Kuwait pushes diversification, private sector growth
He cited the initiatives and projects that were launched recently, like the Smart License Project, Office Licenses Merger System, and amendment of the Companies Law, which reflect policies to develop and improve the business environment in the country. He emphasized that 'these government reforms are manifested in the economic indicators of the country.' He explained that before the adoption of these reforms, the gross domestic product (GDP) witnessed a remarkable four percent growth in non-oil sectors, indicating a real beginning in terms of diversifying sources of income and reducing dependence on traditional resources. He stated that 'the government is looking forward to improving these rates in 2025 and the coming years. We have a historic opportunity to move Kuwait to a new phase of growth, productivity and partnership.'
Regarding foreign investment, he revealed that Kuwait has adopted measures to improve the investment environment, raise the level of transparency and strengthen legal frameworks, which contributed to a 20 percent increase in foreign direct investment inflows last year. He pointed out that the country has witnessed many international investments in different sectors such as technology, renewable energy, and infrastructure, reflecting the extent of foreign investor confidence in Kuwait as a stable and ambitious investment hub. He added that mega strategic projects like Zour Refinery, Mubarak Al-Kabeer Port and Kuwait National Railway, along with the development of smart cities and infrastructure, not only strengthen the economic structure of the country, but also establish a sustainable economy based on innovation, diversity and partnerships between the private sector and the government.
He said 'The noble directives of His Highness the Amir Sheikh Meshal Al- Ahmad Al-Jaber Al-Sabah are considered the compass that guides all of us in formulating the economic policies of the State. His Highness has repeatedly emphasized that Kuwait is now facing a historic responsibility that requires serious action to build a resilient and globally open economy based on knowledge and innovation, led by the private sector, supported by the State, and confidently keeping pace with rapid regional and global developments.' He believes that the challenge today does not lie in formulating visions; but in transforming them into reality through cooperation between the public and private sectors, developing national competencies, and strengthening Kuwait's position as an influential economic and investment hub in the region. 'The government looks forward to the future with confidence and treats challenges as opportunities to move assertively toward building a new Kuwaiti economic model -- one that believes in partnership, embraces modernity, and invests in people above all else,' he concluded.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Kuwait Times
10 hours ago
- Kuwait Times
Iran Embassy opens condolence book to honor victims of Zionist aggression
Iranian Ambassador hails positions of GCC countries KUWAIT: The Embassy of the Islamic Republic of Iran in Kuwait opened a condolence book, on Monday, to honor the victims of the recent aggression against Iran. The event was attended by officials, ambassadors, and media. Iranian Ambassador to Kuwait Mohammad Toutounchi expressed his appreciation for the positions of the Gulf Cooperation Council (GCC) countries, especially Kuwait, regarding the recent events, noting that Kuwait's Foreign Minister had called his Iranian counterpart in a gesture that reflects the strength of bilateral relations, describing the presence of ambassadors at the embassy as 'Noteworthy and Positive.' The ambassador said in a statement that his country endured twelve days of intense aggression by the Zionist entity, joined by the United States in the final two days, explaining that Iran faced simultaneous attacks from countries equipped with nuclear capabilities and advanced technology, backed by NATO. He emphasized that the planners of this aggression had expected Iran to collapse within days. However, 'The unity of the Iranian people inside and outside the country formed a formidable barrier.' He added that US intervention came only after ten days of failed efforts to achieve any ground breakthrough. Toutounchi revealed that the number of victims exceeded 620 martyrs, with more than 5,356 wounded, including 13 children and 43 women, some of whom were pregnant, adding 'Seven hospitals, six health centers, and dozens of ambulances were destroyed. These martyrs cannot be replaced whether they were children, military leaders, or academics, calling for the Zionist entity and the United States to be held accountable before international bodies to prevent such crimes from recurring. Iraqi Ambassador to Kuwait Al-Manhal Al-Safi Sudanese Ambassador to Kuwait Awadal-Karim Balla. Regarding Iran's nuclear program, the ambassador reiterated Iran's commitment to the Nuclear Non-Proliferation Treaty (NPT), pointing out that the country's nuclear program, which represents less than 3 percent of global peaceful nuclear activities, has undergone over 23 percent of international inspections. He argued that this high inspection rate indicates no deviation toward military objectives. He disclosed that Iran had recently agreed to five rounds of indirect negotiations aimed at reviving the diplomatic track and ensuring the peaceful nature of its nuclear program. He also stressed that Iran's response against US military and intelligence bases in Qatar was a legitimate act of self-defense and was not directed at any neighboring countries, affirming Iran's full respect for their sovereignty. He noted that Iran had communicated with Qatari leadership to clarify its position, stating that military bases in neighboring countries used by US forces cannot be considered safe havens for launching attacks. Meanwhile, the Iraqi Ambassador to Kuwait Al-Manhal Al-Safi expressed his deep gratitude to Kuwait's leadership, government, and people for facilitating the return of over 3,000 stranded Iraqi citizens by issuing more than 3,500 transit visas in just 12 days. The Iraqi ambassador affirmed his country's full solidarity with Iran and condemned the aggression, revealing that Zionist aircraft had breached Iraqi airspace, prompting Baghdad to file an official complaint with the UN Security Council. In the same context, the Sudanese Ambassador to Kuwait Awadal-Karim Al-Rayah Balla offered his condolences to Iran, describing the incident as 'A blatant and unacceptable attack.' He called for regional unity to confront shared challenges, emphasizing that the targeting of Iran threatens all free peoples in the region. He urged a joint response to protect stability and to revive the Palestinian cause as a priority. The Sudanese envoy also pointed to the double standards in the international system, calling for crises to be addressed through international legitimacy rather than the imposition of forceful agendas.
Kuwait Times
10 hours ago
- Kuwait Times
Zain celebrates Kuwait's promising talents at annual top students honoring ceremony
Event was attended by company and Ministry of Education officials, honorees' parents KUWAIT: Zain held its annual ceremony to honor the top high school graduates for the 2024–2025 academic year at its headquarters in Shuwaikh, with the attendance of company executives, Ministry of Education officials, and the honorees' parents and family members. The event was attended by Waleed Al-Khashti, Chief Corporate Affairs and Relations Officer at Zain Kuwait, and Maryam Al-Enezi, Assistant Undersecretary for Educational Development and Activities at the Ministry of Education. Together, they honored the top Kuwaiti students across various academic tracks, including science, literature, religious education, and special education, as part of Zain's annual initiative to celebrate academic excellence and spotlight Kuwait's emerging talents. Honoring one of the top students. Celebrating a high-achieving student. Zain annually highlights academic excellence. In his speech at the event, Al-Khashti stated: 'At Zain, we are always proud to renew this annual gathering, which remains one of the initiatives closest to our hearts. Today, we celebrate a distinguished group of young Kuwaitis whose achievements bring pride to themselves and to the nation.' He added: 'We meet today at a time when we are witnessing the results of continuous efforts to advance the educational system in our nation. This year's exceptional performance reflects a growing awareness among students, strong family support, dedicated educators, and an academic environment that continues to progress.' He continued: 'At Zain, we believe that our role as a national institution goes beyond technological innovation. It includes contributing to a brighter future for Kuwait by empowering young talent and celebrating excellence wherever it is found.' Al-Khashti emphasized: 'We do not view education as a phase that simply ends with a diploma, but as a lifelong journey of transformation. That's why we place great importance on supporting students, nurturing top achievers, and enabling a new generation that believes in the value of knowledge and the power of determination.' He also expressed his appreciation to the honorees' parents, describing them as the first and most important partner in this achievement, and praised their sacrifices and continued support. Addressing the students, he said: 'Do not be afraid to try. Use your passion to create real impact in your communities. Kuwait deserves the best from you, always.' This ceremony is part of Zain's corporate sustainability and social responsibility strategy, which places education at the forefront of its priorities. The company remains committed to collaborating with the Ministry of Education and various academic institutions to support national efforts aimed at enabling the next generation to lead Kuwait's transformation and development journey.
Arab Times
16 hours ago
- Arab Times
Kuwait stresses need for oil sector security amid geopolitical risks
KUWAIT CITY, July 1: Nasser Al-Buhairi, Director of the Health, Safety, and Environment Department at Kuwait Oil Company (KOC), underscored the critical need for comprehensive security preparedness and risk readiness within the oil and gas sector to ensure its continued stability and resilience. Al-Buhairi made these remarks to reporters on the sidelines of a high-level Gulf Cooperation Council (GCC) workshop focused on protecting oil and gas infrastructure and managing crises. The workshop commenced at the Ahmad Al-Jaber Oil and Gas Exhibition in Ahmadi City and is a collaborative effort between the United Nations Office of Counter-Terrorism, Kuwait Oil Company, and the GCC Emergency Management Center. He highlighted that Gulf oil companies are actively enhancing the capabilities and readiness of their personnel and systems to effectively confront potential risks and emergencies. 'The workshop primarily concentrates on the security of oil facilities and the coordinated preparedness of GCC member states,' Al-Buhairi noted, adding that existing plans will be reviewed and improved through the exchange of expertise among the Gulf countries. He emphasized the workshop's significance in addressing the vital role of the regional oil and gas industry and the array of risks it faces amid current geopolitical and economic challenges. Al-Buhairi further stated that the workshop aims to generate key recommendations to boost both scientific knowledge and practical skills within the Gulf oil sector, while also strengthening assurances for global markets regarding the reliable provision of secure energy resources. He described the GCC Emergency Management Center as a cornerstone institution within the Gulf framework, pivotal for sharing expertise and coordinating collective responses to potential threats. Regarding Kuwait's role, Al-Buhairi affirmed the country's commitment to advancing its efforts to safeguard this essential sector. He praised the Kuwait Oil Company's pool of specialized national talent and explained that sector development is pursued through identifying needs, executing strategic plans, and transferring expertise to national personnel. 'The continuous development of this sector is achieved by recognizing its requirements, implementing well-structured plans, and building the capacities of our national workforce,' he concluded.
