Connect with us

Business

Shaikha Al-Bahar: Public-Private Partnership is a national necessity and a key pillar in realizing Kuwait Vision 2035

Published

on

KUWAIT CITY, May 18: Ms. Shaikha Al-Bahar, Deputy Group CEO of National Bank of Kuwait (NBK) stated that ‎Public-Private Partnership (PPP) has become a national necessity, emphasizing that it ‎represents the cornerstone of Kuwait’s future economic and developmental trajectory.‎

Al-Bahar noted that PPP projects are a key pillar in realizing Kuwait Vision 2035 and the ‎country’s broader development objectives, contributing to the creation of sustainable value ‎for the national economy.‎

Her remarks were delivered during the opening of the “Third Kuwait PPP Conference ‎‎(PPPKW3)” held under the patronage and in the presence of Eng. Noura Al-Fassam—‎Minister of Finance, Minister of State for Economic Affairs and Investment, and Chair of ‎the Higher Committee for Public-Private Partnership Projects—with the participation of ‎public and private sector institutions, alongside key regulatory authorities.‎

In her address, Al-Bahar highlighted that Kuwait’s PPP model offers promising ‎opportunities, particularly in the energy, infrastructure, logistics, and healthcare sectors. She ‎pointed out that such partnerships can play a vital role in diversifying Kuwait’s economy by ‎fostering cooperation in sectors such as renewable energy, technology, and tourism—‎opening new avenues for growth, generating job opportunities for Kuwaiti youth, and ‎enhancing Kuwait’s regional competitiveness.‎

Long-term Partnership

‎“At NBK, we take pride in being a long-standing partner in Kuwait’s national development ‎journey, having financed and supported some of the largest infrastructure and public sector ‎projects in the country’s history. As Kuwait’s leading financial institution, we remain ‎steadfast in our commitment to advancing partnership initiatives by leveraging our deep ‎market insight, decades of experience, and robust network of international partners to drive ‎successful project financing and execution.”‎

She explained that NBK’s role is not limited to financing but extends to combining regional ‎expertise, investor confidence, and collaborative efforts to propel the progress and ‎prosperity of the national economy. She emphasized the bank’s unwavering commitment to ‎this role, noting its contribution to facilitating the success of partnership projects through ‎innovative financing solutions, advisory services, and capital markets offerings. She also ‎reiterated NBK’s full readiness to support upcoming partnership initiatives—particularly ‎those focused on sustainability, which the bank considers among its top strategic priorities.‎

Huge Potential

Despite Kuwait’s abundant financial resources, Al-Bahar emphasized that navigating the ‎accelerating global complexities requires an innovative approach and a strong framework ‎that leverages the private sector’s efficiency, expertise, and capital to fund world-class ‎infrastructure, enhance public services, and drive economic diversification. She ‎underscored Kuwait’s immense potential to build a future-ready economy underpinned by ‎cutting-edge infrastructure.‎

She added that partnership projects have the potential to take the lead in key sectors, ‎including transportation, smart cities, social development, healthcare, education, housing, ‎renewable energy, technology, and tourism.‎

Regulatory Framework

‎“To ensure the continued success of partnership projects and to maximize their ‎effectiveness in driving national economic growth, it is essential to develop a solid ‎regulatory framework, and a supportive environment built on streamlined decision-making, ‎well-defined legal structures, and transparent procedures,” Al-Bahar stated. She stressed that ‎ongoing dialogue and cooperation between the public and private sectors are vital to ‎improving these frameworks and fostering an environment conducive to successful ‎partnerships.‎

Furthermore, Al-Bahar praised the recent regulatory reforms and Kuwait Public-Private ‎Partnership Authority’s efforts to streamline procedures and foster viable partnership ‎models. She recognized that these advancements are crucial for enhancing Kuwait’s ‎competitiveness, while also highlighting challenges related to regulatory clarity, governance, ‎and risk-sharing. She called on all relevant stakeholders to act swiftly and collaboratively to ‎address these issues and attract both local and international investments.‎

She further stated that PPPs should evolve beyond traditional infrastructure to encompass ‎areas such as education, digital transformation, healthcare technology, and renewable ‎energy. She reaffirmed NBK’s commitment to playing a central role in this journey by ‎mobilizing capital, fostering innovation, and advancing sustainable development in line with ‎Kuwait Vision 2035.‎

Al-Bahar concluded her speech by addressing attendees from both the public and private ‎sectors, stating: “Let us seize this opportunity as a starting point for collective responsibility ‎in shaping a future where innovation flourishes and the well-being of our beloved country ‎is safeguarded. Together—government, private sector, and financial institutions—let us ‎work to build a stronger, more diversified, and inclusive Kuwaiti economy.”‎

Kuwait 3rdConference for Public-Private Partnership, held over two days, brings together a ‎wealth of international, regional, and local expertise. The event’s program provides valuable ‎insights into best practices, industry standards, and practical experiences in PPPs, equipping ‎stakeholders to address potential challenges and empowering relevant authorities to identify ‎and implement effective solutions.‎

Business

Second phase of merging Kuwait oil companies underway

Published

on

By

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 

Continue Reading

Business

Kuwait enhances laws to combat money laundering and terror funding

Published

on

By

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.

Continue Reading

Business

Kuwait updates regulations for public properties and service fees

Published

on

By

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.

Continue Reading

Trending

Copyright © 2025 SKUWAIT.COM .