Latest news with #KhalifaAlAjeel
Zawya
22-05-2025
- Business
- Zawya
Kuwait's New Era 2025 launch Event with Minister of Commerce and Industry
Kuwait City — The Kuwait's New Era 2025 Launch Event, co-hosted by the Kuwait Direct Investment Promotion Authority (KDIPA) and organized by The Business Year, took place today at the Four Seasons Hotel Kuwait at Burj Alshaya. The high-level event also marked the official launch of The Business Year: Kuwait 2025, the latest edition in TBY's annual publication series. Bringing together senior government officials, leading executives, and industry stakeholders, the event explored how Kuwait is accelerating its economic transformation through investment, diversification, and industrial resilience. The event featured keynote contributions from His Excellency Mr Khalifa Abdullah Al Ajeel, Minister of Commerce and Industry of the State of Kuwait, who outlined: 'We are committed to accelerating economic development and achieving Kuwait Vision 2035 by enhancing digital services, strengthening public-private partnerships, and aligning our efforts with global economic trends.' Hamad Abdulmohsen Al Marzouq, Chairman of the Kuwait Banking Association, stated, 'Over the past years, I was privileged to witness the economic changes our country is undergoing under His Highness Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah's vision.' He reaffirmed the Association's commitment to supporting national priorities that drive sustainable growth and emphasized the importance of events like Kuwait's New Era in fostering collaboration and shaping the country's economic future. Khaled AlShamlan, Group CEO of Kuwait Finance House, emphasized the importance of strengthening Kuwait's financial sector to unlock long-term economic potential. 'Robust financial institutions are not just enablers of growth—they are architects of national resilience,' he stated. 'As Kuwait advances toward Vision 2035, we at KFH are committed to providing the financial tools and investment platforms needed to empower the private sector and drive sustainable development.' Waleed Al-Khashti, Chief Corporate Affairs and Relations Officer at Zain Kuwait said: 'At Zain, we believe Kuwait's digital future is built on smart partnerships and purposeful technology. We are proud to support the country's economic transformation and Vision 2035 by accelerating AI adoption, empowering national talent, and building sustainable digital networks. We thank KDIPA and The Business Year for fostering this vital platform that brings together government and industry to shape a more inclusive, resilient, and innovation-driven future for Kuwait.' Faisal Alkhaldi, Deputy CEO of Kuwait Steel, highlighted the vital role of industry in Kuwait's economic transformation: 'At Kuwait Steel, we see industrial growth as a driver of national development. Our participation in Kuwait's New Era 2025 launch reflects our commitment to strategic investment and public-private collaboration." Other notable speakers included Faisal Sarkhou, Vice Chairman of the Union of Investment Companies and CEO of KAMCO Investment Company; Abdulrahman Al Khannah, CEO of Beyout Investment Group (BIG); Khalifah Al Yaqout, Managing Partner of Al-Yaqout & Al-Fouzan Legal Group; Sheikh Ahmad Duaij Jaber Al Sabah, Chairman of Commercial Bank of Kuwait; Rashed Al Munae, CEO of United Beverage Company; Anne Koistinen, Ambassador of the Delegation of the European Union to the State of Kuwait; and Ahmed Alkharafi, CEO of Oula Steel. Two panel discussions anchored the event. The first, titled Strategic Sectors and Areas to Foster Investment, focused on Kuwait's evolving FDI landscape, the shift toward public listings, and enabling regulatory frameworks to strengthen private sector participation. The second panel, Kuwait's Industrial Evolution: Diversification and Sustainability as Pillars of Economic Resilience, addressed the modernization of Kuwait's industrial base, with emphasis on renewable energy, automation, and reducing dependency on oil. The Kuwait's New Era 2025 Launch Event was proudly supported by the Kuwait Direct Investment Promotion Authority (KDIPA) as Co-host; Gold Sponsors Kuwait Finance House (KFH), Zain Kuwait, and United Steel Industrial Company; Silver Sponsor Beyout Investment Group (BIG); Investment Partners Union of Investment Companies (UIC) and Al Safat Investment Company; Banking Partner Kuwait Banking Association; Legal Partner Al-Yaqout & Al-Fouzan Legal Group; Gold Media Partner M2R Group; Media Partner Al Qabas Newspaper; Travel Partner ITL World; and Event Partners Media Line for Integrated Media & Advertising Services, Atyab Al Marshoud Co., Beidoun Trading Co., Apache Photography Co., and Al Mulla Rental and Leasing. The Business Year will continue to provide comprehensive insights into Kuwait's economic trajectory, alongside coverage of key developments across the GCC and other global markets. Stay tuned to The Business Year's upcoming publications, official website, social media channels, and event series for continued access to exclusive interviews, sector analysis, and expert perspectives shaping the economic future.
Zawya
22-05-2025
- Business
- Zawya
Kuwait pushes diversification, private sector growth
KUWAIT CITY - 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.
Zawya
21-05-2025
- Business
- Zawya
Kuwait: Minister Al-Ajeel, Gov't to implement economic policies to restructure nat'l economy
KUWAIT -- 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 Minister Al-Ajeel during the opening of the "Kuwait New Economic Strategy 2025" conference, organized by the Kuwait Direct Investment Promotion Authority in cooperation with The Business Year Group. The one-day conference brings 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, he added. He 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. The minister emphasized, "These government reforms have had an impact on all of the country's economic indicators." Prior to any of these reforms, the 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. Minister 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. All KUNA right are reserved © 2022. Provided by SyndiGate Media Inc. (
Zawya
14-05-2025
- Business
- Zawya
Kuwait dairy farms hit by foot-and-mouth outbreak, milk prices surge
KUWAIT CITY - A recent outbreak of foot-and-mouth disease in several local dairy farms has triggered a sharp rise in fresh milk prices, with some companies reporting increases of nearly 40 percent. These companies have approached the Ministry of Commerce and Industry, urging immediate intervention to mitigate the impact on the sector. According to informed sources, the Ministry has received formal reports from affected dairy companies indicating a 30 to 40 percent spike in operational costs. The outbreak has led to a significant drop in local milk production, estimated between 20 to 30 percent, which has created a gap between supply and demand, exerting financial pressure on suppliers. The sources explained that this imbalance is also affecting milk distributed through the government's ration card system. In response, companies have proposed financial compensation to offset the losses incurred due to rising production costs and falling sales margins. However, Minister of Commerce Khalifa Al-Ajeel has emphasized that any measures to address the issue must not involve increasing the retail price of fresh milk, either in the market or through government supply channels. He noted that the current crisis is temporary and does not warrant a permanent adjustment in consumer pricing. Officials from the Ministry are reportedly in ongoing discussions with major milk suppliers to assess the financial impact of the disease outbreak. The goal is to develop a fiscal solution that relieves pressure on suppliers without burdening consumers with higher prices. Arab Times | © Copyright 2024, All Rights Reserved Provided by SyndiGate Media Inc. ( arabtimes
Gulf Insider
07-04-2025
- Politics
- Gulf Insider
Senior Kuwaiti Officials Monitor Raffle Draw Amid Fraud Concerns
Senior Kuwaiti government officials have shown up at the final draw of a major raffle after a recent suspected fraud that rocked the country and prompted massive investigations. The final raffle draw for this year's Ya Hala Shopping Festival was held on Saturday in the presence of the presence of Kuwait's Acting Prime Minister Fahad Al Youssef and Minister of Commerce Khalifa Al Ajeel, and under the supervision of a committee from the ministry. The festival's public relations head, Abdulrahman Al Badah, said the committee was formed under the supervision of the Ministry of Commerce to conduct the final draw of the high-profile Kuwaiti festival, which ran from January 21 to March 31. More than 350 coupon boxes were collected from shopping malls across Kuwait in the lead-up to the draw, according to Al Badah. A total of 24 cars and $200,000 were at the centre of the final draw. The fraud case erupted in public last month after a video circulated on social media showing a person suspiciously acting during the draw. The Interior Ministry identified the person in the footage as a Kuwaiti citizen acting as the head of the draws department at the Ministry of Commerce. Investigations found out that he had exploited his position to systematically manipulate draws for prizes offered by companies, thus ensuring they will go to specific persons in exchange for financial benefits, the ministry added. The public prosecution said intensive investigations had revealed six people, including five expatriates, had been involved in 'serious crimes' including forging official documents, bribery, facilitating the seizure of state funds and money laundering causing 'significant harm' to the country's national interests. The prosecution added that it has issued several arrest and search warrants for six suspects and three international arrest warrants for other suspects who had fled the country. Last week, Kuwait's chief prosecutor ordered investigations into the case be confidential and imposed a ban on reporting about them to protect the course of the inquiry.
