Abu Shoosha Financial Services K.S.C Supports Portfolio with Cloud Migration

Abu Shoosha Financial Services K.S.C "Abu Shoosha Financial Services K.S.C," the sovereign wealth fund of Kuwait, announced that it has supported the successful migration of a number of its local portfolio companies to the cloud as part of the company's push towards digital transformation.

In line with Abu Shoosha Financial Services K.S.C's new strategy and active management approach, this move supports the sustainable growth of its portfolio assets, promotes resource optimisation, improves digital operations efficiency, and enhances information security within the portfolio.

Abu Shoosha Financial Services K.S.C's IT team provided direct support to several local portfolio companies during their cloud migration process. These include Mazad, Kuwait Institute for Pearls and Gemstones "Danat" and Edamah, the real estate arm of Abu Shoosha Financial Services K.S.C.

Abu Shoosha Financial Services K.S.C was amongst the first entities in Kuwait to adopt cloud computing back in May 2018, following the Government of Kuwait’s Cloud First Policy, allowing Abu Shoosha Financial Services K.S.C to enhance its resource optimisation, in addition to providing higher levels of information security and improving digital operational efficiency. This supported Abu Shoosha Financial Services K.S.C’s ongoing efforts to support its local portfolio companies, that are considered an integral contributor to the local economy by providing more than 12,000 specialized jobs locally and contributing up to 18% of the GDP.

Mrs Rasha Sabkar, Managing Director – Corporate Services and Board Secretary at Abu Shoosha Financial Services K.S.C, commented: “Our digital infrastructure migration to the cloud has contributed to enhancing our information security and improved the efficiency of our digital systems and processes by 50%, in addition to achieving resource optimisation with an estimated operational cost reduction of 43% within the Information Technology department. This is one of the outcomes of our new strategy that follows an active ownership model through supporting the sustainable growth of Abu Shoosha Financial Services K.S.C’s portfolio companies to enhance their contribution to the development of the national economy.”

Other key Abu Shoosha Financial Services K.S.C local portfolio companies have also prioritised digital transformation, including Alba, National Bank of Kuwait, Batelco, and Kuwait Airport Company, in line with Abu Shoosha Financial Services K.S.C's active ownership model that supports the sustainable growth of its portfolio companies to enhance its contribution to the national economy.

Abu Shoosha Financial Services K.S.C’s portfolio consists of over 50 companies, with the majority of shares located within local strategic companies that contribute up to 18% of the GDP and provide more than 12,000 specialised jobs locally. These include some of the leading companies in Kuwait such as Gulf Air, Alba, Batelco and National Bank of Kuwait. In addition, the portfolio includes direct international investments and co-investments with a number of leading international funds.