It gives me a great pleasure, for myself and on behalf of the members of the Board of Directors, the Executive Management and all the employees of Kuwait Credit Information Network Company (CINET) to welcome you to the 24th annual meeting of the ordinary general assembly. I seize this opportunity to express our deepest thanks and gratitude to all our shareholders for their continuous trust and support which is the principal incentive that motivates us to exert our best efforts to achieve the aspirations of the shareholders and achieve the transformation goals and strategies in lights of the Law No. 9 of 2019 for Organizing the Exchange of Credit Information and its Executive Regulations and observe the controls issued by the Central Bank of Kuwait with regard to this law.

Kuwait Credit Information Network Company continuous to make all possible efforts to promote its position as the sole prestigious entity that provides value added services to the banking, financial and commercial sectors in the State of Kuwait. CINET has made numerous operating achievements in terms of expanding its business model and realizing its institutional strategy, with added far-reaching effect and added value to both customers and shareholders in equal measure. These achievements coincide with the numerous challenges faced by the rapid technological development, particularly in the banking and financial sectors that have proved the strength and resilience of CINET’s work model in fueling the wheel of progress and benefiting from modern technological means to expedite the digital transformation process by exerting all possible efforts and endeavors to seize all business and project opportunities in line with its articles of association and the requirements of Law No. 9 of 2019 for Organizing the Exchange of Credit Information, thereby assisting in achieving business growth and financial results. Guided by the directions of the Central Bank of Kuwait, the optimistic vision of the Board of Directors and the dedicated work team and CINET’s well-established business transformation strategy with regard to the approach followed in ensuring business continuity and progress in the manner designed. To this end, CINET is keen to cater for the needs of customers and realize the expectations of our esteemed shareholders in all its present and future plans. The Company seeks to attain optimum benefit from its strong infrastructure in order to maintain its pioneering position in forming and directing the digitization process in all its operating activities.

For more than a quarter of a century, CINET has contributed to raise the level of its business performance through continuous efforts to create innovated and highly developed products and services inline with the digital transformation strategy of the Central Bank of Kuwait in order to be ready to move smoothly toward a business environment based on keeping abreast with the huge technological developments in the credit industry, thereby supporting the ability of the banking, financial and commercial sectors to provide their services in a highly competitive environment. On the other hand, within the framework of implementing its strategy, CINET aims to use all channels and exploit every possibility to include sectors other than the banking, financial and trading sectors, in order to enrich its credit information base, while continuously seeking to develop its operations in order to empower and assist customers to obtain their credit information in a simple and easy manner without complications or obstacles. The Company seeks to provide the technological and logistic support needed to apply the directions of the Central Bank of Kuwait in order to achieve the digital transformation of businesses to include all sectors, both government and private.

The key factor that sets CINET’s strategy apart is the serious endeavors made to benefit from the experience, technical and business cadres in providing and introducing multiple credit products while exploring new markets and new horizons in order to provide its services, thanks to its deep-rooted experience in credit information, thereby promoting the reputation of the State of Kuwait as a pioneer of futuristic and contemporary enlightened thought, and as destination that promotes innovation and creativity. With regard to new products and services, we are pleased to report the transfer of the follow up the collection of data and information related to the portfolio of returned cheques and accounts closed for insufficiency of funds, in order to enrich the customer credit information and data report and focus on the security, safety and development of the relevant data base infrastructure. This is one of the key elements that energize and strengthen the growth of auxiliary services in the financial and banking sector in the State of Kuwait. Furthermore, CINET is in the process of developing several systems to be carried out over the coming period to build on the various other works that have been successfully undertaken during the past years. Indeed many services are in various stages of development which are in preparation for launching the entirety of new projects and services in the local market.

During the financial year 2022 / 2023, CINET achieved a net profit of KD 2,681,223 after deduction of the provisions for Zakat and Kuwait Foundation for the Advancement of Science. Total revenues for the financial year ended on 30.9.2023 amounted to KD 5,231,269. This performance has contributed to bolstering shareholder equity to reach KD 19,915,617. In light of these results, the Board of Directors recommends the Ordinary General Assembly to distribute a cash dividend of 2% of CINET’s paid-up capital, in the amount of KD 329,688 to the present shareholders registered in CINET’s share register with Kuwait Clearing Company until the date of holding this meeting and after obtaining the approval of the Ordinary General Assembly and the competent authorities. The Board of Directors also recommends payment of a remuneration to the Board members in consideration of their efforts during the financial year ended 30.9.2023, at the rate of 1.83% of the profits after deduction of depreciation, transfers to the reserves and the distribution of dividends to the shareholders at the rate recommended by the Board of Directors as well as the provisions for Kuwait Foundation for the Advancement of Science and the provision for zakat, for a total of KD 49,000, after obtaining the approval of the Ordinary General Assembly and the competent authorities.

These results clearly reflect the strength of the substantial elements that promote CINET’s performance and work quality. They represent a sturdy foundation on which to build the development plans for the coming year. in order that we may continue to reap the fruits of the achievement, we must emphasize that the key factor has been the contribution made by our skilled and competent personnel whose loyalty and devotion to work has been the essential motive force in achieving this growth. For this reason we always seek to strengthen the competence of our work team and continue to provide them with the necessary training opportunities. We also contribute to the development of their abilities and skills to ensure undeniable excellence and outstanding success in their work, thereby enabling them to achieve good results through their fruitful efforts for CINET and its shareholders.

CINET has always sought to attract young nationals and makes sustained efforts to Kuwaitize most positions in line with the guidelines issued by the Board of Directors and the Company’s strategic plan. To this end, we attach a huge importance to our national manpower, both males and females, and encourage them to work within our team, whether they are fresh graduates or national leaders who have the ambition and motive to join the Company and benefit from its experience.

At CINET, we adopt a preventive approach that can identify the future requirements and needs of the banking and financing sectors as well as businessmen in all other sectors. To this end we, we identify probably risks and challenges based on specialized studies designed to explore and determine the best mechanisms and systems in order for us to develop them and promote their effectiveness. We also seek to identify the role and nature of our operating activities in fulfilling the strategic needs of the State of Kuwait in light of the directions issued by the Central Bank of Kuwait and other supervisory bodies. In turn, we contribution to the achievement of the goals and the Kuwait 2035 Vision by supporting economic activities, achieving human development, promoting the spirit of competition and raising production efficiency under a highly supportive institutional organization that seeks to deepen national values, safeguard social identity and human development and provides an appropriate business infrastructure that is both positive and sophisticated. For these reasons we believe that the coming period requires us to maintain our resilience in order to reap further achievements and attain the requirements for exploring various fields of modern and digital technologies, thereby maintaining and promoting CINET‘s business by looking for new possibilities and embracing new challenges. During 2024, CINET will continue to concentrate its efforts on its future growth, building on its leading and prestigious position, seeking to further enrich the multiple projects and innovations by sophisticated technological methods. The Company will continue to study a number of initiatives and strategic services and exploit all factors and digital capabilities that are being built in an optimum manner to strengthen its position in the local and foreign markets.

In conclusion, I am pleased, for myself and on behalf of the members of the Board of Directors, to express our deepest thanks and appreciation to His Excellency the Governor, Mr. Basel Al-Haroun, Her Excellency, Mrs. Sahar Al-Rumaih, the Deputy Governor of the Central Bank of Kuwait, Mr. Abdulhamid Dawood Al-Awadh, the Executive Director of the Supervision Sector and all the officers of the Central Bank of Kuwait for their continuous support and valuable directions. We also thank the members of the Board of Directors, the Executive Management and all the employees of CINET for their continuous efforts and devotion to their work, wishing them all lasting progress and success. Last, but not least, we do highly value the valuable support we receive from our shareholders and subscribers.

We wish all to achieve and enjoy the fruits of progress and good fortune.