Kuwait, Google Cloud to accelerate digital drive
KUWAIT -- Kuwait's Finance Minister Noura Al-Fassam held talks on Wednesday with Google Cloud's Vice President of Customer Engineering for the Middle East, Africa and Europe Chris Lindsay, focusing on efforts to push forward a national digital drive.
The digital transformation, including a transition into a cloud-based financial system that guarantees more "flexibility and transparency," represents the focal point of economic reforms in Kuwait, according to a finance ministry statement.
Kuwait's finance ministry will be among the first state bodies to make the transition into a digital system, which is a testament to its "commitment" to employ cutting-edge technology, such as Artificial Intelligence tools, in a bid to improve the quality of its services, the statement underlined.
The talks come as part of the "strategic partnership" agreement between Kuwait and the US tech giant, which aims to develop advanced digital infrastructure across all state bodies, added the statement.
It went on to espouse the merits of a full-fledged digital transformation, citing streamlined processes, data-driven decision-making and greater efficiency as chief among those benefits.
All KUNA right are reserved © 2022. Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
27 minutes ago
- Zawya
Emirates NBD Capital KSA secures CMA approval for fund offering
Emirates NBD Capital KSA is set to launch a new fund offering in Saudi Arabia. The kingdom's Capital Market Authority (CMA) confirmed on Tuesday that it has approved the public offering of the 'ENBDC Saudi Equity Freestyle Fund'. Emirates NBD Capital KSA is the investment arm of Emirates NBD Group in Saudi Arabia. The fund marks the lender's latest foray into the kingdom's investment space. Emirates NBD Asset Management had previously identified Saudi equities as an area of strategic focus due to its significant growth potential. (Writing by Cleofe Maceda; editing by Seban Scaria)
Zawya
27 minutes ago
- Zawya
Alkhaldi Logistics cancels Saudi IPO
Saudi Arabia's Alkhaldi Logistics Company has cancelled its initial public offering (IPO) on the kingdom's parallel market, Nomu. Yaqeen Capital, serving as the financial advisor and lead manager for the offering, said on Tuesday that the planned share offering was 'incomplete' and considered 'void'. It did not specify the reason for cancellation. With the IPO cancelled, subscribers are expected to receive refunds by Wednesday, June 4, 2025. The company had previously planned to sell 1.05 million shares on Nomu, representing 7% of post-IPO capital. The offer price was set between SAR 44 and SAR 47 per share. (Writing by Cleofe Maceda; editing by Seban Scaria)
Zawya
27 minutes ago
- Zawya
Dubai-listed Al Salam Bank's AT 1 issuance raises $450mln
Al Salam Bank, a Shariah-compliant bank based in Bahrain, has raised $450 million in its Additional Tier 1 (AT1) capital issuance. The private placement drew substantial demand from investors in the region and overseas despite global market volatility, the company, which is dual-listed on the Bahrain Bourse and Dubai Financial Market (DFM), said on Tuesday. 'The overwhelming response to our USD 450 million AT1 capital issuance is a testament to Al Salam Bank's financial stability, market credibility and strategic direction,' said Rafik Nayed, Group CEO of Al Salam Bank and Managing Director of ASB Capital. Al Salam's investment banking arm, ASB Capital was mandated to advise and structure the issuance. The offering is part of the company's strategy to strengthen its capital base and support future growth plans. The company also looks to boost its position as a diversified financial group in the region. Since 2020, Al Salam has consistently increased its total equity by more than 65%, according to Nayed. (Writing by Cleofe Maceda; editing by Seban Scaria)
