Business
Determined Austria looks to up Kuwaiti investment
Austrian Ambassador to Kuwait Ulrich Frank
KUWAIT CITY, May 6 : Austrian Ambassador to Kuwait Ulrich Frank has lauded the strong and solid Kuwaiti- Austrian relations which he described as “excellent and advanced” at all levels and in various areas of cooperation, indicating these are historical relations spanning 60 years. In a statement to reporters on the sidelines of a reception he hosted at his residence on the occasion of the visit of the Austrian trade delegation, Frank revealed this is the second time he was appointed as his country’s ambassador to Kuwait — the first was in 2012.
He stated that when he was offered the appointment again to Kuwait, he did not hesitate to accept it. He affirmed that he is exerting tremendous efforts to support, strengthen and develop bilateral relations with Kuwait. He said Kuwait hosted the first round of political consultations between the two countries, which strengthened the consensus between them. He looks forward to Vienna hosting the next round of consultations. He confirmed that the Austrian trade delegation’s visit to Kuwait reflects the strength of bilateral relations between the two countries and the shared desire to enhance economic cooperation, whether in the fields of trade, investment, science, technology or innovation. He added “we believe there is great potential to expand cooperation between Austria and Kuwait.
While precise figures are not available regarding the size of Kuwaiti investments in Austria due to the confidential nature of most of them, we believe they are significant and influential investments.” He went on to affirm that the Austrian Embassy is working hard to encourage Kuwaiti investments in his country by enhancing communication between businesspersons and facilitating access to available investment opportunities. “We are working hard to build a sustainable and fruitful economic partnership that benefits both countries. We look forward to a bright future of constructive cooperation with Kuwait,” he stressed.
On the other hand, Chairman of the Kuwaiti-Austrian Business Friendship Association (KABFA) Sheikh Abdullah Al-Mubarak asserted that relations between Kuwait and Austria are characterized by mutual trust, which constitutes a solid foundation for strengthening economic and trade cooperation between the two countries. In a press statement on the sidelines of his participation as the guest of honor at the event, Sheikh Abdullah pointed out that “as chairman of the association, I am elated to participate in this important meeting organized by the Austro-Arab Chamber of Commerce (AACC), with the attendance of a select group of multidisciplinary Austrian companies.”
He said this high-level trade visit is the first in more than five years, making it a valuable opportunity to enhance trade exchange and explore new areas of cooperation. He clarified that “personal and business communication are no less important than economic figures; indeed, they are the foundation upon which sustainable success is built. Although Austria is small, it possesses high-quality and advanced technologies in sectors like construction and renewable energy. Kuwait and the region can benefit from such sectors, especially in light of the development vision of Kuwait.”
On Kuwaiti investments in Austria, Sheikh Abdullah confirmed the existing investments; indicating that “the Austrian market is smaller than traditional European markets such as Germany and France, but it is stable and safe. It has an encouraging legal environment, which enhances confidence among Kuwaiti investors.” Moreover, former Austrian Defense Minister and AACC President Dr. Werner Fasslabend emphasized that his visit to Kuwait, which was organized in cooperation with Kuwait Chamber of Commerce and Industry (KCCI), aims to strengthen bilateral relations; particularly in the area of economic cooperation between the two countries. He disclosed “we are here today accompanied by a delegation of 22 Austrian companies, in addition to prominent figures, including the President of the Austrian Industry Federation — one of the most prominent economic figures in Austria, along with representatives of leading global companies such as Rosenbauer and ANSERS.”
He said the goal of the visit is not limited to exchanging documents or signing agreements, as it rather extends to building trust through direct personal communication. He believes that personal trust is the foundation for building successful business relationships. “Through this visit, we want to learn about the country and its economy, and most importantly, to communicate directly with the individuals and stakeholders.
By Fares Al-Abdan
Al-Seyassah/Arab Times Staff
Shaikha Al-Bahar
Deputy Group Chief Executive Officer (CEO) of the National Bank of Kuwait (NBK)
KUWAIT CITY, May 20, (Agencies): Deputy Group Chief Executive Officer (CEO) of the National Bank of Kuwait (NBK) Shaikha Al-Bahar is the only Kuwaiti who made it to the 2025 100 Most Powerful Women in Business List that Fortune released on Tuesday. The list consists of a hundred influential businesswomen in the finance, technology, health care, telecom, retail, energy and other industries.
In 1977, Al-Bahar joined NBK, where she proved her leadership capabilities as she rose through the ranks over the years. At present, she is the only woman in the executive management team of the bank. She currently heads NBK-France and Egypt; in addition to her post as board member of NBK (International) — the subsidiary of the bank in the United Kingdom. Al-Bahar was the brain behind the launching of NBK RISE, a program that aims to empower women leaders and train them within nine months to assume leadership posts.
NBK is one of the largest financial institutions in Kuwait and one of the leading banks in the region. The total value of its assets as at the end of March reached more than $135 billion. Group CEO of First Abu Dhabi Bank in the United Arab Emirates Hana Al-Rostamani joins Al-Bahar as the only two women from the Gulf on the list, ranking 76th and 92nd respectively. The Fortune editors compiled the list based on company size and health; in addition to an executive’s career path, influence, innovation, and efforts to make business better.
The 2025 list includes 52 women from the United States of America and 48 from other countries as follows: eight from China; seven each from France and the United Kingdom; three each from Germany, Singapore and Brazil; two each from Australia, Hong Kong, Japan and Spain; and one each from Kuwait and the United Arab Emirates. Chief Operator at Costco and merchant Claudine Adamo, who ranked 43rd, is one of 16 newcomers. She helped millions of Americans navigate inflation by keeping prices low on essentials, and the next-gen execs such as ByteDance CFO Julie Gao (81st), who steered the finances of the TikTok owner through its tangles with the US government.
Following are the top 10 Most Powerful Women in Business in 2025:
1. Mary Barra, Chair and CEO, GM (U.S.)
2. Julie Sweet, Chair and CEO, Accenture (U.S.)
3. Jane Fraser, CEO, Citigroup (U.S.)
4. Lisa Su, Chair and CEO, AMD (U.S.)
5. Ana Botín, Executive Chairman, Banco Santander (Spain)
6. Tan Su Shan, Deputy CEO and Group Head of Institutional Banking, DBS Group (Singapore)
7. Thasunda Brown Duckett, President and CEO, TIAA (U.S.)
8. Marta Ortega, Chairperson, Inditex (Spain)
9. Abigail Johnson, Chairman and CEO, Fidelity Investments (U.S.)
10. Meng Wanzhou, Deputy Chairwoman, Rotating Chairwoman, and CFO, Huawei (China)
The stock prices of Contemporary Amperex Technology Co. (CATL) is displayed at the listing ceremony in Hong Kong on May 20. (AP)
BEIJING, May 20, (AP): Asian shares rallied Tuesday after China cut key interest rates to help fend off an economic malaise worsened by trade friction with Washington. Shares in China’s CATL, the world’s largest maker of electric batteries, jumped 17.2% in its Hong Kong trading debut after it raised about $4.6 billion in the world’s largest IPO this year.
Its shares traded in Shenzhen, mainland China’s smaller share market after Shanghai, gained 1.2% after dipping earlier in the day. The Reserve Bank of Austalia reduced its benchmark interest rate by a quarter percentage for a second time this year, to 3.85%, judging inflation to be within its target range. The earlier reduction, in February, was Australia’s first rate cut since October 2020.
The future for the S&P 500 lost 0.4% while that for the Dow Jones Industrial Average was 0.2% lower. In early European trading, Germany’s DAX edged 0.1% higher to 23,954.16 while the CAC 40 in Paris climbed 0.2% to 7,897.13. Britain’s FTSE 100 rose 0.3% to 8,723.97. China’s central bank made its first cut to its loan prime rates in seven months in a move welcomed by investors eager for more stimulus as the world’s second largest economy feels the pinch of Trump’s higher tariffs.
The People’s Bank of China cut the one-year loan prime rate, the reference rate for pricing all new loans and outstanding floating rate loans, to 3.00% from 3.1%. It cut the 5-year loan prime rate to 3.5% from 3.6%. With China’s chief concern being deflation due to slack demand rather than inflation, economists have been expecting such a move.
Data reported Monday showed the economy under pressure from Trump’s trade war, with retail sales and factory output slowing and property investment continuing to fall. Tuesday’s cuts probably won’t be the last this year, Zichun Huang of Capital Economics said in a report. “But modest rate cuts alone are unlikely to meaningfully boost loan demand or wider economic activity,” Huang said. Hong Kong’s Hang Seng gained 1.4% to 23,659.70 early Tuesday, while the Shanghai Composite index advanced 0.4% to 3,380.48.
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