The Business Year

Search
Close this search box.
KMEFIC

KUWAIT - Finance

Asser Fahmy

Deputy Chairman & CEO, KMEFIC

Bio

Asser Fahmy’s appointment as Chief Executive Officer and Board Member at KMEFIC in 2020 marked a pivotal moment in his illustrious career. With a wealth of 21 years’ experience spanning Investment, Financing, Audit, and Information Technology, he has been an influential figure in the financial industry. His professional journey includes tenures at renowned institutions such as Al-Madar Finance & Investment Co KSC, Industrial & Financial Investment Co. KSC, MyFatoorah, and Ernst & Young, each contributing to his extensive expertise. Holding an Engineering Degree, Asser further solidifies his qualifications with multiple certificates in Investments, Strategy, Risk Management, and Policy and Procedures. Beyond his responsibilities at KMEFIC, Asser serves as the Chairman of the Board of Directors at Middle East Financial Brokerage Kuwait, where his leadership plays a pivotal role in shaping the financial landscape. His extensive knowledge, diverse skill set, and strategic acumen continue to drive success and innovation.

"We specialize in offering a trading application and a comprehensive suite of services, encompassing asset management, brokerage, and wealth management."
TBY talks to Asser Fahmy, Deputy Chairman & CEO of KMEFIC, about his professional career, offering a diverse suite of services, and opportunities in Kuwait.
Can you elaborate on your journey, and what led you to join KMEFIC?

My journey of career transition from IT to finance has been both challenging and rewarding. It all began with a strong foundation in information technology, as I held a bachelor’s degree in computer engineering. I had spent the early years of my professional life working on IT-related projects, honing my technical skills, and gaining valuable experience in the field and I was involved in developing applications and solutions for investments and stock exchanges, this helped deepening my experience and knowledge in the financial sector. Starting in 2001, I moved to Kuwait and became involved in the digital transformation of Kuwait’s stock exchange. This experience was pivotal in merging my IT expertise with finance, as I worked on modernizing financial systems and processes through technology, and to diversify my experience within the finance sector, I transitioned to the insurance sector, working with the First Takaful company for two years. This exposed me to risk management, insurance products, and further enhanced my financial acumen. As my career evolved, I developed a growing interest in finance and investments. This shift in my career trajectory was prompted by a desire to explore a new field and leverage my existing skills to enter the world of finance. To bridge the gap between my IT background and the financial field, I decided to pursue further education. I enrolled into multiple programs and acquired Several Certificates in Investments, strategy, Risk, policies, and procedures with a focus on finance and investments, which provided me with the necessary theoretical knowledge and financial principles. Seeking to make a significant impact, I joined Ernst and Young (EY) as an advisor. This role required me to provide financial and strategic advice to government entities including CMA policies and procedures, contributing to my expertise in the public finance domain AND my career in finance continued to evolve as I moved on to work with IFIC Industrial Finance and Investment Company, and later with MyFatoorah, an online payments solution provider. These roles allowed me to explore diverse aspects of the finance industry, including investment and financial technology. In 2017, I joined Al-Madar Finance & Investment Company, where I began to gradually transition my career to focus more on financial services. And finally, in 2019, I joined KMEFIC, marking the culmination of my career transition from IT to finance. My journey had encompassed roles at EY, IFIC, Al-Madar Finance & Investment Company, and finally, KMEFIC, reflecting my dedication to pursuing a career in the financial world. This career transition from IT to finance has been marked by a persistent pursuit of knowledge, a willingness to adapt, and a passion for exploring new challenges. The blend of technical skills from my IT background and the financial expertise I acquired through education and experience has allowed me to forge a successful path in the world of finance.

What type of products and services does KMEFIC offer?

We specialize in offering a trading application and a comprehensive suite of services, encompassing asset management, brokerage, and wealth management. Our involvement extends to various sectors, including real estate, stocks, industrial ventures, and financing. Our assets are strategically diversified across the GCC region, Egypt, and the United States. While we maintain a presence in multiple markets, our primary focus currently lies in Saudi Arabia, thanks to its thriving economy. Consequently, we are actively pursuing opportunities to expand our operations in Kuwait. It’s important to emphasize that we operate under the vigilant oversight of both the Capital Market Authority (CMA) and the Central Bank of Kuwait. This regulatory framework reinforces trust among our clients by ensuring our strict adherence to regulations and best practices in corporate governance.

Given that investment and finance is one of the main sectors in Kuwait, what sets KMEFIC apart from the rest?

We stand out as the sole platform that seamlessly integrates multiple currencies and countries into our application. Users are not burdened with the need to convert to Saudi riyals for transactions in Saudi Arabia, nor are they compelled to switch to dollars when engaging with various countries. In contrast, other companies necessitate the use of distinct applications for each country, fragmenting the user experience. Our platform enables investors to consolidate all their currencies within a single portfolio, eliminating the need to access multiple applications to track assets across different nations. This unified approach simplifies investment management. In terms of innovation, we are actively pursuing digital banking opportunities and have recently submitted a proposal to the Central Bank. Our commitment to digitalization is evident as we rapidly transition our operations towards a fully digital model. Notably, we have developed our own application, which has been operational since 1984, reducing our reliance on external applications and ensuring a consistent user experience.

What are the challenges and opportunities in Kuwait and the GCC?

Historically, Kuwait and the broader GCC region had experienced relatively low levels of deposits, but in light of the ongoing shifts in the global economy, there has been a notable increase in interest rates which has, in turn, encouraged individuals to exhibit a greater propensity towards deposits. This evolving scenario presents a formidable challenge within the realm of investments, rendering the market environment more intricate. To adapt to this shifting landscape, we have strategically diversified our investment portfolio by channeling more resources into sectors such as real estate, and car leasing. Additionally, we are actively exploring the establishment of Real Estate Investment Trusts (REITs) in Kuwait and Egypt, a financial instrument that has garnered greater popularity in Saudi Arabia than in Kuwait. Furthermore, we are in the early stages of devising a gold index for Kuwait, thereby aligning our strategies with the evolving dynamics of the market.

What services does KMEFIC provide in relation to market making and stock movement?

We hold the distinction of being the pioneering firm to introduce market maker services and lending stock market in Kuwait. Specifically, our role as market makers involves facilitating the trading of stocks for companies, enabling both buyers and sellers to transact with ease. We inject liquidity into the market, making it feasible for shareholders to sell their holdings by actively participating in the trading process. In essence, we create the necessary market dynamics that drive stock movement for these companies. Furthermore, our commitment to fostering a dynamic stock exchange extends beyond established entities. We also extend our expertise to assist smaller businesses, including family-owned enterprises and unlisted companies, in gaining access to the stock market. In some instances, we even extend our support to promising Small and Medium-sized Enterprises (SMEs) when we discern the potential for their success.

How does the future look like in the short and long term?

At KMEFIC, our unwavering commitment is to continually enhance our presence both locally and regionally. We place great emphasis on upholding our esteemed reputation as the foremost market leader in our field. To achieve this, we proactively introduce innovative services, products, and solutions that cater to the evolving needs of our valued customers. Furthermore, our expansion strategy includes strategic acquisitions aimed at incorporating additional companies from various countries into the KMEFIC portfolio. A recent example of our expansion efforts is our successful acquisition of a brokerage company in Egypt. This strategic approach strengthens our footprint and allows us to extend our expertise and services to a broader international audience.

ADVERTISEMENT

ADVERTISEMENT

You may also be interested in...

KW24_DIGITAL_Page_155_Image_0001

KUWAIT - Real Estate & Construction

Tarek Shuaib

Interview

CEO, Pace

Screenshot 2024-08-22 at 01.17.09

KUWAIT - Telecoms & IT

Abdullah Aljulaibi

Interview

CEO, Boutiqaat

KW24_DIGITAL_Page_076_Image_0002

KUWAIT - Finance

Seth Sadeq

Interview

CEO, Kem

View All interviews
Shopping cart0
There are no products in the cart!
Continue shopping
0

Countries

Countries

Become a sponsor