Latest news with #KhalifaAl-Ajeel
Arab Times
25-06-2025
- Business
- Arab Times
‘Pakistan fully backs Kuwait's efforts for regional stability'
KUWAIT CITY, June 25: Ambassador of the Islamic Republic of Pakistan to Kuwait Dr. Zafar Iqbal has affirmed the strength of bilateral relations between Pakistan and Kuwait as well as the depth of historical, social and economic ties that bind the two countries, indicating these relations are based on mutual respect and a shared vision for a future of peace and prosperity. This came in a speech that the Ambassador delivered Thursday night at a celebration organized by the Pakistani Embassy on the occasion of the 85th National Day of Pakistan. Present at the event were Minister of Commerce and Industry Khalifa Al-Ajeel, and many ambassadors and representatives of the diplomatic corps. Iqbal pointed out that the skilled Pakistani workforce in Kuwait, particularly in the construction and services sectors, is regarded as a vital bridge between the two countries and contributes significantly to supporting the Kuwaiti economy. He confirmed his country's aspiration for a broader Kuwaiti partnership in the national development process of Pakistan. He expressed his gratitude to His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, as well as the government and people of Kuwait, for their generosity, hospitality, and continuous support for the Pakistani community. He also praised the role of the Kuwaiti Ministry of Foreign Affairs, especially the Department of Asian Affairs, in strengthening bilateral relations. Regarding regional affairs, he expressed his country's concern about the current situation, while appreciating the balanced and supportive positions of Kuwait towards peaceful solutions. He added that Pakistan reaffirms its full support for the efforts of Kuwait to maintain regional security and stability. On Pakistan's National Day, he stated that it is an occasion to celebrate the national identity and commemorate the historic Lahore Resolution of 1940, which paved the way for the establishment of a State where Muslims in the subcontinent could live in dignity and freedom. He said the occasion is considered an opportunity to express appreciation for the longstanding relations between Pakistan and Kuwait, which are getting stronger day by day through close cooperation in the fields of trade, investment, energy, infrastructure, information technology, and tourism. He then expressed his concern over the ongoing Israeli aggression on Gaza, which has resulted in heavy losses of innocent civilian lives. 'Pakistan calls for an immediate and unconditional ceasefire, and reaffirms its unwavering support for the establishment of an independent Palestinian State on the pre-1967 borders, with Al-Quds Al-Sharif as its capital,' he asserted. In conclusion, he praised the contributions of the Pakistani community in Kuwait, considering them a source of pride for both countries. He also called for continuous joint work toward a more just, peacefu,l and dignified world.
Kuwait Times
21-06-2025
- Business
- Kuwait Times
Ministers assure key essentials abundant, call to avoid hoarding
KUWAIT: Minister of Social Affairs Amthal Al-Huwailah and Minister of Commerce and Industry Khalifa Al-Ajeel hold a meeting to follow up on the readiness of cooperative societies and stocks of goods. - KUNA KUWAIT: The ministers of social affairs and commerce and industry on Thursday reiterated that essential commodities are available in large quantities and called on the public not to hoard food products. Amthal Al-Huwailah and Khalifa Al-Ajeel said after a meeting to assess the situation and coordination between the two ministries that 'the strategic stock of essential and basic commodities is available in sufficient quantities and that coordination between the two ministries is ongoing to ensure its continuous availability'. The two sides called on citizens and residents not to stock foodstuff or hoard them at home to avoid the risk of spoilage or improper storage, adding there is nothing to worry about as commodities are available for all. The meeting was held within the framework of activating the national contingency plan and assessing field inspections and visits to cooperative societies to ensure their complete readiness amid an intensification in the fighting between neighboring Iran and the Zionist entity. The two ministers also called on local companies and factories to accord priority in supplies to cooperative societies because they are concerned with providing and distributing foodstuff and other commodities, adding that cooperative societies work around the clock to guarantee stability in the market and meet people's dmands. Since the outbreak of hostilities, almost all ministries and departments have been making necessary preparations to ensure that the country is not affected by the fallout of the war. Meanwhile, the supreme commission for citizenship announced on Thursday that it has recommended revoking the Kuwaiti citizenship of several people, but did not release the exact number. The commission however said the revocations were due to holding third-country citizenship, obtaining citizenship by fraud and for the sake of the country's interests. Kuwait has so far revoked the citizenship of over 37,000 Kuwaitis, most of them foreign women who were naturalized after getting married to Kuwaiti men. The commission's decision becomes effective after its approval by the Cabinet.
Kuwait Times
18-06-2025
- Business
- Kuwait Times
Govt engages water producers, moves to secure strategic stocks
KUWAIT: Kuwait's Ministry of Commerce and Industry is intensifying its oversight of essential goods and reinforcing emergency preparedness for strategic supplies, as part of a broader government effort to safeguard domestic stability amid mounting regional tensions following the ongoing conflict between the Zionist entity and Iran. Commerce and Industry Minister Khalifa Al-Ajeel held a meeting on Tuesday with representatives of local bottled water producers to assess market conditions and ensure continued coordination to meet consumer demand. The meeting comes as several Gulf states enhance their readiness in light of the rapidly evolving regional situation, now in its sixth day of open hostilities. During the meeting, Minister Al-Ajeel emphasized the government's full support for local producers and its commitment to removing any operational obstacles. He also issued a firm warning against any attempts to manipulate prices. 'The ministry will continue to monitor markets and will not tolerate any violations,' Al-Ajeel said, thanking manufacturers for their cooperation during previous crises and recognizing their national responsibility in supporting market stability. Company representatives confirmed that bottled water factories are operating at full production capacity, with sufficient supply to meet current and future demand. They reaffirmed their commitment to stable pricing and community responsibility in ensuring the availability of safe drinking water. The meeting followed an earlier statement by the Ministry of Commerce reassuring the public that bottled water is widely available across retail outlets, cooperative societies, and supermarkets, with large reserves maintained in warehouses. The ministry confirmed that there is no disruption in supply chains, and its inspection teams are conducting daily market checks to ensure the uninterrupted availability of essential goods. Strategic reserves In a related move, the Public Authority for Industry (PAI) convened an emergency committee meeting on Wednesday to review industrial readiness and the protection of strategic reserves of food, water, and medicine, particularly in the Shuaiba industrial zone, which houses several key production and storage facilities. PAI Acting Director General Jarallah Al-Dosari said the meeting, held under Minister Al-Ajeel's direction, discussed precautionary measures in response to the 'rapidly evolving regional developments.' He noted that efforts are already underway to protect facilities and staff, and stressed the importance of cross-agency coordination to respond to any potential emergency. Emergency teams have been activated, evacuation plans put in place, and a dedicated hotline established to ensure swift communication and crisis response.— Agencies
Kuwait Times
24-05-2025
- Business
- Kuwait Times
Kuwait eyes ambitious reforms
Sovereign wealth fund head warns investors reduce US exposure at their 'own risk' KUWAIT/DOHA: Minister of Commerce and Industry Khalifa Al-Ajeel affirmed on Wednesday that the government is working to implement ambitious economic policies aimed at restructuring the national economy, achieving diversification and facilitating the business environment. This came in a speech delivered by Al-Ajeel during the opening of the Kuwait's New Era conference, organized by the Kuwait Direct Investment Promotion Authority in cooperation with The Business Year group. The one-day conference brought together a select group of economic leaders and decision-makers from various sectors. In light of these policies, a set of laws and legislation recently implemented by the government were issued, such as the public debt law, which aims to rationalize financing tools and support the country's financial sustainability, as well as the real estate developer law, which will propel the real estate, banking and investment sectors to new levels of growth and development, the minister added. Al-Ajeel pointed to qualitative initiatives and projects that were recently launched, such as the smart license project, the office licenses merger system and amendments to the companies law, as these policies are directly reflected in developing and improving the business environment in Kuwait. 'These government reforms have had an impact on all of the country's economic indicators,' the minister emphasized. Prior to any of these reforms, Kuwait's GDP had witnessed a notable 4 percent growth in non-oil sectors, indicating a real beginning in diversifying sources of income and reducing reliance on traditional resources. He pointed out that the country has witnessed a significant influx of international investments into sectors such as technology, renewable energy and infrastructure, reflecting the extent of foreign investor confidence in Kuwait as a stable and ambitious investment hub. Al-Ajeel stressed that the government looks to the future with confidence, treats challenges as opportunities and is confidently moving toward building a new Kuwaiti economic model, one that believes in partnership, champions modernity and invests in people above all else. Speakers at the conference addressed a number of economic and strategic topics, including national efforts to revive stalled projects and accelerate the implementation of major development projects such as the Al-Zour Refinery, the national railway and Mubarak Al-Kabeer Port, thus strengthening infrastructure and consolidating the foundations of sustainable development. Meanwhile, the head of the Kuwait Investment Authority (KIA), which manages almost $1 trillion in assets, said the sovereign wealth fund is committed to investing in the US and that investors cut allocations to US assets at their own risk. Some global investors have ditched US assets in recent weeks on fears that US President Donald Trump's overhaul of global trade may hurt the US economy, and could cause deeper long-term damage. The trend looks set to continue given a record number of managers said they planned to keep cutting their exposure to US assets, according to BofA research. Kuwait has been investing in the US market for a 'long time' and that 'won't change', KIA Managing Director Sheikh Saoud Salem Abdulaziz Al-Sabah said at an investment conference in the Qatari capital on Wednesday. 'I would say it very bluntly, underweight America at your own risk,' he said. Last week, Moody's downgraded the US sovereign credit rating by one notch citing concerns about the nation's growing $36 trillion debt pile, which could make investors more cautious and drive up borrowing costs across the economy. 'They (investors) are merely looking at equity markets, but they're not taking into fact the US has the largest fixed income market, the US has the largest private equity market, the real estate market, infrastructure and credit,' Sheikh Saoud said. 'I think the US has the breadth and depth to sustain its exceptionalism and it has the rule of law as well,' he said. – Agencies
Arab Times
21-05-2025
- Business
- Arab Times
Kuwait pushes diversification, private sector growth
KUWAIT CITY, May 21: Minister of Commerce and Industry Khalifa Al-Ajeel said the government is working hard to implement ambitious economic policies aimed at restructuring the national economy, achieving diversification, facilitating the business environment, expanding participation, and raising the efficiency of the State's financial management. Al-Ajeel made the statement at the opening of the New Kuwait Economic Strategy 2025 Conference the Kuwait Direct Investment Promotion Authority (KDIPA) organized Wednesday in cooperation with The Business Year Group. KDIPA Director General Sheikh Dr. Meshaal Jaber Al-Ahmad Al-Sabah attended the event, with the participation of a group of economic leaders in and outside Kuwait. According to Al-Ajeel, the government recently implemented a set of laws in light of these economic policies, such as the Public Debt Law, which aims to rationalize financing tools and support the financial sustainability of the State; as well as the Real Estate Developer Law, which will propel the real estate, banking and investment sectors to new stages of growth and development. 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.
