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Al-Fulaij Emphasized NBK’s Financial Expertise and Strong Regional Presence in Driving Major Development Projects

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KUWAIT CITY, Apr 5: Mr. Salah Al-Fulaij, Chief Executive Officer of National Bank of Kuwait – Kuwait, emphasized that despite global economic uncertainties—including oil price fluctuations, geopolitical tensions, and inflationary pressures—the bank remains resilient, leveraging its strong balance sheet, diversified revenue streams, and prudent risk management to navigate market volatility effectively, while maintaining resilience.

In an interview with Global Finance, Al-Fulaij highlighted that regulatory reforms, both local and global, such as heightened standards for transparency, anti-money laundering, and cybersecurity, demand significant investments in compliance and technological upgrades. He also emphasized that NBK is leveraging digital tools to ensure operational efficiency and adhere to evolving standards.

He added that Kuwait’s ambitious sustainability goals also present both opportunities and challenges as scaling up green projects and aligning stakeholders on long-term ESG priorities require significant coordination.

“Another element we have to keep up with is the rapid pace of technological advancement and the need for continuous innovation. Customers increasingly demand seamless, secured, and personalized banking experiences, prompting us to expand our digital banking platforms, invest in fintech collaborations, and adopt emerging technologies,” Al-Fulaij said.

He also highlighted that attracting and retaining skilled talent, especially in fields liketechnology and ESG, remains a persistent challenge across various industries. In this regard, NBK has established programs, such as NBK Academy and NBK Tech Academy, to equip local talents with the necessary skills and expertise.

Reforms & Opportunities

When asked about the opportunities arising from Kuwait’s economic reforms, Al-Fulaij stated: “Rreforms provide a pivotal platform to capitalize on transformative opportunities, particularly in digitalization, ESG efforts, and public-private partnerships (PPP)”.

Furthermore, he statedthat the government’s emphasis on smart infrastructure, fintech innovations, and regulatory enhancements, has created an enabling environment for NBK to accelerate its digital transformation journey. He further highlighted that the bank’s investments in advanced digital banking solutions, automation, and cutting-edge analytics equip it to offer seamless, secure, and scalable financial services.These initiatives not only elevate customer experiences but also enable SMEs to thrive, supporting the national agenda of fostering financial inclusion and private sector growth.

“NBK is also strategically positioned to play a leading role in PPPs, particularly in sectors like renewable energy, healthcare, and infrastructure. By leveraging our financial expertise and strong regional presence, we contribute to the successful execution of large-scale development projects that drive economic diversification,” Al-Fulaij added.

On the ESG front, Al-Fulaij explained that Kuwait’s reforms are opening doors for sustainable growth, indicating that NBK was the first bank in Kuwait to issue green bonds last year, a milestone that underscores the bank’s leadership in sustainable finance and its deep commitment to supporting green financing and sustainable infrastructure projects.

Moreover, he NBK continues to embed ESG considerations into its financing solutions, thus empowering clients to adoptsocially responsible investment strategies.

Al-Fulaij emphasised that reforms aimed at enhancing entrepreneurship and innovation create new opportunities for NBK to expand its retail and wealth management services, explaining that by incorporating ESG into the Bank’s product offerings, it empowers clients to make socially responsible financial decisions, aligning their investments with Kuwait’s broader vision for sustainable development.

Promising Sectors

When asked about the sectors that have the biggest growth potential, Al-Fulaij responded: “In line with Kuwait Vision 2035, NBK identifies high growth potential in renewable energy,technology, digital transformation, healthcare, logistics, and contracting”.

He explained that with Kuwait prioritizing clean energy initiatives, including solar and wind projects, NBK actively supports this transition by offering green financing solutions and partnerships to reduce carbon emissions and promote energy efficiency.

“Investments in fintech, e-commerce, and smart infrastructure are unlocking opportunities across industries. NBK continues to lead by enhancing its digital banking offerings, enabling seamless financial services, and supporting tech-driven businesses.The bank’s digital initiatives include partnerships with FinTechs, cashless payment solutions, digital onboarding and the recent acquisition of a 51% stake in Kuwait’s leading payment service provider, UPayments,” Al-Fulaij emphasized.

Speaking of Kuwait’s healthcare sector, Al-Fulaij noted that it was on the cusp of significant growth, referring toNBK’s instrumental role in financing large-scale healthcare projects, including hospitals and specialized medical facilities.

As for logistics services, Al-Fulaij highlighted Kuwait’s strategic location at the crossroads of the Middle East, Asia, and Africa, underscoring the significant growth opportunities in transportation and warehousing. He pointed out that this is particularly evident with the focus on mega projects such as Mubarak Al Kabeer Port, the modernization of Shuwaikh and Shuaiba ports, and the expansion of Kuwait International Airport’s new terminal.

He noted that NBK has played a pivotal role as a key financial partner in supporting these projects, adding that their advancement is expected to have a positive impact on the contracting sector as well.

Social Contributions

In response to a question about the bank’s social contributions over the past year, Al-Fulaij reaffirmed NBK’s commitment to empowering future generations by supporting initiatives that foster innovation, skills development, and entrepreneurship among Kuwaiti youth. Highlighting the bank’s key social initiatives, he stated: “Bankee is a pioneering program that integrates financial literacy into the curriculum, equipping students in Kuwait with the necessary tools to make informed financial decisions and grasp fundamental financial concepts. Additionally, NBK partners with educational institutions to support specialized workshops focused on entrepreneurship.”

He highlighted that the bank launched hackathons and mentorship programs, cultivating a culture of innovation and self-reliance. Moreover, for the fifth consecutive year, NBK sponsored the TAMAKAN Program, providingparticipants with specialized courses to enhance their career readiness.This ongoing commitment reflects NBK’s dedication to supporting young national talent and equipping them with the skills needed for future success.

“We are actively engaged towards women empowerment with our landmark program for women leadership, NBK Rise, which consists of various training modules to develop leadership, strategic communication, and interpersonal skills preparing women for higher leadership roles,” Al-Fulaij added.

Al-Fulaij expressed NBK’s pride with its ongoing commitments to the healthcare sector and most importantly its contributions to the “NBK Children’s Hospital” which has been recently witnessing unprecedented medical achievements in the area of stem cell transplant.

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MEW gets CAPT approval to link external sites, NDCC

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KUWAIT CITY, July 21: The Ministry of Electricity, Water and Renewable Energy has obtained approval from the Central Agency for Public Tenders (CAPT) to issue a tender for linking the external sites of the ministry with the National Data Control Center (NDCC), say sources from the ministry. Sources indicated that this tender is included in the contracts of the ministry for the current fiscal year and are scheduled to be implemented by the Planning, Training and Information Systems Sector. Sources revealed that the tender is for linking the external branches with the data center in the main ministry building and the NDCC in order to allow the exchange of information and provision of electronic services.

Sources pointed out that “subject to the approval of CAPT, the tender will be announced and a date will be set for specialized companies to submit their bids, select the winning bid and implement the project under the regulations.” Sources added the ministry intends to install five main power transformer stations for the Automobile Circuit Project — Rawda Block Three, Kabd C, cow farms, Sharq Block Four and Al- Arabi Club; in addition to supplying and extending the necessary underground cables to feed the five planned stations through two tenders: the first for the stations and the second for the cables. Sources said the two tenders aim to provide the energy needed to expand the high-voltage and ultra- high-voltage electrical networks resulting from the increased demand for electricity in the aforementioned areas, as well as to provide electricity continuously throughout the day. Moreover, the ministry also confirmed the start of electricity connection in Al-Mutlaa Residential City (N1 District – parts of Block One; in cooperation with the Public Authority for Housing Welfare (PAHW). It reiterated that it is now receiving applications to connect electricity to 251 plots

By Mohammad Ghanem
 Al-Seyassah/Arab Times Staff 

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DGCA of Kuwait and Japan Take Off on a New Chapter of Aviation Cooperation

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DGCA of Kuwait and Japan Take Off on a New Chapter of Aviation Cooperation

Chairman of the Kuwaiti Directorate General of Civil Aviation (DGCA) Sheikh Humoud Mubarak Humoud Al-Sabah receives the Japanese Ambassador to Kuwait Kenichiro Mukai

KUWAIT CITY, July 21: Chairman of the Kuwaiti Directorate General of Civil Aviation (DGCA) Sheikh Humoud Mubarak Humoud Al-Jaber Al- Sabah said Sunday that the DGCA looks forward to promoting cooperation with Japan in civil aviation. Sheikh Humoud made the remarks while welcoming Japanese Ambassador to Kuwait Kenichiro Mukai to discuss bilateral cooperation in the field of civil aviation, the DGCA said in a press release. He underlined the importance of deepening the distinguished ties between both friendly countries, praising Japan’s advanced experience in technology and aviation industry, it said. For his part, the Japanese Ambassador expressed his appreciation to the Kuwaiti official for his hospitality, saying that his country is interested in furthering cooperation with the State of Kuwait in aviation, in a way that contributes to exchanging expertise and achieving integration in the fields that concern both sides. (KUNA)

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‘Please be careful.’ There are risks and rewards as crypto heavyweights push tokenization

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NEW YORK, July 21, (AP): As cryptocurrencies become more intertwined with the traditional financial system, industry heavyweights are racing for a long-sought goal of turning real-world assets into digital tokens.

“Tokenization is going to open the door to a massive trading revolution,” said Vlad Tenev, the CEO of the trading platform Robinhood at a recent James Bond-themed tokenization launch event in the south of France.

Advocates say tokenization is the next leap forward in crypto and can help break down walls that have advantaged the wealthy and make trading cheaper, more transparent and more accessible for everyday investors.

But critics say tokenization threatens to undermine a century’s worth of securities law and investor protections that have made the U.S. financial system the envy of the world. And Robinhood’s push into tokenizing shares of private companies quickly faced pushback from one of the world’s most popular startups.

The basic idea behind tokenization: Use blockchain technology that powers cryptocurrencies to create digital tokens as stand-ins for things like bonds, real estate or even fractional ownership of a piece of art and that can be traded like crypto by virtually anyone, anywhere at any time.

The massive growth of stablecoins, which are a type of cryptocurrency typically bought and sold for $1, has helped fuel the appetite to tokenize other financial assets, crypto venture capitalist Katie Haun said on a recent podcast.

She said tokenization will upend investing in ways similar to how streamers radically changed how people watch television.

“You used to have to sit there on a Thursday night and watch Seinfeld,” Haun said. “You tune in at a specific time, you don’t get to choose your program, you couldn’t be watching a program like Squid Games from Korea. Netflix was market-expanding. In the same way, I think the tokenization of real-world assets will be market expanding.”

Robinhood began offering tokenized stock trading of major U.S. public companies for its European customers earlier this month and gave away tokens to some customers meant to represent shares in OpenAI and SpaceX, two highly valued private companies.

Several other firms are diving in. Crypto exchange Kraken also allows customers outside the U.S. to trade tokenized stocks while Coinbase has petitioned regulators to open the market to its U.S. customers. Wall Street giants BlackRock and Franklin Templeton currently offer tokenized money market funds. McKinsey projects that tokenized assets could reach $2 trillion by 2030.

The push for tokenization comes at a heady time in crypto, an industry that’s seen enormous growth from the creation and early development of bitcoin more than 15 years ago by libertarian-leaning computer enthusiasts to a growing acceptance in mainstream finance.

The world’s most popular cryptocurrency is now regularly setting all-time highs – more than $123,000 on Monday – while other forms of crypto like stablecoins are exploding in use and the Trump administration has pledged to usher in what’s been called the “golden age” for digital assets.

Lee Reiners, a lecturing fellow at Duke University, said the biggest winners in the push for tokenization could be a small handful of exchanges like Robinhood that see their trading volumes and influence spike.

“Which is kind of ironic given the origins of crypto, which was to bypass intermediaries,” Reiners said.

Interest in tokenization has also gotten a boost thanks to the election of President Donald Trump, who has made enacting more crypto-friendly regulations a top priority of his administration and signed a new law regulating stablecoins on Friday.

“Tokenization is an innovation and we at the SEC should be focused on how do we advance innovation at the marketplace,” said Securities and Exchange Commission Chairman Paul Atkins.

Securities law can be complex and even defining what is a security can be a hotly debated question, particularly in crypto. The crypto exchange Binance pulled back offerings of tokenized securities in 2021 after German regulators raised questions about potential violations of that country’s securities law.

Under Trump, the SEC has taken a much less expansive view than the previous administration and dropped or paused litigation against crypto companies that the agency had previously accused of violating securities law.

Hilary Allen, a professor at the American University Washington College of Law, said crypto companies have been emboldened by Trump’s victory to be more aggressive in pushing what they can offer.

“The most pressing risk is (tokenization) being used as a regulatory arbitrage play as a way of getting around the rules,” she said.

However, the SEC has struck a cautionary tone when it comes to tokens. Shortly after Robinhood’s announcement, SEC Commissioner Hester Peirce, who has been an outspoken crypto supporter, issued a statement saying companies issuing tokenized stock should consider “their disclosure obligations” under federal law.

“As powerful as blockchain technology is, it does not have magical abilities to transform the nature of the underlying asset,” Peirce said.

One of the most closely watched areas of tokenization involves private companies, which aren’t subject to strict financial reporting requirements like publicly traded ones.

Many hot startups are not going public as often as they used to and instead are increasingly relying on wealthy and institutional investors to raise large sums of money and stay private.

That’s unfair to the little guy, say advocates of tokenization.

“These are massive wealth generators for a very small group of rich, well-connected insiders who get access to these deals early,” said Robinhood executive Johann Kerbrat. “Crypto has the power to solve this inequality.”

But Robinhood’s giveaway of tokens meant to represent an investment in OpenAI immediately drew pushback from the company itself, which said it was not involved in Robinhood’s plan and did not endorse it.

“Any transfer of OpenAI equity requires our approval-we did not approve any transfer,” OpenAI said on social media. “Please be careful.”

Public companies have strict public reporting requirements about their financial health that private companies don’t have to produce. Such reporting requirements have helped protect investors and give a legitimacy to the U.S. financial system, said Allen, who said the push for tokenized sales of shares in private companies is “eerily familiar” to how things played out before the creation of the SEC nearly a century ago.

“Where we’re headed is where we were in the 1920s,” she said. “Door-to-door salesmen offering stocks and bonds, half of it had nothing behind it, people losing their life savings betting on stuff they didn’t understand.”

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