KUWAIT: Undersecretary of the Ministry of Finance Aseel Al-Munifi on Thursday reaffirmed the ministry’s commitment to supporting private sector initiatives aimed at advancing technology, digital transformation, and artificial intelligence (AI) in Kuwait. Al-Munifi made the remarks following her attendance and sponsorship of the 3rd Kuwait International Competition for Innovation, Entrepreneurship, Artificial Intelligence, and Technology, organized by Ecosystem for Administrative and Economic Consulting.

The event honored a group of award-winning innovators in economic diversification through innovation and digitization, with participants from Gulf, Arab and international countries. “The ministry’s participation reflects our belief in the importance of this event and its role in promoting digital transformation and AI applications to drive progress using modern technology,” Al-Munifi said. She also called on government agencies, educational institutions and the private sector to continuously enhance their operational systems.

She noted that the ministry is currently implementing similar initiatives through government contracts to advance technology, spearhead digital transformation in financial operations nationwide and streamline work procedures using modern technological solutions. Dr Hanadi Al-Mubarak, Director of Ecosystem Company, said the continuation of the competition, now in its third edition, stems from the company’s commitment to enhancing global competitiveness in innovation, entrepreneurship, and AI, as part of the Gulf and Arab Economic Initiative 2020. She added that this year’s edition will honor 100 winners from 22 Gulf, Arab and international countries.

Dr Al-Mubarak explained that the competition supports economic diversification in the Gulf and Arab region, fostering long-term investment and positioning the countries among the ranks of developed nations. The initiative aligns with global sustainable development goals for 2030 and serves as a platform for regional cooperation, facilitating the exchange of expertise, best practices and successful international applications. She stressed that the initiative also strengthens partnerships, develops skills and empowers the digital economy across the region.

A section of the audience attending the honoring ceremony of a group of award-winning innovators in the field of economic diversification.- KUNA photos

Debt collection

In another development, Minister of Commerce and Industry Khalifa Al-Ajeel on Thursday affirmed that the National Fund for Small and Medium Enterprises Development has been undertaking comprehensive measures since last March to collect debts and financial dues from a number of troubled projects, as part of its commitment to preserving public funds and enhancing financial and administrative discipline. Al-Ajeel, who also serves as Chairman of the Fund’s Board of Directors, said in a press statement that these measures are being implemented in accordance with the legal frameworks regulating the Fund’s work and in line with National Fund Law No (98) of 2013.

He added that the Fund has launched an organized collection and settlement plan designed to secure public rights without harming entrepreneurs. The Board of Directors had previously approved an amendment to the loan repayment mechanism, extending repayment periods to 15 years. This does not include the legally allowed grace period of up to three years, or the exceptional postponements of up to four years granted during the COVID-19 pandemic. Al-Ajeel explained that the amendment responds to the needs of SME owners seeking greater flexibility in managing their financial obligations, balancing the empowerment of entrepreneurs with the Fund’s financial sustainability.

He emphasized that the National Fund continues to support SME owners, who form a key pillar of the national economy. “Collection procedures aim to ensure justice and protect public funds, while providing ongoing technical and financial support to viable projects with real economic potential,” the minister said. Al-Ajeel also noted that the Fund’s Board of Directors convened today at the ministry’s headquarters to review progress on key financial and administrative files. He stressed that these efforts align with the government’s vision to establish a fair and sustainable financial environment that strengthens entrepreneurs’ confidence and encourages their contribution to the national economy. — KUNA

WASHINGTON: Acting Minister of Finance, Minister of Electricity, Water and Renewable Energy, and Minister of State for Economic Affairs and Investment Dr. Sabeeh Al-Mukhaizeem met with World Bank Vice President for the Middle East and North Africa (MENA) Ousmane Dione.

During the meeting, Dr. Al-Mukhaizeem highlighted the importance of strengthening relations with the World Bank’s local office in Kuwait, especially following the appointment of a new office director. He stressed the need for the new director to possess the necessary expertise, knowledge, and flexibility to engage effectively with local entities, ensuring that the office’s presence delivers tangible added value.

He also underlined the importance of holding an early meeting with the newly appointed director to set clear priorities for cooperation between Kuwait and the World Bank.On his part, Dione expressed appreciation to Kuwait for recently completing the payment of its contribution to the general and selective capital increase of the International Bank for Reconstruction and Development (IBRD).

He said this reflects Kuwait’s commitment to its international obligations and its support for the World Bank’s efforts in advancing sustainable development.Both sides reaffirmed the importance of further enhancing cooperation between Kuwait and the World Bank, particularly in the fields of education, health, energy, and water.

The meeting was attended by the Executive Director at the World Bank Group (WBG) Abdulaziz Al-Mulla, the Director of Public Debt Management Faisal Al-Muzaini, Director of International Economic Cooperation Department Saad Al-Rashidi, Acting Director of Macroeconomics and Fiscal Policy and Director of Financial Planning and Follow-up Department Ahmad Al-Omran.

The meeting took place on the sidelines of Kuwait’s participation in the Annual Meetings of the Boards of Governors of the World Bank Group and the International Monetary Fund (IMF), held in Washington from October 13 to 18, 2025. — AFP

KUWAIT: Weyay Bank welcomed a delegation from Dasman Bilingual School to its headquarters to mark the signing of a strategic partnership aimed at empowering students through seamless learning experiences, enhancing financial literacy, and equipping the next generation with modern digital tools. This initiative aligns with Weyay Bank’s vision to build strong relationships with leading educational institutions in Kuwait and reinforces its commitment to supporting digital transformation in society, particularly in the education sector, which serves as the cornerstone of a more innovative and sustainable future.

As part of the agreement, Weyay Bank will support and upgrade the school’s internet infrastructure to help create a fully integrated digital learning environment. Additionally, a series of interactive workshops will be organized for students to introduce key concepts in financial literacy, fintech, and the importance of smart financial management in everyday life. Commenting on the partnership, Amal Al-Duwaisan, Head of Weyay Bank, stated: “Our collaboration with Dasman Bilingual School allows us to bring our innovation-driven mindset directly to where young minds are shaped. Through our upcoming initiatives, we aim to empower students with the digital tools and financial knowledge needed to turn their goals into reality.”

Samar Dizmen, Academic Director at Dasman Bilingual School, added: “We believe in providing a holistic education that prepares our students for the future. Our partnership with Weyay Bank, a leader in digital innovation, reflects this commitment. These exclusive initiatives will enhance our students’ digital awareness and entrepreneurial skills, ensuring they are well-equipped to move forward in their journey.”

This partnership also highlights Weyay Bank’s leadership in social responsibility, not just as a financial institution, but as a catalyst for positive change in the community. The agreement serves as a model for fruitful collaboration between the financial sector and educational institutions, paving the way for a digitally and financially empowered generation capable of contributing to Kuwait’s sustainable development.

Weyay is Kuwait’s first digital bank, dedicated to empowering the new generation through innovative and user-friendly financial solutions. Through its “Jeel” card, the Bank offers a tailored banking experience for kids aged 8 to 14, combining financial education, smart technology, and a seamless digital journey. With “Jeel,” Weyay continues its commitment to building a financially aware future that meets the evolving needs of the next generation.