Thursday, 12 November 2026
Kuwait-based investment manager Kamco Invest is expanding its international alternative investment activities, with European real estate financing forming part of its strategy to attract capital from Gulf investors. The company reported assets under management of USD 17.3 billion at the end of September 2026, an increase of 4.6% since the beginning of the year, despite weaker financial market conditions and a substantial decline in net profit.
A central element of its real estate investment strategy is a EUR 300 million partnership with Santander Alternative Investments, announced in January 2026. The arrangement is designed to provide investors from the Arabian Gulf with access to European real estate private credit opportunities structured in accordance with Islamic finance principles. The strategy focuses on income-generating property financing, including senior secured and mezzanine lending, rather than direct investment in buildings. The partnership provides a framework for connecting Gulf investment capital with borrowers in European property markets, particularly Western Europe.
Kamco Invest has not disclosed the amount of capital committed or deployed through the partnership as of September 2026, nor has it identified individual transactions or properties financed under the arrangement. The EUR 300 million figure therefore represents the announced partnership size rather than confirmed investment activity.
Alongside its European property credit activities, the company has begun capital calls for a leasing investment strategy managed in cooperation with Flexam Invest, part of New York Life Investment Management. The initiative forms part of Kamco Invest’s wider alternative investment business, which also includes private equity and structured financial products.
The expansion of these investment activities comes against a more challenging financial backdrop. Kamco Invest reported net profit of KWD 1.5 million for the first nine months of 2026, compared with KWD 7.9 million during the corresponding period of 2025, representing a decline of approximately 81%. Earnings per share fell from 23.07 fils to 4.43 fils. Despite the reduction in profitability, fee and commission income increased by 19.3% year-on-year to KWD 13.7 million, compared with KWD 11.5 million in the previous year. These revenues accounted for 81.4% of total income of KWD 16.9 million, reflecting the contribution of the company’s investment management and advisory activities.
General and administrative expenses declined by 12.9% to KWD 13.6 million. The company attributed its weaker overall financial performance to market volatility and geopolitical uncertainty during the first quarter, while reporting positive results in the subsequent two quarters.
Kamco Invest also continued to develop its relationship with Burgan Bank. In September, its board proposed changing the company’s name to Burgan Capital Investment Company, a decision subsequently approved by shareholders on 8 November 2026. The proposed rebranding is intended to support closer cooperation between the two institutions and broaden access to investment products and services.
At the end of September, shareholders’ equity attributable to the parent company stood at KWD 67.5 million. Capital Intelligence Ratings maintained the company’s long-term corporate rating at BBB and its short-term rating at A3, with a stable outlook.
For European property markets, the Santander partnership represents a potential additional source of non-bank financing from institutional and private capital in the Gulf region. Such arrangements can provide alternative funding channels alongside traditional bank lending, although their actual market impact depends on the volume of capital deployed and the types of transactions completed.
Kamco Invest’s latest results indicate that the company is maintaining its focus on fee-generating investment activities and international partnerships despite lower profitability. Its European real estate credit strategy remains an area to monitor as further information becomes available on capital commitments, financing transactions and the geographic distribution of investments.
