Kuwait Projects Company completed the acquisition of Qurain Petrochemical Industries for $1.64bn.

Kuwait Projects Company, a holding company that focuses on investments in the Middle East and North Africa, completed the acquisition of Qurain Petrochemical Industries Company, a holding firm as an investor in the petrochemicals sector, for $1.64bn. “Today marks a milestone for KIPCO. We view the merger as a transformative transaction that will make KIPCO stronger and provide greater value to its shareholders, both the old and the new. The transaction was executed smoothly, reflecting the confidence that all parties have in the benefits that this merger brings. We now look to the future. KIPCO has now engaged a global advisory to take an in-depth look into our portfolio companies. Our aim is to maintain a diversified revenue stream, while balancing our asset concentration to mitigate market risks," Sheikha Dana Nasser Sabah Al Ahmad Al Sabah, KIPCO CEO.