Kuwait-listed firms disclose exposure in Qatar

Several companies and banks listed on the Kuwait Stock Exchange (KSE) have disclosed their exposure in Qatar amid escalating political tensions after Saudi Arabia, United Arab Emirates, and Bahrain cut diplomatic and trade ties with Qatar.

Al Mazaya Holding Co., which is listed in Kuwait and Dubai, said it has “very limited” exposure to the Qatari market. Total investments represent 3.8 percent of Mazaya’s overall assets.

“The company has exited its direct investment in Mazaya Qatar during the year 2015 and still owns 50,000 shares, representing 0.05 percent of Mazaya Qatar,” the Kuwaiti company said in a bourse statement.

The firm also owns a 17.5 percent stake in First Qatar Real Estate Development Co., which has projects under-construction in Qatar.

Mazaya said its statement were “in accordance” with the Kuwaiti Capital Markets Authority’s disclosure section.

National Bank of Kuwait in a statement last week said its total exposure in Qatar for more than one year was KWD 227 million, representing 0.9 percent of the total assets.

Boubyan Bank’s total exposure in Qatar is about KWD 3.2 million, representing 0.09 percent of bank's total assets, the lender said.

Other companies to disclose their presence in Qatar include Warba Bank, Kuwait Finance, House, KGL Logistics, and Al Ahli Bank of Kuwait.

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com