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ICAIKC Hosts CPE Event on ‘Global Economic Challenges and Governance: A Finance Focus’

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KUWAIT CITY, April 29: The Institute of Chartered Accountants of India, Kuwait Chapter (ICAIKC) hosted the Continuing Professional Education (CPE) event on “Global Economic Challenges and Governance: A Finance Focus.” The event attracted a strong turnout from the professional community, driven by the relevance of its theme and the insights offered by a distinguished panel of international experts.

CA Aditya Dhanuka, Chairperson of ICAIKC, formally inaugurated the event by welcoming the distinguished speakers and participants. He also provided an update on ongoing chapter initiatives and highlighted the vital role that accounting professionals play in shaping ethical, transparent, and resilient economic systems. His remarks set the tone for an evening of meaningful dialogue and knowledge exchange.

Esteemed Speakers Share Global Perspectives

The event featured a stellar lineup of speakers, each of them bringing distinct global insights into the discussion:

Jean Bouquot, President of the International Federation of Accountants (IFAC), delivered a compelling keynote on the evolving dynamics of the global economy. Drawing on IFAC’s policy work, he emphasized the importance of resilience, adaptability, and governance reforms in both public and private institutions. He highlighted sustainability related developments globally and the need to counter greenwashing. He also underscored the need for global collaboration among accounting bodies to foster sustainability, ethical conduct, and trust in financial systems.

Mona El Chami, Senior Governance Specialist at the World Bank, provided a policy-oriented lens on governance frameworks across developing economies. She elaborated on the World Bank’s role in advising governments on fiscal accountability, anti-corruption measures, and institutional strengthening. Her talk highlighted the interconnectedness of sound governance and economic stability, advocating for inclusive institutions and transparent policymaking.

CA Atul Gupta, Past President of ICAI and current IFAC Board Member, offered a strategic analysis of how global economic trends are impacting India and other emerging markets. He spoke about the transformational role of technology in governance, the rise of digital public infrastructure, the essentiality of independent director, and the need for ethics-driven assurance practices. His address called on Chartered Accountants to balance profit with sustainability and to take the lead in promoting good governance.

The session was further enriched by the presence of special guests:

Prof. Shahzad Uddin (University of Essex), Prof. Musa Mangena (University of Nottingham), Mr. Sabah Mubarak Al Jalawi (Chairman, KAAA), Mr. Mohammad Shuaib (Member, KAAA), Dr. Souod Alazemi (Faculty Member, PAAET), and Mr. Ahmed Bastaki, whose participation added academic and regulatory depth to the discussions.

The event was seamlessly moderated by CA Ketan Puri, whose professionalism and engaging style ensured a smooth and insightful program. The event concluded with a warm vote of thanks by CA Andaleeb Girkar, who expressed heartfelt appreciation to the speakers, special guests, attendees, and organizing committee. She also extended gratitude to the chapter’s annual sponsors—NBK, Al Mulla Exchange, and Cube Innovators—as well as media partners IndiansinKuwait.com (IIK), Times Kuwait, and Arab Times for their continued support.

The event reinforced ICAIKC’s dedication to fostering ongoing professional excellence and promoting dialogue on globally relevant economic and governance challenges. It served as a valuable platform for knowledge sharing and reinforced the chapter’s mission to equip finance professionals in Kuwait with world-class insights and expertise.

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Kuwait Oil Company begins commercial production at the Mitribah field

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Kuwait Oil Company begins commercial production at the Mitribah field

Kuwait Oil Company CEO Ahmad Al-Eidan delivers his speech

KUWAIT CITY, Sept 18:  Kuwait Oil Company (KOC) has officially begun commercial production at the Mitribah oil field in northwestern Kuwait, CEO Ahmad Al‑Eidan announced Thursday, marking a major milestone in the company’s strategic expansion.

Al‑Eidan, speaking at a ceremony in Ahmadi City under the patronage of Oil Minister Tareq Al‑Roumi, described the launch as more than just completing a project. He called it “a living testimony” to the determination, innovation, and cooperative spirit within KOC.

He said Mitribah now joins KOC’s productive assets, giving “a strong push” to the company’s strategic path. Reflecting on his own history with the field, Al‑Eidan recalled his early work in the 1990s as a geologist in KOC’s exploration group, witnessing its development through many years.

Al‑Eidan explained that the milestone comes at a pivotal moment for KOC, which recently undertook a major organizational restructuring designed to enhance efficiency, sharpen its vision, and boost momentum across all its sectors. A key outcome of that reorganisation is the formation of the “New Exploration Group,” aimed at accelerating the process from exploration to production—especially in complex or unconventional reservoirs.

He pointed out that Mitribah is the first major achievement under this new structure. Institutional support and a clear strategic vision, he said, helped reduce project timelines, mitigate risks, and strengthen Kuwait’s position in global oil production.

Al‑Eidan praised the work of specialized geologists, engineers, planners, operators, and technical support staff. He also acknowledged the role of partners and contractors, whose cooperation and commitment he said were essential to overcoming infrastructure challenges and deploying advanced technologies efficiently.

He added that this achievement is not the end but the start of a more ambitious journey. He called on all involved to maintain momentum, continue adopting the latest technical solutions, and foster a culture of innovation and excellence, united by a strong sense of responsibility and teamwork.

Commercial output from Mitribah officially began on June 15, 2025, after connecting several wells to KOC’s production facilities. The field, located in a previously undeveloped stretch in northwest Kuwait, covers more than 230 square kilometres and lies outside the area of fields already operated by the company. Light oil with commercial viability was first discovered there in 2009. One of the major technical challenges was managing hydrogen sulfide gas concentrations of up to 40 percent, which contributed to delays in production start‑up.

The CEO of Kuwait Oil Company presents commemorative gifts to the Minister of Oil.

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US-Arab Chamber of Commerce names Kuwaiti Al-Mudhaf as new Director of External Affairs

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US-Arab Chamber of Commerce names Kuwaiti Al-Mudhaf as new Director of External Affairs

Kuwaiti Fawaz Al-Mudhaf appointed director of External Affairs at US-Arab Chamber of Commerce

WASHINGTON, Sept 18:  The US-Arab Chamber of Commerce has appointed Kuwaiti national Fawaz Al-Mudhaf as its new Director of External Affairs, in a strategic move aimed at deepening US-Arab economic ties and empowering emerging regional talent.

The announcement, made on Wednesday, reflects the Chamber’s broader vision to enhance cross-border cooperation and nurture young leaders capable of navigating the evolving landscape of global trade and diplomacy.

“This appointment embodies the Chamber’s commitment to developing regional talent that contributes to and enhances cross-border cooperation,” the Chamber stated in a press release. It added that the selection of Al-Mudhaf aligns with the organization’s goal of equipping emerging leaders to adapt to rapid transformations in US-Arab economic and diplomatic relations.

Al-Mudhaf is expected to spearhead the Chamber’s external affairs strategy, focusing on strengthening relations with decision-makers, global companies, and major institutions in both the United States and the Arab world. His leadership will be crucial at a time of shifting global alliances, new trade priorities, and the increasing need for international collaboration.

Expressing gratitude for the appointment, Al-Mudhaf said the role is “both an honor and a responsibility.” He emphasized that the US-Arab Chamber of Commerce is “more than just a business platform,” calling it “a trusted forum for dialogue, mutual respect, and opportunities for joint cooperation that strengthen ties between peoples.”

He affirmed his commitment to the Chamber’s mission, pledging to serve “with all sincerity” and to help consolidate US-Arab partnerships at a time when, he noted, “international communication has become more urgent than ever.”

Chamber President and CEO David Hamod praised Al-Mudhaf’s appointment, stating, “We are extremely proud of Fawaz, who is a fundamental pillar of the Chamber’s team. He is a fine example of a young Kuwaiti who is leaving an influential mark on the international scene.” Hamod added that Al-Mudhaf’s contributions are a “fundamental pillar in the Chamber’s success story.”

The US-Arab Chamber of Commerce, established over 50 years ago, is widely recognized as the oldest American organization dedicated to advancing US-Arab trade. It is often described as the “first commercial gateway” to the Middle East and North Africa for the United States.

As an independent, membership-based organization, the Chamber boasts over 50 members and partners and is the only American trade body officially recognized by both the League of Arab States and the Union of Arab Chambers. It continues to serve as a preeminent voice for American business interests in the Arab world, working to strengthen economic partnerships across the region.

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Canada’s Carney heads to Mexico to discuss trade before review of their US trade deal

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Canada’s Prime Minister Mark Carney delivers opening remarks at the Liberal caucus in Edmonton on Sept 10. (AP)

TORONTO, Sept 18, (AP): Canadian Prime Minister Mark Carney heads to Mexico on Thursday in an effort to diversify trade as America’s neighbors brace for a review of the free trade deal with United States. The United States-Mexico-Canada trade pact, or USMCA, is up for review in 2026. More than 75% of Canada’s exports and more than 80% of Mexico’s go to the US Canadian Sen Peter Boehm said Carney and Mexican President Claudia Sheinbaum will commiserate about US President Donald Trump.

“What are they hearing from the Americans, what we are hearing. It’s an opportunity to talk about how to handle the US administration going forward,” Boehm said. Carney is looking to improve relations with Mexico during his two-day visit after some of Canada’s provincial premiers talked last year about cutting Mexico out of any new free trade deal with the US Trump lumped Canada in with Mexico on fentanyl smuggling and promised sweeping tariffs on both countries.

Ontario Premier Doug Ford said then that Trump comparing Canada to the Mexico was “the most insulting thing I’ve ever heard from our friends and closet allies, the United States of America.” Boehm said the comments by the premiers, which he deemed out of their lane, upset the Mexicans. “The Mexicans are particularly sensitive on these matters and there was concern about that, no doubt,” Boehm said.

Boehm represented the Canadian government when Sheinbaum was sworn in as Mexico’s president last year and is pushing for more engagement with Mexico. He said relations recently improved, noting Mexico appreciated Carney inviting Sheinbaum to the G7 summit in Alberta in June. Carney also sent his foreign minister as well as his finance minister to meet with Sheinbaum in August.

“A lot of people don’t realize that we trade more with Mexico than we do with the entire European Union, all of the Europe, including the UK,” Boehm said. “It’s a pretty big deal for us.” Mexico is Canada’s third-largest trading partner after the US and China. Canada was Mexico’s fifth-largest trading partner in 2024. But trade with the US remains paramount for both countries and preserving the free trade pact will be critical.

A key exemption for Canada and Mexico shields the vast majority of goods from the punishing duties. Canadian and Mexican companies can claim preferential treatment under the USMCA. But Trump has some sector-specific tariffs, known as 232 tariffs, that are having an impact. There is a 50% tariff on steel and aluminum imports.  

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