Kuwait’s banks are among the largest and most robust in the region. Asset growth has defined the sector’s trajectory in recent times, as Kuwaiti banks continued to recover from the disruptions of the Covid-19 pandemic. Supply chain constraints initially saw global oil prices tumble in 2020 – a major issue for a country in which around half of GDP is accounted for by hydrocarbons – however,…
Interview: Sheikh Meshaal Jaber Al Sabah What role does foreign direct investment (FDI) play in Kuwait's strategy for realising its domestic objectives and international commitments? SHEIKH MESHAAL JABER AL SABAH: FDI serves as a critical component of Kuwait's strategy for achieving the UN Sustainable Development Goals (SDGs) and realising the objectives of New Kuwait 2035. FDI is a crucial…
Interview: Alex Krunic What efforts have been made to enhance investors' access to Kuwait's financial markets? KRUNIC: To attract foreign direct investment into any emerging market, it is essential to raise standards to international levels. This involves providing the same degree of legal certainty for international investors as domestic ones. Additionally, creating a stable financial market…
Interview: Mohammad Saud Al Osaimi Which new developments are helping to enhance capital markets' product and service offerings? MOHAMMAD AL OSAIMI: Since its inception, Boursa Kuwait has been dedicated to elevating Kuwaiti capital markets by introducing products and services that not only cater to the needs of local investors, but also establish a reliable trading platform for investors…
The GCC saw a rise in initial public offerings (IPOs) in 2022 despite volatility in secondary markets, surpassing the previous year’s record high. The total number of IPOs in the region increased from 20 in 2021 to 48 in 2022, marking a 140% rise, and proceeds from GCC issuers increased by 211% from $7.5bn to almost $23bn over the same period. The growing number of successful IPOs in the region…
Interview: Shaheen Al Ghanem How would you describe the current performance of the banking sector in Kuwait? SHAHEEN AL GHANEM: The banking sector in Kuwait has demonstrated commendable resilience and a positive trajectory. We have observed consistent growth in both total assets and profitability – a promising trend that can be traced back to a combination of robust consumer demand and…
Interview: Hamad Al Hasawi What is the current state of Kuwait's banking sector in terms of implementing emerging technologies and fostering collaboration between traditional banks and tech companies? HAMAD AL HASAWI: The goal for the Kuwaiti banking sector is to be in line with global standards, particularly in terms of digitalisation. The Central Bank of Kuwait (CBK) has taken significant…
Interview: Abdulwahab Iesa Al Rushood How do you assess the progress of economic diversification efforts, and in what ways might local Islamic banks contribute to this end? ABDULWAHAB IESA AL RUSHOOD: The government has taken key steps to diversify the economy, enhance budget efficiency, and work towards its transformation goals. These efforts include increased investment, the expansion…
Interview: Isam Al Sager 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 credit demand, borrowing…
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 with a multi-pronged strategy. We are emphasising digital transformation,…
