Company Profile

Welcome to
Qurain Petrochemical Industries Company

Qurain Petrochemical Industries Company (QPIC) was established in 2004 with a total capital of one hundred and ten million Kuwaiti Dinars distributed over a billion and one hundred million shares. The company was founded with a clear direction from the government of Kuwait represented by the Petrochemical Industries Company (PIC) in order to engage the private sector to participate within the Oil and Gas sectors and create local industries that add value to our national economy and it was listed in Boursa Kuwait in 2007.

QPIC is one of the biggest private investors in the petrochemicals sector in Kuwait with total assets of around US$2.6 billion with a prime focus on the Energy and Industrial sectors, which we aspire to further grow.

Our Investment portfolio combines stakes of Kuwait’s largest petrochemical projects such as Equate Petrochemicals (Equate), The Kuwait Olefins Company (TKOC) and Kuwait Aromatics Company (KARO).  In addition to our significant stakes being a majority shareholder in Saudia Dairy & Foodstuff Company (SADAFCO), United Oil Projects Company (UOP), as well as National Petroleum Services Company (Napesco), Inshaa Holding and Jassim Transport & Stevedoring Company (JTC).

QPIC is part of Kuwait Investment Projects Company (KIPCO) group of companies. KIPCO Group is one of the biggest holding companies in the Middle East and North Africa, with consolidated assets of US$ 34 billion as at 31 December 2019. The Group has significant ownership interests in over 60 companies operating across 24 countries. The group’s main business sectors are financial services, media, real estate and manufacturing. Through its core companies, subsidiaries and affiliates, KIPCO also has interests in the education and medical sectors.


We will achieve our vision through direct and indirect investments in new ventures and established companies, leveraging our market/industry knowledge and innovative investment approaches to create a diversified and balanced risk-return portfolio.


To become a leading private holding company in the Energy, Petrochemical and Industrial sectors in Kuwait, and a key player in the GCC and selected countries, consistently achieving shareholders expectations

Board of Directors

Sheikh Mubarak Abdullah Al-Mubarak Al-Sabah

Sheikh Mubarak joined Qurain Petrochemical Industries Company (QPIC)Board as a chairman since 2005. He has an extensive experience in several sectors within the investments and industrial sectors, locally and internationally. He currently serves as the Vice-Chairman of Action Group Holdings Company, He is also the founder and chairman of Action Real Estate Company and Action hotels Company. He is also a board member on the boards of the Egyptian-Kuwaiti Holding Company, and Equate Petrochemicals Company. Sheikh Mubarak was commissioned as an Officer from the Royal Military Academy Sandhurst in the United Kingdom, and served as an armored core officer in the Kuwait Armed Forces. He studied at Cambridge University where he received a Master of Philosophy in International Relations and has a BA (Hons) in Politics and Economics from the University of Buckingham in the United Kingdom. He has Received the Chevalier de la Légion d’Honneur, the highest French order of merit and was also Honored as a Young Global Leaders (YGL) 2009, by the World Economic Forum. He is also a member of several international institutions and organizations specialized in international relations, defense studies, economic affairs and strategic affairs.

Sadoun A. Ali
Vice Chairman & CEO

Mr. Ali joined QPIC in June 2012 as Vice-Chairman & Chief Executive Officer. He has over 20 years of experience in Finance & Investments and was previously employed by KIPCO Asset Management Co. in January 2006 till June 2012 as Managing Director & Chief Executive Officer. In Addition to that, Mr. Ali was previously employed by Kuwait Projects Company (KIPCO) as part of the Executive Management-Head of Accounting & Financial Group, and Chief of Budget (Mina Abdullah Refinery) in Kuwait National Petroleum Co. in the period from 1989-1997. At the moment, he sits on the board of several local & regional banks, as well as investments companies and board committees such as Burgan Bank, Bank of Baghdad & Advanced Technology Company & the Chairman’s Club. He is also the Chairman of United Oil Projects (UOP) and Inshaa Holding. He also occupied several administrative, accounting and executive offices in companies working in investment, banking and industrial sectors. He holds a Bachelor of Science in Financial Services Management from the University of Ashland, USA.

Tariq Mohammed Abdulsalam
Board Member

Mr. Abdulsalam joined QPIC Board in 2012, witnessing an extensive experience in investments within several sectors and for a period exceeding 20 years and among the KIPCO Group. He currently holds the position of CEO of Investments within KIPCO, which he first joined in 1992 and till 1996. In 1999, he became the General Manager of KAMCO. In 2006, he joined the United Real Estate Company (URC) as CEO and in 2010 became the Chairman of URC. He was Chairman of Burgan Bank from 2007 to 2010 and has held Board positions at United Gulf Holding Company, Kuwait Bahrain Insurance Company, Gulf Insurance Company and Saudia Dairy & Foodstuff Company (SADAFCO). He currently sits on the board of United Real Estate company, Jordan Kuwait Bank, KAMCO Investments, and he is also the vice-chairman of North Africa Holding Company. He holds a BSc in Accounting from Kuwait University.

Abdullah S. AlOtaibi
Board Member

Mr. Al-Otaibi joined QPIC Board in 2009. He holds a wide experience in several industries as well as project management. He currently holds several executive positions in local and regional entities including being the deputy General Manager for Qarooh Project Management Company, CEO of National Consumer Holding Company, General Manager of National Paper Products Company and Saudi Kuwaiti Carton Company. He is also a Board member of Oman International Company for Urban Development & Investment. He also held several administrative and executive positions in several institutions, working in various fields including consulting and real estate.

Atallah Rashid Al-Mutairi
Board Member (independent)

Mr. Al-Mutairi joined QPIC Board in 2009. He holds an extensive experience in Investments & Petrochemicals. He is currently present on the board of several local and regional companies including being the chairman of BIG Investment Group and a board member of Triple-E Holding Company. Mr. Al-Mutairi has held various leadership positions since 1997 in institutions working in the field of banking, investment and insurance. He holds a Bachelor's Degree in Accounting from the Faculty of Commerce, Economics and Political Science at Kuwait University.

Executive Management

Sadoun A. Ali
(Vice Chairman & CEO)

Mr. Ali Joined Qurain Petrochemical Industries Company (QPIC) in June 2012 as Vice Chairman & Chief Executive Officer. He has over 20 years of experience in Finance & Investments and was previously employed by KIPCO Asset Management Co. in January 2006 till June 2012 as Managing Director & Chief Executive Officer. In Addition to that, Mr. Ali was previously employed by Kuwait Projects Company (Holding) as part of the Executive Management-Head of Accounting & Financial Group, and Chief of Budget (Mina Abdullah Refinery) in Kuwait National Petroleum Co. in the period from 1989-1997. At the moment, he is the Chairman of United Oil Projects Co. (UOP), Inshaa Holding Company and sits on the board of several local & regional banks & investments companies such as Bank of Baghdad, United Industries Co., Advanced Technology Co. as well as head of auditing in Burgan Bank of Kuwait & Royal Capital in addition to being on their board. Mr. Ali holds a BSc. in Management of Financial & Accounting Services from Ashland University, in addition to his Diploma in Commercial Banks from The Public Authority for Applied Education & Training.

Fuad A. Akbar
(Chief Projects Officer)

Mr. Akbar joined QPIC in 2008. He manages the development of new projects, companies’ infrastructure, acquisitions, and strategies through his strength in team building, leadership, business development and communication. He holds a Bachelor of Science degree in Industrial Engineering from University of Miami, Florida, USA. He has previously worked for Independent Petroleum Group, Gulf Investment Corporation, and the Public Authority for Assessment of Compensations (PAAC). He is a member of many Executive, Auditing and Business Development Board Committees in the GCC and the Middle East region.

Tanweer A. Khalfay
(Chief Financial Officer)

Mr. Khalfay joined QPIC in September 2005. He has more than thirty years’ experience in the field of which 26 years has been in the Oil & Gas industry. He heads the Finance function in QPIC covering Strategy, Business Planning, Accounting, Costing, Budgeting, Tax and Treasury functions. Prior to joining QPIC, he worked for Kuwait Foreign Petroleum Exploration Company (KUFPEC) for fifteen years where he headed various aspects of Finance. He was with Ernst & Young, Kuwait, Kuwait International Investment Company, Kuwait, Ernst & Young –Mumbai in various positions. He holds a Degree in Commerce and Law from University of Bombay, India and is a Chartered Accountant and an associate member of the Institute of Chartered Accountants of India.

Mickey Zacharia
(Chief Investment Officer)

Mr. Zacharia joined QPIC in September 2012 and is responsible for managing and monitoring the company’s Investments. He has over 20 years of experience in the field of Finance & Investments and was previously Head of Business Development at United Industries Co. Prior to that he has held positions with Alghanim Industries, Kuwait and ICI India Ltd. He holds a Bachelor’s degree in Commerce from Calcutta University, is an Associate member of the Institute of Chartered Accountants of India and a Certified Management Accountant, USA.

Ahmed A. Al-Masqati
(Head of HR, Admin. & IT )

Mr. Al Masqati joined QPIC in June 2012 transferring from United Industries Company. He manages the company’s HR & Admin. Department, as well as assists in evaluation of new projects / investments as a Senior Investment Manager. Prior to Joining QPIC, Mr. Al Masqati held the position of a Senior Investment Manager in United Industries Company since 2006. He was also an Investment Manager in the Projects Department at Gulf Investment Company, Senior Engineer- Projects Evaluation at The Public Authority of Industry, General Manager at Middle East Communications, and Production Manager at Carpets Industries. Mr. Al Masqati holds BSc in Industrial Engineering from Oklahoma University – USA in 1987.

Ammar G. Omeiri
(Chief Audit Executive)

Mr. Omeiri joined QPIC in 2015 as Head of Internal Audit. He has 30 years of experience including 13 years within the KIPCO group. He has extensive experience in the field of internal auditing, risk management and corporate governance in addition to other managerial roles. He is responsible for handling the audit activities pertaining to the industrial sector within the Group. Mr. Omeiri has represented the Group in several boards, and he is currently the Vice Chairman of Amaken United Real Estate Company. Mr. Omeiri also worked with several local and international companies. He holds a Bachelor degree in Business Management & Economy from American International University – Major in Financial Management & Accounting - London 1986.

Memorandum of Association