The Chairman of Integrated Turnkey Systems (ITS) Mohammed Al-Fozan said that Chinese communications network company Hawawi has reached an agreement with ITS, which is the technological arm of Kuwait Finance House (KFH), to acquire the company’s communications sector. He explained that this proves that KFH’s technological investments are successful, which encourages KFH to further invest in this vital sector.
It is worth noting that ITS that is 95% owned by KFH, has signed an agreement with Hawawi Company to sell one of its assets, which allows KFH to achieve USD 40 million in profits which is expected to appear in the fourth quarter 2011. He added during an interview with CNBC Arabia Channel that the growing interest in investments made in the IT and communication fields by institutions and governments, has proven that KFH was able to successfully forecast the future and has taken calculated risks when it founded an IT company in 1981; especially that at that time, this field of business was unknown to many institutions.
Moreover, he mentioned that the company invests in banks and education sectors, especially that the government and the public have a growing interest in the education sector, while the banking sector seems to be in constant need to advanced technology to be able to maintain their competitive statuses. He revealed that indicators show that the markets in the region will witness noticeable changes and approaches during the coming five years at least to increase investments in those sectors.
In addition, he said that ITS has 24 offices in East Asia, the Gulf, and Africa, to offer integrated services to companies. He went on to say that the company adopts a balanced approach in its expansion without stretching its geographical expansion limits; thus avoiding additional burden and commitments, not to mention the strong competition in that field. He stressed that KFH does not interfere in managing the company, but takes part in setting and following the execution of strategies.
He highlighted the fact that ITS has witnessed a series of developments during the past years, which allowed KFH to win several awards by specialized international authorities