Latest news with #NouraAl-Fassam
Arab Times
3 days ago
- Business
- Arab Times
Kuwait Wins Big at Sharjah Finance Awards
KUWAIT CITY, May 29: The Ministry of Finance said it won the third edition of the Sharjah Award for Public Finance (2024-2025) in recognition of its outstanding role in providing financial services. Representatives of 17 countries vied for the award, the Ministry noted in a press release on Wednesday. Minister of Finance Noura Al- Fassam stated that winning this award reflects the ministry's efforts in improving the efficiency of financial performance and enhancing the quality of services provided. The ministry confirmed that it is continuing to develop financial services under directives from the Council of Ministers towards digitizing services. The statement added that Al-Fassam received the award on behalf of the ministry, which participated in the digital payment project for government services that enables government entities to purchase online, pay government fees, and meet various needs to fulfill their financial obligations. (KUNA)
Arab Times
3 days ago
- Business
- Arab Times
Kuwait's Ministry of Finance wins Sharjah Award for Public Finance
KUWAIT CITY, May 29: Kuwait's Ministry of Finance has been awarded the Sharjah Award for Public Finance 2024–2025 in the institutional category, recognizing it as a distinguished entity in delivering financial services. The award was granted among participants from 17 countries. Minister of Finance and Minister of State for Economic Affairs and Investment, Noura Al-Fassam, stated in a press release on Wednesday that this recognition adds to the Ministry's growing record in modernizing financial services. She emphasized that it reflects the ongoing collaboration across ministry departments to improve financial performance and enhance service quality. Al-Fassam affirmed the Ministry's commitment to further developing its financial services, in alignment with Cabinet directives aimed at digitizing services and achieving full digital transformation. According to the statement, Undersecretary Aseel Al-Munifi accepted the award on behalf of the Ministry. The Ministry's submission included its digital payment platform for government services—which supports local and credit card payments, the Stamp application, electronic wallets, Gulf cards, and Apple Pay— as well as a prepaid credit card project enabling government agencies to carry out online purchases, pay government fees, and manage financial obligations efficiently. The Ministry noted that the award affirms its leading role in advancing financial legislation, modernizing government payment systems, and adapting to rapid changes in revenue collection and procurement. These developments are part of broader efforts to streamline documentation processes through digital platforms. Held biennially, the Sharjah Award for Public Finance is organized under the patronage of Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, and Chairman of the Executive Council. The award ceremony was presided over by Sheikh Mohammed bin Saud Al Qasimi, Chairman of the Sharjah Central Finance Department, and attended by ministers, undersecretaries, department heads, and representatives from the financial sector across the UAE and other Arab countries.
Kuwait Times
21-05-2025
- Business
- Kuwait Times
Al-Gharabally highlights transparency and collaboration as keys to success
Gulf Bank official speaks at 'Third Kuwait Public-Private Partnership Conference' KUWAIT: Gulf Bank concluded its platinum sponsorship and active participation in the third Kuwait Public-Private Partnership Conference, held at the Jumeirah Hotel, under the patronage of Noura Al-Fassam, Minister of Finance, Minister of State for Economic and Investment Affairs, and Chair of the Higher Committee for PPP Projects. Themed 'Partnership Projects: A Promising Start to a New Era,' the event gathered key stakeholders to discuss the shifting dynamics and growing importance of Public-Private Partnerships in driving Kuwait's development agenda. On the second day, speaking during a panel discussion titled 'Shaping the Future of Partnership Projects in Kuwait to Ensure Success.' Faisal Al-Gharabally, General Manager of International Banking at Gulf Bank, emphasized the importance of public sector confidence in proposed projects as a key enabler for banking sector engagement. He emphasized that encouraging all parties to participate in open and transparent discussions about concerns and solutions fosters trust and lays a solid foundation for successful financing. Al-Gharabally also pointed to other critical factors influencing banks' willingness to finance Public-Private Partnerships, including project payment structures, legal and contractual frameworks, and risk allocation – emphasizing that the party managing the risk must also bear it. Transparency, he noted, remains the cornerstone of successful partnerships, along with granting banks the right to intervene if significant developments arise. Adding to the conversation, Shamayel Al-Marzouq, Assistant General Manager of Corporate Banking at Gulf Bank, delivered a presentation titled 'Beyond Financing: How Banks Can Lead the Digital Future of Public-Private Partnership Projects.' She advocated for the banking sector to shift its role from conventional financing to becoming a catalyst for innovation, digital advancement, and sustainable growth, fully aligned with the vision and goals of Kuwait Vision 2035. Al-Marzouq stressed that the next phase of infrastructure development calls for banks to evolve from 'silent funders' into active digital partners in national infrastructure projects. She highlighted the necessity of integrating banks within the digital ecosystem of Public-Private Partnerships to enable smooth digital connectivity, drive innovation, and boost operational efficiency. She also outlined key strategic actions banks can take in collaboration with government entities, including aligning financing approaches with national priorities – particularly for major projects like Mubarak Al-Kabeer Port and the Al-Dabdaba Renewable Energy Project. Other initiatives include establishing centralized digital platforms for bidding and project management, adopting real-time monitoring and reporting solutions, applying data analytics to guide decision-making, and leveraging technology to enhance risk management and ensure greater transparency. Al-Marzouq also highlighted the significance of financing sustainable projects, citing examples like the Al-Dabdaba Power and Shagaya Renewable Energy project. She highlighted the vital role technology plays in advancing inclusivity and good governance by providing accessible digital infrastructure. She concluded by highlighting the vast opportunities across sectors such as transportation, healthcare, education, and housing. Al-Marzouq called for the mandatory use of unified digital platforms, increased investment in digital capacity building, training on partnership models, and collaboration with technology firms and government bodies to establish a comprehensive digital ecosystem for Public-Private Partnerships. 'There is a unique opportunity today for Kuwaiti banks to take a leading role in shaping the future of digital transformation and sustainable development,' she said. 'By doing so, we can reinforce Kuwait's position as a smart, modern financial and commercial hub.' Gulf Bank continues to dedicate itself to driving Kuwait's national development and shaping the future of its financial sector through innovation, teamwork, and strong leadership. Shamayel Al-Marzouq: Banks are strategic partners in leading the digital transformation of public-private partnership projects.
Arab Times
18-05-2025
- Business
- Arab Times
KFH: Pioneering National Economic Support for State Development Goals
KUWAIT CITY, May 18: Kuwait Finance House (KFH) participated as a Platinum Sponsor of the 3rd Kuwait Public Private Partnership conference (PPPKW3), affirming its standing as a key partner in financing strategic development projects. This sponsorship reflects KFH's commitment to supporting initiatives that advance major projects contributing to the achievement of Sustainable Development Goals in Kuwait. The two-day event, taking place on May 18 and 19, is titled: 'Partnership Projects: Promising Leap in the New Era'. The conference is held under the patronage of Kuwait Minister of Finance, Minister of State for Economic and Affairs and Investment, and Chair of the Higher Committee for Public-Private Partnership Projects, Noura Al-Fassam. Addressing the audience, KFH Deputy Group CEO Transformation, Technology and Operations, Haytham Alterkait, said in his speech: 'Our participation emanates from KFH's national and economic commitment in supporting the State's development plans, capitalizing on its capabilities to enhance the economic environment, promote green financing, and uphold Environmental, Social, and Governance (ESG) standards.' Alterkait pointed out that KFH enjoys robustsolvency and is well-positioned to finance mega projects across key sectors such as energy, water, electricity, and infrastructure. 'This is supported by the KFH's extensive experience, solid financial position, high-quality credit portfolio, and its position as the largest bank in Kuwait and the largest listed company on Boursa Kuwait by market capitalization, amounting to approximately KD 13.7 billion,' he added. Alterkait underscored the significance of the Public-Private Partnership Projects in strengthening the national economy, generating employment opportunities, improving quality of life and maintaining service quality. He emphasized the private sector's expertise in financing, building, and operating projects in alignment with Kuwait Vision 2035, expressing confidence in the government's ability to build a better future for Kuwait. The conference aims to accelerate the implementation of development projects and Kuwait's vision by engaging the private sector in execution plans. This aligns with the global trend, where both developed and developing countries adopt the PPP model as a means of concerted efforts for national progress. The model ensures optimal utilization of both sectors' capabilities. The conference also seeks to promote capacities across various technical domains and clarify the responsibilities of each sector. Adhering to international standards, the PPP approach enables the attraction of top global, regional, and local expertise, enhancing the execution of projects with best-in-class tools and frameworks for professional, technological, and legal development, in line with international specifications and sound governance. Meanwhile, the conference successfully brought together prominent leaders and experts in the PPP space, along with key institutions from both the public and private sectors. Participants benefited from the conference program, including lectures, panel discussions, side meetings, and an exhibition featuring sponsoring companies and specialized institutions showcasing their services and partnership solutions. It serves to note that KFH offers top-tier financing solutions for projects in vital sectors in Kuwait and the region. Leveraging its rooted experience in the financing markets and strong relationships with leading regional and international banks, KFH is well positioned to serve as the ideal Lead Arranger in syndicated financing initiatives.
Arab Times
27-03-2025
- Business
- Arab Times
Kuwait sets debt ceiling at KD 30 billion with new decree-law
KUWAIT CITY, March 27: Kuwait has issued Decree-Law No. (60) of 2025 regarding financing and liquidity, setting the public debt ceiling at KWD 30 billion (or its equivalent in major convertible foreign currencies). The law also permits the issuance of financial instruments with maturities of up to 50 years, and its validity extends for 50 years from the date of implementation, establishing a long-term legal framework to regulate public borrowing. In a press statement, Minister of Finance and Minister of State for Economic Affairs and Investment, Eng. Noura Al-Fassam, emphasized that the law grants Kuwait greater financial flexibility. It allows the country to tap into both local and international financial markets to improve liquidity management, reflecting a strategic approach to keeping pace with global economic developments and ensuring the sustainability of public finances. Al-Fassam noted that this law is a key part of the government's efforts to enhance financial stability and support economic development in line with Kuwait Vision 2035. She stressed that it represents an important step in the ongoing process of financial and economic reforms, aimed at building a more diversified and sustainable economy that benefits both the state and its citizens. Faisal Al-Muzaini, Director of the Public Debt Department at the Ministry of Finance, outlined the main objectives of the decree-law. These include: - Providing the state with access to various types of financial instruments through both local and international financial markets, allowing financing in Kuwaiti dinars or major convertible foreign currencies. This flexibility offers multiple options for managing public debt and liquidity. - Developing local financial markets by creating a reference sovereign yield curve, which will enhance the attractiveness of Kuwaiti financial markets and provide an important benchmark for issuances by the banking sector and local companies, ultimately improving the financing structure and reducing borrowing costs. - Contributing to the financing of major development projects, including infrastructure and other strategic initiatives, which will drive the country's development forward. - Stimulating the local economy by boosting the economic cycle, enhancing investor confidence, and attracting more foreign investments to support economic growth. - Improving the country's sovereign credit rating, which will positively impact the state's ability to borrow on competitive terms. - Ensuring the liquidity of sovereign reserves, maintaining the country's financial stability, and bolstering the government's ability to meet its financial obligations under various economic conditions. Al-Muzaini also highlighted that this decree-law comes at a time when global financial markets are undergoing rapid changes, making flexible access to financing crucial for economic stability. He explained that the new law provides the government with additional financial tools to manage public finances more efficiently, reflecting the state's commitment to adopting a sustainable financial approach that balances the need to finance development projects with long-term financial sustainability, in line with international best practices in public debt and liquidity management.
