$5 million for the Emergency Response Fund
The Kuwait Fund for Arab Economic Development announced new financial contributions totaling US$5 million to the Kuwait Emergency Response Fund, provided by five national entities: Al-Makhazen Al-Bayda Group, Kuwait Industrial Bank, Abayat Megastore Company, Al-Rasheed Holding Group, and Abdulrahman Mohammad Al-Bahar & Partners and Sons, with each entity contributing US$1 million.
In a press statement, the Fund noted that the contributing entities reflect diversity across economic sectors. In the trade and distribution sector, Al-Makhazen Al-Bayda Group has a history spanning more than six decades. Founded by the late Yaqoub Youssef Al-Hamad in 1965, it began its operations in importing and distributing food products and consumer goods. Over the past decades, the group has continued to grow and expand, becoming today one of the leading companies in this sector, representing more than 50 prestigious global brands.
Additionally, Kuwait Industrial Bank, established in 1973, is a financial institution specialized in supporting and financing the industrial sector in the State of Kuwait. For decades, it has contributed to financing industrial projects and enhancing economic development. It also provides specialized financing solutions for small and medium-sized enterprises, as well as agricultural and livestock activities, thereby bolstering economic development.
As for Abayat Megastore, founded in 2005, the Fund highlighted that it is among the prominent Kuwaiti companies operating in the building materials, finishing products, furniture, and home furnishings trade sector, through its major stores in Kuwait and the Kingdom of Saudi Arabia. The contributing entities also include Al-Rasheed Holding Group, established in 2000 and owned by the Al-Rasheed family. The group comprises companies operating in contracting, oil services, technology services, and various industries, reflecting the diversity of its activities and its presence in the Kuwaiti private sector.
Among the Kuwaiti companies that have stood out in this context is Abdulrahman Mohammad Al-Bahar & Partners and Sons, founded in 1972. Its activities have expanded to include real estate, general trade, contracting, shipping, liner agencies, and logistics services, alongside a number of commercial and construction activities.
