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Al-Fulaij Emphasized NBK’s Financial Expertise and Strong Regional Presence in Driving Major Development Projects

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6 months ago

April 6, 2025

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KUWAIT CITY, Apr 5: Mr. Salah Al-Fulaij, Chief Executive Officer of National Bank of Kuwait – Kuwait, emphasized that despite global economic uncertainties—including oil price fluctuations, geopolitical tensions, and inflationary pressures—the bank remains resilient, leveraging its strong balance sheet, diversified revenue streams, and prudent risk management to navigate market volatility effectively, while maintaining resilience.

In an interview with Global Finance, Al-Fulaij highlighted that regulatory reforms, both local and global, such as heightened standards for transparency, anti-money laundering, and cybersecurity, demand significant investments in compliance and technological upgrades. He also emphasized that NBK is leveraging digital tools to ensure operational efficiency and adhere to evolving standards.

He added that Kuwait’s ambitious sustainability goals also present both opportunities and challenges as scaling up green projects and aligning stakeholders on long-term ESG priorities require significant coordination.

“Another element we have to keep up with is the rapid pace of technological advancement and the need for continuous innovation. Customers increasingly demand seamless, secured, and personalized banking experiences, prompting us to expand our digital banking platforms, invest in fintech collaborations, and adopt emerging technologies,” Al-Fulaij said.

He also highlighted that attracting and retaining skilled talent, especially in fields liketechnology and ESG, remains a persistent challenge across various industries. In this regard, NBK has established programs, such as NBK Academy and NBK Tech Academy, to equip local talents with the necessary skills and expertise.

Reforms & Opportunities

When asked about the opportunities arising from Kuwait’s economic reforms, Al-Fulaij stated: “Rreforms provide a pivotal platform to capitalize on transformative opportunities, particularly in digitalization, ESG efforts, and public-private partnerships (PPP)”.

Furthermore, he statedthat the government’s emphasis on smart infrastructure, fintech innovations, and regulatory enhancements, has created an enabling environment for NBK to accelerate its digital transformation journey. He further highlighted that the bank’s investments in advanced digital banking solutions, automation, and cutting-edge analytics equip it to offer seamless, secure, and scalable financial services.These initiatives not only elevate customer experiences but also enable SMEs to thrive, supporting the national agenda of fostering financial inclusion and private sector growth.

“NBK is also strategically positioned to play a leading role in PPPs, particularly in sectors like renewable energy, healthcare, and infrastructure. By leveraging our financial expertise and strong regional presence, we contribute to the successful execution of large-scale development projects that drive economic diversification,” Al-Fulaij added.

On the ESG front, Al-Fulaij explained that Kuwait’s reforms are opening doors for sustainable growth, indicating that NBK was the first bank in Kuwait to issue green bonds last year, a milestone that underscores the bank’s leadership in sustainable finance and its deep commitment to supporting green financing and sustainable infrastructure projects.

Moreover, he NBK continues to embed ESG considerations into its financing solutions, thus empowering clients to adoptsocially responsible investment strategies.

Al-Fulaij emphasised that reforms aimed at enhancing entrepreneurship and innovation create new opportunities for NBK to expand its retail and wealth management services, explaining that by incorporating ESG into the Bank’s product offerings, it empowers clients to make socially responsible financial decisions, aligning their investments with Kuwait’s broader vision for sustainable development.

Promising Sectors

When asked about the sectors that have the biggest growth potential, Al-Fulaij responded: “In line with Kuwait Vision 2035, NBK identifies high growth potential in renewable energy,technology, digital transformation, healthcare, logistics, and contracting”.

He explained that with Kuwait prioritizing clean energy initiatives, including solar and wind projects, NBK actively supports this transition by offering green financing solutions and partnerships to reduce carbon emissions and promote energy efficiency.

“Investments in fintech, e-commerce, and smart infrastructure are unlocking opportunities across industries. NBK continues to lead by enhancing its digital banking offerings, enabling seamless financial services, and supporting tech-driven businesses.The bank’s digital initiatives include partnerships with FinTechs, cashless payment solutions, digital onboarding and the recent acquisition of a 51% stake in Kuwait’s leading payment service provider, UPayments,” Al-Fulaij emphasized.

Speaking of Kuwait’s healthcare sector, Al-Fulaij noted that it was on the cusp of significant growth, referring toNBK’s instrumental role in financing large-scale healthcare projects, including hospitals and specialized medical facilities.

As for logistics services, Al-Fulaij highlighted Kuwait’s strategic location at the crossroads of the Middle East, Asia, and Africa, underscoring the significant growth opportunities in transportation and warehousing. He pointed out that this is particularly evident with the focus on mega projects such as Mubarak Al Kabeer Port, the modernization of Shuwaikh and Shuaiba ports, and the expansion of Kuwait International Airport’s new terminal.

He noted that NBK has played a pivotal role as a key financial partner in supporting these projects, adding that their advancement is expected to have a positive impact on the contracting sector as well.

Social Contributions

In response to a question about the bank’s social contributions over the past year, Al-Fulaij reaffirmed NBK’s commitment to empowering future generations by supporting initiatives that foster innovation, skills development, and entrepreneurship among Kuwaiti youth. Highlighting the bank’s key social initiatives, he stated: “Bankee is a pioneering program that integrates financial literacy into the curriculum, equipping students in Kuwait with the necessary tools to make informed financial decisions and grasp fundamental financial concepts. Additionally, NBK partners with educational institutions to support specialized workshops focused on entrepreneurship.”

He highlighted that the bank launched hackathons and mentorship programs, cultivating a culture of innovation and self-reliance. Moreover, for the fifth consecutive year, NBK sponsored the TAMAKAN Program, providingparticipants with specialized courses to enhance their career readiness.This ongoing commitment reflects NBK’s dedication to supporting young national talent and equipping them with the skills needed for future success.

“We are actively engaged towards women empowerment with our landmark program for women leadership, NBK Rise, which consists of various training modules to develop leadership, strategic communication, and interpersonal skills preparing women for higher leadership roles,” Al-Fulaij added.

Al-Fulaij expressed NBK’s pride with its ongoing commitments to the healthcare sector and most importantly its contributions to the “NBK Children’s Hospital” which has been recently witnessing unprecedented medical achievements in the area of stem cell transplant.

Related Topics:AlFulaij Development Driving Emphasized Expertise financial major NBKs Presence projects regional strong

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Japan’s central bank survey shows an improved outlook for manufacturers

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20 hours ago

October 1, 2025

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The headquarters of Bank of Japan is seen in Tokyo on Jan 23, 2024. (AP)

Japan’s central bank survey shows an improved outlook for manufacturers”>

TOKYO, Oct 1, (AP): Sentiment among Japan’s large manufacturers improved for a second straight quarter, according to a closely watched Bank of Japan survey, making a rate hike by its central bank more likely. The quarterly survey, called the “tankan,” showed the outlook among major manufacturers, the key so-called diffusion index, rose 1 point to plus 14 from the findings in June.

The survey is an indicator of companies foreseeing good conditions minus those feeling pessimistic. The tankan for large manufacturers was plus 12 in March, marking the first drop in a year. Sentiment among large non-manufacturers was unchanged at plus 34, according to the latest tankan. The relative optimism in the latest tankan reflects some relief over an agreement on tariffs with the US, reached in July.

The deal with the administration of President Donald Trump imposes a 15% tariff on most goods exported to the US. Some goods face higher tariffs. Initially, the US imposed a 25% tariff on auto imports, so the latest deal is an improvement for Japanese automakers. It also increases certainty over US policy, at least for now.

However the higher tariffs imposed on exports to the world’s biggest market are still squeezing profits, wages, investment and spending for many industries. Kei Fujimoto, senior economist at SuMi Trust, said that despite the concerns about the tariffs’ impact on Japanese corporate earnings, the damage so far has been relatively limited. Inbound tourism is also helping.

“We do not believe inbound-related demand from tourists has peaked. The number of tourists visiting Japan continues to show an upward trend,” he said. The tankan findings could influence an upcoming decision by the Bank of Japan on interest rates. The BOJ has kept rates near zero for years to help stimulate consumer spending and business investment and counter weak demand that led to deflation.

But prices have risen above the central bank’s target range of about 2%. The tankan shows the average inflation outlook for one year ahead was unchanged at 2.4%. Analysts expect the Bank of Japan to raise its benchmark rate soon, but it’s unclear if it will do so at the next meeting later this month, or later. The central bank raised its benchmark rate to 0.5% from 0.1% earlier this year.

Japan’s central bank survey shows an improved outlook for manufacturers”>

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Kuwaiti investments in Türkiye surpass $2 billion

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1 day ago

September 30, 2025

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KUWAIT CITY, Sept 30: Ambassador of Türkiye to Kuwait, Tuba Nur Sonmez, has said that there are 427 Kuwaiti companies currently operating in Türkiye, with Kuwaiti investments exceeding two billion dollars, and that the volume of trade exchange between the two countries reached approximately 700 million dollars in 2024. In her speech at a reception organized by the embassy to mark the visit of the President of the Investment and Finance Office at the Turkish Presidency Ahmet Burak Daglioglu, Ambassador Sonmez stressed that the leadership of both countries places great importance on enhancing bilateral relations, which gained new momentum following the visit of His Highness the Amir Sheikh Meshal Al- Ahmad Al-Jaber Al-Sabah to Türkiye last year. She explained that His Highness’s visit to Ankara witnessed the signing of several agreements in the fields of bilateral trade, defense industry, and investment. Cooperation between the two countries covers various sectors, including trade, defense, tourism, and investment. Turkish President Recep Tayyip Erdoan met with His Highness the Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah on the sidelines of the 80th session of the United Nations General Assembly.

Also, the Turkish Embassy has hosted many high-level Turkish officials over the past two years, including Minister of Trade Ömer Bolat and Minister of Treasury and Finance Mehmet imek, who held meetings and events with the Kuwaiti business community. Ambassador Sonmez affirmed that Turkiye and Kuwait are partners in all fields, based on their shared history, religious and cultural affinity, as well as common values, visions, and vibrant business communities, which are the most important pillars upon which bilateral relations are built. She clarified that the current volume of trade and investment figures does not fully reflect the depth of the relationship, affirming the mutual need to connect the business sectors of both countries, build new bridges, and strengthen dialogue. The ambassador said the visit of the Head of the Investment and Finance Office presents an opportunity to unlock joint potential, build new partnerships, undertake bold investments, and shape a future driven by mutual growth.

Meanwhile, Head of the Investment and Finance Office at the Turkish Presidency Ahmet Burak Daglioglu, on the sidelines of the reception, revealed that the visit was aimed at meeting investors, exploring available opportunities in various economic sectors, and encouraging them to invest capital, especially given the existing collaboration between the Investment Office and many Kuwaiti investors in Turkiye. He affirmed that the office supports most Kuwaiti companies with investments in Türkiye. During his visit to Kuwait, Daglioglu toured the headquarters of those companies, met with their owners, and explored opportunities to expand cooperation, particularly as the office reports directly to the Presidency. He stressed that the office aims to attract more capital in new sectors such as insurance, technology, and financial services, in addition to the traditional sectors that have long seen investment in Türkiye, such as the banking sector, particularly Islamic finance. Daglioglu emphasized that supporting entrepreneurs in the technology sector is a top priority for the office, as is assisting Kuwaiti youth in establishing their tech ventures in Türkiye, given its advanced digital infrastructure, adding that the office also helps them overcome most bureaucratic hurdles related to obtaining licenses.

By Fares Ghaleb Al-Seyassah/Arab Times Staff and Agencies

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Mexico urges US ‘consideration’ over new vehicle tariffs

Published

2 days ago

September 30, 2025

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Mexico urges US 'consideration' over new vehicle tariffs

Mexican President Claudia Sheinbaum attends her morning press conference at the National Palace in Mexico City on April 2. (AP)

MEXICO CITY, Sept 30, (Xinhua): Mexican President Claudia Sheinbaum on Monday said she hoped the United States would show “consideration” toward Mexico following the US decision to impose new tariffs on heavy vehicle imports. “We are already in talks, hoping there will be consideration toward Mexico,” Sheinbaum said during her daily press conference, adding the tariffs could be problematic for both countries.

US President Donald Trump on Thursday announced a slew of new tariffs, including a 25-percent tariff on imported heavy vehicles starting Oct 1, as part of his policy to strengthen the domestic industry. Sheinbaum noted that under the United States-Mexico-Canada Agreement on free trade, Mexico’s exports have grown in sectors not subject to tariffs, particularly those excluding finished vehicles, steel or copper, benefiting from the accord’s “zero-tariff” scheme. “Trade ties with the United States continue to be very important and a very significant competitive advantage for Mexico,” said Sheinbaum.