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Amir: Kuwait to boost investments

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KUWAIT: HH the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah received at Bayan Palace on Sunday Chairman and CEO of Goldman Sachs David Solomon and an accompanying delegation. HH the Amir affirmed, during the reception, Kuwait’s keenness to boost investment horizons, bolster business environment competitiveness and build partnerships with global companies, which would contribute to the diversification of the economy, transfer expertise, localize technologies, attract quality investments, enable national cadres and create promising opportunities in support of the country’s sustainable development path.

Solomon said that he looked forward to bolstering cooperation with Kuwait, contributing financial and investment expertise to support economic modernization programs and the goals of the New Kuwait 2035 vision.

The Goldman Sachs Group, Inc announced on Monday the opening of an office in Kuwait, furthering the firm’s commitment to the country and the region. “Kuwait is driving forward a rapid transformation to deliver economic growth and opportunities for its citizens,” Solomon said in a press statement. “We look forward to deepening our longstanding partnership with Kuwait as we establish this office to grow our capabilities across the Middle East and better serve our clients,” he said.

Goldman Sachs and Kuwait have been strategic partners for 50 years, collaborating on investment banking, capital markets and asset management initiatives. A core part of the partnership has been a Goldman Sachs-led professional training program to develop local talent within the Kuwait Investment Authority (KIA), the Public Institution for Social Security (PIFSS) and the Kuwait Fund, spanning multiple disciplines. The firm will continue investing in the recruitment and development of top Kuwaiti talent to serve its regional and global client base.

“Kuwait remains committed to attracting high-impact, long-term global investors who contribute to our national

priorities, particularly in talent development and the nurturing of local expertise,” Director General of Kuwait Direct Investment Promotion Authority (KDIPA) Sheikh Dr Meshal Jaber Al-Ahmad Al-Sabah said. “These efforts directly support our economic diversification strategy and reflect our broader vision for sustainable growth and global integration, in line with Kuwait Vision 2035,” he said.

As part of the expansion of activities in Kuwait, Goldman Sachs has hired Mohammad Almatrouk as a Managing Director to lead the office and the firm’s continued growth in Kuwait. The firm also recently hired Fahad Alebrahim as a Managing Director in its Private Wealth Management business. Goldman Sachs continues to scale its presence and reinforce its commitment to the Middle East as a strategic growth area for the firm across investment banking, asset management and private wealth management. – Agencies

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Kuwait promotes social justice and joint Arab developmental efforts

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CAIRO: Minister of Social Affairs, Family and Childhood Affairs and Chairperson of the Supreme Council for Family Affairs Dr Amthal Al-Huwailah on Monday reaffirmed Kuwait’s commitment to strengthening joint Arab social and developmental efforts to uphold human rights and promote social justice. Delivering her speech at the 82nd session of the Executive Office of the Council of Arab Ministers of Social Affairs, held at the League of Arab States headquarters in Egypt, Dr Al-Huwailah opened by expressing deep sorrow over the tragic death of three Amiri Diwan employees in a traffic accident in Sharm El-Sheikh, offering condolences to the families and wishing a speedy recovery to the injured.

She expressed pride in Kuwait’s participation in the session, which addressed key social and developmental issues, and expressed hope it would yield decisions supporting social justice policies and the empowerment of women, girls, and persons with disabilities, particularly in political participation and gender equality. Dr Al-Huwailah noted that the session would adopt the draft agenda for the 45th session of the Council of Arab Ministers of Social Affairs and prepare for the Second World Summit for Social Development, scheduled in Doha next November. She emphasized Kuwait’s aspiration for Arab countries to make a strong and active presence at these events, showcasing development achievements and exchanging experiences in social care.

Officials are pictured during the meeting. - KUNA photos

Officials are pictured during the meeting. – KUNA photos

Highlighting Kuwait’s role, she said the Ministry of Social Affairs, the Supreme Council for Family Affairs, and the Public Authority for the Affairs of Persons with Disabilities are committed to following up on the implementation of Council decisions, ensuring coordination that respects diversity and privacy while promoting social justice.

Dr Al-Huwailah concluded by thanking Egyptian Minister of Social Solidarity and Head of the Executive Office Dr Maya Morsi for the warm reception and efficient organization. She also praised Egypt’s efforts in hosting the Sharm El-Sheikh Peace Summit and its unwavering support for ending the conflict in Palestine. The Executive Office meetings are chaired by Egypt, with membership including Kuwait, Palestine, Qatar, the Comoros, Lebanon and Libya, alongside the participation of the Social Affairs Sector of the League of Arab States, represented by Minister Plenipotentiary Enas Al-Farjani.- KUNA

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Kuwait urges global action on poverty and climate

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NEW YORK: Kuwait has called for stepped-up international efforts to eradicate poverty, promote equitable development, secure sustainable financing, protect the environment and expand social safety nets. The appeal came in a speech delivered Saturday by Rashed S Al-Abhoul, Third Secretary of Kuwait’s Permanent Mission to the United Nations, during the general debate of the UN Second Committee on Economic and Financial Affairs.

Al-Abhoul said eliminating poverty in all its forms remains Kuwait’s top priority. Nearly a decade after the adoption of the Sustainable Development Goals, only 35 percent have recorded tangible progress, while nearly half are stalled and 18 percent have slipped below the 2015 baseline, he noted. He added that the annual financing gap has now surpassed $4 trillion.

On climate, Al-Abhoul warned that challenges are more urgent than ever, with floods, droughts and wildfires causing severe losses and shrinking some economies by up to five percent annually. He called for a flexible and accessible climate finance mechanism and urged the establishment of partnerships to accelerate development progress. He stressed the need for eased financing terms, debt relief, mobilization of humanitarian resources and targeted investment in sustainable agriculture, food supply chains, innovation and digital infrastructure. The current international financial system, he said, is no longer capable of keeping pace with today’s challenges and must undergo comprehensive reform to become fairer and more transparent.

Highlighting Kuwait’s longstanding commitment to development cooperation, Al-Abhoul pointed to the creation of the Kuwait Fund for Arab Economic Development in 1961 as a model of solidarity. The fund has financed more than 1,000 projects in over 100 countries, he said. Turning to the Middle East, he condemned ongoing human rights and environmental violations in the region. He said the committee must not remain silent when mandated to follow up on development challenges.

He expressed Kuwait’s strongest condemnation of the Zionist occupation’s use of starvation as a weapon against civilians and its terrorizing of unarmed populations in blatant violation of international law. He called for the lifting of all restrictions on humanitarian aid, the guarantee of safe delivery, and accountability for those who use food and life as tools of war. Al-Abhoul stressed that the next five years will be critical and must deliver tangible, measurable progress on development commitments.— KUNA

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Kuwait participates in UNCITRAL session

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VIENNA: The 82nd session of Working Group II (Dispute Settlement) of the United Nations Commission on International Trade Law (UNCITRAL) commenced on Monday in Vienna, with the participation of a Kuwaiti delegation. A statement by the UN Information Service said the discussions, which will continue until October 17, focus on recognizing and enforcing electronic arbitration awards amid the accelerating shift towards digital dispute resolution in international commerce.

The working group will examine key issues, including enhancing reliance on electronically issued arbitration awards by reviewing the experiences of countries and organizations, and identifying associated legal and technical challenges. The discussions will also address the preparation of an interpretative recommendation on the 1958 New York Convention, clarifying that electronic form does not impede the recognition or enforcement of awards, and equating electronic awards with their paper counterparts where reliability and integrity are guaranteed.

Topics under consideration include proposed amendments to the Model Law on International Commercial Arbitration to define electronic arbitration awards and electronic data messages, establish rules for arbitrators’ electronic signatures, and set timeframes for receiving electronic communications, while reinforcing the principle of functional equivalence between paper and electronic formats. The group will also review amendments to the UNCITRAL Arbitration Rules to permit electronic issuance and delivery of awards, and update the UNCITRAL Notes on the Organization of Arbitration Procedures to encourage arbitration institutions to adopt digital systems, taking into account enforcement requirements across jurisdictions.

The session aims to create a unified, modern international legal framework ensuring electronic arbitration awards carry the same legal and enforceable force as paper awards, thereby boosting confidence in digital arbitration mechanisms and supporting the electronic transformation of cross-border commercial dispute resolution. The Kuwaiti delegation includes representatives from the Fatwa and Legislation Department, lawyer Mohammed Al-Khuwaitim, and lawyer Farah Al-Rais. — KUNA

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