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,…
Interview: Basel Al-Haroon 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 close eye on all these economic markers. The…
Kuwait’s banks are among the largest and most robust in the region, with global consultancy firm KPMG ranking the country first in the GCC in terms of average net growth in total banking assets and net profit in 2022. Indeed, asset growth defined the sector’s trajectory that year, as Kuwaiti banks continued to recover from the disruptions of the Covid-19 pandemic. Supply chain constraints…
– Space sector could galvanise diversification in technology, defence and tourism – Newly established Saudi Space Agency is projected to accelerate investment – The UAE is expanding its capabilities in exploration and satellite imaging – Global partnerships with Chinese and Western firms prioritise localisation In the push to embrace emerging technologies and harness their…
