Kuwait Pro Co(Cymn) 77ZB KIPCO signs MoU with ORIX Corporation

  Kuwait Pro Co(Cymn) (77ZB) - KIPCO signs MoU with ORIX Corporation

RNS Number : 1964P
Kuwait Projects Co. (Cayman)
22 October 2012
 



 

                                       

 

                                       

                              Immediate Release

                                       

                    KIPCO signs MoU with ORIX Corporation

 

                                       

Kuwait City, 21^st October,  2012: KIPCO - the  Kuwait Projects Company -  has 
signed a Memorandum  of Understanding  (MoU) with  the ORIX  Corporation -  an 
integrated financial services group in Japan.

 

The two companies intend to establish a strategic alliance for the development
of leasing and financial  services in the MENA  region. The MoU between  KIPCO 
and ORIX  also includes  an intention  to  carry out  a feasibility  study  to 
explore the formation of a leasing company in Algeria. This feasibility  study 
will commence in the next three months.

 

Representatives from both companies signed the MoU at an official ceremony  in 
Kuwait last night. They said the  synergies between KIPCO and ORIX will  allow 
them to  combine their  expertise  and experience  in  an expansion  of  their 
operations within the MENA region.

 

Speaking at the event, KIPCO's Vice Chairman, Mr Faisal Al Ayyar, said:

 

"ORIX is one of  the world's biggest financial  services companies and we  are 
very pleased they have  agreed to explore  business opportunities with  KIPCO. 
Their expertise, combined with our knowledge of the MENA region, will allow us
to assess the potential of the leasing  model in some of our key markets.  Our 
intention to study the viability of a leasing company in Algeria is based upon
our positive experiences  there. Algeria has  a business-friendly  environment 
and huge potential for this  type of business.  I  am delighted to welcome  Mr 
Miyauchi and his team to Kuwait and sign this MoU between our two companies."

 

ORIX Corporation's Chairman and Chief Executive Officer, Mr Yoshihiko Miyauchi
said:

 

"I am very happy to visit Kuwait  and to have entered into a partnership  with 
KIPCO. KIPCO and ORIX share the same business philosophy and objectives and we
have  today  laid  the   foundation  for  a   long  and  mutually   beneficial 
relationship. For ORIX, the MENA region is an important market and we hope  to 
expand strongly  here  in  collaboration with  KIPCO.  Throughout  the  world, 
leasing has played an important role in establishing industrial infrastructure
and job creation through the development of small and medium-sized businesses.
However, in the MENA  region the penetration of  the leasing concept is  still 
low. We believe  through our venture  with KIPCO, we  will not only  establish 
successful businesses, but  will  also  contribute to  the  economies  of  the 
countries we will operate in."

 

It was also  announced that KAMCO  is acting as  KIPCO's and ORIX's  strategic 
business advisor on the Algerian feasibility study.

 

                                   - Ends -

 

 

Notes to Editors:

 

About KIPCO Group:

The KIPCO Group  is one of  the biggest diversified  holding companies in  the 
Middle East and North Africa, with consolidated assets of US$ 22.1 billion  as 
at 30 June,  2012. The Group  has significant ownership  interests in over  60 
companies operating across 26 countries. The group's main business sectors are
financial  services,  media,  real  estate  and  industry.  Through  its  core 
companies, subsidiaries  and  affiliates,  KIPCO also  has  interests  in  the 
education and medical sectors.

 

About ORIX Corporation:

ORIX Corporation (TSE:  8591; NYSE:  IX) is an  integrated financial  services 
group based in  Tokyo, Japan,  providing innovative  value-added products  and 
services to both corporate  and retail customers  with consolidated assets  of 
JPY8,332billion (US$101.3billion) as at 31  March 2012. With operations in  28 
countries and regions worldwide, ORIX's activities include corporate financial
services, such as leases and loans,  as well as automobile operations,  rental 
operations, real estate,  life insurance, banking  and loan servicing.  ORIX's 
operations in the MENA region include leasing companies in Oman, Egypt,  Saudi 
Arabia, UAE  and  Pakistan.For more  details,  please visit  our  website  at: 
http://www.orix.co.jp/grp/en

 

 

Further information:

                                   

Robert Hipkins                Group Communications Director

T: +965 2245 4286        

M: +965 6635 6969

rhipkins@kipco.com

 

Eman Al Awadhi             Assistant Manager

                                    T: +965 1805 885 ext. 1615

                                    M: +965 6033 6399

                                    Eman.Alawadhi@kipco.com

 


 

 

                     This information is provided by RNS
           The company news service from the London Stock Exchange
 
END
 
 
MSCGCBDGIUDBGDD -0- Oct/22/2012 09:59 GMT