ADMINISTRATIVE AND FINANCIAL REPORT FISCAL YEAR ENDING 31 DECEMBER 2019
ADMINISTRATIVE AND FINANCIAL REPORT
TABLE OF
CONTENTS
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01 02 03
Introduction • KuwaitBC Foreword • Current Administrative Board
●2019: Facts & Figures • Administrative Report 2019 • Financial Report and Performance • Final Audited Account for FY 2019
●Annexes • Agreements & Contracts • Minutes & Decisions
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ADMINISTRATIVE AND FINANCIAL REPORT
KuwaitBC Foreword This report provides a summary of the administrative and financial activities of the second Administrative Board during this fiscal year (January 1 to December 31, 2019). This report summarises the major events that took place during the sitting Board’s tenure. Also, attached to this report is a separate document entitled “The Annual Book: Activities and Milestones of 2019”, which details key milestones and achievements linked to undertaken initiatives, events, partnerships, and meetings. The aforementioned annual book is available in both Arabic and English, in hard and soft copy, on KuwaitBC’s website. This report includes a digest of the main revenues and expenses, as well as the external auditor’s report (performed by “Watheq Financial Audit”). It also makes references to the key entities that provided their support and sponsorship to KuwaitBC and its various activities throughout the year. Finally, a section consisting of administrative annexes, such as meeting minutes, agreements, and the current Board’s handover plan has been added to the report to ensure the smooth transition to the next Board, as stipulated in the Standard Articles. We would like to express our sincere gratitude to all those who contributed to accomplishing the stated achievements, including our members, partners, and supporters. We always value this great trust just as much as we appreciate the attendant responsibility, and we wish success to the next Administrative Board in their upcoming responsibilities. The Administrative Board Kuwait Business Council in Dubai
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ADMINISTRATIVE AND FINANCIAL REPORT
KuwaitBC Administrative Board (2018-2019)
Ms. Luma Jassim Bourisly Chairperson
Mr. Mohammed Ibrahim Al Rubaiaan Vice-Chair
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ADMINISTRATIVE AND FINANCIAL REPORT
Mr. Saad Abdullah Al Rubaiaan General Secretary
Mr. Ramzi Al Zarouni Treasurer
Mr. Mahmoud Al Refai Board Member
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ADMINISTRATIVE AND FINANCIAL REPORT
2019
ADMINISTRATIVE REPORT (JANUARY 1 – DECEMBER 31)
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ADMINISTRATIVE AND FINANCIAL REPORT
1. Administrative Board Meetings* Date
Attendees
Absentees
Chairperson: Luma Bourisly Vice-Chairperson: Mohammed Bin Ibrahim 1st meeting February 28, 2019
Secretary-General: Saad Al Rubaiaan Treasurer: Ramzi Al Zarouni Board Member: Mahmoud Al Refai Chairperson: Luma Bourisly Vice-Chairperson: Mohammed Bin Ibrahim
● 2nd meeting June 23,2019
Secretary-General: Saad Al Rubaiaan Treasurer: Ramzi Al Zarouni Board Member: Mahmoud Al Refai Chairperson: Luma Bourisly
3rd meeting October 6, 2019
Vice-Chairperson: Mohammed Bin Ibrahim Secretary-General: Saad Al Rubaiaan Treasurer: Ramzi Al Zarouni Board Member: Mahmoud Al Refai Chairperson: Luma Bourisly Vice-Chairperson: Mohammed Bin Ibrahim
4th meeting January 5, 2020●
Secretary-General: Saad Al Rubaiaan Treasurer: Ramzi Al Zarouni Board Member: Mahmoud Al Refai
*Notes: •
The Administrative Board held more than 20 meetings to monitor and manage business, whether at the level of the Board or the partners and suppliers.
•
●The meetings’ minutes are included in the Annexes section.
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2. General Assembly Meetings
3. Memberships
3rd Annual General Meeting (AGM): February 5, 2019 Meeting’s agenda: •
Approving KuwaitBC’s 2018 Annual Report;
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Approving the final audited account for fiscal year 2018;
•
Delegating the choice of an auditor and determination of his remuneration to the Administrative Board;
•
Member proposals: Modifying membership fees of some categories;
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Delegating the choice of an external auditor to the Administrative Board;
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General developments
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21 (30 seats): Individuals (48%), Corporate (43%), Special (9%)
•
Murshid Business Packages*: 1 (Student)
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●Growth from 2018: 23.5% (17 Members)
*Murshid packages is an initiative targeting partners whom are not eligible to be part of KuwaitBC’s membership scheme.
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4. Handover Plan
To assure the smooth transition of the resbonasililte, the current Administrative Board will schedule a meeting with the newly elected board to discuss and submit the following: •
●Assets: list of furniture, official stamps and stationary which are stored at Agility warehouses
•
Administrative Archive: list and copies of all effective decrees, Minutes of Meetings and MoUs
•
Passwords: which belongs to social media accounts, emails and website (in person handover)
•
Bank Account: to hand over the cheque book, online login details and to send an official notification to the National Bank of Kuwait in Dubai on the new board reshuffle
•
On-going support: 30- days support (from AGM date) and face to face meetings
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THE FINANCIAL REPORT AND PERFORMANCE
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Outstanding Revenues Besides the main source of KuwaitBC’s revenue – the value of the subscription fees paid by KuwaitBC members – the contributions of several supporting entities and individuals have helped in covering financial or in-kind aspects in some of our activities. These entities include:
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1. Government Entities
•
The General Consulate of the State of Kuwait: Hosting KuwaitBC and CAF Café at the exhibition accompanying the 3rd Kuwaiti-Emirati Forum, held at the Opera House.
•
Dubai Police General Command: Approving KuwaitBC as the first non-governmental entity to join the “Esaad” card (MoU).
•
Dubai Economy: Overcoming difficulties for Kuwaiti investors in the Dubai market (MoU).
•
Dubai Department of Tourism: Hosting the Council’s events on the occasion of Kuwait National Day in Canteen Beach, as part of Dubai Food Festival (MoU).
•
Mohammed bin Rashid Establishment for SME Development: Facilitating registration of KuwaitBC members as members in the Mohammed bin Rashid Establishment for SME Development, hosting a series of Franchise workshops in Ajman, Ras Al Khaimah, and Fujairah, and financial sponsorship of AED 9,500 (MoU).
•
Expo 2020 Dubai: Organising a series of special KuwaitBC visits to Expo 2020 Dubai.
•
Sadu House: Participating in the exhibition of heritage products and the activities of the “Celebrate Kuwait 2” festival.
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2. The Private Sector
•
COFE App: Financial sponsorship of video footage on the occasion of the Emirati national celebrations: KWD1,250.
•
Ghaliah: Providing digital marketing services for the “Celebrate Kuwait 2” festival.
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Agility: Storage of KuwaitBC publications and stationery in the company’s warehouses, in addition to providing delivery services free of charge.
•
Harvard Business Review Arabia: Inviting KuwaitBC members to a number of special events free of charge (MoU).
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Atheer Centre: Facilitating government transactions and personal-delegate services for Kuwaiti companies (MoU).
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Al Hammadi Law Firm: Providing legal consultancy services to KuwaitBC and its members (MoU).
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Dubai International Boat Show: Providing a package of services and facilitations, introducing KuwaitBC as an official partner of the event, and hosting the annual KuwaitBC ceremony (MoU).
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World Art Dubai: Providing a package of services and facilitations, and introducing KuwaitBC as an official partner of the event (MoU).
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GITEX Technology Week: Providing a package of services and facilitations, and introducing KuwaitBC as an official partner of the event (MoU).
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Dubai International Motor Show: Extending special invitations to KuwaitBC members.
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Mosaic Properties: Hosting the Administrative Board meetings.
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Cylka Corporate Social Responsibility: Providing administrative and media support to KuwaitBC.
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3.
•
Mohammad Al Damouk
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Bashayer Al Asfour
The Volunteers
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Noura faiasal
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Dala Buarki
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Badriya Al Hussain
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Walid Al rashidi
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Shahad Al Shammiri
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Bashayer AL Jaafer
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Faisal Al Dayhani
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Fatima Ali
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Latifa Al Rabia
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Abdulaziz Al Duaifi
Sources of revenue*
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Memberships = 70%
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Sponsorships = 30%
General Notes
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KuwaitBC has covered the fees of issuing “Esaad” cards to its members= AED 52.5/ person.
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Murshid Business Packages were introduced for the first time.
*Excluding the due receivables.
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FINAL AUDITED ACCOUNT FOR THE FISCAL YEAR
2019
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Agreements & Contracts
Minutes & Decisions
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Dubai Police MoU (Esaad)
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Mohamed Al Hammadi MoU for legal services
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Atheer MoU for AMER and PRO services
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Dubai Economy MoU for DEDTrader and business set up facilitation
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DWTC MoU for Dubai International Boat Show
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DWTC MoU for World Art Dubai
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Brag MoU for Dubai Food Festival
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Al Wasiq contract for Financial Auditing
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3rd AGM
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First Board Meeting
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Second Board Meeting
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Third Board Meeting
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Fourth Board Meeting
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