Business
Kuwait stresses the need for unified Arab economic policies
Kuwait’s Acting Prime Minister, Sheikh Fahad Yousef Saud Al-Sabah, delivers the opening speech at the 16th regular session of the Council of Arab Finance Ministers in Kuwait.
KUWAIT CITY, April 9: Acting Prime Minister and Minister of Interior Sheikh Fahad Yousef Saud Al-Sabah emphasized the importance of economic cooperation and integration among Arab countries on Wednesday. He highlighted the need to unify policies and procedures aimed at strengthening economic structures, improving the business environment, and increasing productivity and competitiveness.
Sheikh Fahad made these remarks during the joint annual meetings of financial institutions and the 16th regular session of the Council of Arab Finance Ministers, which were hosted by Kuwait. He explained that the current complex phase places a historic responsibility on Arab financial institutions to intensify efforts and enhance institutional integration.
He stressed the importance of fostering the spirit of Arab solidarity, adapting to changes, and responding quickly to the needs of member states. “Today, more than ever, we must intensify our efforts,” he said. He also noted the rapid development of technology, particularly artificial intelligence, which has become a significant driver of the global economy. He pointed out that the Arab economy faces a prominent challenge in integrating these modern technologies into markets to achieve substantial growth and development.
Sheikh Fahad reiterated that Kuwait continues to support youth empowerment, human capital development, and small and medium enterprises. These initiatives, which were launched at the first development summit in 2009, also include providing job opportunities and prioritizing science, technology, and innovation.
He added that Kuwait’s commitment to supporting development in developing countries is a longstanding tradition, symbolized by the establishment of the Kuwait Fund for Arab Economic Development more than six decades ago. The fund has become a milestone in Arab and international development efforts.
Sheikh Fahad praised the role of Gulf development funds and joint Arab financial institutions in financing development projects worldwide. He emphasized that these efforts reflect a shared belief in the importance of solidarity and cooperation to achieve comprehensive and sustainable development. Kuwait, he said, will continue to support projects and decisions from the joint annual meetings of Arab financial institutions that align with the interests of Arab countries and elevate the aspirations of their citizens.
Omani Minister of Finance Sultan Al Habsi also addressed the meeting, emphasizing the impact of current global events on the global economy and the negative effects on the Arab region. He stressed that joint Arab financial bodies must take effective and rapid measures to confront these challenges.
Al Habsi highlighted recent decisions by the United States to impose customs duties on several countries and underscored the need to create a conducive investment climate. This, he said, would encourage the private sector, attract capital, and develop investment opportunities to achieve sustainable development goals. He noted that such efforts can only succeed through laws and regulations that foster openness to the global economy, accelerate structural reforms, combat corruption, and promote transparency and integrity.
The Omani minister praised the efforts made by Arab countries to overcome difficulties but acknowledged that many challenges remain, requiring further collaboration and alignment of strategies. He stressed the importance of enhancing coordination among Arab nations and developing flexible financial strategies to maintain economic stability and growth amid global fluctuations.
Al Habsi also called for a focus on the least developed countries in financing development, economic, and social projects to address chronic issues such as high unemployment, low-income levels, and fragile infrastructure. Additionally, he emphasized the need to tackle challenges posed by rapid technological advances and climate change.
Delegations from various Arab countries, including ministers, senior officials, and economists, are participating in the meetings. These include officials from the Arab Monetary Fund, the Arab Fund for Economic and Social Development, the Arab Investment and Export Credit Guarantee Corporation, the Arab Bank for Economic Development in Africa, and the Arab Authority for Agricultural Investment and Development.
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.
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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