4.8 | Market Capital as of May 2011 $1.3 Billion USD Agility or The Public Warehousing Company K.S.C (PWC) is a Kuwait based company that provides global integrated logistics solutions. The company operates through three main business units including Global Integrated Logistics, Defence and Government Services and Investments. The logistics unit provides a comprehensive service of warehousing facilities, transportation and freight management services. Turnover of more than $5 Billion USD per year |
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