Over the past year, Kuwait has taken fundamental reform steps to strengthen financial stability and ensure the sustainability of public finances, as well as to begin reforming the national economy by diversifying it and increasing private sector participation. Foremost among these steps was the adoption of the financing and liquidity law as a regulatory legislative framework for managing financial obligations and public debt. We are also on the verge of approving the first legislation regulating the issuance of government sukuk (Islamic bonds) locally and globally, in accordance with the provisions of Islamic sharia, enabling us to deal with financial challenges with flexibility and responsibility, and to engage in medium- and long-term financial planning.
These reforms have had a direct impact on the confidence of international institutions, as in November 2025 global ratings agency Standard & Poor’s raised Kuwait’s credit rating from “A+” to “AA-” with a stable outlook, a clear testimony to the soundness of the government’s approach to financial management and its commitment to reform. We translated this confidence into practical steps by returning to international debt markets with a historic issuance of sovereign bonds worth $11.3bn, joining as a full member of the Asian Infrastructure Investment Bank and achieving the highest level of development spending over the past five years.
In this context, we emphasise that ratings and bonds are tools serving a greater objective – namely, building an economy that is diversified and sustainable, and based on effective partnership with the private sector. A contract has been signed for Mubarak Al Kabeer Port to serve as our maritime gateway to global trade. The new control tower and the third runway at Kuwait International Airport, as well as the new passenger terminal, are expected to be completed before the end of 2027. Contracts have also been signed for the study and design of the Kuwait National Rail Road network, and progress has been made on the rail link between Kuwait and Riyadh, forming a system that enhances the integration of supply chains and the movement of trade and passengers among GCC countries.
In support of this, we have worked to establish a stable and attractive economic environment, reflected in high quality investment inflows, including the opening of Goldman Sachs’ office in Kuwait and BlackRock obtaining a licence to open a branch. This is in addition to strengthening partnerships in the energy sector, and advancing research, technology and knowledge transfer.
In the oil and gas sector, we announced unprecedented opportunities for engagement with international companies. The first is the Shaheen Green project for oil export pipeline networks. The second is the Al Seef project to extend offshore oil exploration, while maintaining ownership and sovereignty exclusively in the hands of the government. From this perspective, we have continued our digital transformation path, as the Sahel application expanded to include more than 25m transactions, crowned by receiving local and Arab awards.
Elsewhere, the health, housing and education sectors have witnessed unprecedented qualitative development through projects and tangible achievements that directly touch people’s lives and confirm that the real investment is in human beings and enhancing standards of living. In terms of governance and openness, we enacted more than 50 amendments to laws and decrees, forming a comprehensive legislative reform framework over the past year. Additionally, we launched the Kuwait Visa platform, and updated residency systems in parallel with developing the tourism sector and improving quality of life, within an integrated vision based on a diversified economy, effective governance, investment in people and balanced openness to the world.
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