Kuwait Projects Co (KIPCO) said on Tuesday it expected to make a 2008 net profit of between 105 and 110 million dinars ($412 million).


In 2007, KIPCO reported made a profit of 521.69 million dinars ($1.95 billion) which was boosted by the sale of its stake in Kuwaiti mobile operator National Mobile Telecommunications Co. (Wataniya) to Qatar Telecommunications (QTEL).

Chief Executive Faisal al-Ayyar told an investor conference KIPCO planned to pay a dividend of 80-90 fils per share in 2008, down from 90 fils last year. There are 1,000 fils to the dinar.

KIPCO is looking at investing in Syria, Saudi Arabia, Qatar and Egypt and was considering buying into education and housing sectors apart as well as increasing its exposure to the financial services industry, he said.

"We want to increase our holdings in the financial services industry," Ayyar told the conference.

KIPCO raised last year stakes in Kuwaiti lender Burgan Bank, Bahrain's United Gulf Bank and insurer Gulf Insurance.

Burgan Bank said on Monday it is considering buying strategic stakes in lenders in the Middle East and North Africa. (Reuters)