CMA LAW: Resolution No. (166) of 2026 Regarding the Collective Investment Scheme License Granted to KFH Capital Investment Company to Incorporate Reaya Equity Fund

Having Perused:
- Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws, and their amendments; and
- The application of KFH Capital Investment Company for the Incorporation of Reaya Equity Fund in the State of Kuwait; and
- Memorandum and Articles of Association of KFH Capital Investment Company; and
- Articles of Association, Subscription Prospectus, and agreements of services providers of Reaya Equity Fund; and
- Based on Resolution No. (131) of 2026 regarding the amendment of the approval authorizations for the Supervision Sector's procedures, issued on 09/09/2026.

The Following Was Resolved
Article (1): 
KFH Capital Investment Company is hereby granted approval to incorporate Reaya Equity Fund. It is offered for private subscription in a variable capital with a minimum of KWD 8,000,000 (eight million Kuwaiti Dinars only), a maximum of KWD 35,000,000 (thirty-five million Kuwaiti Dinars only), and a nominal value of KWD 1 (one Kuwaiti Dinars only) per unit. Unitholders are not permitted to subscribe in the Fund with less than 1,000 units (one thousand units only) and in multiples of one unit, any shares or amounts acquired by the subscriber by way of inheritance shall be excluded from the minimum subscription requirement.

Article (2):
A total of 35,000,000 units (thirty-five million units only) totaling KWD 35,000,000 (thirty-five million Kuwaiti Dinars only) are offered for subscription. The Fund manager's contribution in the Fund’s units at inception shall not be less than KWD 100,000 (one hundred thousand Kuwaiti Dinars only) or its equivalent in other currencies as a minimum. The Fund manager may dispose of or redeem some of their units in the event that their net value exceeds the minimum threshold stipulated in this Article.

The parties receiving the subscription applications are as follows:
- KFH Capital Investment Company.
- KFH Bank.

Article (3):
The objectives of the Fund are as mentioned in the subscription prospectus.

Article (4):
The Fund’s duration is five calendar years, starting from the date of publishing the approval for its incorporation in the Official Gazette, renewable for similar periods based on a request from the Fund’s manager upon CMA approval, unless the Fund Manager is notified by Unitholders owning more than 50% of the Fund’s issued capital of their intention not to renew the term of the fund. Such notification must be submitted by a written letter to the Company at least three (3) months prior to the expiration date of the original or renewed term of the Fund. In the event of approval on the extension, the Fund’s manager shall notify the Unitholders thereon no later than ten business days from the date of CMA’s approval.

Article (5):
The Fund is granted a temporary license for three months from the start of the subscription period for the purpose of completing the CMA’s requirements and the minimum Fund capital. No Fund activities can be practiced based on this temporary license.

Article (6):
The applicant may close the subscription period and be satisfied with the subscribed capital at any time during the temporary license, provided that the closure is announced or the target group invited to subscribe is notified or announced at least three business days before the new closing date.

Article (7):
In the event of the expiration of the temporary license without completing the requirements stipulated in Article (5) of this Resolution, the temporary license shall be revoked, unless the license validity is extended for another similar term upon the request of the license applicant before the end of the original term of the temporary license.

Article (8):
The prescribed fees shall be paid within 30 days from the date of issuance of this Resolution. In case of default in paying the fees during the specified period, this Resolution shall be considered null and void.

Article (9):
The Fund shall be licensed after completing the minimum limit of the capital, for three years from the date of its registration in the Funds Register at the CMA.

Article (10):
The concerned bodies shall execute this Resolution, each within its jurisdiction. This Resolution shall come into force from the date of its issuance, and it shall be published in the Official Gazette.

Zeyad Al-Fulaij
Head of Supervision Sector
Issued on: 08/11/2026.

Copy of the Official Document

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