Kuwait Banking Association participated in the “Kuwait’s New Era” event, organized by The Business Year in cooperation with the Kuwait Direct Investment Promotion Authority (KDIPA) and the Kuwait Banking Association. The event was attended by His Excellency the Minister of Commerce and Industry, Mr. Khalifa Al-Ajeel, and a group of government and private sector leaders.
The event was also attended by the Chairman of the Board of Directors of the Kuwait Banking Association and Chairman of the Board of Directors of Kuwait Finance House, Mr. Hamad Abdulmohsen Al-Marzouq, and a group of banking sector leaders. Ways to develop the future of the Kuwaiti economy and enhance its regional and international role were discussed.
In his speech, the Chairman of the Board of Directors of the Kuwait Banking Association and Chairman of the Board of Directors of Kuwait Finance House, Mr. Hamad Abdulmohsen Al-Marzouq, emphasized the state’s commitment, with all its sectors, to strengthening partnerships between the public and private sectors and exploring new strategic opportunities that contribute to advancing sustainable economic development in Kuwait.
Al-Marzouq pointed out that Kuwait is witnessing fundamental economic transformations driven by the vision and directives of His Highness the Amir, which aim to address key economic issues, most notably diversifying sources of income and addressing imbalances in the state’s public finances, in line with the ambitious goals of Kuwait Vision 2035.
He also highlighted a number of essential initiatives within the framework of the economic reform plan, including:
1. Strengthening the role of the private sector as the primary driver of economic growth through a package of legislation to support partnerships between the government and private real estate developers in the construction of housing units, in addition to issuing a sustainable financing mechanism for this sector through local banks.
2. Expedite the resolution of urgent economic issues, such as issuing the Public Debt Law to contribute to the management of public finances and the state’s cash flow needs.
3. Reviving and activating major strategic projects such as Mubarak Al-Kabeer Port and the North Abdali Power Plant, in addition to developing existing infrastructure.
Al-Marzouq emphasized that the Kuwaiti banking sector, with its strong capital base and high liquidity, is qualified to play a pivotal role in financing this transformational phase of the local economy and supporting local and international companies wishing to invest in future projects.
Al-Marzouq also highlighted the progress made by Kuwaiti banks in digital transformation and providing a more advanced banking experience, in addition to their commitment to their social responsibilities and promoting financial inclusion and environmental sustainability.
In concluding his remarks, Al-Marzouq explained that Kuwait enjoys a distinguished legal system that works to protect investor rights, which enhances its attractiveness as a global investment destination in light of the steps the state is taking to facilitate procedures and encourage foreign investors.
