“Under the patronage and attendance of His Excellency the Governor of the Central Bank of Kuwait”
The Kuwait Banking Association organized a reception for Kuwaiti banks in Washington on the sidelines of the International Monetary Fund and the World Bank Group Meetings.
The Kuwait Banking Association organized a reception in the US capital, Washington, on Friday, October, 25th 2024, that is on the sidelines of its participation in the International Monetary Fund and the World Bank Group Meetings, which were held this year during the period 21st – 26th October 2024.
The reception was held Under the patronage of His Excellency the Governor of the Central Bank of Kuwait, Mr. Basel Ahmed Al-Haroun, and in the presence of His Excellency the Minister of Finance and Minister of State for Economic Affairs and Investment, Ms. Noura Sulaiman Salem Al-Fassam, and His Excellency the Ambassador of the State of Kuwait to the United States of America, Sheikha Al-Zain Al-Sabah, and in the presence of the Governors of Central Banks in the Arab countries, 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, and the Chairmen of the Boards of Directors of Kuwaiti banks and a group of leaders of the local banking sector, and a number of economic, financial and banking figures from around the world.
On this occasion, Chairman of the Board of Directors of the Association and Chairman of the Board of Directors of the Commercial Bank of Kuwait, Sheikh Ahmad Duaij Al-Sabah, stated that the Kuwait Banking Association has been keen to continue its participation in such important forums, as they always constitute valuable opportunities to highlight the strength and durability of the Kuwaiti banking sector at the local, Arab and global levels, especially in light of the tremendous development witnessed by the banking sector in the field of financial technology and sustainable financing. Al-Sabah also referred to the prestigious classifications and sound financial indicators enjoyed by the banking sector in light of the prudent supervision of the Central Bank of Kuwait and the banking sector’s adoption of the best regulatory and supervisory standards.
Al-Sabah explained that the ceremony was an opportunity to highlight the progress achieved by the State of 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. Experiences and discussions were also exchanged between Kuwaiti bankers and their counterparts from countries around the world to discuss financial and banking developments and discuss ways of cooperation in various banking fields. He pointed out that the focus of this event was on the global economic climate and its growth prospects, and discussing issues of development, financing, monetary and banking policies.
Al-Sabah also pointed out that the Association participated in organizing a symposium in cooperation with the American Chamber of Commerce and the American-Kuwaiti Business Council. It covered a number of topics, including key areas of interest to the State of Kuwait, innovation opportunities, and the regulatory environment.
During his speech on this occasion, Al-Sabah stressed the importance of the relations enjoyed by Kuwait and the United States, which date back to decades of friendship and cooperation, distinguished economic partnerships and strong institutional relations, as American companies have maintained a significant presence in Kuwait for decades, while Kuwaiti investments in the United States have grown steadily.
Al-Sabah pointed to the Trade and Investment Framework Agreement that the two countries signed in 2004, followed by a similar agreement with the Gulf Cooperation Council in 2012. These agreements provided a platform to address mutual trade concerns and promote economic reforms. In 2016, the US-Kuwait Strategic Dialogue was launched, ushering in a new era of enhanced diplomatic, political, security, educational, and commercial relations between the two countries.
Al-Sabah stressed that the United States remains a leading trading partner of Kuwait. The latest published statistics indicate that US exports to Kuwait amounted to $3.40 billion, while imports from Kuwait amounted to $1.40 billion, driven mainly by petroleum products. More than 6,000 Kuwaiti students continue their education in American colleges and universities, in addition to the presence of many American universities and schools in Kuwait, which has strengthened academic and cultural relations between the two countries.
Al-Sabah stressed Kuwait’s keenness, within its national development plan “New Kuwait Vision 2035”, to expand American investments that aim to build a diversified, knowledge-based economy. With hundreds of billions of dollars allocated to projects in infrastructure, technology and other key areas, there are lucrative and attractive investment opportunities for American investors, and promising opportunities for American companies in Kuwait, including the fields of construction, electricity generation, environmental cleanup, expanding the health care and education system, and new and renewable energy projects, all within Kuwait Vision 2035.
As for the banking sector, Al-Sabah stressed that technology and innovation are the engine of progress to achieve security, operational efficiency and improve customer experience, as emerging trends such as artificial intelligence, open banking, private banking, blockchain, cybersecurity, banking automation, integrated technologies, new banking systems and quantum computing represent broad prospects and distinct areas for innovation. Al-Sabah also stressed the keenness of Kuwaiti banks to invest in the US financial markets, as they are primarily interested in US treasury bonds, stocks and the real estate sector.
Al-Sabah concluded by stressing his confidence that innovation opportunities in the banking sector will enhance cooperation between Kuwait and the United States, allowing for the exchange of expertise and enhancing bilateral investment and financial cooperation that serves the common interests of both countries.
For his part, the Vice Chairman of the Board of Directors of the Association, Chairman of the Board of Directors of Kuwait Finance House (KFH), Hamad Abdul Al Mohsen Al Marzouq, on the importance of participation At the meetings of the International Monetary Fund and the World Bank, as they are among the most prominent economic and financial forums in the world.
Al Marzouq pointed out that this occasion was an opportunity to meet with the most prominent ministers of finance and development and global government officials, in addition to an elite group of banking leaders, central bank governors, academics and experts worldwide, with the aim of strengthening relations and exploring new horizons to build bridges of cooperation with major financial institutions.
Al-Marzouq stressed that “KFH”, the pioneer in the Islamic finance industry globally, had an active presence in the meetings, conferences and forums accompanying the IMF meetings, where it reviewed its pioneering role in the Islamic banking industry and its future in the global economy, in addition to proposing and discussing joint projects and various fields with several parties, especially after the success of the acquisition of Ahli United Bank – Bahrain, which gave “KFH” Group a new dimension in geographical spread and it now provides its services in 12 countries around the world, most notably Kuwait, Bahrain, Turkey, Egypt, Britain and Germany.
On this occasion, Mr. Issam Al-Sager, Vice Chairman and Group CEO of the National Bank of Kuwait, stressed that the Kuwaiti Banks’ Reception, organized by the Kuwait Banking Association every year on the sidelines of the meetings of the International Monetary Fund and the Board of Governors of the World Bank, is one of the important events that the bank is keen on, which brings together a group of Kuwaiti government officials, senior bankers, investors and financial policy makers from around the world, in order to discuss the latest financial and banking developments, as well as explore opportunities for exchanging expertise and means of cooperation in the fields of finance and investment, in addition to discussing the most prominent challenges facing the banking and financial industry around the world.
For his part, Gulf Bank Chairman, Mr. Bader Nasser Al-Kharafi, stated that Gulf Bank is keen to participate in the annual meetings of the International Monetary Fund and the World Bank Group, as they are the largest global economic and financial gathering. They include ministers of finance and development, governors of central banks, senior officials in the banking and private sectors, in addition to representatives of civil society organizations, parliamentarians, and academics.
He added that the importance of these meetings stems from the large and high-level participation to discuss global economic developments and anticipate future trends in light of current international circumstances and crises, with a focus on combating poverty, sustainable development, and enhancing monetary cooperation and international trade.
He stressed the importance of Kuwait’s active participation in discussing many pressing issues, including the dynamics of the food economy, accelerating the pace of gender equality, mechanisms for achieving sustainable development, and the complexities facing global financial markets, while developing the necessary solutions to increase financing and knowledge, encourage private sector investments, and prepare and be prepared to face crises in the future.
Al-Kharafi praised the prominent Kuwaiti presence at various levels in these meetings, most notably the Minister of Finance, Minister of State for Economic Affairs and Investment, and Acting Minister of Oil, Eng. Noura Al-Fassam, His Excellency the Governor of the Central Bank of Kuwait, Mr. Basel Al-Haroun, and the Managing Director of the Public Investment Authority, Mr. Ghanem Al-Ghunaiman.
He thanked Her Excellency the Ambassador of the State of Kuwait to the United States of America, Sheikha Al-Zain Al-Sabah, and all the members of the embassy for their warm reception and distinguished role in providing all facilities for all delegations participating in the annual meetings of the International Monetary Fund and the World Bank Group. Al-Kharafi also expressed his thanks to the Chairman and officials of the Kuwait Banking Association for the distinguished reception that was organized on the sidelines of the meetings.
Mr. Adel Al-Majed, Vice Chairman and CEO of Boubyan Bank Group, said that the meetings of the International Monetary Fund and the World Bank are of particular importance as they discuss… The most prominent and important policies and trends to support and achieve economic stability and the impact of its challenges on monetary policies in light of the financial and economic challenges witnessed by the banking industry Global.
Over the course of several decades, the distinguished participation of the Central Bank of Kuwait, Kuwaiti banks, and the Kuwait Banking Association has added special importance to these meetings due to the strength and solidity of the Kuwaiti banking sector, which is comparable to the largest global financial systems.
The reception organized by Kuwait Banking Association is important as it is an opportunity for direct communication with monetary institutions, central banks and international banks in order to unify more future prospects for cooperation.
For his part, Vice Chairman and CEO of Kuwait International Bank (KIB), Raed Jawad Bukhamseen, expressed his pleasure in participating in the reception organized by the Kuwait Banking Association on the sidelines of the annual meetings of the International Monetary Fund and the World Bank Group in the US capital. He said that KIB’s participation in these international forums, which bring together a group of decision-makers and economic experts from around the world, stems from its firm belief in the importance of enhancing international cooperation and exchanging expertise in the financial and banking fields.
He explained that the reception is an opportunity to showcase KIB ’s distinguished banking model and emphasize its role in financing investment projects and contributing to achieving Kuwait Vision 2035.
He added that Kuwaiti banks are a fundamental pillar of the national economy, as they play a vital role in providing the necessary financing to drive economic growth and diversify sources of income. He stressed KIB’s commitment to supporting the vision of wise leadership in achieving sustainable development, by providing a wide range of innovative banking solutions that meet the diverse needs of customers.
Regarding his participation in this conference, Bader Khaled Al-Shalfan, Vice Chairman of Warba Bank, commented saying that Warba Bank has witnessed development in the recent period, especially with regard to developing its investment and financing portfolio, and in light of the global trend towards the Islamic banking sector, which has been able to prove its remarkable success.
Al-Shalfan believes that participating in this important international conference is an opportunity to gain more experience and get to know potential international strategic partners who will contribute to establishing the distinguished position that Warba Bank aspires to occupy in the Islamic banking sector.
For his part, the Acting CEO of the National Bank of Kuwait Group, Mr. Abdullah Al-Sumait, expressed his happiness to participate in the reception organized by the Kuwait Banking Association on the sidelines of the annual meetings of the Board of Governors of the World Bank and the International Monetary Fund, in order to introduce Kuwaiti banks and review their role and significant contributions in financing and supporting economic activities inside and outside Kuwait.
Al-Sumait pointed out that the ceremony witnessed a meeting between chairmen of boards of directors, CEOs and officials of local banks with an elite group of financial and banking policy makers around the world, and to learn about their point of view on economic and financial challenges and ways to confront inflation.
He explained that the National Bank of Kuwait is keen to support the efforts of the Kuwait Banking Association on a permanent basis, praising its great role and contribution to raising the status of the banking sector and enhancing its image at various levels. Al-Sumait stated that the National Bank of Kuwait was keen during the ceremony to introduce its status and activities in the State of Kuwait, the United Arab Emirates and the Arab Republic of Egypt, and its most important financial indicators. The bank’s operational processes and major financing deals were also reviewed, highlighting the products offered to individual and corporate clients to meet all their needs.
Commenting on Burgan Bank’s participation in the Annual Meetings, Mr. Abdulla Marafi, General Manager of Treasury and Financial Institutions at Burgan Bank, expressed his pleasure to be present once again in these meetings that include a constellation of the most prominent global financial institutions whose strategies and initiatives influence the lives of millions of people around the world. Marafi explained that the global economic arena is witnessing continuous development, therefore, enriching the bank’s role through effective participation in the discussions hosted by such events is essential to achieve success at the local, regional and international levels.
Marafie added that over the decades, Burgan Bank has contributed significantly to the development of banking services in Kuwait and the region by adopting sustainability, innovation, digital transformation and human capital development as key pillars of the Group’s work. Burgan Bank’s participation in this year’s annual meetings is an extension of the bank’s relentless efforts to remain at the forefront of progress witnessed by the global banking industry.
The Chairman of the Board of Directors of the Association, Sheikh Ahmed Duaij Al-Sabah, concluded by thanking His Excellency the Governor of the Central Bank of Kuwait, Mr. Basel Ahmed Al-Haroun, for his generous patronage of the reception. He also thanked Her Excellency the Minister of Finance and Minister of State for Economic Affairs and Investment, Ms. Noura Suleiman Salem Al-Fassam, and all the attendees for honoring the reception of Kuwaiti banks, which had a great impact on the success of the reception. Al-Sabah also thanked Her Excellency the Ambassador of the State of Kuwait to the United States of America, Sheikha Al-Zain Al-Sabah, for attending the reception and hosting the Kuwaiti delegation participating in the meetings of the International Monetary Fund and the World Bank Group at the Embassy of the State of Kuwait in the United States of America, and for her generous invitation to the dinner banquet hosted by the embassy on this occasion.
