Kuwait Financial Centre’s (Markaz) assets under management (AUM) increased by 12% year-on-year at the end of the first quarter of 2019 to KWD 1.16 billion, recording its highest level in five years, the company’s CEO said.
Markaz achieved a positive performance at the beginning of 2019 in managing assets, capitalising on its banking services and major businesses, Manaf Alhajeri added in a statement.
The fees of Markaz’s AUM reached KWD 1.77 million by the end of Q1-19, while the fees of the banking and investment services amounted to KWD 150,000.
Revenues generated from major investments soared 82.1% to KWD 5.36 million in Q1-19, while the quarterly yield attributable to shareholders hit 3.84%.
Alhajeri further noted that the company started to establish two new projects in the industrial sector in the US during the first three months of this year.
The global real estate arm of Markaz plans to continue enhancing investments in profitable assets, especially in the US, Poland, and Germany.
In Q1-19, Markaz reported a 112.4% year-on-year hike in profits to KWD 3.643 million from KWD 1.715.