KUWAIT: Minister of Electricity, Water and Renewable Energy, Minister of Finance, and Acting Minister of State for Economic and Investment Affairs Dr Sabeeh Al-Mukhaizeem on Thursday underlined the need to advance Gulf cooperation and implement joint decisions to strengthen integration and enhance the GCC’s position in the global economy.
Speaking at the 7th meeting of the Permanent Preparatory Committee at the ministerial level of the Gulf Cooperation Council (GCC) Authority of Economic and Development Affairs, Dr Al-Mukhaizeem noted that the current phase is marked by rapid regional and global economic changes, calling for intensified coordination and the mobilization of resources to diversify income sources and support national strategies in line with the collective GCC vision for a unified and prosperous future. He described the meeting as a platform to exchange ideas, review developments in GCC economic policies, address external challenges, and coordinate Gulf positions on global economic issues, stressing the importance of unifying efforts to translate the GCC leaders’ aspirations into tangible economic and development outcomes.
Dr Al-Mukhaizeem highlighted the meeting’s role in advancing joint Gulf action, promoting economic and development cooperation, achieving Gulf economic unity, removing obstacles to implementing GCC resolutions, deepening integration, and fulfilling the requirements of the Gulf common market. He also emphasized the pivotal role of the Authority and its Executive Office at the General Secretariat in supporting these objectives through studies, plans, performance indicators, strategic projects in economic modeling, development foresight, and capacity-building to keep pace with global economic transformations.
The Seventh Meeting of the Permanent Preparatory Committee at the Ministerial Level of the Economic and Development Affairs Authority. – KUNA photos
In his address, GCC Secretary-General Jasem Al-Budaiwi stressed the council’s commitment to comprehensive cooperation, particularly in economic and development fields, highlighting the importance of coordination, integration, and interconnectedness among member states, as well as deepening collaboration between their peoples. He underscored the committee’s continuous meetings as a means to provide a holistic vision for coordination, integration, and the implementation of initiatives and projects, accelerating the resolution of obstacles affecting GCC decisions, agreements and regulations.
Al-Budaiwi pointed to the bloc’s strong economic indicators, noting that the GCC’s GDP at current prices reached approximately $2.3 trillion last year, ranking ninth globally. He added that GCC sovereign wealth funds hold assets of around $4.8 trillion, representing more than 32 percent of the total assets of the world’s 100 largest sovereign wealth funds. The GCC countries also lead globally in crude oil production, exceeding 16.1 million barrels per day, and hold the largest crude oil reserves at about 512.1 billion barrels.
“These figures are more than statistics,” he said. “They reflect the depth of economic and developmental integration among GCC states, the fruits of wise policies since the GCC’s inception, and our effective role at the regional and global levels in shaping the course of the world economy.”
The meeting addressed key economic and development issues, including the timetable and action plan for achieving Gulf economic unity, completing the customs union, and advancing initiatives under the Gulf economic unity roadmap. It also reviewed reports on Gulf economic integration indicators, negotiations of free trade agreements with international partners, and the importance of a unified negotiating position to serve GCC economic interests. The discussions highlighted current economic developments, opportunities, and challenges, emphasizing the need for strengthened joint action and integrated policies among member states. — KUNA
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
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
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
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