Finance
Jawad Ahmed Bukhamseen
Founder & Chairman
FOUNDER'S MESSAGE
Any undertaking driven by the desire for achievement and guided by the love of one's country is likely to meet with success, no matter what the odds are. In the case of our Group, we owe it to the Almighty to have been granted countless opportunities to serve Kuwait and its people, and to enrich the region's experience in trade; real estate; investment; banking and insurance; hospitality tourism and travel; industry and many other areas through our contributions in these sectors.

At the Bukhamseen Group, our success was not achieved by sheer coincidence or luck, nor was it inherited, or the product of imitation. It all started in 1957 as a personal initiative motivated by a strong will to succeed, and a firm belief in Kuwait as a fertile ground and an oasis of stability for honest and wise business endeavors to come to fruition. The success of those who came before us, the pioneers who establised the first banks and commercial companies in Kuwait, bears witness to our country's auspicious business environment.

The story of our success reflects the story of Kuwait's own success and its resilience in the face of difficult times, despite its small size and limited population. The difficult times which our country went through presented us with several challenges which we, like most other Kuwaitis, readily accepted and overcame. Among our most notable achievements in this regard, was overcoming the limitations of both investment opportunities and financial resources, and succeeding through hard work and abidance by ethics and religious principles in becoming a sturdy business entity, thereby contributing to our country’s regional and global prominence.

Just a few years after its inception, the Bukhamseen Commercial Company had vastly expanded, as a result of availing of the series of changes which occurred on several fronts in the State of Kuwait, and which allowed our company to play an influential role in shaping its own future. Things were not easy at the onset nor did they become so later. It is no secret that I have started my journey in the business world having only myself to rely on. Today, the Group I am chairing encompasses tens of companies, and is also a shareholder and partner in tens of other companies.

However, in my mind and my heart, my most important company, one which I am particularly proud of, is my family and my sons whom I consider my real capital. I am thankful for this to God the Almighty, to my beloved country and countrymen, and to our rulers who have always so wisely guided our country’s history in the right direction, taking us from challenges, and sometimes difficulty and pain, to the achievement of success.

Currently, the Bukhamseen Group is proud to have in its top managerial positions a young generation of experts and specialists, who are also the Group’s decision makers, each in his own area of specialisation, they are: Mr. Emad Bukhamseen, (Vice Chairman and Managing Director), Dr. Osama Bukhamseen (Managing Director), Mr. Anwar Bukhamseen (Managing Director), and Mr. Raed Bukhamseen (Managing Director). Along with them are well-known experts with proven accomplishments in several of the Group’s companies and projects.

Our Group has duly earned domestic, regional and international recognition by constantly expanding the sphere of its activities. We now have interests in fields as diversified as general trading; real estate, including building, trading, asset management, urban planning consulting, civil engineering, and major development projects; finance, from investment to banking and insurance; hospitality, travel and tourism; industry production, including foodstuffs and building materials; and media and communications.

Efficient management of the country’s riches and the application of its wealth to lucrative investments and development made Kuwait and other GCC countries a place of choice for business opportunities. Many circumstances contributed positively to that aspect, including the difficulties which the region went through at certain times, and which Kuwaitis have turned into opportunities.

Within all the circumstances and events which the country went through, the Bukhamseen Group was able to play a positive role in the national economy by appropriately pre-empting and meeting market demand. Noteworthy in this context is the rise in domestic market demand upon the advent of the oil era in Kuwait, which was driven by the rise in average per capita income, in light of the government’s programme for the distribution of oil wealth to nationals through various channels, such as the public acquisition of lands at higher than market value, the provision of employment to Kuwaitis, and presenting local enterprises with the opportunity of executing government contracts. Worth mentioning too in this regard is that while the government’s programme distributed a large portion of the oil wealth to the Kuwaitis, it also benefitted our brothers the expatriates who live with us on this good earth, and who deserve my appreciation for their contribution to firming the basis of the development of modern Kuwait.

Furthermore, Kuwait’s modern constitution, which is based on national values, citizens’ rights and duties, and the assurance of an honorable life, also allowed Kuwaitis to trade with other countries worldwide without any restrictions on international capital movements. I will even add that, in light of its constitution, Kuwait was able, through the Kuwait Fund for Arab Economic Development, to play a significant role regionally, by providing aid, grants and soft loans to other countries.

Over the years and through the various phases and periods of Kuwait’s history, the Group has effectively contributed to national affairs. During the Manakh crisis, the government required us, along with a select group of Kuwaiti businessmen and financial specialists and experts, to propose solutions and initiate remedial action to alleviate the impact of the crisis. Furthermore, during the gloomy days of the Iraqi occupation of Kuwait, I was one of many who answered our beloved country’s call by taking up a leading role in managing the then available resources in support of the Kuwaiti resistance and in furtherance of the national effort in the face of occupation at that time.

After liberation, the Group took it upon itself to restructure its investment strategy to focus principally on the reconstruction of Kuwait. Accordingly, from the nineties onward, the Group reacted primarily to the requirements of the market, therefore achieving further growth and development. As oil prices boomed and lent further strength and support to the Kuwaiti economy, by driving up demand in the domestic market, our Group was there to meet its share of that demand, thus continuing to support its own growth at the same time.

Also, as we can see, the success of our Group was linked to the giant strides achieved by Kuwait under the leadership of its memorable Emirs, who are all remembered for their great social, economic and financial achievements during the time of peace, for their major role in defending and leading the country during the time of occupation and for their wisdom and farsightedness which are at the basis of the substantial growth and solid democracy witnessed in today’s Kuwait.

In closing, I pray to the Almighty to grant us all success in the fulfillment of our duties towards our fellow countrymen, and in the pursuit of sustained prosperity for our beloved Kuwait.