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Kuwait committed to advancing economic and industrial integration in GCC: Minister
Group photo taken during the 68th Ministerial Meeting of the Trade Cooperation Committee held in Kuwait.
KUWAIT CITY, April 30: Minister of Commerce and Industry Khalifa Al-Ajeel emphasized Kuwait’s commitment to enhancing economic and industrial integration among Gulf Cooperation Council (GCC) member states during his address at the 68th Ministerial Meeting of the Trade Cooperation Committee held in Kuwait.
Al-Ajeel highlighted the importance of coordinating trade and industrial policies, standardizing regulations, and unifying Gulf positions to navigate the rapid global economic changes. He commended the efforts of the GCC Secretariat General in monitoring the implementation of committee decisions and facilitating joint action among member states to promote progress and prosperity in trade, industry, and standardization sectors.
The Minister noted that the GCC region has become a significant economic force globally. He emphasized that the historical ties, strategic interests, and substantial market size shared by member states present a unique opportunity to transform challenges into opportunities, enhance trade exchange, and open new avenues for Gulf capital, products, and services.
Al-Ajeel underscored the critical role of supporting entrepreneurs and small and medium-sized enterprises (SMEs), stating that these businesses are pivotal in driving change, investing in innovation, creating job opportunities, and contributing to building a prosperous future. He called for the continued support of SMEs through joint initiatives and practical plans that would enable these companies to stabilize and grow, transforming them into key players in national economies and influential forces at regional and international levels.
Reflecting on the vision of His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, Al-Ajeel reiterated the need to accelerate efforts toward achieving Gulf economic integration. This includes unifying policies, diversifying non-traditional income sources, facilitating trade and investment, supporting local industries, and expanding innovation and entrepreneurship, particularly in emerging fields such as artificial intelligence, to enhance the competitiveness of GCC economies on regional and international platforms.
In his address at the 54th meeting of the Industrial Cooperation Committee, Al-Ajeel emphasized the necessity of enhancing Gulf industrial integration to keep pace with rapid international changes, in line with the directives of GCC leaders. He called for unified efforts to confront challenges and achieve sustainable development and prosperity in an environment of security and stability, while strengthening the Gulf industrial system.
At the 9th meeting of the Ministerial Committee for Standardization Affairs, Al-Ajeel highlighted the importance of developing a unified vision to nurture Gulf inventors and support national industries and logistics services to enhance regional economic competitiveness. He reaffirmed Kuwait’s commitment to supporting initiatives aimed at enhancing Gulf industrial cooperation to achieve the supreme interests of GCC countries.
The meetings, attended by ministers of commerce and industry and heads of standardization bodies from GCC countries, along with representatives from the General Secretariat of the Cooperation Council for the Arab States of the Gulf, serve as a platform for making significant decisions to support the advancement of joint Gulf economic and industrial cooperation. These sessions build upon preparatory meetings of undersecretaries, which discussed priority topics to be presented to ministers for appropriate decisions.
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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