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00:00 The first of its kind to issue permanent bonds in Kuwaiti dinars,
00:06 which includes the first chip of the capital.
00:08 The amount we were looking at, not less than 150 million,
00:12 was a very large amount for the market and the tools that were published in the market before in this field,
00:20 since it is the first of the first capital chips.
00:23 Of course, at the beginning, we had the issuance of all of them from Kamco Invest and the Gulf Bank.
00:32 And, thank God, we were able to help them attract a large number of investors
00:39 to write above the good, the honest and the one that is more than the required amount.
00:44 And the operation was a great success.
00:47 We issued two chips.
00:50 The first was a permanent bond and the second was a variable bond.
00:54 The first was a 50% bond and the second was a 15% bond,
00:59 above the price of the central bank.
01:02 We can point out that this process and the price that was paid for it
01:08 was better than the price that was paid for it in 2019,
01:12 when we issued the same bonds from the same chip in dollars.
01:16 The price of the treasury bonds for five years was almost equal to 400 points of interest.
01:26 Currently, the US bonds for five years are trading at a rate of 4.5,
01:32 while the interest rate of the central bank is 4.25.
01:37 Also, the interest that we issued is 3% compared to the previous issuance, which was 4%.
01:44 This is equivalent to a profit of about 1.25% of the cost of the bond.
01:55 Also, as they say, tightening in the credit spread,
01:59 which means reducing the interest rate.
02:02 This is a very positive thing for the bank.
02:05 We are taking advantage of this to increase the price of our banking equipment and liquidity.
02:15 This will have a positive impact on the bank in general.
02:20 Mr. Abdullah, the financial status of the central bank remains good.
02:25 Why is the return to the debt tools, in light of the general conditions in the global economy,
02:29 rising interest rates? Where will this cover go?
02:35 Of course, these debt tools, especially the first-party central bank tools,
02:41 are among the natural tools in the Basel III system.
02:46 It is not a routine thing. Most banks issue it.
02:49 This indicates that there is a side of investors and trust in the bank.
02:56 For us, this is a routine thing according to the current Basel standards.
03:00 This will increase the capital, and also add to the bank's liquidity.
03:05 This will help us implement the long-term and short-term strategy,
03:11 and provide the sides of capital and liquidity to expand our areas as a bank.
03:21 As you know, Kuwait is looking towards 2025 as a future vision.
03:27 As a bank, we want to be a major contributing factor in this vision.
03:32 We want to enhance our ability to grow.
03:39 Mr. Abdullah, how does the export market rate the loans in Kuwait and the acceptance of investors?
03:49 Unfortunately, the Kuwaiti export market is very weak.
03:52 Kuwait, as an investment country, does not have many assets.
04:00 As we know, the financial securities market relies heavily on banks
04:07 as a major pillar in accepting capital.
04:12 This is due to the trust of investors, as banks are monitored by the central bank.
04:21 We are grateful for the efforts in monitoring the trust of investors.
04:28 For us, as a bank, we want to show other assets and diversities to investors in the securities market.
04:36 This is a step to enhance the acquisition and preservation of Kuwaiti assets.
04:42 Over time, we see that the Kuwaiti capital sometimes has to leave the country to work.
04:51 On the contrary, this is an opportunity for us as a contributing factor in the Kuwaiti economy and the future vision of Kuwait
04:57 to export this share in Kuwaiti dinars, preserve the assets and attract investors from all sectors.
05:04 We hope that other banks will follow suit.
05:08 Thank you.
05:09 I would like to ask you about the evidence of this export, which is based on Kuwaiti dinars, not dollars.
05:16 The bank also said that this export is the first of its kind in the nature of export.
05:21 This is important for us.
05:27 We took a bold step to try to strengthen the Kuwaiti investor and attract investment.
05:35 We saw very positive and effective responses, as the demand for the export increased in terms of the required amount.
05:42 This strengthens our confidence in the local market and starts to strengthen the spread of financial performance.
05:53 In the end, we know that as a future vision for Kuwait, we need to attract and diversify the tools that attract the heads of money.
06:03 This is a positive factor for the future.
06:06 Yes.
06:07 Mr. Abdullah Abdel-Majid, Chief Executive Officer of the Bank of Barqan, you were with us from Kuwait.
06:12 Thank you very much.