Saad Al-Sabah: The UAE economy is a model of proactiveness and flexibility of legislation
DUBAI, 2nd February, 2018 (WAM) – Sheikh Saad Al-Sabah, Director of Corporate and Syndicated Finance at Kuwait Finance House, confirmed that the UAE economy is characterized by proactiveness and flexibility of legislation, noting that continuous investment in infrastructure has contributed to strengthening the country’s position as a regional and global financial center.
This came in a session entitled “The Gulf Economy between Experience and Innovation,” within the work of the “Emirati-Kuwait Economic Forum,” which was held today in Dubai, within the “UAE and Kuwait…brothers forever” week, which began last January 29 and continues until February 4 in all the emirates of the country.
He talked about the UAE’s economic experience, the role of Kuwait Finance House in supporting Gulf economies, and the most prominent challenges facing entrepreneurs.
Sheikh Saad Al-Sabah said that the UAE is adopting broad investments in the fields of artificial intelligence, smart cities, and green finance, explaining that Kuwait Finance House is an active partner in that process, by managing and arranging sukuk issuances for a number of Emirati companies, and has also contributed to financing major energy and water projects, in addition to other financing.
He stressed that the region’s economies have witnessed radical and structural transformations during the past two decades, represented by the transition from traditional dependence on natural resources to more flexible models, based on investment in infrastructure, technology, the green economy, energy, and water.
He noted the growing role of sovereign funds as a primary driver of the economy, in parallel with developing the business environment and empowering the private sector.
Sheikh Saad Al-Sabah explained that modern laws and regulations have contributed to enhancing the speed of economic activity in the Emirates, by reducing government procedures, enhancing transparency, and raising the level of confidence among local and international investors.
He cited the Dubai International Financial Center as a distinguished model of an independent regulatory and legal environment in accordance with the highest international standards, which contributed to attracting international institutions and strengthening Dubai’s position as a global financial center, and reflected positively on the entire region.
He touched on the experience of Kuwait Finance House, explaining that it was one of the first institutions that contributed to consolidating the concept of Islamic banks, and today it is considered the second largest Islamic bank in the world.
He pointed out that the bank is the largest in terms of market value in Kuwait, in addition to its role as a key partner in major development projects and a major supporter of medium and small companies.
Regarding the financing environment for small and medium-sized companies in the UAE, Sheikh Saad Al-Sabah stressed that the country provides an incubating and supportive environment for this sector, through financing facilities and innovative programs aimed at enhancing its growth and enabling it to contribute effectively to the national economy.
He stated that Kuwait Finance House, in turn, attaches a similar interest to supporting small and medium enterprises in Kuwait, in addition to its increasing interest in governance, sustainability and green financing, through investing in green sukuks and renewable energy projects.
He pointed out that the most prominent challenges facing entrepreneurs lie in the intensity of competition and the difficulty of securing capital, stressing the importance of embracing the new generation through flexible financing funds, while adhering to governance and sustainability standards.
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