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Kuwait pushes audit reform, sustainability goals

Published

2 months ago

April 23, 2025

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KUWAIT CITY, April 22: Chairman of the Board of Directors of Kuwait Association of Accountants and Auditors Sabah Mubarak Al-Jalawi has stressed the importance of accounting, auditing and sustainable governance in developing the business environment. In his speech at the opening of the Accounting, Auditing, Governance and Sustainability Conference, Al-Jalawi revealed the conference aims to share regional and international experiences and expertise in the field of sustainability and leverage them to address the challenges that the global economy is facing, particularly the rapid changes it is witnessing, which call for building an economic system capable of meeting these challenges. Assistant Undersecretary for Corporate Affairs Sultan Al-Otaibi attended the conference.

Al-Jalawi said the association is keen to hold these annual conferences that discuss issues of economic importance and benefit from their results and recommendations to build the New Kuwait 2035 and move forward in achieving and enhancing governance and sustainable development. He emphasized that the association has been keen since its inception to hold annual conferences, with the participation of experts and speakers in the field, and to leverage these conferences to improve the performance of its practitioners by addressing the issues raised from both theoretical and practical perspectives.

He disclosed that the conference is being held in cooperation with the College of Business Studies at the Public Authority for Applied Education and Training (PAAET), with the attendance of a number of international experts and academics in the profession, including the president of the International Federation of Accountants (IFAC), a representative of the World Bank, and a number of international academics, experts, and researchers in the profession from several countries.

Honorary President of the association Yousef Saleh Al-Othman stated that the topics and themes presented by the speakers and participants in the conference, which discuss the sectors of accounting, auditing, governance, and sustainability, will have practical outcomes that contribute to achieving sustainable development. He pointed out that the recommendations emerging from the conference will undoubtedly contribute to developing the business environment and addressing challenges. Director General PAAET Dr. Hassan Al-Fajjam affirmed the importance of the topics at the conference, citing the recommendations and practical outcomes that will contribute to developing the auditing and sustainability sectors. Chairman of the conference organizing committee Dr. Saud Al-Azmi said the conference is the result of a constructive strategic partnership between the association and PAAET.

He added the organizing committee wanted to attract distinguished research papers and organize working sessions bringing together leading researchers and leaders of the profession to discuss the most prominent challenges and developments in the field and to create an interactive space for the exchange of experiences and knowledge between all parties. Dean of the College of Business Studies Dr. Fares Al- Hayyan, asserted that the conference reflects the strategic partnership between the college and the association. “We aspire to see this as a strategic partnership that achieves Kuwait’s development vision by addressing economic issues capable of achieving the goals and development plan adopted by Kuwait,” he stressed. Secretary General of the association Faisal Abdul Mohsen Al-Tabikh added the conference attracts the best international and regional expertise in the field of governance and sustainability. “It also hosted a number of officials from Gulf and Arab professional organizations, indicating that the presence of these professionals provides a great opportunity to exchange views and experiences on topics that have become essential components of the work of business organizations, specifically the areas of auditing, governance, and sustainability,” he concluded.

By Marwa Al-Bahrawi Al-Seyassah/Arab Times Staff

Related Topics:audit goals Kuwait pushes reform Sustainability

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CMA launches regulatory framework for emerging companies on KSE

Published

12 hours ago

July 1, 2025

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CMA launches regulatory framework for emerging companies on KSE

Kuwait enhances Stock Exchange access for emerging firms with amendments to listing rules.

KUWAIT CITY, July 1: Kuwait’s Capital Markets Authority (CMA) has officially launched a new regulatory environment to support the listing and trading of emerging companies on the Kuwait Stock Exchange (KSE), in cooperation with Boursa Kuwait. The initiative includes the creation of a dedicated platform for these companies, alongside key amendments to existing listing rules.

In a statement released on Tuesday, the CMA confirmed that the move is part of broader efforts to adopt international best practices, promote capital market development, diversify investment tools, and enhance both market competitiveness and transparency — all aimed at bolstering investor protection.

The approved amendments focus on strengthening listing standards by requiring companies to maintain certain conditions, including minimum thresholds for free float shares and their market value. These measures are designed to improve liquidity and ensure sustained compliance with regulatory obligations.

The Authority emphasized that supporting emerging companies is crucial to driving economic growth and aligns with Kuwait’s broader strategic vision. The newly launched market will offer an attractive financing environment for smaller and growing enterprises while providing investors with fresh opportunities governed by high transparency standards.

The regulatory framework is the result of a comprehensive study conducted by the CMA, which formed the basis for drafting specific rules to govern the emerging companies market. The platform is intended to serve as both a support system for these businesses and a dynamic investment space in line with global benchmarks.

The CMA also underscored the importance of continuously evolving the rules that govern listing conditions. This includes safeguarding investor interests by removing companies that fail to meet their obligations and ensuring adequate liquidity by enforcing minimum requirements for free float shares in both the primary and secondary market segments.

Additionally, the Authority reaffirmed its commitment to enhancing executive regulations that protect investors and empower small shareholders to actively participate in corporate decision-making processes.

This latest move is seen as a significant step toward further modernizing Kuwait’s financial sector and creating a more inclusive and diversified capital market landscape.

Business

Second phase of merging Kuwait oil companies underway

Published

1 day ago

June 30, 2025

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KUWAIT CITY, June 30: In preparation for the second phase of merging the subsidiaries of the Kuwait Petroleum Corporation (KPC), informed sources revealed that the executive phase of merging Gulf Oil Company with Kuwait Oil Company (KOC) has begun through the transfer of the corporation’s shares in the capital of the Gulf Oil Company to KOC. They highlighted a meeting held recently between the two companies’ CEOs to start making administrative decisions regarding this matter. The sources explained that the second phase, following the initial merger of KIPIC with the Kuwait National Petroleum Company, is part of KPC’s strategy to restructure the oil sector. This phase commenced with a meeting between KOC’s CEO Ahmed Al-Eidan, acting CEO of Gulf Oil Company Bader Al-Munaifi, and representatives from the oil sector’s leadership and workforce. The meeting also discussed the implications of Decision No. 60/2024, issued on May 5, 2024, concerning the transfer of KPC’s ownership of shares. ‘

Al-Eidan affirmed the importance of job stability and preserving all benefits of Gulf Oil employees. It was decided that the legal and administrative status of Gulf Oil Company will remain unchanged at this stage, including the company’s name, logo, and operational sites at its headquarters and joint operations in Khafji and Al-Wafra. The sources clarified that Al-Eidan indicated the change is limited solely to the transfer of share ownership, with KOC becoming the owning entity instead of KPC. Consequently, the highest authority will be the Board of Directors of KOC, without affecting daily operations or the current institutional structure.

By Najeh Bilal
Al-Seyassah/Arab Times Staff

Business

Kuwait enhances laws to combat money laundering and terror funding

Published

1 day ago

June 30, 2025

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Kuwait enhances laws to combat money laundering and terror funding

The Kuwait government approves tougher measures to tackle financial crimes.

KUWAIT CITY, June 30: Kuwait is intensifying efforts to combat money laundering and terrorist financing by enhancing its legislative framework, announced Minister of Finance and Minister of State for Economic Affairs and Investment Noura Al-Fassam on Monday.

The minister spoke in a statement issued by the Ministry of Finance following the publication of Decree Law No. (76) of 2025 in the official gazette, Kuwait Today. This decree introduces important amendments to Law No. (106) of 2013, reflecting Kuwait’s integrated government efforts to strengthen measures against financial crimes.

During the Cabinet meeting on June 17, the draft of the amended decree law was approved, underlining Kuwait’s commitment to raising the effectiveness of the national response to money laundering and terrorism financing. The amendments align with the requirements of the Financial Action Task Force (FATF) and relevant international standards.

The new decree law includes two significant amendments:

Article One replaces Article (25) of Law No. (106) of 2013, empowering the Council of Ministers, upon the recommendation of the Minister of Foreign Affairs, to issue necessary decisions to implement United Nations Security Council resolutions related to terrorism, terrorism financing, and the proliferation of weapons of mass destruction under Chapter VII of the UN Charter. These decisions will take effect immediately upon issuance, consistent with Security Council Resolution No. 1373 of 2001. The executive regulations will define the rules for publishing these decisions, appealing them, authorizing the release of frozen funds for essential living expenses, and managing such assets.n
Article Two adds a new Article (33 bis) to Law No. (106) of 2013, stating that any violation of decisions issued under Article (25) will result in fines ranging from 10,000 to 500,000 Kuwaiti dinars per violation. This penalty complements any additional sanctions imposed by regulatory authorities on financial institutions or designated non-financial businesses.n

The Ministry emphasized that these amendments support the National Committee for Combating Money Laundering and Terrorism Financing by broadening its powers to apply targeted financial sanctions in compliance with FATF standards. This includes the mandatory freezing of assets belonging to individuals and entities listed locally as terrorists, effective immediately upon decision issuance.

Furthermore, the amendments enable the Committee to impose fines on violators and require publishing the national list of designated terrorists on the Committee’s official website, enhancing transparency and meeting international obligations.

Minister Al-Fassam concluded that the updated legislative measures reaffirm Kuwait’s strong commitment to fighting financial crimes, safeguarding national security and stability, and fulfilling its global responsibilities.