Latest news with #Vision2035
Arab News
4 days ago
- Business
- Arab News
S&P Global affirms Kuwait's rating at ‘A+' with stable outlook
RIYADH: Kuwait has retained its 'A+' long-term credit rating from S&P Global, with a stable outlook, supported by one of the world's strongest sovereign asset positions despite mounting fiscal pressures. In its latest report, the US-based agency stated that it expects Kuwait's economy to grow 2 percent in 2025–2026, rebounding to 2.6 percent in 2027–2028 as oil output rises and infrastructure initiatives under Vision 2035 gather pace. Kuwait's strong rating aligns with a broader trend across the Middle East, where countries are steadily advancing economic diversification by reducing their reliance on oil revenues. In March, S&P Global also upgraded Saudi Arabia's rating to 'A+' from 'A', with a stable outlook, citing the Kingdom's ongoing social and economic transformation. Regarding Kuwait, S&P Global stated: 'The stable outlook reflects our expectation that Kuwait's public and external balance sheets will remain very strong over our forecast horizon, backed by a significant stock of government financial assets.' It added: 'We expect these strengths to mitigate risks related to Kuwait's economic concentration on the hydrocarbon sector, potential oil price volatility, and sizable fiscal spending.' According to S&P, an 'A+' rating reflects Kuwait's strong capacity to meet its financial obligations and indicates a low risk of default. The report further noted that Kuwait's fiscal deficits will remain elevated, averaging around 8.9 percent of gross domestic product from 2025 to 2028, as subdued oil prices and high expenditure levels — particularly on wages and subsidies — continue to weigh on public finances. Nevertheless, Kuwait's net general government asset stock is projected to average 477 percent of GDP, among the highest ratios globally, supported by sovereign wealth fund assets accumulated since 1953. 'Amid less favorable economic conditions due to global trade tensions and weaker oil prices, Kuwait's large stock of external public-sector assets should provide a buffer for a policy maneuver, if needed,' said S&P Global. One key development is the recent passage of the Financing and Liquidity Law, which enables the government to tap capital markets for the first time since 2017. 'Our base case assumes that government capital expenditure and part of the fiscal deficit will be partially funded via debt issuance. We forecast issuance of about $10 billion in 2025 and about $5 billion of debt annually in 2026-2028,' the agency added. In a separate assessment, Fitch Ratings in March reaffirmed Kuwait's long-term foreign-currency rating at 'AA-' with a stable outlook, citing strong fiscal fundamentals and external liquidity. Fitch projected that Kuwait's net foreign assets will rise to 601 percent of GDP in 2025, up from an estimated 582 percent in 2024 — the highest among all Fitch-rated sovereigns.
Arab Times
5 days ago
- Business
- Arab Times
UK, Kuwait mark 250 years of trade with green tech alliance
KUWAIT CITY, May 26: The British Embassy organized a reception for green energy stakeholders on Sunday evening. In a press statement, the embassy revealed that the reception showcased leading UK sustainable energy systems company Green Power Technologies (GPT)'s 'Power Box' -- a durable off-grid power unit designed to deliver clean energy in remote and challenging environments. It also marked the launching of Kuwait British Renewables (KBR) -- a joint venture between GPT and local power company General Control Group to design and manufacture smart metering systems and electric vehicle charging stations in the country. The reception was held under the patronage of Chairman of the Commercial Bank of Kuwait Sheikh Ahmad Duaij Al-Sabah and British Ambassador to the State of Kuwait, Belinda Lewis. The event highlighted the strength of the 250-year-long trading partnership between the UK and Kuwait, as well as the two countries' shared commitment to expand collaboration in the fight against climate change. Addressing the guests, Lewis stated: 'The United Kingdom and Kuwait have long enjoyed a close relationship based on shared values and strategic cooperation. Events such as this reaffirm the growing depth of our partnership; particularly as both nations seek to meet climate goals, embrace clean technology, and build knowledge-based economies. Forty-nine percent of the UK's electricity comes from renewable sources and we are actively supporting our partners, including Kuwait, to achieve their own energy transition goals.' Country Director for Trade at the embassy Naz Demir added: 'As we celebrate 250 years of UK-Kuwait trading relations, this launch is a powerful example of how our historic partnership continues to evolve and deliver real impact. Kuwait British Renewables reflects a shared vision for sustainable growth and energy innovation. The UK remains committed to supporting Kuwait's Vision 2035 through strategic investment and world-class expertise in clean technology.' Green Power Technologies (UK) Director Christopher Maltby commented: 'We are proud to bring British innovation to Kuwait with the launch of the Power Box -- a practical, scalable solution for clean, off-grid energy. This marks the beginning of a long-term commitment to support Kuwait's energy transition with smart, sustainable technology tailored to local needs.' Director of Kuwait British Renewables Richard Clements stated: 'Our goal is to localize world-class energy technology by producing smart meters and EV infrastructure right here in Kuwait. Alongside our sister company -- GPT, KBR will also source worldleading solar and battery storage solutions for installations in both homes and businesses. We are excited to be part of this national journey towards a digital, low-carbon energy future -- built in Kuwait, for Kuwait.'
Gulf Insider
7 days ago
- Business
- Gulf Insider
Kuwait Reopens Visa Access For Pakistanis
Kuwaiti government has officially resumed issuing a wide range of visas to Pakistani nationals, in a significant step towards bolstering bilateral relations and addressing critical labor needs, Pakistan's Ambassador to Kuwait, Dr. Zaffar Iqbal, announced. The Pakistani Ambassador also announced plans to bring 1,200 Pakistani nurses to Kuwait's healthcare sector, which faces rising demand. An initial group of 125 nurses was slated to arrive last week but faced delays due to housing challenges. 'Special teams are actively resolving the issue, and we expect the nurses to arrive in the coming days,' Dr. Iqbal said. Starting this May, Pakistani citizens have begun receiving approvals for various visas, including work, family visit, dependent, tourist, and commercial categories, restoring a vital channel for travel and employment between the two countries. Dr. Iqbal also revealed that Pakistan and Kuwait are in the final stages of signing a new labor memorandum of understanding (MoU), designed to streamline worker mobility and cooperation. 'Some provisions are already being implemented ahead of the formal signing,' he noted. The ambassador commended the deep historical and fraternal ties linking Pakistan and Kuwait. ''The bond between Pakistan and Kuwait predates both nations' modern statehoods,' he said. 'From early economic migration to the role of Pakistani engineers and workers in shaping Kuwait's infrastructure in the 1960s and 70s, our shared legacy runs deep.' With over 93,000 Pakistanis residing in Kuwait, the community plays a vital role in healthcare, education, and other sectors. 'Our citizens are exemplary and respected contributors,' Dr. Iqbal said. Highlighting economic collaboration, he pointed to Pakistan's vast potential in food security, agriculture, housing, and infrastructure, sectors aligned with Kuwait's Vision 2035 development goals. Kuwaiti investors are already among the largest Gulf investors in Pakistan, holding significant assets including hotels, reflecting strong confidence in the Pakistani market. Dr. Iqbal recalled Pakistan's military support to Kuwait during the Iraqi invasion, praising the enduring defense ties forged through shared sacrifice and cooperation. He underscored frequent high-level communications between the two nations, with multiple engagements between Pakistan's Prime Minister and Kuwait's leadership in the past six months. 'Kuwait plays a key role in regional peace-building and international diplomacy,' the ambassador said, noting close cooperation at the United Nations. Kuwait's support was instrumental in Pakistan's recent successful bid for a non-permanent seat on the UN Security Council, where it secured overwhelming global backing.
Kuwait Times
7 days ago
- Business
- Kuwait Times
Burgan Bank participates in Cedar-IBSi ‘Building a Future-Ready Bank' event
Bank committed to advancing digital transformation in Kuwait KUWAIT: Burgan Bank recently took part in the Cedar-IBSi event titled 'Building a Future-Ready Bank', joining industry leaders and top market influencers at Jumeirah Messilah Beach in vital conversations around the future of banking in Kuwait, as guided by the national goal to achieve the New Kuwait 2035 Vision. The Bank's participation, represented by Rami Al-Dhafiri, Assistant General Manager – Digital Transformation, echoes its steadfast commitment to exchanging expertise and vital knowledge as well as building valuable networks and partnerships, in a bid to catalyze the development of Kuwait's local economy and banking sector. As part of Burgan Bank's participation, Al-Dhafiri contributed to a panel discussion on 'NextGen Transaction Banking & Payments,' which analyzed the influence of modern technologies on the market, how they are shaping the banking and finance sector, and the anticipated future foreseen as a natural evolution for the advancement unfolding today. Hosted by Cedar Management Consulting, a global strategy consulting firm, and IBS Intelligence, a leading FinTech research and advisory firm, the 'Building a Future-Ready Bank' event is part of a global series designed to spotlight innovation and leadership in banking technology and financial services. 'It is a privilege to be part of an institution as forward-looking as Burgan Bank, in a market that is as digitally ready as Kuwait,' Al-Dhafiri commented on his participation in the event. 'Thanks to the forward-looking ecosystem fostered by the nationwide Vision 2035, Burgan Bank continues to take confident leaps along its robust digital transformation strategy, allowing us to remain abreast of the highest international standards of excellence.' In addition, the event covered other pressing topics concerning digital banking and artificial intelligence (AI), such as 'Future of Banking A Business Leadership Strategic Perspective' and 'AI in Action Pioneering the Next Wave of Digital', as well as an overview the emerging banking and technology trends. It is worth noting that Burgan Bank remains committed to participating in and sponsoring some of the most important local and regional industry events, confirming its steadfast resolve to be a proactive contributor to the comprehensive development of banking and finance in Kuwait and the region.
Business Recorder
7 days ago
- Business
- Business Recorder
PCMA to arrange two-day Chemical Expo from June 25
LAHORE: The Pakistan Chemicals Manufacturers Association (PCMA) celebrates 10 years of dedicated service to the nation's chemical sector and the pre-launch ceremony of the Pakistan Chemical Expo 2025, scheduled for June 25th and 26th. Chairman PCMA Haroon Ali Khan said, 'Over the past ten years, PCMA has evolved into a strong institutional platform that represents the true potential of Pakistan's chemical industry. We envision positioning Pakistan's Chemical sector to achieve an export target of USD 3 Billion by the year 2035'. Renowned Industrialist and Patron in Chief PIAF Group, Mian Anjum Nisar graced the event as Chief Guest. Chairman PIEDMC Javed Iqbal, Senior Vice President PCMA Moazzam Rasheed, members of PCMA, Industrialists, Policy Makers, and people from Academia participated in the event. The Pakistan Chemical Expo 2025 is set to host international exhibitors, B2B meetings, and knowledge-sharing sessions. While talking on the occasion, Chief Guest Mian Anjum Nisar said it is an honour to join the Pakistan Chemical Manufacturers Association in celebrating a decade of exemplary service and impact. Over the past 10 years, PCMA has played a vital role in transforming Pakistan's chemical industry into a more structured, sustainable, and globally competitive sector. I congratulate PCMA and its members for their vision, resilience, and continued commitment to driving industrial excellence in Pakistan. Chairman PCMA Haroon Ali Khan urges the Government of Pakistan to accept the Chemical Industry as a Strategic Sector. He also presented 'Vision 2035' for the Pakistan Chemical Industry. He said that by 2035, our chemical industry should be able to establish a basic petrochemicals project in Pakistan, and we should be able to gain 50% self-reliance in API's and 25% self-reliance in Petrochemicals, Agrochemicals, Synthetic Fibers, Specialty Chemicals, and Mineral-based Chemicals. We are hopeful of achieving these and the export target of 3 billion USD. But to get this, we have to establish relationships with international chemical associations, strong linkages between Industry and Academia, a trained and skilled workforce to support the chemical sector, and a fully equipped technical institute to provide turnkey chemical projects. Copyright Business Recorder, 2025
