Interview:Isam Al Sager, CEO, National Bank of Kuwait What are your expectations for corporate and retail banking in the current landscape? ISAM AL SAGER: Numerous developments could have an impact on the expansion of corporate and retail banking in the current economic and geopolitical environment. Factors such as GDP growth, interest rates, inflation and government policies could influence…
Interview:Sheikh Ahmad Duaij Jaber Al Sabah, Chairman, Commercial Bank of Kuwait Which strategies are banks prioritising to maintain growth amid the global economic downturn? SHEIKH AHMAD DUAIJ JABER AL SABAH: Under the leadership and guidance of institutions like the Kuwait Banking Association (KBA) and the Central Bank of Kuwait (CBK), the banking sector is handling the global economic downturn…
Interview:Basel Al Haroon, Governor, Central Bank of Kuwait (CBK) In what ways do global inflationary pressures affect macroeconomic performance? BASEL AL HAROON: Local price fluctuations serve as crucial indicators for measuring different elements of economic performance. These include purchasing power and the allocation of resources to consumption, savings and investment. The CBK keeps a…
Kuwait’s construction and real estate sectors are significant contributors to the country’s economy, propelled by government initiatives, private investment and oil revenue. New Kuwait 2035, the country’s long-term plan for economic diversification and sustainable growth, elevates the sectors’ importance with the intention of increasing the quantity and quality of infrastructure projects, while…
Kuwait’s GDP has undergone significant expansion in recent years, with the spike in global oil prices enabling the country to maintain a trade surplus amid domestic political changes, international geopolitical tensions and economic uncertainties. Guided by medium- and long-term development plans, the country is in the process of diversifying its economy as it shifts its focus from resource-based…
Situated between Iraq and Saudi Arabia at the north-western corner of the Gulf, Kuwait operates as a constitutional monarch, and is a founding member of both the GCC and the Organisation of the Petroleum Exporting Countries. Despite its modest land size, the country holds the world’s sixth-largest crude oil reserves, which have served as a robust foundation for sustained economic development and…
Kuwait’s government is actively seeking sizeable private and international investment in its economic diversification and privatisation drive, having made significant amendments to the country’s investment laws. A strong hydrocarbons sector feeds downstream industry, providing readily available feedstock and significant incentives for private investors to enter the country’s industrial markets.…
Kuwait’s upstream oil activities and crude oil exports are the central pillars of the country’s economy. In recent years the government has embarked upon an economic diversification drive to reduce vulnerability to oil price volatility and generate sustainable long-term growth. Renewable energy production is also targeted for expansion as Kuwait works towards fulfilling its climate commitments,…
Despite global economic volatility and uncertainty in recent years, Kuwait’s capital markets have demonstrated continued resilience and adaptation. Innovative products are set for launch, along with a new central counterparty system, which should put Kuwait more firmly on global investors’ maps. The central counterparty system will launch alongside a new platform for trading bonds, sukuk (Islamic…
Kuwait’s insurance sector is characterised by the strong presence of several key players and the entry of new competitors in what is seen as a relatively compact market. While the sector has historically maintained a smaller scale than its GCC counterparts, in recent years a new law and several policy amendments have spurred growth in the industry. The introduction of compulsory insurance requirements…
