"IFA" to create 3 international funds with a
capital between USD 300 and 500 million
Al-Bahar: "We consolidated our presence
when the market was flourishing, and when its performance decreased, the group's
assets still increased to Kuwaiti Dinars 404 million"
For Immediate Release
Despite the instability
of the stock market during 2006 and the huge loses many firms endured, The
International Financial Advisors (IFA) managed to successfully weather the volatility
of that time. Unlike many other companies, IFA not only managed to maintain a
positive performance and not suffer any loses during the period of correction, but
also maintained a healthy market value for its assets, a feat which is normally
impossible to manage at such a time.
In the final
quarter of 2006, IFA began its second phase of its investments map to broaden
its activities in the management of Gulf assets both regionally and
internationally. The future ambitions of the organization and their positive
past performance, have both been cited as examples of IFA's
credibility and integrity to put into place a feasible arrangement to operate
the firms activities by.
"We have been
consistent in our growth and aim to continue our expansion of income-producing
assets and new projects in various parts of the world that will ultimately
generate greater income for our shareholders. The decline in asset prices, was something we
anticipated and prepared for, helping us to eventually increase our assets to 404
million Kuwaiti dinars", said Mr. Jassim Al-Bahar,
Chairman
of The International Financial Advisors (IFA).
He added: "Given the results of IFA in 2005, it is
clear that the profitability of the company which amounted to 152 million dinars
(without
counting the minority rights, which is in most operational profits) is a result of the inclusion of IFA Hotels and Resorts on
the Kuwait Stock Exchange, where the company retained a majority share of
55%."
IFA have also begun
preparation to offer asset management to the European market, in addition to
several other firms related to various other projects, including one of the
biggest projects in the tourism domain for The International Resort Firm,
project for Kuwait Real Estate, and Kuwait Invest.
Dr. Rassem Zok, IFA CEO, talked about
the new strategy the group will follow in its future activities that will
insure that they maintain a first class criterion for which its firms will
operate under – a criterion set to international standards. He stated IFA is
looking forward to managing assets from outside the group as a means of
portfolio diversification in order to protect themselves from adverse changes
that may occur within its home markets. Negotiations are currently underway
with various international firms on this matter.
"We are
currently at an advance stage in the negotiations with a British company that
works in the domain of financial markets for specialized firms'
securities", confirmed Zok.
Within the IFA's aims to move toward establishing firms with international
financial parties, that include international intermediaries, Zok said: "We look forward toward submitting 3
international funds with capitals between $ 300 and 500 million during this
year. The first fund will be in one of the developing markets with an assured
capital for the shareholder.
"Our ability
to create new investment tools characterized and designed for the professional
world allows for any of our firms to effectively deal with international
parties. These activities also contribute to attracting assets from outside the
present framework of our operations."
IFA is working
toward strengthening its share in the brokerage sector either directly or
indirectly. The company is initiating negotiations with 3 brokerage firms in
the Far East in addition to establishing a brokerage firm in Syria, (a process
that is in its final stages), and 2 other firms in Dubai and Egypt.
IFA are currently
working on the restructuring of the company's administrative process, so it can
be inline with international standards and the requirements needed to operate
in the global financial markets. Here each firm in the group will benefit from
a decentralization of the decision making process, operating autonomously and
allowing for each firm to grow individually while providing an added value to
the holding as a whole.
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