KUWAIT: Undersecretary of the Ministry of Finance Aseel Al-Munifi affirmed on Monday that the recently enacted Law No 60 of 2025 on financing and liquidity aims to stimulate the economic environment, attract foreign investments and enhance developmental and economic returns for the state. The law, which came into effect on March 27, also seeks to bolster the banking sector and improve fiscal stability.

Speaking at an introductory conference on the new decree-law, Al-Munifi explained that the legislation equips the government with modern financial tools, enabling access to both local and international financial markets. These tools, she said, will help secure funding for key development projects. “The law will support the restructuring of government financing, reduce borrowing costs, and strengthen Kuwait’s credit rating,” she said. “It reflects positively on the state’s borrowing capabilities under competitive conditions and helps build up financial reserves to meet commitments amid evolving economic circumstances.”

Al-Munifi noted that the new law will serve as an essential mechanism for financing major national projects, particularly in infrastructure, housing, education, and healthcare — sectors included in the government’s general budget for the next five years. She also revealed that preparations for the issuance of the long-anticipated Sukuk Law have been finalized. “The draft has been completed by the Ministry and is currently under discussion in relevant Cabinet committees. It will soon proceed through the constitutional procedures for final approval,” she said.

Meanwhile, Director of the Public Debt Department at the Ministry of Finance, Faisal Al-Muzaini, announced that Kuwait is returning to the financial markets — both domestic and international — for borrowing in the 2025/2026 fiscal year. He described the move as the largest financial market entry in over eight years, implemented under Decree-Law No. 60 of 2025.

Al-Muzaini hailed the law as a landmark in public finance reform, stating it provides the government with a robust legal framework for managing public debt. The framework allows for debt maturities of up to 50 years and sets a borrowing ceiling of KD 30 billion (approximately $92 billion).

He added that the Ministry of Finance has outlined a flexible strategy to engage confidently with financial markets while prioritizing competitive financing costs and diversifying the investor base both geographically and institutionally. One key focus, he said, is developing the local debt market by establishing a yield curve that will serve as a benchmark for future issuances. 

“This law sends a strong message of fiscal discipline and credibility to global markets,” Al-Muzaini said. “It is expected to contribute to enhancing Kuwait’s credit profile, drawing wider investor interest, and advancing the country’s transition toward a diversified economy.” The Public Debt Management Committee, established in 2016, plays a central role in overseeing this strategy. Reporting directly to the Minister of Finance, the committee includes representatives from the Ministry of Finance, the Central Bank of Kuwait, and the Kuwait Investment Authority. It is tasked with approving the annual financing strategy and advising the Minister on public debt matters. – KUNA

KUWAIT: Minister of State for Communications Affairs Omar Al-Omar reaffirmed on Monday the government’s commitment to advancing digital transformation and fostering innovation across public services, through the strategic partnership with global technology giant Microsoft. Speaking during a high-level meeting with Microsoft Executive Vice President and Chief Commercial Officer Judson Bezek Althoff, Al-Omar emphasized Kuwait’s steady progress towards establishing a comprehensive digital infrastructure. He highlighted the country’s focus on improving the quality of government services, attracting investments, and cultivating an innovation-driven environment.

Al-Omar noted that a key outcome of the partnership is the empowerment of national talent through specialized training programs in artificial intelligence, cybersecurity and emerging technologies. These efforts, he said, will enhance the role of Kuwaiti professionals in leading the country’s shift towards a competitive and sustainable digital economy.

Acting Chairman of the Communications and Information Technology Regulatory Authority (CITRA) Sheikh Athbi Jaber Al-Sabah echoed these sentiments, describing the launch of the AI-powered data centers project, in collaboration with Microsoft, as a cornerstone of Kuwait’s digital future. He underscored CITRA’s role in facilitating coordination between government entities and global partners, particularly Microsoft, to establish and operate cutting-edge data centers. These centers, Sheikh Athbi said, will support national ambitions in digital transformation by offering high-capacity computing infrastructure essential for AI-based services.

Microsoft’s Executive Vice President and Chief Commercial Officer, Judson Bezek-Althoff, delivers a video presentation at the meeting.

Acting Director General of KUNA Mohammad Al-Mannai is pictured with Deputy Head of the Financial Investigation Unit Yousef Al-Omar and Deputy CEO of Project Management at Kuwait Oil Company Fahad Al-Kharqawi during the meeting.

A view of the attendees during the meeting of Minister of State for Communications Affairs Omar Al-Omar with the Executive Vice President and Chief Commercial Officer of Microsoft.

The Authority, he added, has already allocated suitable lands and coordinated with various ministries and service institutions to ensure the availability of necessary infrastructure, including power, roads, telecommunications and technical expertise. The new data centers, built using advanced liquid cooling technologies and next-generation processors, are expected to be among the most efficient in the region. Sheikh Athbi affirmed CITRA’s ongoing role as a bridge for coordination and a key enabler of national digital initiatives, positioning Kuwait as a regional leader in artificial intelligence and smart governance.

During the meeting, Bezek Althoff delivered a presentation outlining the major components of the agreement and explored opportunities for further cooperation. The presentation focused on accelerating AI investment, expanding data center capabilities and integrating Microsoft Copilot solutions into government operations. Discussions also addressed the customization of AI solutions to align with Kuwait’s digital landscape, the integration of cybersecurity with innovation strategies, and the development of training programs to enhance the readiness of government teams in managing digital transformation.

The meeting was attended by several senior government officials and executive leaders. It marks a continuation of the strategic partnership agreement signed between the Government of Kuwait and Microsoft in March and is part of a broader framework to implement data center projects, establish centers of excellence and innovation, and incorporate advanced digital tools to improve government performance and service delivery. — KUNA

KUWAIT: Secretary General of the National Council for Culture, Arts and Letters (NCCAL) Mohammad Al-Jassar on Monday underscored the importance of cultural cooperation between Kuwait and the European Union, describing it as a cornerstone for strengthening bilateral ties across diverse sectors. Speaking to KUNA on the sidelines of the EU-Kuwait Culture Forum, Al-Jassar praised the “fruitful and excellent” cultural relations between the two sides.

The forum, held for the first time, was organized by the EU Delegation to Kuwait under the patronage of Minister of Information and Minister of State for Youth Affairs Abdulrahman Al-Mutairi, in celebration of Kuwait’s designation as the Arab Capital of Culture and Media for 2025. Al-Jassar noted the continued presence of EU archaeological teams working in Kuwait as a prime example of effective cooperation, emphasizing their contributions to unearthing and preserving the country’s rich heritage.

He also highlighted the growing number of Kuwaiti students pursuing higher education in European countries, acquiring valuable expertise to support national development efforts. In addition, Al-Jassar pointed to successful architectural collaborations, including landmark projects in Kuwait designed by European architects, as further evidence of the strength of cultural ties. “This forum reflects Kuwait’s commitment to reinforcing cultural exchange with nations around the world, particularly the European Union,” he said.

EU Ambassador to Kuwait Anne Koistinen lauded Kuwait’s cultural and civilizational legacy, describing it as a “valuable traditional treasure.” She emphasized the depth of cooperation in various fields such as architecture, the arts, and human sciences, as well as shared museum initiatives between Kuwait and the EU. Koistinen praised the forum as a tangible demonstration of deep-rooted and expanding cultural collaboration, noting that Kuwait and the EU are set to mark 40 years of diplomatic relations in early 2026.

Prominent figures from both sides participated in the forum, engaging in dialogue on preserving cultural heritage and exploring new avenues of cooperation. Discussions included initiatives such as the European Capitals of Culture, best practices in heritage conservation, cultural innovation, the role of museums, and community engagement in cultural activities. The event also served as a platform to explore strategies to elevate EU-Kuwait cultural relations to a more strategic level, aligning with both sides’ aspirations to foster long-term partnerships grounded in mutual respect and shared cultural values. — KUNA