MiN. Al-Fassam: Kuwait financed IsDB projects worth over $980mln
ALGIERS -- Kuwaiti Minister of Finance, Minister of State for Economic Affairs and Investments Eng. Noura Sulaiman Al-Fassam revealed at Islamic Development Bank (IsDB) meeting on Wednesday that Kuwait provided over USD 980 million in contributions to 63 project since joining the bank.
The Kuwaiti minister led her country's delegation to the 50th annual ministerial meeting of the Board of Governors of IsDB held in Algeria, told KUNA that "Kuwait's participation is very effective in the dialogue sessions on empowering youth and entrepreneurs and enhancing economic diversity." Al-Fassam emphasized that this year's IsDB meetings highlighted the importance of building resilient and inclusive economies capable of adapting to global changes, by strengthening the role of multilateral institutions and expanding areas of cooperation between them.
She added that youth constitute approximately 18 percent of the total population of OIC countries and represent approximately 30 percent of the world's youth population, making their empowerment an urgent development and economic necessity.
Kuwait is proud of its founding membership of the IsDB since August 12, 1974, which reflects its ongoing commitment to supporting Islamic economic cooperation and achieving integration among member states, Al-Fassam noted.
In addition, today's meeting is a series of interactive sessions that included diverse discussions on empowering entrepreneurs, harnessing the energy of youth, and equipping them with future skills, reflecting a collective aspiration to build a more inclusive and sustainable future.
The meeting also included several key items, most notably the adoption of the 49th Annual Report for fiscal year 2024, ratification of the final accounts of affiliated institutions, the election of the Chairman and Vice-Chairmen of the Board of Governors for the 2026 session, and the formation of the Procedures Committee for the next meeting, she added.
Meanwhile, the meetings concluded with the setting of the date and venue for the 51st Annual Meeting of the Board of Governors in 2026.(end) rm.hs
Kuwaiti Minister of Finance Eng. Noura Al-Fassam during Islamic Development Bank (IsDB) meeting
Kuwaiti Minister of Finance Eng. Noura Al-Fassam during Islamic Development Bank (IsDB) meeting
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
2 hours ago
- Zawya
UAE, Kuwait sign multiple agreements, deals to boost cooperation
KUWAIT CITY - In the presence of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, and Chairman of the Presidential Court, and H.H. Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah, Prime Minister of Kuwait, the UAE and Kuwait signed a number of agreements and memoranda of understanding (MoUs) today aimed at strengthening bilateral cooperation across multiple sectors. The signings took place during H.H. Sheikh Mansour bin Zayed's official visit to Kuwait and were held at Bayan Palace. These agreements are intended to broaden the scope of strategic partnerships between the two nations and to support their mutual development priorities. The agreements and memorandums include the following: An MoU for cooperation in the health sector, signed by Abdul Rahman bin Mohammad bin Nasser Al Owais, UAE Minister of Health and Prevention, and Dr. Ahmed Abdul Wahab Al-Awadi, Minister of Health of Kuwait. An MoU between the Anwar Gargash Diplomatic Academy (AGDA) and the Sheikh Soud Nasser AlSabah Kuwait Diplomatic Institute, signed by Khalifa Shaheen Al Marar, UAE Minister of State, and Abdullah Ali Al Yahya, Foreign Minister of the State of Kuwait. An MoU in the field of land transport and roads infrastructure, signed by Suhail bin Mohammed Al Mazrouei, UAE Minister of Energy and Infrastructure, and Dr Noura Mohammed Al-Mashaan, Minister of Public Works & Municipality of Kuwait. An MoU in the field of social development affairs, signed by Shamma bint Suhail Faris Al Mazrui, UAE Minister of Community Empowerment, and Dr. Amthal Hadi Al-Huwaila, Minister of Social Affairs, Social Development, and Family and Childhood of Kuwait. An MoU in industry and advanced technology, signed by Dr. Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, and Khalifa Abdullah Dhahi Al-Ajeel Al-Askar, Minister of Commerce and Industry of Kuwait. An MoU in education sector, signed by Sarah bint Yousif Al Amiri, UAE Minister of Education, and Sayed Jalal Sayed Abdul Mohsen Al-Tabtabaei Minister of Education of Kuwait. An MoU in oil and gas cooperation, signed by Suhail bin Mohammed Al Mazrouei, UAE Minister of Energy and Infrastructure, and Tariq Suleiman Al-Roumi, Oil Minister of Kuwait. An MoU in the field of combating human trafficking and another on legal cooperation were signed by Abdullah bin Sultan bin Awad Al Nuaimi, UAE Minister of Justice, and Nasser Yousef Al-Sumait, Minister of Justice of Kuwait. An MoU in the field of electricity, water, and future energy, signed by Suhail bin Mohammed Al Mazrouei, UAE Minister of Energy and Infrastructure and Dr. Subaih Al-Mukhaizeem, Minister of Electricity, Water, and Renewable Energy of Kuwait. An MoU in the field of promoting direct investment, signed by Mohamed Hassan Al Suwaidi, UAE Minister of Investment, and Dr. Meshaal Jaber Al-Ahmad Al-Sabah, Director-General of Kuwait Direct Investment Promotion Authority (KDIPA). An MoU in the field of data protection and information exchange in joint security projects, signed by Major General Khalifa Hareb Al Khaili, Undersecretary of the UAE Ministry of Interior, and Major General Ali Al-Adwani, Acting Undersecretary of Ministry of Interior of Kuwait. An agreement was also signed earlier on the "Artificial Intelligence Infrastructure Partnership" launched by MGX, BlackRock, Global Infrastructure Partners, and Microsoft, which now includes the Kuwait Investment Authority as a partner. In addition, a contract was signed between the Kuwait's Ministry of Defence and the UAE's EDGE Group for the procurement and delivery of several 'Falaj 3' class missile boats.
Zawya
2 hours ago
- Zawya
Abu Dhabi's EDGE signs $2.45bln naval contract with Kuwait Ministry of Defence
ABU DHABI - EDGE, one of the world's leading advanced technology and defence groups, has announced the signing of a major AED9 billion (US$2.45 billion) defence contract with the Kuwait Ministry of Defence for the supply of FALAJ3 62-metre missile boats. This contract marks the largest naval shipbuilding export in the region and ranks among the highest-value naval export deals globally. As the prime contractor, EDGE will lead the programme which includes the design, construction, trials, and delivery of the vessels, in addition to Integrated Logistics Support (ILS) and In-Service Support (ISS). EDGE will also provide the ammunition for the vessels, further demonstrating its end-to-end capability offering. Abu Dhabi Ship Building (ADSB), EDGE Group's naval arm and the UAE's leading shipbuilder, has been selected as the build subcontractor for the programme. Hamad Al Marar, Managing Director and CEO, EDGE, said, 'This agreement with Kuwait is hugely significant both in scale and strategic importance. It deepens long-term defence ties between our nations, brings a proven class of advanced vessels into regional service, and reinforces EDGE's position as a trusted international partner. It also reflects the pace of industrial and engineering progress we've achieved in just a few years, and our ability to design, build, and deliver complex naval platforms at scale. As we enter a new phase of export-led growth, this programme marks a clear signal of global confidence in what EDGE can deliver.' The FALAJ 3-class missile boat has also been selected by the UAE Navy, with the first vessel, ALTAF, formally commissioned into service in February 2025. This operational deployment reflects the vessel's proven capability and performance in regional waters. With the latest agreement, these advanced 62-metre vessels are tailored to meet Kuwait's operational requirements, offering high performance, advanced combat systems, and enhanced capabilities for littoral defence operations. This latest contract reinforces EDGE's position as a trusted partner for customers seeking turnkey defence solutions and integrated long-term support, while driving the UAE's strategic objectives for defence exports and industrial collaboration.
Zawya
2 hours ago
- Zawya
Kuwait Investment Authority joins AI Infrastructure Partnership
NEW YORK - MGX, BlackRock, Global Infrastructure Partners (GIP), a part of BlackRock, and Microsoft today announced that the Kuwait Investment Authority (KIA) will join the AI Infrastructure Partnership (AIP), further reinforcing AIP's global reach and strategic impact as it accelerates investment in next-generation AI infrastructure. KIA's participation underscores the partnership between leading regional and global institutions in advancing the infrastructure and innovation needed to power the future of artificial intelligence. KIA is the first non-founder financial anchor investor to join AIP. With decades of deep investment experience, KIA is well positioned to support AIP's growth and help execute its global strategy. Established in September 2024 by BlackRock, Global Infrastructure Partners (GIP), MGX, and Microsoft, AIP was created to help mobilise US$30 billion of equity capital from investors, asset owners, and corporations, with the potential to reach up to US$100 billion when including debt financing. Over the past year, it has become one of the world's leading AI infrastructure platforms with the addition of technology partners NVIDIA, xAI, and Cisco, along with agreements with GE Vernova and NextEra Energy to help accelerate the scaling of energy solutions for AI data centers. Sheikh Saoud Salem Abdulaziz Al-Sabah, Managing Director of the Kuwait Investment Authority (KIA), said, 'KIA's participation in AIP reflects our long-term commitment to investing in transformative global infrastructure that drives innovation and economic progress. We view AI infrastructure as an instrumental driver of future growth, and we are proud to collaborate with leading global partners to accelerate its development at scale.' Ahmed Yahia Al Idrissi, Managing Director and CEO of MGX, said, 'We are delighted to welcome KIA as a strategic capital partner, marking a significant milestone that further reinforces the strength and long-term vision of the AIP Partnership. As the demand for AI infrastructure continues to rise, we must scale our investments and accelerate the pace of execution, working with our global partners.' Bayo Ogunlesi, Chairman and CEO of Global Infrastructure Partners, a part of BlackRock, said, 'We are pleased to welcome KIA as a partner in AIP. We have a longstanding and deep relationship with KIA, and we look forward to working with them and our other partners to position AIP at the forefront of helping to further our joint ambition to enhance AI innovation and economic growth.'
