Latest news with #Saudi-Kuwaiti
Arab News
10-04-2025
- Business
- Arab News
Saudi finance minister calls for flexible Arab cooperation amid global challenges
RIYADH: Saudi Arabia has reaffirmed its commitment to strengthening joint Arab financial cooperation, with a leading minister emphasizing the Kingdom's support for regional bodies. At the annual meetings of the joint Arab financial institutions held in Kuwait, Mohammed Al-Jadaan highlighted the pivotal role of financial bodies in enhancing regional collaborative efforts. The Kingdom's finance minister called for strategic flexibility in their operations to better align with the evolving economic needs of member states amid shifting global economic conditions. 'During these meetings, I affirmed Saudi Arabia's support for these institutions to achieve the common interests of Arab countries while emphasizing the importance of working according to flexible strategic directions that reflect the needs of member states in light of global economic conditions,' Al-Jadaan said on X. The minister also took part in the 16th meeting of the Arab Finance Ministers Council, where he stressed the importance of assessing the impact of mounting financial, economic, and trade pressures. He further called for the development of comprehensive frameworks to address these global challenges effectively. 'I highlighted the role of Arab Financial Institutions in providing technical support and developing studies and research to assist Arab countries in confronting these challenges,' Al-Jadaan said on X. The minister spoke of the crucial contribution of Arab financial institutions in offering technical assistance and spearheading research efforts to support member countries in navigating economic uncertainties. Al-Jadaan's involvement in the meetings underscores the Kingdom's commitment to strengthening the voice of emerging markets within influential financial forums. Under Al-Jadaan's chairmanship, the International Monetary and Financial Committee has prioritized amplifying the perspectives of developing economies, reflecting the Kingdom's dedication to fostering inclusive global financial stability. The establishment of the first joint Saudi-Kuwaiti Business Council in December exemplifies the region's efforts to bolster economic ties and facilitate investment opportunities. This initiative aims to enhance trade relations and economic integration between Saudi Arabia and Kuwait, aligning with broader objectives of regional cooperation. Assistant Governor for Executive Affairs at the Saudi Central Bank Abdulelah Al-Deheem also participated in the joint annual meetings, and posting on X said: 'The areas of development, finance, and economic impact were discussed during the meetings. Future plans that contribute to achieving the sustainable development objectives were also reviewed.'
Zawya
25-02-2025
- Business
- Zawya
Kuwait at 64: A legacy of progress and a vision for sustainable development
Kuwait marked its 64th National Day on Tuesday, February 25, commemorating decades of progress and prosperity since gaining independence in 1961. The national holiday, coinciding with the 34th anniversary of Kuwait's liberation, is a testament to the unity and resilience of the Kuwaiti people. Nationwide celebrations showcased the country's rich history and cultural heritage, with streets adorned in Kuwaiti flags and a vibrant array of festivities. The celebrations included dazzling fireworks displays, cultural and artistic performances, traditional showcases, and military parades featuring aerial and naval displays. Vision 2035: Diversifying the Economy and Embracing Innovation Since independence, Kuwait has witnessed remarkable economic growth, investing heavily in infrastructure, public services, and private sector development. The nation's Vision 2035 strategy aims to diversify the economy and reduce reliance on oil. Flagship projects like the "Silk City," an integrated urban development, exemplify this ambition. Kuwait is also investing in digital infrastructure and innovation to drive employment opportunities and sustainable growth. While holding the world's fifth-largest oil reserves, and with oil and petroleum products constituting approximately 95% of export revenues and 80% of government income, Kuwait is actively working towards economic diversification. Strengthening Saudi-Kuwaiti Relations: A Partnership for Prosperity Saudi Arabia and Kuwait share a deep-rooted historical relationship spanning over 130 years, built on strong economic, political, and cultural ties. The Saudi-Kuwaiti Coordination Council has further strengthened bilateral cooperation, fostering economic integration and expanding partnerships in key sectors such as renewable energy, education, tourism, transportation, and technology. Recent trade figures highlight the robust economic relationship, with Saudi exports to Kuwait reaching SAR 8.5 billion in 2023. Through strategic agreements, both governments facilitate cross-border investments, enabling businesses from both countries to capitalize on emerging economic opportunities. Media Collaboration and Strategic Partnerships On this momentous occasion, W7Worldwide, the Kingdom's leading home-grown marketing communication consultancy agency and a leader in the GCC region,, congratulated the Kuwaiti leadership and people, reaffirming its commitment to strengthening media and strategic cooperation between Saudi Arabia and Kuwait. A spokesperson for the company stated, 'We congratulate our Kuwaiti brothers and sisters on their 64th National Day. We remain committed to strengthening media and strategic cooperation between Saudi Arabia and Kuwait, enhancing the regional and global reputation of both nations. We take great pride in being part of this strategic partnership, which fosters economic and social integration, and look forward to continued collaboration in the future.' Kuwait: A Maritime Trade Hub and Investment Destination Strategically located on the Arabian Gulf, Kuwait serves as a crucial maritime trade hub, connecting markets across Asia, Africa, and Europe. Its logistics and transport sector offers attractive investment opportunities. Beyond oil resources, Kuwait is leveraging its natural wealth in fisheries and agriculture, while also focusing on emerging industries like technology and renewable energy. Saudi investments in Kuwait, particularly through joint ventures, play a significant role in strengthening the economic partnership between the two nations, aligning with Saudi Vision 2030 and Kuwait Vision 2035. Kuwait's National Day serves as a moment of reflection on past achievements, a celebration of rich heritage, and a reaffirmation of its commitment to progress and development. Kuwaiti leadership remains focused on building a prosperous future for all its citizens.
