The Kuwait Banking Association declared that it has arranged a reception for Kuwaiti banks on Thursday October 12, 2023, during the annual meetings of the International Monetary Fund and the World Bank Group, which was held this year in the city of Marrakesh, the Kingdom of Morocco, during the period from October 9 to 15, 2023.
The ceremony was honored under the patronage and presence of His Excellency the Minister of Finance Fahd Abdulaziz Al-Jarallah, His Excellency the Secretary General of the Cooperation Council for the Arab States of the Gulf, Jassim Mohammed Al-Budaiwi, His Excellency the Ambassador of the State of Kuwait to the Kingdom of Morocco, Mr. Abdul Latif Al-Yahya, and the Chairman of the Board of Directors of the Kuwait Banking Association and Chairman of the Board of Directors of the Commercial Bank of Kuwait, Sheikh Ahmed Duaij Al-Sabah, The Ministers of Finance and Governors of Central Banks from various countries of the world, the Chairmen of the Boards of Directors of Kuwaiti Banks, and an elite group of leaders of the Kuwaiti banking sector and the most important banking leaders regionally and internationally have attended this networking event.
In this regard, Chairman of the Board of Directors of the Kuwait Banking Association and Chairman of the Board of Directors of the Commercial Bank of Kuwait, Sheikh Ahmed Duaij Al-Sabah, stressed the Kuwait Banking Association constant keenness to continue its presence in such important forums, which constitute a valuable opportunity to demonstrate the strength of the Kuwaiti economy and its financial and banking system locally and at the Arab and international levels.
Al-Duaij pointed out that the reception ceremony was attended by many distinguished economic, banking and financial figures in local, regional and international banks and institutions. Al-Duaij also stressed that Kuwaiti banks have foreign assets that form part of the global financial system, explaining that meetings and discussions were held during the ceremony between Kuwaiti bankers and their counterparts from other countries. The world to discuss financial and banking developments. Al-Duaij stated that the reception attracted opportunities to exchange experiences and discuss ways of cooperation in the field of banking, including financing, investment and other fields, and to shed light on the progress made by Kuwait on more than one level, especially with regard to financial and economic reform measures and updating legislation towards a more competitive economy and a better business climate. In addition to the tremendous development the banking sector is witnessing in the field of financial technology and the provision of the latest banking services and financial solutions that are compatible with those provided by leading banks around the world.
On this occasion, the Kuwait Banking Association issued a special issue of the AlMasaref Magazine, which was distributed during the reception, aiming to highlight the strength of the Kuwaiti economy and acquaint the attendees, including economic, financial and banking figures and the media from various parts of the world, with the strength of the financial system and the Kuwaiti banking sector and its application of international regulatory and supervisory standards. . The special issue of AlMasaref Magazine included an editorial by the magazine’s editor-in-chief, Secretary General of the Kuwait Banking Association, Dr. Hamad Al-Hasawi, entitled “Kuwaiti banks look to the future,” in light of the developments in financial technology and digitization and the keenness of Kuwaiti banks to keep pace with these developments, with a focus on performance efficiency.
The issue also included a variety of press interviews with various economic, banking, investment, and diplomatic figures, including a dialogue with His Excellency the Governor of the Central Bank of Kuwait, Basil Ahmed Al-Haroun, the Chairman of the Board of Directors of the Commercial Bank of Kuwait, Sheikh Ahmed Duaij Al-Sabah, and the Director General of the Direct Investment Promotion Authority, Sheikh Mishal Jaber. Al-Sabah, the Acting Director General of the Kuwait Fund for Arab Economic Development, Walid Shamlan Al-Bahr, and His Excellency the Ambassador of the Kingdom of Morocco to Kuwait, Ali Ibn Issa. The issue also included distinguished reports and analyzes on various economic, banking, and investment topics, most notably:
• A report by the Central Bank of Kuwait entitled “The Central Bank of Kuwait and the Banking Sector – A Strong Connection and Sustainable Development.”
• A combined analysis of Kuwaiti banks’ profits in the first half of 2023.
• The International Monetary Fund’s recommendations on the occasion of the conclusion of the 2023 consultations with the State of Kuwait in accordance with Article Four of the agreement establishing the Fund.
• The Government of the State of Kuwait Program 2023-2027 is a road map for economic reform entitled “Correcting the Course… A Productive Economy and Sustainable Prosperity.”
• Fitch Credit Rating Agency’s report on the sovereign credit rating of the State of Kuwait.
• A study by the Institute of Banking Studies entitled “Digitization of Financial Services: Opportunities and Risks for Kuwaiti Banks.”
• A report by the Central Bank of Kuwait on the most important monetary and banking developments in the State of Kuwait by the end of June 2023.
• Boston Consulting Group (BCG) report titled “Global Wealth Report 2023: Resetting the Cycle.”
• A report by the Kuwait Direct Investment Promotion Authority entitled “Why invest in Kuwait?”
