Minister of Commerce and Industry Khalifa Al-Ajeel

KUWAIT CITY, Sept 16: Minister of Commerce and Industry Khalifa Al-Ajeel on Monday urged the issuance of a unified legal and regulatory framework for the delivery sector to enhance transparency, safeguard customer data, and enforce principles of fair competition based on neutrality and credibility.

Al-Ajeel highlighted the delivery sector’s critical role as a pillar in stimulating economic activity during a statement following an expanded meeting he chaired with delivery company owners and representatives from the Competition Protection Authority. The session focused on regulating the rapidly growing sector in Kuwait, underscoring the ministry’s commitment to meeting local market needs.

The minister said the ministry, backed by the Council of Ministers, aims to overcome challenges and simplify procedures, fostering a more flexible and transparent business environment. This, he noted, would encourage investment and serve the interests of all parties involved.

Emphasizing consumer protection, Al-Ajeel stated that the new regulatory framework will include clear controls to ensure quality and transparency in service provision. The ministry will also implement effective oversight mechanisms enabling consumers to submit complaints and feedback, thereby boosting confidence in the market and ensuring fair, safe services.

Representatives of the Competition Protection Authority confirmed their readiness to launch specialized workshops for delivery company staff and officials to familiarize them with applicable regulations and promote a culture of compliance.

Delivery company representatives addressed key challenges facing their businesses and expressed their desire for close cooperation with the ministry to develop the sector in alignment with market and consumer expectations.

Kuwait’s commerce minister calls for a unified legal framework to regulate the delivery sector.

KUWAIT CITY, Sept 15: Sabah Mubarak Al-Jalawi, Chairman of the Board of Directors of Kuwait Accountants and Auditors Association (KAAA), said the “Financial and Economic Resilience: Driving Growth in an Era of Challenges” conference is held at a time the world is facing accelerating economic challenges that require practical solutions and precautionary measures capable of absorbing emergency crises and protecting the future generations. In his opening remarks at the event, Al-Jalawi stated that KAAA, since its founding in 1973, has been playing a vital role in developing the accounting and auditing profession, while enhancing economic resilience through the establishment of specialized institutions. He revealed these institutions include the Academy of Accountants for training national manpower, the Center for Arbitration, Accounting, Tax and Bankruptcy Expertise for resolving commercial disputes and improving the business environment, the Professional Accreditation Center that regulates the profession’s standards and prevents intrusions, andthe  Center for Professional Companies, which is considered a qualitative shift in the field of accounting and auditing. He confirmed the Association has submitted substantive proposals that supported the economic and legislative system in the country over the past years.

He said these proposals include the Companies and Bankruptcy Law, contributing to the drafting of the Auditing Profession Law issued in 2019, and establishing a financial accounting standard for charitable organizations to enhance transparency in the charitable sector. He indicated that the Association focuses on communicating with decision-makers locally, regionally and internationally to provide technical insights and build financial buffers capable of confronting crises and achieving sustainable growth. On the other hand, Professor of Finance at Kuwait University Dr. Turki Al-Shammari emphasized in a lecture titled “Resilient Financial Strategies in Times of Crisis,” that institutions cannot deal with economic, geopolitical or health fluctuations, such as the COVID-19 crisis, without adopting resilient financial strategies.

He explained that financial flexibility means the ability to quickly rearrange priorities, control cash flows, diversify funding sources, and adopt effective governance systems for quick and implementable decisions. He said this flexibility enables institutions to maintain their financial stability, withstand pressures, and even seize growth opportunities despite the challenges. He pointed out that several regional and global experiences have proven the success of these policies. He said institutions that adopted financial flexibility were able to continue and even achieve gains during crises, while others that relied on rigid traditional patterns faltered. Dr. Riyadh Al-Faris, Associate Professor in the Department of Economics at Kuwait University, stated in his lecture, “Economic Strategies and Their Role in the Stability of Governments and Companies,” that economic policies cannot be the same for all countries or situations.

He stressed the need to assess each economic situation individually and adopt appropriate policies. He pointed out that relying on ready-made recommendations from some international organizations without taking into account the specific economic and social structures of developing countries has led to stifling crises and heavy debt burdens. He called for the involvement of various stakeholders in policy formulation and implementation, and for coordination with neighboring countries and trading partners to increase the chances of success and limit the influence of pressure groups. He pointed out that economic policies, despite their benefits, are not without drawbacks, particularly inflation resulting from expansion, unemployment resulting from contraction, increased public debt, and the risks of entering into trade wars due to protectionist measures.

By Marwa Al-Bahrawi
Al-Seyassah/Arab Times Staff

KUWAIT CITY, Sept 15: Boursa Kuwait ended Monday’s session on a positive note, with the All Share Index climbing 31.48 points, or 0.36 percent, to close at 8,816.31 points. Trading activity was robust, with 468.2 million shares exchanged across 27,716 transactions, generating a total value of KD 114.8 million (USD 349 million). The Main Market Index recorded the sharpest gains, adding 44.80 points, or 0.56 percent, to settle at 8,047.53 points. This performance came on the back of 272.4 million shares traded through 17,221 transactions, worth KD 49.3 million (USD 150 million). The Premier Market Index also advanced, rising 29.72 points, or 0.32 percent, to close at 9,443.71 points. It accounted for 195.8 million shares traded in 10,495 deals, valued at KD 65.4 million (USD 199 million). In contrast, the Main 50 Index slipped 21.17 points, or 0.26 percent, to settle at 8,230.24 points. A total of 203.5 million shares were traded through 10,970 transactions, amounting to KD 39.4 million (USD 120 million)(KUNA)