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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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Second phase of merging Kuwait oil companies underway

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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 

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Kuwait enhances laws to combat money laundering and terror funding

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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.

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Kuwait updates regulations for public properties and service fees

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Kuwait updates regulations for public properties and service fees

Updated regulations aim to boost fair use and revenue from state properties.

KUWAIT CITY, June 30: The Ministry of Finance announced on Sunday the issuance of a new ministerial decision amending the regulations governing the use of state-owned real estate and service fees, in a move aimed at achieving a fair balance between public interest and the needs of individuals and institutions.

In a press statement, the Ministry said the decision comes as part of its broader efforts to regulate the use of government-owned properties and protect national resources. Ministerial Resolution No. 54 of 2025 introduces amendments to the regulations first outlined in Resolution No. 40 of 2016.

Minister of Finance and Minister of State for Economic Affairs and Investment, Eng. Noura Al-Fassam, stated that the amendments are intended to ensure fairness, clarify procedures, and improve transparency in the utilization of state assets.

“These changes aim to establish a fair balance in how state-owned properties are used by citizens and entities, while safeguarding public interests,” Al-Fassam said.

She added that the updated regulations were the result of a comprehensive pricing study comparing Gulf and international markets. The amended prices remain below average rates in Gulf Cooperation Council (GCC) countries, and were developed with Kuwait’s economic and social conditions in mind. The goal, Al-Fassam noted, is to promote equal opportunities and secure sustainable revenue streams for the state.

The amendments cover a wide range of activities involving the use of state-owned property, including chalets, rest houses, commercial complexes, cooperative societies, banks, and warehouses. They also apply to educational institutions, sports clubs, and hospitals.

In support of national food security and the promotion of local production, the Ministry also announced the stabilization of agricultural coupon prices under the new regulations.

The revised framework reflects Kuwait’s continued efforts to modernize its public asset management policies while maintaining a strong emphasis on economic fairness, efficiency, and sustainability.

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