The Prime Minister of Kuwait praises the UAE hosting and reviews the economic achievements and reforms of the State of Kuwait

His Highness Sheikh Ahmed Abdullah Al-Ahmad Al-Sabah, Prime Minister of the State of Kuwait, expressed his sincere thanks to the leadership, government and people of the United Arab Emirates for generously hosting the World Government Summit, stressing that the Summit has today become a leading global platform, an open laboratory for ideas, a live workshop for creating solutions, and a bridge linking the ambitions of governments and the aspirations of peoples.

His Highness praised the distinguished celebration that the State of Kuwait received of the established fraternal relations between the United Arab Emirates and the sisterly State of Kuwait, during the period from January 29 to February 4, and what this reflects of a fine model of human and cultural relations between the two brotherly peoples, expressing his deep appreciation for the values ​​of affection, closeness and brotherhood that the UAE embodied.

His Highness pointed out that shaping the features of the future is important, but it is not complete unless these features are applicable, stressing that the real challenge lies in transforming visions into decisions, translating them into policies, and measuring their impact on the lives of people.

He explained that future governments are not built only on declarations and ambitions, but on the tangible results they achieve in the daily lives of citizens.

His Highness said that the State of Kuwait took fundamental reform steps during the past year to improve financial stability and ensure the sustainability of public finances, and begin reforming and diversifying the national economy and increasing the contribution of the private sector, which included the approval of the Finance and Liquidity Law as a legislative framework regulating the management of financial obligations and public debt.

His Highness continued: “We are about to approve the first legislation regulating the offering of government sukuks locally and globally in accordance with the provisions of Islamic Sharia, which enables us to deal with financial challenges with flexibility and responsibility.”

His Highness indicated that these reforms were reflected in international indicators, as S&P Global Ratings raised the credit rating of the State of Kuwait in November 2020 from A+ to AA- with a stable outlook, which reflects the soundness of the government’s approach to managing public finances.

His Highness added that Kuwait returned to international debt markets by issuing sovereign bonds worth $11.5 billion, and joined a full member of the Asian Infrastructure Investment Bank, achieving the highest rate of development spending during the past five years.

His Highness the Prime Minister stressed that these steps aim to build a diversified and sustainable economy based on an effective partnership with the private sector, pointing to the work on establishing an integrated logistical services system that repositions Kuwait as a regional center linking the continents, including the signing of a contract to build a large port to be a maritime gateway for global trade, the opening of the new control tower and the third corridor at Kuwait International Airport, and the completion of work on the new passenger building expected to open in 2027. He also pointed to the signing of the study and design contract for the railway project, and the progress In the railway link project between Kuwait and Riyadh, to enhance the integration of supply chains and the movement of trade and passengers between the two countries.

His Highness pointed to the importance of research, technology and knowledge transfer, pointing to the celebration of the ten-year anniversary of the partnership with GE Vernova and the establishment of a regional technology center to develop national competencies and train cadres in the region. He also announced unprecedented opportunities in the oil and gas sector, including the Shaheen Raven project for an oil export pipeline network and the Seef project to develop oil discoveries, while maintaining full state ownership and sovereignty.

His Highness added that the government made about 50 amendments to laws and legislation during the past year, launched the “Kuwait Business” platform, and developed residency systems, in parallel with improving the quality of life and developing the tourism sector, within an integrated vision based on a diversified economy, effective governance, investment in people, and balanced openness to the world.

He stressed that what was achieved over the past year came with clear political will, bold decisions, and sound implementation, drawing three basic lessons: “diligence in decision-making, speed in achievement, and true partnership.” His Highness said: “Kuwait will remain a bridge for dialogue, respect for sovereignty, building bridges, and humanitarian work with a committed approach based on moderation and wisdom. The future does not wait for the hesitant, and Kuwait has made its decision to create its future, make change, present its experience transparently, and cooperate with the world to build stable and continuous development.”