NBK forces the pace in the Gulf region
National Bank of Kuwait is a leading force in raising capital using Shariah-compliant instruments for property development in its domestic market and in the region. Nigel Dudley reports.
"The company was recently awarded an A minus corporate rating by Capital Intelligence" Oscar Silva, NBK Capital
The National Bank of Kuwait has been the dominant financial institution in the country for many years, characterized by the speed with which it has moved into new sectors of the market without jeopardizing its core principles of prudence and sound banking practice. Nowhere has this approach been more clearly defined than in real estate, which is one of the fastest-growing areas of the economies of Kuwait and other countries in the Gulf region.
Its standing in the Euromoney/Liquid Real Estate 2007 poll will therefore come as no surprise. It ranks second in commercial banking behind regional and global heavyweight HSBC in the Middle East and north Africa region but leads the field in investment banking, debt capital markets and equity capital markets. It is also the clear leader for both commercial and investment banking in its home country.
The property boom in Kuwait has been stimulated by the government and the private sector’s commitment to new infrastructure and tourism and residential developments, such as Failaka and Bubyan Islands.