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Kuwait’s real-time payment scheme WAMD surpasses 1 mln accounts in first yea

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KUAWIT CITY, July 16: ACI Worldwide (NASDAQ: ACIW), an original innovator in global payments technology, and the Shared Electronic Banking Services Company “KNET”, the provider of electronic payment services in Kuwait, today announced that WAMD, Kuwait’s real-time payment system, recorded significant growth in the number of transactions executed since its launch in June of 2024, making WAMD one of the world’s most rapidly adopted real-time payment initiatives. KNET utilized ACI’s Digital Central Infrastructure solution to build the central payment infrastructure of WAMD, an interoperable, countrywide scheme that enables account-to-account (A2A) payment transfers via a bank’s mobile app or internet banking service by using a phone number.

WAMD was implemented in less than 15 months, redefining the pace for rapid digital transformation and innovation. Banks in Kuwait have lauded the scheme for delivering a seamless and user-friendly differentiated customer banking experience. With 100% of the country’s banks now on board with WAMD, this extraordinary growth in real-time payments is expected to continue. “As real-time payments become ubiquitous in Kuwait, consumers have gravitated toward secure, real-time payment methods, reshaping habits around convenience and efficiency while reducing reliance on cash. KNET’s primary strategic focus is to provide a safe and reliable payment environment by enhancing existing infrastructure, developing innovative payment systems, and improving service efficiency domestically and regionally,” said Esam Alkheshnam, KNET’s Chief Executive Officer. Alkheshnam added that “IPS in Kuwait was given the name ‘WAMD,’ which translates to lightning flash – an indication of the speed of the service. WAMD, which is available on the banking application of all local banks, has gained traction from the start, with one million registered users during the first quarter of its launch of WAMD. “As soon as we introduced the service to Kuwait, we began outlining the next phase of IPS in Kuwait, which will build on the success of phase one.

Together with ACI Worldwide, being one of our strategic partners, KNET is committed to adopting state-of-the-art technologies in digital payments, adhering to the highest global standards.” Aligned with KNET’s mission of supporting Kuwait’s national vision for digital transformation, longer-term strategic initiatives include the integration of Kuwait’s fintech players to WAMD and enabling A2A real-time payments in their Electronic Fund Transfer Point-of-Sale terminals using dynamic QR codes. KNET is also looking at implementing the “Request to Pay” service to streamline payment operations for web merchants and provide a safer, enhanced e-commerce shopping experience for Kuwaitis. Kuwait’s evolution into a real-time payment powerhouse is set to further propel the Middle East’s position as a leader in payments modernization.

According to ACI’s Prime Time for Real-Time 2024 report, which tracks global real-time payment volumes and growth forecasts, the Middle East has been recognized as the fastest-growing real-time payments market in the world for two consecutive years. Additionally, real-time payments are a powerful enabler for economic advancement and inclusion. ACI’s Real-Time Payments: Economic Impact and Financial Inclusion report indicates that by 2028, real-time payments are forecast to create more than 167 million new bank account holders and generate $285.8 billion of additional global GDP growth. “Kuwait’s rapid adoption of real-time payments has been impressive and stands out as one of the fastest adoption rates around the globe.

The rising demand for real-time payments drives innovation in payments, forges new use cases that stimulate economic growth, promotes financial inclusion, and meets customers’ evolving expectations,” commented Craig Ramsey, global head of account-to-account payments at ACI Worldwide.“Together, ACI and KNET have created one of the most secure and future-proof real-time payment systems in the world – one that puts Kuwait at the forefront of the global real-time payments revolution.” ACI Worldwide has a strong track record of powering real-time schemes around the world as well as helping banks, fintechs, and other payment service providers in the ecosystem to connect to the schemes and offer new, innovative financial services for consumers and businesses.ACI currently powers 26 domestic and pan-regional real-time schemes across six continents, including 11 central infrastructures. Globally, ACI serves all 10 of the world’s largest financial institutions by asset value and provides solutions that move trillions of dollars through more than one billion transactions daily.

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Kuwait-China ministerial committee advances key development projects

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His Highness the Prime Minister Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah chaired a meeting of the Ministerial Committee at Bayan Palace on Thursday to follow up on the implementation status of agreements and memoranda of understanding signed between the governments of the State of Kuwait and the friendly People’s Republic of China.

KUWAIT CITY, Sept 18: His Highness the Prime Minister Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah chaired Thursday, at Bayan Palace, the 27th ministerial committee meeting to follow up on the implementation of agreements and memoranda of understanding signed between Kuwait and China. The meeting reviewed the latest progress in executing developmental projects included in the MoUs, especially cooperation in Mubarak Al-Kabeer Port, electricity systems, renewable energy, low-carbon recycling, housing, environmental infrastructure, free zones, and economic zones.

The meeting examined the outcomes of Chinese delegations’ visits this month, regarding cooperation between Kuwait and Chinese companies in environmental fields, afforestation, combating desertification, and ensuring effective collaboration to implement the agreed development initiatives efficiently and sustainably. His Highness directed committee members to ensure the strict implementation of signed agreements with major Chinese government companies, emphasizing adherence to strategic plans to achieve the intended results within the specified timeframes, ensuring proper execution of all projects. Assistant Foreign Minister for Asian Affairs, committee member and rapporteur Samih Jawhar Hayat, stated that the meeting discussed major development projects, reviewed upcoming Chinese delegations’ agendas, and highlighted that the Chinese state company will begin phases three and four of renewable energy projects, emphasizing Kuwait’s commitment to advancing joint initiatives and strengthening bilateral cooperation.

The meeting was attended by Head of the Prime Minister’s Office Abdulaziz Al-Dakheel, Minister of Public Works Noura Al-Mashaan, Minister of State for Municipality Affairs and Housing Abdullatif Al-Mishari, Minister of Electricity, Water and Renewable Energy and Minister of Finance and Acting Minister of State for Economic and Investment Affairs Sabeeh Al- Mukhaizem, Director General of the Direct Investment Promotion Authority Dr. Meshaal Jaber Al-Ahmad Al-Sabah, Head of Fatwa and Legislation Office Salah Al-Majid, Undersecretary of the Ministry of Defense Abdullah Al-Sabah, and Assistant Foreign Minister for Asian Affairs and Member and Rapporteur of the Ministerial Committee Samih Jawhar Hayat.(KUNA)

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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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