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Arab Times
2 hours ago
- Business
- Arab Times
Celebrating 50 years, Kuwait and South Korea strengthen relations
KUWAIT CITY, July 19: Ambassador of the Republic of Korea to Kuwait Park, Chongsuk has affirmed that South Korea and Kuwait are working together in many sectors like airport operations, smart agriculture, smart cities, healthcare and renewable energy. In an interview with the newspaper, Ambassador Park stated that both countries aspire to become reliable strategic partners to jointly prepare for the future. He said South Korea remains committed to actively support the realization of Kuwait Vision 2035; particularly in the areas of economic diversification, renewable energy and housing development. He asserted 'we will continue our close cooperation in pursuit of peace and stability regionally and globally, as two peace-loving countries and active members of the international community. There is strong coordination between South Korea and Kuwait on the international stage, based on mutual trust. Kuwait has consistently provided humanitarian aid, prompting the United Nations to declare it as a 'Humanitarian Center' and HH the late Amir Sheikh Sabah Al-Ahmad as a Humanitarian Leader in 2014.' He also disclosed that 'South Korea contributed significantly during the Gulf War, donating $500 million and sending medical and air units.' He added 'the two sides are discussing the amendment of existing agreements, such as the Bilateral Investment Protection Agreement, and the possibility of concluding new memoranda of understanding to promote trade and investment. Discussions are underway to explore potential areas of cooperation in various sectors. A prominent example of this is the smart city project in South Saad Al-Abdullah, where South Korea has been working with Kuwait since 2017 to integrate its expertise in urban development and digital technologies into the planning, design and construction of the city.' Following are excerpts of the interview: Question: How do you describe the nature of the relationship between the two countries today? Answer: This year, the two countries celebrate the 46th anniversary of diplomatic relations and the 50th anniversary of their constructive partnership. Since the establishment of diplomatic relations in 1979, the two countries have been working hard to consolidate a friendship based on trust, which gradually evolved into a comprehensive, future-oriented partnership built on mutual benefit. Currently, the two countries work together in many sectors like airport operations, smart agriculture, smart cities, healthcare and renewable energy. The two countries aspire to become reliable strategic partners to jointly prepare for the future. South Korea is committed to actively supporting Kuwait's Vision 2035, particularly in economic diversification, renewable energy and housing. We will also continue our close cooperation in pursuit of regional and global peace and stability, as two peace-loving countries and active members of the international community. Q: Is there a regular political dialogue between South Korea and Kuwait? A: The two countries meet regularly through political consultations at the Assistant Foreign Ministers level. The fourth round was held in Seoul in May 2023, during which they discussed a wide range of topics, including high-level exchanges, cooperation in various sectors, regional developments, and joint coordination in international forums. The two sides discussed progress made in key areas such as trade, energy, construction, health, agriculture and defense. The fifth round of political consultations is expected to be held in the second half of this year. There is strong coordination between the two countries on the international stage, based on mutual trust. Kuwait has consistently provided humanitarian assistance, such that the United Nations declared Kuwait as a 'Humanitarian Center' and HH the late Amir Sheikh Sabah Al-Ahmad as a Humanitarian Leader in 2014. Q: What is the volume of trade exchange between the two countries? A: South Korea and Kuwait maintain an annual trade volume of $10 billion. South Korea is Kuwait's second-largest energy importer, meaning the two countries have more than six decades of strong cooperation in the energy sector. Kuwait imports automobiles and industrial equipment for construction projects from South Korea. In recent years, its imports have expanded to include cosmetics and other diverse sectors. South Korean construction companies have entered Kuwait and participated in major national projects. This year marks the 50th anniversary of the first South Korean company awarded a construction project in Kuwait -- in 1975. Over the past five decades, South Korean companies have implemented projects valued at around $50 billion. We look forward to closer and more cooperation in the future. Q: Are there any new trade agreements currently under negotiation between the two sides? A: South Korea and the Gulf Cooperation Council (GCC) concluded their negotiations on a free trade agreement in 2023. It is now in its final stages, awaiting official signing and completion of ratification procedures. The agreement, once implemented, will contribute significantly to enhancing economic exchanges between South Korea and the GCC countries, including Kuwait. The two countries are discussing the possibility of amending existing agreements -- such as the Bilateral Investment Protection Agreement; as well as concluding new memoranda of understanding through the Trade and Investment Promotion Framework (TIPF). Q: What about cooperation in the digital economy? A: South Korea and Kuwait are interest in developing the digital economy. Discussions are underway to explore potential areas of cooperation in different sectors. One example is the smart city project in the new South Saad Al-Abdullah City. South Korea has been working with Kuwait since 2017 to integrate its expertise in city development and digital technologies into the planning, design and construction of the city. A delegation from the Financial Services Commission in South Korea visited Kuwait last year to discuss cooperation in the field of digital government. To further strengthen bilateral cooperation in the digital economy, the South Korean Embassy is currently studying the possibility of organizing a symposium on this topic before the end of this year. Q: What is the role of South Korean companies in implementing projects within the Kuwait Development Plan? A: South Korean companies have played a prominent role in implementing many major development projects and have contributed to several projects within Kuwait's Vision 2035, such as the Sheikh Jaber Al-Ahmad Causeway, Al-Zour Refinery, Environmental Fuels Project, and LNG Import Terminal. In addition, they have also contributed to the construction sector. The South Korean company -- Incheon International Airport Company -- has been operating Terminal Four at Kuwait International Airport since 2018, while Korea Land and Housing Corporation (LH) is designing the master plan for the new South Saad Al-Abdullah City. HanmiGlobal is also seeking to participate in the management of one of the new city projects. Discussions are currently underway in various fields. We hope to expand the scope of cooperation to include new areas, such as renewable energy and high-speed trains. Q: Is there South Korean interest in participating in housing projects in Kuwait? A: As previously mentioned, LH is managing the South Saad Al-Abdullah City project and is currently studying the possibility of participating in investment and development opportunities in the city. With the Kuwaiti government recently amending laws allowing private sector participation in housing development, along with work on enacting a mortgage law; the business environment in Kuwait is witnessing a marked improvement. Based on the new cities project, we expect South Korean companies to expand their participation in large-scale projects like the development of the northern areas and other major urban projects. Q: How can expertise be exchanged in areas such as artificial intelligence or renewable energy? A: The South Korean Embassy has been organizing the Kuwait-Korea Smart Cities Forum annually since 2017, with the aim of identifying and expanding new areas of cooperation. During the forum, many topics beyond smart cities are discussed, such as renewable energy and smart agriculture. Furthermore, South Korea offers the Knowledge Exchange Program (KSP), which aims to exchange development and policy expertise with partner countries. Q: What are the current visa procedures for Kuwaitis wishing to visit Korea? A: Generally, Kuwaiti citizens are permitted to travel to South Korea for tourism, business or international events without a prior visa for a stay of up to 90 days via the Electronic Travel Authorization (K-ETA) system. However, as of 2024, Kuwait has become a country temporarily exempt from the K-ETA requirement. Kuwaitis can now enter South Korea without the electronic travel authorization. Q: How has the tourism sector between the two countries developed in recent years? A: Tourism between Korea and Kuwait witnessed steady growth in recent years in light of the success of the 'Visit Korea 2023-2024' campaign, which significantly increased Kuwaiti interest in South Korea. This positive trend continued in 2025. More than 4,400 Kuwaitis visited Korea in 2024, and this number is expected to increase with the facilitation of travel procedures. In an effort to enhance this increase, the South Korean government extended the exemption for Kuwaiti citizens from the electronic travel authorization (K-ETA) requirement until 2025. Q: What is your most memorable humanitarian experience during your tenure in Kuwait? A: Participating in an annual tree-planting event in Ahmadi, which was organized by the embassy in cooperation with the South Korean community and Kuwait Oil Company. A special area was designated for the South Korean community residing in Kuwait. I watched them voluntarily participate in the event. Working together with our Kuwaiti partners to protect the environment was a deeply moving experience. This initiative also reflects a broader vision I believe in -- establishing joint development cooperation between South Korea and Kuwait to support developing countries. The embassy is planning initiatives to promote cultural exchange, including the South Korean Food Festival in the second half of 2025. Q: What is your comment on the prevalence of South Korean language among Kuwaiti youths? A: A significant increase in interest in learning the South Korean language among Kuwaiti youths was observed in recent years, thanks to the growing popularity of South Korean culture worldwide like K-pop music, drama and South Korean cuisine. Many young Kuwaitis are showing a strong desire to engage with South Korean culture more deeply, and learning the South Korean language has become a natural extension of this interest. The embassy works closely with King Sejong Institute Foundation to offer language courses. words into action by working collectively and in cooperation with EU member states. Q: What is new regarding Schengen visa regulations and visa exemptions for Kuwaitis? A: Tens of thousands of Kuwaitis visit Europe annually. In recognition of this special relationship, the European Union implemented more lenient Schengen visa rules for Kuwaiti citizens in 2023; granting them multiple-entry visas valid for up to five years. Visa exemption for Kuwaitis remains one of my primary goals. Q: How do you view the humanitarian role that Kuwait plays globally, especially in light of its partnership with the European Union? A: Both the European Union and Kuwait are major humanitarian actors supporting the most vulnerable groups around the world, in cooperation with the United Nations and multilateral organizations. Earlier this year, Director General for Civil Protection and Humanitarian Aid Operations at the European Commission Maciej Popowski visited Kuwait. During his meeting with Kuwaiti officials, the two parties agreed to continue cooperation during humanitarian crises and strengthen multilateral action. Q: Do you see opportunities for new trade or economic agreements between Kuwait and the European Union? A: The European Union is looking forward to strengthening its economic and trade partnerships with the Gulf Cooperation Council (GCC) countries, including Kuwait. During the first EU-GCC Summit last year, the leaders of the 27 EU member states and the six GCC member states affirmed their shared interest in establishing trade relations. A thriving and mutually beneficial investment relationship is developed through multilateral frameworks as needed. In this context, the European Union launched the European Chamber of Commerce in the Gulf last year, headquartered in Riyadh. This chamber serves as a platform for enhancing trade cooperation and promoting investment and trade exchange between the EU and the Gulf countries, including Kuwait. Kuwait is expected to host the EU-GCC Business Forum later this year, which will provide Kuwaiti companies with the opportunity to build cooperative networks with their European counterparts. Q: How do you describe current cooperation between the GCC and the EU, including security and intelligence cooperation? A: Cooperation between the EU and the GCC, including Kuwait, has witnessed significant development and expansion in several areas like economics, politics and security. Both parties recognize the strategic importance of cooperation in addressing common challenges; such as trade, energy sustainability, regional stability and security concerns. On the security and intelligence cooperation front, the two sides expressed a shared interest in strengthening their partnership; driven by a desire to ensure regional stability, combat terrorism and address cross-border challenges like cybercrime, arms proliferation and human trafficking. Several practical initiatives and dialogue mechanisms have been launched to support this cooperation, including the EU-GCC High-Level Regional Security Dialogue, which was held for the first time last year in Riyadh and is scheduled to be held again this year in Brussels. As part of joint efforts to address security challenges and promote regional stability, the European Union launched the EUNAVFOR ASPIDES naval operation to protect freedom of navigation in the Red Sea and the Gulf, including vessels using Kuwaiti ports. The mission of this operation, within its defense mandate, is to enhance maritime awareness, escort ships, and protect them from potential attacks at sea. Q: What are the most prominent issues that will be discussed at the upcoming ministerial meeting between the European Union and the Gulf Cooperation Council (GCC) in Kuwait in October? What are the expected challenges at this meeting, especially in light of current regional and international tensions? How can it contribute to strengthening overall cooperation between the EU and the Gulf countries? A: The agenda for the next ministerial meeting between the European Union and the Gulf Cooperation Council (GCC), scheduled to be held in Kuwait in October, is still being prepared. I expect the meeting to tackle several vital issues that are considered regional priorities and the broader geopolitical context. This meeting will build on the success of the first EUGCC summit held in Brussels last October. During that historic summit, leaders agreed to strengthen trade and investment relations, cooperate in the fields of energy and green transition, expand cooperation in the fields of digitalization and innovation like artificial intelligence, strengthen peopleto- people ties, and expansion of academic and research partnerships. Security discussions also touched on issues such as Ukraine, Gaza, the two-state solution, Lebanon, Iran, and maritime security in the Red Sea. Both sides emphasized the need to strengthen security cooperation and combat terrorism. Q: What is your assessment of the future of the Gulf-EU Free Trade Agreement? A: The European Union believes that fair trade is a key driver of global prosperity. The EU-GCC Summit last October affirmed the shared goal of establishing a prosperous and mutually beneficial trade and investment relationship. We intend to continue discussions at the regional level with the aim of reaching a free trade agreement between the EU and the GCC. At the same time, the EU is open to strengthening its bilateral relations with the GCC countries, including Kuwait, and elevating our strategic partnerships to new levels. Q: How do you view Kuwait's role in promoting dialogue between the Gulf countries and the European Union? A: As the current chair of the Gulf Cooperation Council (GCC), Kuwait plays a key role in advancing our strategic partnership, building on the first EU-GCC Summit held in Brussels last year. I am pleased that Kuwait will host the 29th EU-GCC Ministerial Meeting later this year. The Ninth EU-GCC Business Forum will also be held in Kuwait at the end of this year. Q: Do you believe that cooperation in renewable energy between the Gulf and the EU is progressing at the desired pace? A: Cooperation between the EU and the Gulf countries in the field of green transition and renewable energy is witnessing significant progress. Relations between the two sides have strengthened through dialogue, partnerships and investments. European companies often cooperate on solar and wind energy projects in the Gulf. For example, in 2023, the European Union launched the 'EU-GCC Green Transition Cooperation' project in order to strengthen cooperation in the fields of renewable energy, energy efficiency, and sustainable resource management. Since then, I have been proud of collaborations between the EU and various sectors of government and society in Kuwait, resulting in many successful projects and activities over the past two years. There is a strong desire in Kuwait -- particularly among the business community, civil society and the younger generation -- to accelerate the green transformation process. I am confident that we can do more together.
Yahoo
2 days ago
- Business
- Yahoo
Digital Transformation, State-Sponsored Threats, Regulatory Pressures, and the Rise of AI-Powered Attacks
The Middle East cybersecurity market is predicted to grow from USD 16.75 billion in 2025 to USD 26.04 billion by 2030, at a CAGR of 9.2%, driven by Saudi Arabia's Vision 2030 and a burgeoning startup ecosystem. As the region undergoes rapid digital transformation, cloud technology adoption intensifies, strengthening cybersecurity frameworks. BFSI leads in market size due to high-value asset management and regulatory pressures, while Kuwait experiences the highest growth rate, propelled by its Vision 2035 initiative. Major players include Palo Alto Networks, IBM, Cisco, and Fortinet. This report offers in-depth analysis, competitive assessment, and key market insights to guide stakeholders in navigating the evolving Middle East cybersecurity landscape. Middle Eastern Cybersecurity Market Dublin, July 10, 2025 (GLOBE NEWSWIRE) -- The "Middle East Cybersecurity Market by Solution Type (IAM, Firewall & VPN, Log Management & SIEM, Antivirus/Antimalware), Service (Professional (Risk & Threat Assessment, Training & Education), Managed)), Security Type (Cloud, Application) - Forecast to 2030" report has been added to Middle East cybersecurity market is projected to grow from USD 16.75 billion in 2025 to USD 26.04 billion by 2030, with a CAGR of 9.2% This report is designed to assist both market leaders and new entrants by providing accurate revenue estimates for the overall Middle East cybersecurity market and its subsegments. It will help stakeholders comprehend the competitive landscape, enabling them to position their businesses more effectively and develop appropriate go-to-market strategies. Additionally, the report provides insights into market trends and highlights key drivers, restraints, challenges, and opportunities. The market is expanding significantly, driven by the transformative goals outlined in Saudi Arabia's Vision 2030. This ambitious initiative is a key factor in reshaping the regional landscape and influencing market dynamics. In addition to this vision, a growing startup ecosystem in the Middle East is essential for advancing cybersecurity innovations. As the region undergoes rapid digital transformation, the adoption of cloud technology is on the rise across various sectors. At the same time, regulatory measures are evolving to address the changing threat environment, establishing a strong foundation for cybersecurity in the Middle East and promoting a secure digital future. By vertical, the BFSI segment is expected to account for the largest market size during the forecast BFSI (banking, financial services, and insurance) segment holds the largest market share in the Middle East's cybersecurity landscape, driven by several important factors. Organizations in this sector manage high-value assets, including sensitive financial data, making them prime targets for cybercriminals. Consequently, substantial investments in cybersecurity solutions are essential to protect customer information, payment details, and financial transactions. Moreover, strict regulatory compliance requirements imposed by authorities in the Middle East heighten the urgency for robust cybersecurity measures. The BFSI sector faces significant fines and reputational damage for violations, which underscores the necessity of ongoing investments in cybersecurity to ensure rapid digitalization of the sector, marked by the swift adoption of online banking, mobile banking, FinTech applications, and cloud services, further amplifies the demand for specialized cybersecurity solutions to guard against evolving cyber region, Kuwait is expected to grow at the highest CAGR during the forecast is experiencing a rapid digital transformation, increasing government focus on national cybersecurity, and growing investments in smart infrastructure. These factors are contributing to the country's highest compound annual growth rate (CAGR) in the Middle East's cybersecurity market. As part of its Vision 2035 initiative, Kuwait aims to digitize financial systems, public services, and the oil industry, which has significantly increased its digital presence and, consequently, its vulnerability to response, the Kuwaiti government has implemented national cybersecurity strategies and enhanced regulatory oversight to strengthen its cybersecurity frameworks. The surge in demand for advanced security solutions is also driven by the swift adoption of cloud technology, heightened awareness of cyber threats among enterprises, and increased collaboration with international cybersecurity vendors. Thanks to this proactive and forward-thinking approach, Kuwait's cybersecurity market is growing at the fastest rate in the region. Key Attributes: Report Attribute Details No. of Pages 420 Forecast Period 2025 - 2030 Estimated Market Value (USD) in 2025 $16.75 Billion Forecasted Market Value (USD) by 2030 $26.04 Billion Compound Annual Growth Rate 9.2% Regions Covered Middle East Market Overview and Industry Trends Market Dynamics Drivers Accelerated Digital Transformation Across Sectors Geopolitical Tensions and Rise of State-Sponsored Cyber Threats Regulatory Initiatives for Evolving Threat Environment AI-Powered Attacks Compelling Evolution of Cyber Defense Strategies Restraints Budgetary Constraints on Allocation of Resources Resistance to Emerging Security Technologies Opportunities Investments by Governments and Businesses to Enhance Cybersecurity Infrastructure Spike in Demand for Cyber-Insurance Policies Robust Development of Cybersecurity Services Burgeoning Startup Ecosystem Challenges Third-Party Dependencies Exposing Weaknesses in Cybersecurity Landscape Shortage of Skilled Workforce Technology Analysis Key Technologies Artificial Intelligence/Machine Learning Zero Trust Network Access (Ztna) Firewall Secure Access Service Edge Adjacent Technologies Big Data Analytics Cloud Computing Internet of Things Complementary Technologies Blockchain Case Study Analysis Use Case 1: Trend Micro Helps Oman Arab Bank Fortify Cybersecurity Use Case 2: Cisco Helps Istanbul Grand Airport Achieve Integrated Security for Global Prominence Use Case 3: Turkcell Global Bilgi Enhances Cybersecurity Agility with Palo Alto Networks' Vm-Series Virtual Firewalls Use Case 4: Codegreen's Token-Less Multi-Factor Authentication Solution Helps Lulu Group Enhance Security and Reduce Costs Use Case 5: City of Ramat-Gan Achieves Secure Digital Transformation with Check Point's Comprehensive Solutions Tariff and Regulatory Landscape Tariff Related to Middle East Cybersecurity Regulatory Bodies, Government Agencies, and Other Organizations Key Regulations in Middle East Cybersecurity Market Payment Card Industry Data Security Standard Health Insurance Portability and Accountability Act Federal Information Security Management Act Gramm-Leach-Bliley Act Sarbanes-Oxley Act International Organization for Standardization (ISO) 27001 European Union General Data Protection Regulation Service Organization Control 2 (Soc2) Impact of Generative AI on Middle East Cybersecurity Market Top Use Cases and Market Potential Impact of Gen AI on Interconnected and Adjacent Ecosystems Cloud Computing Identity and Access Management (Iam) IoT Security Endpoint Protection Security Operations Centers (Socs) Company Profiles Palo Alto Networks IBM Check Point Cisco Fortinet Trend Micro Crowdstrike Cpx Sirar by Stc Site Help AG Mandiant Eviden Trellix Socradar Sami-Aec Paramount Computer Systems Malwarebytes Edge Group Taqnia Cyber Gulf Business Machine (Gbm) Protiviti Forescout Logrhythm Sophos Secureworks Mcafee Cato Networks Cyble Group-Ib Cyberani Recorded Future Kela Sejel Technology Valuementor Moro Hub Cybersec Consulting Salam Technology Cybergate Codegreen Dts Solution Securityhq Ras Infotech Security Matterz Safe Decision For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Middle Eastern Cybersecurity Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
South China Morning Post
4 days ago
- Business
- South China Morning Post
Don't overlook mental health in the quest for China's innovative future
China is now busy drafting the next five-year plan, which will run from 2026 to 2030, and that analysts say will be crucial to determining whether the country can fulfil President Xi Jinping's Vision 2035. Under the blueprint, China should make a major leap in economic and technological prowess by 2035, as well as see a rise in rural and urban incomes. It also envisages breakthroughs in core technologies, a modern military, modern governance, and narrowing of the urban-rural divide to achieve common prosperity. The vision was put forward in 2020, and the Communist Party aims to make it a reality through the three five-year plans from 2020 to 2035. Its emphasis on the new economy, innovation and scientific talent is not surprising, given China's tech war with the United States. However, one important area the policymakers should not overlook is the growing need for mental and psychological health services among the population. Over the decades, much attention has been focused on economic development, and personal needs such as resolving family disputes have usually fallen on the shoulders of local cadres at the street and neighbourhood levels. At the same time, teachers were responsible for dealing with the emotional problems of their pupils.
Kuwait Times
6 days ago
- Business
- Kuwait Times
KCC: ‘Central Broker' project takes effect at Kuwait market
KUWAIT: As part of the second part of the third phase of the market development program, the Capital Markets Authority (CMA), in cooperation with Kuwait Clearing Company (KCC) and Boursa Kuwait, announced that the 'Central Broker' project will come into effect as of Sunday. This project represents a radical transformation in the infrastructure of the Kuwaiti securities market, as it will have a far-reaching positive impact in enhancing market stability, improving risk management, and supporting the development of innovative financial products. This project is a milestone in the modernization of Kuwait's financial market infrastructure. The establishment of the Kuwait Clearing Company (KCC) as the central intermediary marks a milestone in the development of the Kuwaiti financial market, reflecting a firm commitment to building a more robust and transparent environment for investors, in accordance with international best practices. In the near term, the new mechanism will contribute to enhancing market stability by reducing the risks associated with settlement processes. The Kuwait Clearing Company will act as an intermediary between the buyer and seller of securities transactions, ensuring that financial obligations are executed efficiently by both parties. This contributes to increasing confidence, especially among institutional investors, allowing for increased liquidity and more efficient settlements while minimizing operational risks. For investors, the presence of a central broker provides higher protection and better operational efficiency, and paves the way for the introduction of advanced financial instruments such as derivatives, thus expanding the base of available investment products. In the long term, this approach strengthens Kuwait's position as a regional financial center, opens the way for greater participation by foreign investors, and supports the market's inclusion in the ranks of developed global markets, in line with Kuwait's Vision 2035. Additional projects launched in the second part of the third phase of the market development program. In addition to the launch of the Central Broker, the current phase witnessed the implementation of several important projects, most notably: •Completion of cash settlement through settlement banks and the Central Bank of Kuwait system. •Introducing the 'Qualified Broker' form. •Establishing a sub-account number within the consolidated accounts. •Preparing the legislative and operational environment for the introduction of new products such as ETFs, bonds and sukuk, which will soon come into effect. •Modifying the settlement mechanism using the delivery versus payment model (DvP Model 2) •Implementation of the Risk Waterfall Model Strategic transformation in clearing As part of its efforts to develop its corporate structure and implement the highest standards of governance, Kuwait Clearing Company (KCC) established two separate legal entities: •Kuwait Clearing Company (KCC), which is the entity licensed to carry out clearing agency activity, which includes the provision of clearing, settlement and central intermediary services. •Kuwait Central Depository Company (KCDC), the entity authorized to provide securities depository services. This corporate structure aims to apply the highest standards of governance and ensure clear segregation of duties, in line with international best practices, and promotes clear operational and organizational boundaries between clearing, settlement and depository functions. Rigorous testing enhances market readiness Since 2022, KCC has intensified its efforts in collaboration with the Capital Markets Authority and Boursa Kuwait to carry out 31 comprehensive tests covering all key market sectors, including brokerage firms, custodians, the Central Bank, local banks and investment firms. These tests aim to ensure the readiness of the technical infrastructure and the efficiency of the operational integration of the entire chain of operations. Fahad Abdulrahman Al-Mukhaizim, Chairman of Kuwait Clearing Company, said: 'The launch of the third phase of the market development project is a strategic milestone that reflects Kuwait Clear's commitment to its role as a central financial institution that contributes to market stability and efficiency. This phase is in line with global shifts in the field of financial market infrastructure, focusing on developing the central clearing house (CCP) model and implementing more flexible and transparent systems to enhance security and minimize risks for the participating parties.' Al-Mukhaizim emphasized that: 'Kuwait Clearing Company sets its sights on strengthening the position of the Kuwaiti market in the ranks of emerging and developed markets, and continues to work to expand its services and link it to regional and international markets, in order to serve investors and achieve the goals of economic development in the State of Kuwait.' We highly appreciate the active role of the Capital Markets Authority in developing the trading system and the continuous support of Boursa Kuwait. On the occasion of the launch of the third phase of the market development project, Duaij Raad Al-Saleh, Chief Executive Officer of Kuwait Clearing Company, said: 'This phase of the market development project is an extension of an ambitious vision that Kuwait Clearing Company (KCC) is working on in partnership with the Capital Markets Authority (CMA) and Boursa Kuwait to enhance the efficiency of Kuwait's capital market infrastructure and increase its competitiveness regionally and globally. During this phase, the company has been keen to implement innovative solutions and apply international best practices in the areas of post-trade services, including clearing, settlement and centralized depository, while expanding collateral services and linking with related systems, which will enhance investor protection and ensure the integrity of transactions.' He added: 'We are working in an integrated effort with all stakeholders to ensure a smooth transition to the upgraded systems, and we are proud of our pivotal role in supporting market development and providing advanced services based on technology and a sustainable institutional structure.'
Kuwait Times
7 days ago
- Business
- Kuwait Times
Expert: Kuwait to revive global trade role through partnership with China
Silk City, renewable energy projects align with Kuwait's Vision 2035 and BRI goals KUWAIT: Kuwait is poised to play a key role in China's Belt and Road Initiative (BRI), according to a global expert on supply chain geopolitics. Thomas Tronet, co-director of the Centre for Geopolitical Studies on the Middle East, made the remarks during a recent international congress focused on the Middle East and the Islamic world. Tronet emphasized Kuwait's geographical significance. Located at the northern tip of the Gulf, the country is well-positioned to serve as a critical node in the BRI's global logistics network. Its proximity to the China–Central Asia–West Asia Economic Corridor, he noted, makes it a vital gateway for East-West trade. He aimed to fill a knowledge gap often found in French and Western discussions regarding the Gulf region. 'Kuwait is frequently overlooked in France, despite its strategic importance,' Tronet said. He reminded the audience that Kuwait was historically known as the 'Marseille of the Gulf' during the 19th century — a testament to its once-vibrant trading legacy. Today, he sees that the country is reviving that role through modern infrastructure projects and strategic partnerships, especially with China. Central to his discussion was Kuwait's 'omnibalancing' foreign policy strategy. According to Tronet, Kuwait balances its core security reliance on the United States with deepening economic ties to China. 'The US remains Kuwait's indispensable security guarantor,' he said, 'but China has been its primary economic partner for over ten years,' noting that China's policy of non-interference is also well received in the region. Tronet highlighted several key developments under the BRI framework. 'The main focus of Chinese investment is concentrated on the Mubarak Al-Kabeer Port on Boubyan Island. A recent decision was made to accelerate this megaproject, which will make it one of the largest ports in the Gulf. With this development, Kuwait is returning to its roots as a trading center.' He explained that the port, which is designed to handle over eight million containers upon completion forms part of a larger vision to transform northern Kuwait — including Subiya and Boubyan — into a logistical and economic hub. Chinese-backed transport corridors, such as a proposed link to Dammam and the Saudi Landbridge, are set to improve regional connectivity. These would offer alternative routes to bypass politically unstable zones like the Bab-el-Mandeb strait. These infrastructure projects are closely linked to Kuwait's national development strategy, known as Vision 2035. The plan seeks to diversify Kuwait's oil-dependent economy and position the country as a regional cultural, commercial, and financial center, according to Tronet. 'Silk City is another megaproject central to Kuwait Vision 2035, projected to accommodate 700,000 residents,' he said adding that China has expressed strong interest in supporting its integration into the BRI, aligning with its global infrastructure investment goals. While acknowledging the challenges of building such a city from scratch, Tronet noted that similar regional projects like Saudi Arabia's NEOM or the UAE's Masdar City show that the ambition is yet still feasible. He clarified that Kuwait is also advancing in renewable energy, another pillar of Vision 2035. China recently secured a contract to construct a new solar plant within the Shagaya Renewable Energy Park, further supporting Kuwait's push to diversify its energy portfolio. Tronet noted that Kuwait's solar potential makes it well-suited for such investments and that China's global leadership in green energy supports mutual interests in sustainable development. In closing, Tronet expressed appreciation for the opportunity to spotlight Kuwait. 'I was delighted to help participants of the congress from France and the world get to know Kuwait better, a country I find fascinating,' he said. 'The few Kuwaitis I have met in France are among the most incredible people I know.'
