KUWAIT: Undersecretary of the Ministry of Finance Aseel Al-Munifi has highlighted the strength and resilience of Gulf Cooperation Council (GCC) economies, noting their potential to address global challenges and bolster their international economic standing. Her remarks came during her address as chair of the 74th meeting of the GCC Finance Undersecretaries Committee, held in preparation for the 124th meeting of the Financial and Economic Cooperation Committee scheduled for October 2.

Al-Munifi emphasized that the rapidly changing global landscape requires careful analysis of key developments and their impact on national and regional economies, while seizing opportunities and addressing challenges to achieve sustainable growth. She cited the World Bank’s June report, which forecasts a slowdown in global economic growth to 2.3 percent this year, driven by factors including weakened global trade, fluctuating energy prices and ongoing geopolitical uncertainties.

Despite global headwinds, she noted that the GCC’s economic growth is projected at 3.2 percent in 2025, rising to 4.5 percent in 2026. “This growth reflects the region’s ongoing efforts to diversify the economy, expand non-oil sectors, localize the workforce, reform labor markets, invest in infrastructure, and promote tourism and renewable energy projects,” she said.

Undersecretary of the Ministry of Finance Aseel Al-Munifi

In a related statement, Assistant Secretary-General for Economic and Development Affairs at the GCC General Secretariat, Khaled Al-Sunaidi, said GCC economies have strengthened their regional and international position despite recurring global financial challenges. He highlighted that non-oil sectors accounted for 77.9 percent of GDP in the last quarter of 2024 and that economic diversification has become a tangible reality.

Al-Sunaidi underscored the GCC countries’ commitment to maintaining strong financial positions, with abundant reserves and public debt levels around 28 percent of GDP, positively influencing credit ratings. He also noted the role of GCC finance ministries in implementing balanced fiscal policies, optimizing government spending, and directing resources to productive sectors, which has enhanced growth, aggregate demand and economic resilience.

The meeting reviewed key topics to strengthen economic and financial cooperation among GCC states, including outcomes from the 85th meeting of the Committee of Governors of Central Banks, as well as discussions related to the Customs Union Authority, the Committee of Heads and Directors of Tax Administrations and the Gulf Common Market Committee. — KUNA

By Marwan Hafez

KUWAIT: Assistant Foreign Minister for Asian Affairs Ambassador Samih Hayat affirmed Wednesday that Kuwait–China relations are undergoing a significant transformation, propelled by agreements and memorandums of understanding signed between the two governments and now being actively implemented. Speaking on the sidelines of a reception hosted by the Embassy of the People’s Republic of China in Kuwait to mark the 76th anniversary of the founding of the republic, Hayat noted that Kuwait has taken high-level steps under the directives of its leadership.

A ministerial committee chaired by His Highness Sheikh Ahmad Al-Abdullah Al-Ahmad Al-Sabah, Prime Minister of Kuwait and composed of six ministers, has been formed to follow up on the execution of agreements signed with China. He explained that the projects underway include “large-scale and developmental” initiatives such as the completion of Mubarak Al-Kabeer Port, renewable energy ventures like Abdaliya and Shagaya, in addition to projects in sanitation, waste management, housing and labor cities. These, he said, represent a new and unique model of direct government-to-government cooperation.

Hayat further emphasized that China has been Kuwait’s top trading partner for eight consecutive years, highlighting Kuwait’s strong trust in China’s wisdom and active role in international forums, including the UN Security Council, particularly in efforts to safeguard regional stability and address global challenges such as climate change. “The successful execution of current projects will open new horizons for future initiatives that will further strengthen bilateral ties and serve the mutual interests of both countries,” he added.

Liu Xiang delivers a keynote speech.

Samih Hayat speaking to the press on the sideline of the event.

Delivering the keynote address at the event, Liu Xiang, Chargé d’Affaires of the Chinese Embassy in Kuwait, praised the historic depth of Kuwait-China relations, calling them the strongest in their history. He recalled that Kuwait was the first Arab Gulf country to establish diplomatic ties with China, describing the relationship as a model of strategic cooperation. Liu highlighted major joint projects — from Mubarak Al-Kabeer Port to renewable energy and housing initiatives — as tangible examples of this partnership. He also underscored the importance of cultural exchange, noting Kuwait’s preparations to inaugurate the Chinese Cultural Center next month.

“China will remain a trustworthy partner and a sincere friend to Kuwait in its path toward achieving Vision 2035,” Liu said, while expressing gratitude to all friends of China who have contributed to advancing bilateral relations. He went on to reflect on China’s achievements since its founding, including becoming the world’s second-largest economy, the largest industrial nation, and a leader in foreign exchange reserves. Liu also noted that China has lifted over 800 million people out of poverty, representing 75 percent of global poverty reduction in recent decades.

The envoy reaffirmed China’s commitment to peaceful development and building “a community with a shared future for mankind.” He highlighted Beijing’s continued support for the Palestinian cause, including calls for an immediate ceasefire and a two-state solution in line with UN resolutions. Liu concluded by outlining President Xi Jinping’s global initiatives — the Global Development Initiative, Global Security Initiative, Global Civilization Initiative, and Global Governance Initiative — which, he said, have received wide international recognition and contributed to global stability and cooperation.

KUWAIT: His Highness the Prime Minister Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah chaired on Monday a meeting of the ministerial committee tasked with following up on the implementation of agreements and memoranda of understanding signed between the governments of the State of Kuwait and the People’s Republic of China at Bayan Palace.

The 28th meeting reviewed the latest developments on major development projects covered under the memoranda of understanding, including cooperation in the Mubarak Al-Kabeer Port project, electrical power systems, renewable energy, low-carbon waste recycling, housing development, environmental infrastructure for wastewater treatment, free and economic zones, as well as environmental protection and desertification control. His Highness directed members of the Ministerial Follow-up Committee, according to their respective jurisdictions, to coordinate with the chairmen of Chinese state-owned companies nominated by the Chinese government and urged them to begin signing contracts for the next phase of construction and development works in Kuwait.

He stressed that the strategic visions and plans for these projects, guided by the directives of His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, will lead to significant economic achievements for the country. Assistant Foreign Minister for Asian Affairs and member of the Ministerial Committee, Ambassador Samih Jawhar Hayat, highlighted that the meeting included presentations of reports from technical committees across relevant ministries overseeing major development projects.

He noted an agreement with the Chinese government to set a date in mid-October for the Ministry of Public Works to sign a contract with a Chinese government company for the Kabd wastewater treatment project. Subsequent dates will be set for other major projects following the completion of technical and environmental studies by the Chinese side. Ambassador Hayat also confirmed that the Kuwaiti government had officially notified its Chinese counterpart to commence contracting procedures for the third and fourth phases of the renewable energy projects in Abdaliya and Shagaya.

The meeting was attended by Head of the Prime Minister’s Diwan Abdulaziz Dakhil Al-Dakhil; Minister of Defense Sheikh Abdullah Ali Abdullah Al-Salem Al-Sabah; Minister of Public Works Dr Noura Mohammed Al-Mashaan; Minister of State for Municipal Affairs and Minister of State for Housing Affairs Abdullatif Hamed Al-Meshari; Minister of Electricity, Water and Renewable Energy and Minister of Finance Dr Sabeeh Abdulaziz Al-Mukhaizeem; Head of the Fatwa and Legislation Department Counselor Salah Ateeq Al-Majed; and Assistant Foreign Minister for Asian Affairs Ambassador Samih Jawhar Hayat. — KUNA