KUWAIT CITY, Nov 26: The Kuwaiti Cabinet on Tuesday reaffirmed its commitment to realizing the vision of His Highness the Amir, Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, to attract foreign investment and enhance the business environment, in line with national development goals aimed at transforming Kuwait into a regional and global financial hub.

Chaired by His Highness the Prime Minister Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah at Bayan Palace, the Cabinet underscored the importance of strengthened cooperation between the Kuwait Direct Investment Promotion Authority (KDIPA) and the GE Vernova Technology Center, noting the center’s advanced control systems, operational capacity, and role in training and developing national talent in modern energy technologies.

Deputy Prime Minister and Minister of State for Cabinet Affairs Shereed Abdullah Al-Maousherji said in a statement following the meeting that the Cabinet expressed deep appreciation to UAE President Sheikh Mohammad bin Zayed Al Nahyan for launching the “Decades of Brotherhood” initiative beginning January 29 for one week. The Cabinet also expressed its gratitude to UAE Vice President, Prime Minister and Ruler of Dubai Sheikh Mohammad bin Rashid Al Maktoum and Sheikh Mohammad bin Zayed for their supportive stances and sentiments, praising the initiative as a reflection of historic fraternal bonds and enduring Gulf unity.

The Cabinet welcomed continued progress in financial reforms aimed at improving Kuwait’s sovereign credit indicators and financial sustainability. During the session, Minister of Electricity, Water and Renewable Energy, Minister of Finance, and Acting Minister of State for Economic Affairs and Investment Dr. Subaih Abdulaziz Al-Mukhaizeem presented a briefing—attended by Central Bank of Kuwait Governor Basel Al-Haroon—on Standard & Poor’s recent upgrade of Kuwait’s sovereign rating from A+ to AA- with a stable outlook. The agency attributed the move to economic and financial reforms, diversification efforts, infrastructure modernization, new revenue sources, and the implementation of Law No. 60 of 2025, which enables renewed access to debt markets.

Al-Mukhaizeem also noted Standard & Poor’s recognition of Kuwait’s major capital projects, including the Northern Economic Zone, Mubarak Al-Kabeer Port, new energy projects, Kuwait International Airport Terminal 2, new residential cities, and the free economic zone in Al-Abdali. He emphasized Kuwait’s shift toward diversified financing models, including public-private partnerships and government-to-government agreements, which reduce the burden on public finances and improve project execution.

The Cabinet instructed the Minister of Finance to submit a report every six months on developments related to Kuwait’s credit rating.

At the start of its meeting, the Cabinet reviewed the formation of the official delegation accompanying His Highness the Amir to the Kingdom of Bahrain for the 46th regular session of the GCC Supreme Council on December 3. The delegation includes Defense Minister Sheikh Abdullah Ali Abdullah Al-Salem Al-Sabah; Foreign Minister Abdullah Ali Abdullah Al-Yahya; KDIPA Director General Sheikh Dr. Meshaal Jaber Al-Ahmad Al-Jaber Al-Sabah; Retired Lt. Gen. Jamal Mohammed Al-Dhiyab, Director of the Office of His Highness the Amir; Amiri Diwan Undersecretary for Foreign Affairs Mazen Issa Al-Issa; and Assistant Foreign Minister for GCC Affairs Ambassador Najib Abdulrahman Al-Badr.

During the session, the Prime Minister’s tour of the GE Vernova Technology Center—marking its tenth anniversary as the first regional center outside the United States—was highlighted. His Highness was briefed on the center’s research, development, power generation systems, control systems, laboratories, and maintenance capabilities.

In another presentation, Minister of Education Jalal Abdulmohsen Al-Tabtabai informed the Cabinet of Kuwait’s election to the UNESCO World Heritage Committee for a four-year term. The Cabinet hailed the achievement as evidence of Kuwait’s cultural stature and the combined efforts of the Ministries of Education, Foreign Affairs, and Information through the National Council for Culture, Arts and Letters.

Separately, Minister of Health Dr. Ahmad Al-Awadhi delivered a visual presentation detailing improvements made over the past two years to overseas treatment procedures. These included governance of medical leave for companions, activation of medical evacuation services, establishment of a virtual health office, reforms to case approvals, payment settlements, liver transplant services, and localization of treatment options. The Cabinet commended the ministry’s progress and requested a semiannual report on updates.

Additionally, Minister of Public Works Dr. Noura Mohammed Al-Mashaan and Minister of State for Municipal Affairs and Housing Abdul Latif Hamed Al-Mashari reported on the demolition of 67 unsafe buildings in Jleeb Al-Shuyoukh, following their designation as hazardous by the Government Center for Testing, Quality Control, and Research. The demolition was carried out with full precautions and coordination among multiple government agencies.

The Cabinet also approved the minutes of the Supreme Committee for Kuwaiti Nationality Investigation regarding cases of loss or withdrawal of citizenship under Decree Law No. 15 of 1959 and its amendments. Several agenda items were approved, while others were referred to ministerial committees for further study and action.

The Cabinet concluded its weekly session by reaffirming its dedication to financial sustainability, investment attraction, and steady implementation of reforms aligned with the country’s long-term development vision.