KUWAIT CITY, May 18: Ms. Shaikha Al-Bahar, Deputy Group CEO of National Bank of Kuwait (NBK) stated that ‎Public-Private Partnership (PPP) has become a national necessity, emphasizing that it ‎represents the cornerstone of Kuwait’s future economic and developmental trajectory.‎

Al-Bahar noted that PPP projects are a key pillar in realizing Kuwait Vision 2035 and the ‎country’s broader development objectives, contributing to the creation of sustainable value ‎for the national economy.‎

Her remarks were delivered during the opening of the “Third Kuwait PPP Conference ‎‎(PPPKW3)” held under the patronage and in the presence of Eng. Noura Al-Fassam—‎Minister of Finance, Minister of State for Economic Affairs and Investment, and Chair of ‎the Higher Committee for Public-Private Partnership Projects—with the participation of ‎public and private sector institutions, alongside key regulatory authorities.‎

In her address, Al-Bahar highlighted that Kuwait’s PPP model offers promising ‎opportunities, particularly in the energy, infrastructure, logistics, and healthcare sectors. She ‎pointed out that such partnerships can play a vital role in diversifying Kuwait’s economy by ‎fostering cooperation in sectors such as renewable energy, technology, and tourism—‎opening new avenues for growth, generating job opportunities for Kuwaiti youth, and ‎enhancing Kuwait’s regional competitiveness.‎

Long-term Partnership

‎“At NBK, we take pride in being a long-standing partner in Kuwait’s national development ‎journey, having financed and supported some of the largest infrastructure and public sector ‎projects in the country’s history. As Kuwait’s leading financial institution, we remain ‎steadfast in our commitment to advancing partnership initiatives by leveraging our deep ‎market insight, decades of experience, and robust network of international partners to drive ‎successful project financing and execution.”‎

She explained that NBK’s role is not limited to financing but extends to combining regional ‎expertise, investor confidence, and collaborative efforts to propel the progress and ‎prosperity of the national economy. She emphasized the bank’s unwavering commitment to ‎this role, noting its contribution to facilitating the success of partnership projects through ‎innovative financing solutions, advisory services, and capital markets offerings. She also ‎reiterated NBK’s full readiness to support upcoming partnership initiatives—particularly ‎those focused on sustainability, which the bank considers among its top strategic priorities.‎

Huge Potential

Despite Kuwait’s abundant financial resources, Al-Bahar emphasized that navigating the ‎accelerating global complexities requires an innovative approach and a strong framework ‎that leverages the private sector’s efficiency, expertise, and capital to fund world-class ‎infrastructure, enhance public services, and drive economic diversification. She ‎underscored Kuwait’s immense potential to build a future-ready economy underpinned by ‎cutting-edge infrastructure.‎

She added that partnership projects have the potential to take the lead in key sectors, ‎including transportation, smart cities, social development, healthcare, education, housing, ‎renewable energy, technology, and tourism.‎

Regulatory Framework

‎“To ensure the continued success of partnership projects and to maximize their ‎effectiveness in driving national economic growth, it is essential to develop a solid ‎regulatory framework, and a supportive environment built on streamlined decision-making, ‎well-defined legal structures, and transparent procedures,” Al-Bahar stated. She stressed that ‎ongoing dialogue and cooperation between the public and private sectors are vital to ‎improving these frameworks and fostering an environment conducive to successful ‎partnerships.‎

Furthermore, Al-Bahar praised the recent regulatory reforms and Kuwait Public-Private ‎Partnership Authority’s efforts to streamline procedures and foster viable partnership ‎models. She recognized that these advancements are crucial for enhancing Kuwait’s ‎competitiveness, while also highlighting challenges related to regulatory clarity, governance, ‎and risk-sharing. She called on all relevant stakeholders to act swiftly and collaboratively to ‎address these issues and attract both local and international investments.‎

She further stated that PPPs should evolve beyond traditional infrastructure to encompass ‎areas such as education, digital transformation, healthcare technology, and renewable ‎energy. She reaffirmed NBK’s commitment to playing a central role in this journey by ‎mobilizing capital, fostering innovation, and advancing sustainable development in line with ‎Kuwait Vision 2035.‎

Al-Bahar concluded her speech by addressing attendees from both the public and private ‎sectors, stating: “Let us seize this opportunity as a starting point for collective responsibility ‎in shaping a future where innovation flourishes and the well-being of our beloved country ‎is safeguarded. Together—government, private sector, and financial institutions—let us ‎work to build a stronger, more diversified, and inclusive Kuwaiti economy.”‎

Kuwait 3rdConference for Public-Private Partnership, held over two days, brings together a ‎wealth of international, regional, and local expertise. The event’s program provides valuable ‎insights into best practices, industry standards, and practical experiences in PPPs, equipping ‎stakeholders to address potential challenges and empowering relevant authorities to identify ‎and implement effective solutions.‎