Latest news with #Vision2035
South China Morning Post
2 days ago
- Business
- South China Morning Post
Don't overlook mental health in the quest for China's innovative future
China is now busy drafting the next five-year plan, which will run from 2026 to 2030, and that analysts say will be crucial to determining whether the country can fulfil President Xi Jinping's Vision 2035. Under the blueprint, China should make a major leap in economic and technological prowess by 2035, as well as see a rise in rural and urban incomes. It also envisages breakthroughs in core technologies, a modern military, modern governance, and narrowing of the urban-rural divide to achieve common prosperity. The vision was put forward in 2020, and the Communist Party aims to make it a reality through the three five-year plans from 2020 to 2035. Its emphasis on the new economy, innovation and scientific talent is not surprising, given China's tech war with the United States. However, one important area the policymakers should not overlook is the growing need for mental and psychological health services among the population. Over the decades, much attention has been focused on economic development, and personal needs such as resolving family disputes have usually fallen on the shoulders of local cadres at the street and neighbourhood levels. At the same time, teachers were responsible for dealing with the emotional problems of their pupils.
Kuwait Times
3 days ago
- Business
- Kuwait Times
KCC: ‘Central Broker' project takes effect at Kuwait market
KUWAIT: As part of the second part of the third phase of the market development program, the Capital Markets Authority (CMA), in cooperation with Kuwait Clearing Company (KCC) and Boursa Kuwait, announced that the 'Central Broker' project will come into effect as of Sunday. This project represents a radical transformation in the infrastructure of the Kuwaiti securities market, as it will have a far-reaching positive impact in enhancing market stability, improving risk management, and supporting the development of innovative financial products. This project is a milestone in the modernization of Kuwait's financial market infrastructure. The establishment of the Kuwait Clearing Company (KCC) as the central intermediary marks a milestone in the development of the Kuwaiti financial market, reflecting a firm commitment to building a more robust and transparent environment for investors, in accordance with international best practices. In the near term, the new mechanism will contribute to enhancing market stability by reducing the risks associated with settlement processes. The Kuwait Clearing Company will act as an intermediary between the buyer and seller of securities transactions, ensuring that financial obligations are executed efficiently by both parties. This contributes to increasing confidence, especially among institutional investors, allowing for increased liquidity and more efficient settlements while minimizing operational risks. For investors, the presence of a central broker provides higher protection and better operational efficiency, and paves the way for the introduction of advanced financial instruments such as derivatives, thus expanding the base of available investment products. In the long term, this approach strengthens Kuwait's position as a regional financial center, opens the way for greater participation by foreign investors, and supports the market's inclusion in the ranks of developed global markets, in line with Kuwait's Vision 2035. Additional projects launched in the second part of the third phase of the market development program. In addition to the launch of the Central Broker, the current phase witnessed the implementation of several important projects, most notably: •Completion of cash settlement through settlement banks and the Central Bank of Kuwait system. •Introducing the 'Qualified Broker' form. •Establishing a sub-account number within the consolidated accounts. •Preparing the legislative and operational environment for the introduction of new products such as ETFs, bonds and sukuk, which will soon come into effect. •Modifying the settlement mechanism using the delivery versus payment model (DvP Model 2) •Implementation of the Risk Waterfall Model Strategic transformation in clearing As part of its efforts to develop its corporate structure and implement the highest standards of governance, Kuwait Clearing Company (KCC) established two separate legal entities: •Kuwait Clearing Company (KCC), which is the entity licensed to carry out clearing agency activity, which includes the provision of clearing, settlement and central intermediary services. •Kuwait Central Depository Company (KCDC), the entity authorized to provide securities depository services. This corporate structure aims to apply the highest standards of governance and ensure clear segregation of duties, in line with international best practices, and promotes clear operational and organizational boundaries between clearing, settlement and depository functions. Rigorous testing enhances market readiness Since 2022, KCC has intensified its efforts in collaboration with the Capital Markets Authority and Boursa Kuwait to carry out 31 comprehensive tests covering all key market sectors, including brokerage firms, custodians, the Central Bank, local banks and investment firms. These tests aim to ensure the readiness of the technical infrastructure and the efficiency of the operational integration of the entire chain of operations. Fahad Abdulrahman Al-Mukhaizim, Chairman of Kuwait Clearing Company, said: 'The launch of the third phase of the market development project is a strategic milestone that reflects Kuwait Clear's commitment to its role as a central financial institution that contributes to market stability and efficiency. This phase is in line with global shifts in the field of financial market infrastructure, focusing on developing the central clearing house (CCP) model and implementing more flexible and transparent systems to enhance security and minimize risks for the participating parties.' Al-Mukhaizim emphasized that: 'Kuwait Clearing Company sets its sights on strengthening the position of the Kuwaiti market in the ranks of emerging and developed markets, and continues to work to expand its services and link it to regional and international markets, in order to serve investors and achieve the goals of economic development in the State of Kuwait.' We highly appreciate the active role of the Capital Markets Authority in developing the trading system and the continuous support of Boursa Kuwait. On the occasion of the launch of the third phase of the market development project, Duaij Raad Al-Saleh, Chief Executive Officer of Kuwait Clearing Company, said: 'This phase of the market development project is an extension of an ambitious vision that Kuwait Clearing Company (KCC) is working on in partnership with the Capital Markets Authority (CMA) and Boursa Kuwait to enhance the efficiency of Kuwait's capital market infrastructure and increase its competitiveness regionally and globally. During this phase, the company has been keen to implement innovative solutions and apply international best practices in the areas of post-trade services, including clearing, settlement and centralized depository, while expanding collateral services and linking with related systems, which will enhance investor protection and ensure the integrity of transactions.' He added: 'We are working in an integrated effort with all stakeholders to ensure a smooth transition to the upgraded systems, and we are proud of our pivotal role in supporting market development and providing advanced services based on technology and a sustainable institutional structure.'
Kuwait Times
4 days ago
- Business
- Kuwait Times
Expert: Kuwait to revive global trade role through partnership with China
Silk City, renewable energy projects align with Kuwait's Vision 2035 and BRI goals KUWAIT: Kuwait is poised to play a key role in China's Belt and Road Initiative (BRI), according to a global expert on supply chain geopolitics. Thomas Tronet, co-director of the Centre for Geopolitical Studies on the Middle East, made the remarks during a recent international congress focused on the Middle East and the Islamic world. Tronet emphasized Kuwait's geographical significance. Located at the northern tip of the Gulf, the country is well-positioned to serve as a critical node in the BRI's global logistics network. Its proximity to the China–Central Asia–West Asia Economic Corridor, he noted, makes it a vital gateway for East-West trade. He aimed to fill a knowledge gap often found in French and Western discussions regarding the Gulf region. 'Kuwait is frequently overlooked in France, despite its strategic importance,' Tronet said. He reminded the audience that Kuwait was historically known as the 'Marseille of the Gulf' during the 19th century — a testament to its once-vibrant trading legacy. Today, he sees that the country is reviving that role through modern infrastructure projects and strategic partnerships, especially with China. Central to his discussion was Kuwait's 'omnibalancing' foreign policy strategy. According to Tronet, Kuwait balances its core security reliance on the United States with deepening economic ties to China. 'The US remains Kuwait's indispensable security guarantor,' he said, 'but China has been its primary economic partner for over ten years,' noting that China's policy of non-interference is also well received in the region. Tronet highlighted several key developments under the BRI framework. 'The main focus of Chinese investment is concentrated on the Mubarak Al-Kabeer Port on Boubyan Island. A recent decision was made to accelerate this megaproject, which will make it one of the largest ports in the Gulf. With this development, Kuwait is returning to its roots as a trading center.' He explained that the port, which is designed to handle over eight million containers upon completion forms part of a larger vision to transform northern Kuwait — including Subiya and Boubyan — into a logistical and economic hub. Chinese-backed transport corridors, such as a proposed link to Dammam and the Saudi Landbridge, are set to improve regional connectivity. These would offer alternative routes to bypass politically unstable zones like the Bab-el-Mandeb strait. These infrastructure projects are closely linked to Kuwait's national development strategy, known as Vision 2035. The plan seeks to diversify Kuwait's oil-dependent economy and position the country as a regional cultural, commercial, and financial center, according to Tronet. 'Silk City is another megaproject central to Kuwait Vision 2035, projected to accommodate 700,000 residents,' he said adding that China has expressed strong interest in supporting its integration into the BRI, aligning with its global infrastructure investment goals. While acknowledging the challenges of building such a city from scratch, Tronet noted that similar regional projects like Saudi Arabia's NEOM or the UAE's Masdar City show that the ambition is yet still feasible. He clarified that Kuwait is also advancing in renewable energy, another pillar of Vision 2035. China recently secured a contract to construct a new solar plant within the Shagaya Renewable Energy Park, further supporting Kuwait's push to diversify its energy portfolio. Tronet noted that Kuwait's solar potential makes it well-suited for such investments and that China's global leadership in green energy supports mutual interests in sustainable development. In closing, Tronet expressed appreciation for the opportunity to spotlight Kuwait. 'I was delighted to help participants of the congress from France and the world get to know Kuwait better, a country I find fascinating,' he said. 'The few Kuwaitis I have met in France are among the most incredible people I know.'
Arab Times
09-07-2025
- Business
- Arab Times
Rt Hon David Lammy MP's VISIT TO KUWAIT UNDERSCORES DEEP FRIENDSHIP AND FUTURE PARTNERSHIP
KUWAIT CITY, July 9: The United Kingdom's commitment to its longstanding friendship with the State of Kuwait was reaffirmed this week during an official visit by the UK S ecretary of State for Foreign, Commonwealth and Development affairs the Rt Hon David Lammy MP, who was honoured to meet with senior Kuwaiti leadership for the 2025 UK-Kuwait Strategic Dialogue. The UK Foreign Secretary was received by His Highness the Crown Prince Sheikh Sabah Al - Khaled Al - Hamad Al-Sabah, His Highness the Prime Minister Sheikh Ahmad Abdullah Al - Ahmad Al - Sabah and Foreign Minister HE Abdullah Ali Al -Yahya. Discussions reflected the strength of the historic relationship between Kuwait and the United Kingdom that spans over 250 years and touched on a wide range of shared interests including regional affairs, defence cooperation, , trade and investment, and international development partnerships. As part of the visit, two MoUs were signed between the UK Foreign, Commonwealth & Development Office and Kuwait Fund for Arab Economic Development, on providing joint emergency humanitarian assistance to vulnerable populations affected by conflicts in Somalia and Sudan. Both parties will provide a total contribution of five million dollars to support ICRC's humanitarian work in Somalia and a total of 10 million dollars to support UNICEF's work in sustaining vital primary healthcare, nutrition and child protection services in Sudan. These agreements represent an important step in continuing to build the UK-Kuwait international development partnership following the success of the first joint project in September 2024, which provided aid to Gaza and Yemen. The visit also included a meeting with H.E. the Minister of Finance & Minister of State for Economic Affairs and Investment, Noora Al - Fassam, where discussions focused on bilateral trade now totalling £6.1 billion per year & investment, advancements on UK – GCC Free Trade Agreement negotiations and UK's interest in Kuwait's Vision 2035. During the visit, the Foreign Secretary visited the Commercial Bank of Kuwait to meet with Chairman Sheikh Ahmad Duaij Jaber Al-Sabah and one of several British Kuwaiti joint venture businesses contributing to Kuwait's economic development - Kuwait British Renewables. The meeting underlined the UK's ongoing commitment to supporting private sector collaboration, knowledge exchange and innovation between the two countries. A special meeting was also held with young Kuwaiti diplomats and professionals at Saud Al Nasser Al Sabah Kuwait Diplomatic Institute hosted by Deputy Foreign Minister Sheikh Jarrah Jaber Al -Ahmad Al- Sabah. The Foreign Secretary commended their passion, talent and global outlook, and welcomed their role in shaping the future of Kuwait-UK relations The UK S ecretary of State for Foreign, Commonwealth and Development affairs - Rt Hon David Lammy MP, commented on the bilateral relationship stating: 'Kuwait and the United Kingdom have an enduring, close, deep friendship bounded by people-to-people and strong cultural links, a strong defence and security partnership, we've been trading for over 250 years and out first bilateral relations go back to 1899 of course supplemented by the relationship between our two royal families. I am in Kuwait to conduct a strategic dialogue, an important strategic dialogue that sets up the next era of our relations. There's more we can do on trade, and business, and investment, there's more that we can do on security and defence at this challenging time for global security and peace particularly here in the Middle East.' Reflecting on the visit, British Ambassador Belinda Lewis, stated: 'This visit marks another chapter in over 125 years of close friendship between Kuwait and the United Kingdom. It comes at a time of deepening cooperation across numerous sectors including trade, humanitarian development and cultural exchange. The British Embassy in Kuwait looks forward to building on the momentum of this important visit and continuing to work in partnership with Kuwaiti institutions for the benefit of both our peoples.' Head of ICRC GCC Regional Delegation, Mamadou Sow stated: 'This joint commitment by the Kuwait Fund and the UK's Foreign, Commonwealth and Development Office sends a strong signal of solidarity with the people of Somalia. With their support, we're able to deliver essential health and water services in areas where needs are urgent and often invisible. It's a testament to the power of principled humanitarian action and to the leadership of Kuwait and the UK in placing humanity at the heart of international cooperation.' UNICEF Gulf Area Office Representative, Eltayeb Adam noted: 'This generous joint contribution from the UK Foreign Commonwealth & Development Office and the Kuwait Fund comes at a critical time for children in Sudan. It is more than financial support; it is a lifeline. This partnership shows what's possible when long-standing partners unite with a shared purpose: to protect children's rights, restore essential services, and bring hope to those affected by crisis. UNICEF deeply values this growing humanitarian collaboration, which is helping build a more resilient future for Sudan's most vulnerable children.'
The Star
02-07-2025
- Business
- The Star
Brunei business conference spotlights innovation-driven growth
A general view of Bandar Seri Begawan from Taman Mahkota Jubli Emas. Brunei is strategically located in one of the world's fastest-growing regions. - Borneo Bulletin/ANN BANDAR SERI BEGAWAN: For Brunei to pursue the country's Vision 2035 for a high quality of life, a dynamic and sustainable economy and a well-educated society, growth needs to be driven by innovation, digital progress, sustainability and inclusivity, a government minister said on Tuesday (July 1). Brunei also has to effectively address current global trends and challenges, such as investment in disruptive technologies including artificial intelligence as potential sources of future growth, said Abdul Manaf Metussin, minister of primary resources and tourism, at the Brunei Business Conference 2025 held near the capital on Tuesday. The minister also said Brunei is strategically located in one of the world's fastest-growing regions, offering significant opportunities for growth in deep-tech sectors through advanced, research-driven innovations that address complex challenges. Abdul Saman Ahmad, president of the National Chamber of Commerce and Industry of Brunei and an Asean Business Advisory Council member, said achieving Brunei Vision 2035 takes a whole-of-nation approach, and the private sector has a pivotal role to play, not just in economic growth but also in shaping the future of policy and regional cooperation. Under the theme "Building a Future-Ready Economy: Investment, Innovation and Inclusive Growth," the Brunei Business Conference 2025 gathered over 200 senior policymakers, business leaders, and regional partners for a strategic dialogue on Brunei's economic transformation and its role in a rapidly evolving regional and global landscape. - Xinhua
