Dr. Adel Asem: 2009 - the Year of Change & Facing callenges
The Third General Assembly of the National Offset Company was held on Thursday 20 May 2010 at the Company’s headquarters. The event was headed by the Chairman of the Board, Dr. Adel Asem, and attended by the General Manager Mr. Mazen Madooh, as well as representatives of Kuwait Investment Authority (KIA), the Audit Bureau, and the Ministry of Trade and Industry, and the external auditor of the Company Moore Stephens Alnisf & Partners.
The Chairman Dr. Adel Asem welcomed the attendees and reviewed the financial results for the fiscal year that ended on 31/12/2009. He stated that the Company achieved a net profit resulting from operational activity amounting to KD1,075,632, recording an increase of 76% compared to the previous year. Total fixed and current assets rose to KD4,546,727 witnessing a 35% increase from their level in the year 2008. The total annual revenues reached KD2,328,400 with an increase of 52.8% compared to their level in the year 2008; total expenditure also rose to KD1,252,768, with an increase of 37% compared to 2008, taking into account the increase in the number of employees in the Company and the significant expansion of its activities in 2009.
Dr. Adel Asem also stated that NOC has stepped up its activities during the year at all levels, and has managed the transition period after shifting to the newly developed organizational structure, in line with the Company’s first Business Plan of 2008-2010. The Company witnessed the adoption of automated IT applications in its operations.
Furthermore, during the year, NOC attained several achievements in its core business of managing Kuwait Offset Program in terms of increasing the number of government contracts detected both tendered and awarded coming to a total of 1011 Tenders. Offset Obligation was imposed on 11 supply contracts signed with 3 government entities, and 18 Memorandum of Agreements (MOAs) signed between NOC and foreign companies with offset obligations (obligors), while 8 foreign obligors completed the discharge of their offset obligations resulting from 9 supply contracts. On the other hand, NOC received 43 concept paper proposals, initially approving 19 of which 16 proposals were submitted by the local private sector. Another 16 project proposals were considered to be implemented during 2010 and beyond, half of which were direct offset projects. NOC is in the process of pursuing further the Fast Track Initiative aimed to facilitate implementing investment projects, in coordination with various relevant government entities.
As to other supporting activities, the Company resumed its efforts during the year to consolidate the outreach and networking campaigns to foster its branding and raising awareness of NOC’s role in the management of Kuwait Offset Program, as well as pointing out the most important procedures. NOC participated during the year in 11 specialized offset and economic conferences and exhibitions organized by international and regional organizations.
Dr. Asem thanked NOC Board of Directors , NOC General Manager, and staff on their continued efforts to strengthen the position of the Company and its role in managing the Kuwait Offset Program in accordance with professional, efficient, and transparent standards, aspiring to achieve the mandated three objectives of the Offset program pertaining to the transfer of technology, job creation, and training opportunities for Kuwaiti nationals, contributing to the country’s development and economic strategy.
In conclusion, Dr. Asem congratulated the new Board of Directors appointed by Kuwait Investment Authority, and extended appreciation to the previous Board of Directors for their concerted efforts during the Company’s establishment phase.
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May-20,2010