The Capital Markets Authority (CMA) has issued Decision No. (96) for the year 2025, granting Watani Investment Company (Watani Investment) approval to establish a multi-asset fund for employees of the National Bank of Kuwait Group.

The fund will be offered for private subscription with variable capital, ranging from a minimum of $7,000,000 (seven million US dollars) to a maximum of $1,000,000,000 (one billion US dollars), with a nominal value of $10 (ten US dollars) per unit. No unit holders may subscribe to the fund for an amount less than $1,000 (one thousand US dollars) or in multiples of $10 (ten US dollars).

The subscribed units will amount to 100,000,000 units (one hundred million units), equivalent to $1,000,000,000 (one billion US dollars). The fund manager's participation in the fund's units at inception must not be less than KWD 100,000 (one hundred thousand Kuwaiti dinars) or its equivalent in other currencies as a minimum. The manager may redeem or transact some of their owned units if the net value exceeds the stipulated minimum.

Subscription requests will be received by National Investment Company and the National Bank of Kuwait. The fund's duration is set for fifteen years, starting from its registration date in the Authority's fund registry, and is subject to renewal for similar periods upon the fund manager's request and after obtaining approval from the authority and unit holders representing more than 50% of the issued fund capital. The fund will be granted a temporary license for three months from the start date of subscriptions to complete the Authority’s requirements and achieve the minimum capital. No activities of the fund may commence based on this temporary license.

The applicant may close the subscription period and accept the subscribed capital at any time during the temporary license, provided that the targeted class invited to subscribe is announced or notified at least three business days prior to the new closing date.

If the temporary license period expires without fulfilling the requirements outlined in Article Five of this decision, the temporary license will be revoked unless an extension is requested before the original license period expires. The specified fees must be paid within thirty days from the date of this decision; otherwise, the decision will be considered null and void.

The fund will be licensed for three years from the date of its registration in the Authority’s fund registry after meeting the minimum capital requirement.