Latest news with #KhalifaAl-Ajeel
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.
Arab Times
18-05-2025
- Business
- Arab Times
PAI withdraws 22 industrial & craft plots violating rules
KUWAIT CITY, May 18: The Board of Directors of the Public Authority for Industry (PAI), chaired by Minister of Commerce and Industry Khalifa Al-Ajeel, decided to withdraw 22 industrial and craft plots during its meeting on Sunday. In a statement to Kuwait News Agency (KUNA), PAI confirmed the issuance of a decision to withdraw seven industrial plots and 15 craft plots from the beneficiaries who violated the terms and conditions for the distribution of such plots. The authority pointed out that the decision is based on the recommendation of the Permanent Committee for Industrial Violations. It revealed that the violations committed by the plot owners include closure of the plot, not operating the factory, failure to operate the factory within the specified period, lack of seriousness in implementing the industrial or craft project as there are no workers and work has been halted on the plot for some time, and some have not utilized the licensed plot. Meanwhile, Al-Ajeel granted judicial police powers to 37 male and female employees at the Capital Markets Authority (CMA) to investigate crimes committed in violation of the provisions of Law No. 7/2020 on establishing CMA and regulating securities activities, its executive regulations and their amendments. Ministerial Resolution No. 95/2025, published in the Official Gazette (Kuwait Al-Youm), stipulates the expanded duties of employees covered by the resolution to include entering the headquarters of companies operating in the securities sector, headquarters of stock exchanges or any other entity located there; and reviewing the records, books, documents, data, recordings, computer systems or any other data storage or data processing media at the headquarters of the aforementioned entities or at any other entity in their possession or under their control. Moreover, Al-Ajeel outlined the rules for delegating Ministry of Commerce and Industry employees to positions that fall under the concept of 'attached to representative missions abroad.' Ministerial Resolution No. 97/2025 stipulates the termination of the provisions of Ministerial Resolution Nos. 506/2012 and 425/2019 referred hereto; and all secondment decisions issued in implementation of their provisions shall be deemed to have expired 45 days after the date of the issuance of the resolution on Sunday.
Arab Times
12-05-2025
- Business
- Arab Times
Supply chain, price hikes in gov't crosshairs
KUWAIT CITY, May 12: Minister of Commerce and Industry Khalifa Al-Ajeel has issued Ministerial Resolution No. 33/2025 on the formation of the Central Committee for Price Studies, Inflation Monitoring, and Supply Chains. The decision, which was published in the official gazette 'Kuwait Al-Youm', states the following: Article 1: A central committee shall be formed in the Ministry of Commerce and Industry under the name 'Central Committee for Price Studies, Inflation Monitoring, and Supply Chains'. It will be chaired by the ministry's undersecretary, and will include representatives from the Ministry of Commerce and Industry, the Ministry of Social Affairs, the Family and Childhood Affairs Department, Kuwait University, the Union of Consumer Cooperative Societies, the Kuwait Institute for Scientific Research, the Public Authority for Food and Nutrition, the General Administration of Customs, the Kuwait Fire Force, Kuwait Supply Company, the Competition Protection Agency, the Consumer Protection Society, the Central Statistical Bureau, the Kuwait Poultry Producers Union, the Union of Distributors of Consumer Goods for Wholesale and Retail Trade, and the Kuwait Union of Food Traders and Manufacturers. All members must hold a position no lower than director of a department or its equivalent. The committee may also consult experienced and specialized individuals when necessary, provided they do not have voting rights. Article 2: The Central Committee shall be responsible for the following tasks: 1. Monitoring and regulating prices in local markets, and establishing controls and mechanisms to ensure price stability. 2. Studying local inflation rates and proposing appropriate recommendations to address and mitigate their impact. 3. Monitoring supply chains to ensure their strength and efficiency, and submitting proposals that support the continuous flow of goods and services. 4. Promoting market competitiveness by recommending policies that encourage manufacturers and importers to provide goods in adequate quantities and at reasonable prices. 5. Combating commercial dumping and protecting national products, in accordance with relevant regulations, particularly Ministerial Resolution No. 222/2024 on construction materials. 6. Reviewing reports submitted by subcommittees, making appropriate decisions, and presenting periodic reports to the minister. Article 3: The Central Committee may, by its own decision, establish specialized subcommittees as it deems appropriate. These may include, but are not limited to, the following: 1. Price Monitoring Committee: - This committee shall analyze and monitor price trends in the market and prepare periodic reports. - It shall work on adjusting prices, introducing new products, and providing relevant recommendations to ensure market balance. - The committee shall monitor the effects of price changes to maintain stability and protect consumers from unjustified price hikes. - It is also responsible for approving price increases for goods. No price increase may be implemented without a decision from this committee. Any unauthorized price increase will be considered illegal. 2. Inflation Rate Monitoring Committee: This committee shall be responsible for the following tasks: - Studying local and international inflation factors and analyzing their impact on local markets. - Assessing economic variables influencing inflation rates and providing recommendations to reduce their negative effects. - Monitoring global price trends, Interevaluating their impact on import costs, and analyzing their implications for the local market. 3. Market and Supply Chain Regulatory Committee: This committee shall be responsible for the following duties: - Establishing controls and procedures to regulate supply and demand in the markets in order to prevent crises and maintain market balance. - Proposing policies to enhance supply chain efficiency and minimize disruptions that could impact the flow of goods and services. - Regularly evaluating supply chain performance and identifying challenges that may hinder smooth operations. - Coordinating with relevant authorities to implement solutions that ensure the uninterrupted flow of goods and services. - Making recommendations to develop logistics infrastructure and improve storage and distribution systems. - Monitoring the compliance of suppliers and traders with market regulations and taking corrective measures when necessary. 4. Strategic Stockpile Follow-up Committee: This committee shall be responsible for the following tasks: - Monitoring the levels of strategic stockpiles for essential commodities to ensure their continued availability and meet consumer needs. - Developing plans and procedures to strengthen the strategic stockpile. - Coordinating with relevant authorities to ensure the uninterrupted supply of food and consumer goods during crises and emergencies. - Tracking changes in demand for essential commodities and proposing measures to deal with potential market shortages. - Preparing periodic reports on the status of the strategic stockpile and recommending actions to ensure its stability and adequacy. Article 4: The Central Committee shall follow up on the recommendations submitted by its subcommittees. It is authorized to assign additional responsibilities as required by work demands and developments. The committee may also form new subcommittees as needed, subject to the minister's approval. Article 5: Each subcommittee shall submit periodic reports to the Central Committee under its assigned responsibilities. Article 6: The minister shall issue a decision to form a team for the Secretariat of the Central Committee and its subcommittees, which will be responsible for carrying out the following tasks: - Recording the minutes of meetings held by the Central Committee and its subcommittees. - Communicating with relevant institutions and following up on the implementation of decisions made by the Central Committee and its subcommittees. - Submitting periodic reports (every three months) to the minister, highlighting the most important activities and decisions of the Central Committee and its subcommittees. - The Secretariat shall carry out any other tasks assigned by a decision from the minister. Article 7: The minister shall issue a decision to form a Grievance Committee responsible for examining grievances submitted against executive decisions made by the Central Committee or its subcommittees. Article 8: No financial rewards shall be allocated to members of the Central Committee or its subcommittees for their participation in its work. Article 9: Decisions Nos. 62/2020, 67/2020, 75/2020, 79/2020, 96/2020, and 97/2020, as well as any provisions that conflict with this decision, shall be revoked. Article 10: This decision shall be effective from the date of its issuance and will be published in the official gazette 'Kuwait al-Youm'. The relevant authorities shall implement the provisions of this decision within the scope of their jurisdiction
Arab Times
19-04-2025
- Business
- Arab Times
Operate Legally or Face Shutdown, Food Trucks Told
KUWAIT CITY, April 19: The Ministry of Commerce and Industry has issued a warning that operating food trucks in unauthorized locations is a clear violation of ministerial regulations. The Ministry confirmed it will take necessary legal action against violators, which may include the permanent cancellation of their licenses. License holders are urged to strictly follow the specified regulations and operate only in approved locations to ensure the smooth continuation of their businesses. This compliance supports the public interest and helps maintain a safe and orderly commercial environment. It is worth mentioning that in November, Minister of Commerce and Industry Khalifa Al-Ajeel revoked the licenses of 19 food trucks for failing to comply with location and licensing requirements. This action was taken per Article 14 of Ministerial Resolution No. 426 of 2019, which governs mobile vehicle regulations. Food trucks are small businesses licensed by various government bodies to serve hot or cold food and beverages from specially equipped mobile vehicles.
