Al Ahli Bank of Kuwait Hitting new heights in Kuwait, Egypt, and UAE

Kuwait, the world's largest per-capita crude oil producer, is set to experience a strong 2022, aided by high global demand for oil and gas. In fact, Kuwait's economy is likely to see its best performance in a decade in 2022, with economic growth of about 8% predicted for the gulf country, according to S&P Global Ratings, followed by growth of 5.5% in 2023.

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The Kuwaiti banking sector is also going from strength to strength, with both Islamic and conventional banks booming. Kuwait currently has five Islamic and five non-Islamic banks, with the Islamic banking sector in particular expanding at a rate of around 9-10% a year. After seeing profits decline in 2020, the banking sector as a whole saw earnings rise by an impressive 56.6% in the 12 months to September 2021.

Established in 1967, Al Ahli Bank of Kuwait (ABK) has played a major role in Kuwait's socio-economic development and been involved in many governmental projects, and has helped investors coming into the Kuwait market.

ABK now has total assets of over $18.6 billion, with a loan book of about $12 billion at the end of 2021. "ABK has contributed strongly towards the development of the private sector, as well on the retail level. We're a universal bank, with 29 branches in Kuwait including the head office" says George Richani, ABK Group CEO.