Kuwaiti oil company gets offer to sell UAE subsidiary

A Kuwaiti oil company listed on the local bourse has received an offer to sell its controlling share in its subsidiary in the UAE.

Energyhouse said it is considering the offer for the purchase of its 92.5 percent stake in the company.

“Energyhouse has received a preliminary (non-binding) offer for its stake in its subsidiary in the UAE,” it said in a bourse disclosure statement.

“The offer is currently being reviewed and is subject to discussion. The financial impact cannot be projected until the offer is thoroughly evaluated and appropriate decisions are taken,” the statement added.

The offer comes as geopolitical tensions in the region escalate as a result of ongoing strikes between Iran and Israel. 

Ratings agency FItch said on Monday that the risk premium in oil prices linked to the Iran-Israel conflict is expected to be within the $5 – $10 range.

Energyhouse and its subsidiaries engage in investment activities across the energy sector, including exploration, drilling, development and production of oil and gas, alternate and renewable sources of energy and licensing.

The company was formed in September 2007 as a subsidiary of Aref Investment Group (AIG). In 2011, AIG sold 29 percent equity interest in Energyhouse to Development Enterprise Holding Company (DEH), a subsidiary of Kuwait Finance House. 

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DEH acquired an additional 66.8 percent equity interest in Energyhouse from AIG In 2012.

Energhouse, one of the key private oil groups in Kuwait, reported net profit of $1.2 million in the first quarter of 2025.

Several oil entities in Kuwait, the UAE and the wider Gulf region have recorded good performance in the past few years due to an upturn in activity in the hydrocarbon industry.