Kuwait’s Ambitious Drive to Become the Gulf Region’s Financial Hub

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NEW YORK, Oct 17: The state of Kuwait is keen on developing economic legislation to execute vital projects that would ultimately contribute to transforming the Arab Gulf nation into a financial hub, a diplomat has said. “The State of Kuwait’s strategy aims at encouraging and promoting the contribution of the private sector to the development of infrastructure, therefore it placed a partnership program between public and private sectors,” and established an authority for this purpose, diplomatic attache Meteb Al-Enezi told a UN committee discussing the global trade law. He said the authority has a mandate of providing financial and technical assistance for public-private- partnerships (PPP), aimed at benefitting from the expertise of the private sector to promote competitiveness and innovation. The authority, said Al-Enezi, announced many promising projects in energy, water, wastewater management, education, health, transport, telecommunications, and real estate.

The State of Kuwait, he added, sought to develop cyber-related legislation to develop trade and economic activities. “My country seeks to implement an international financial, economic, and commercial system,” he said, and that Kuwait was upgrading e-government services coupled with an exploration of means to address cyber crimes, citing the establishment of the cybersecurity agency. Al-Enezi, meanwhile, said Kuwait supported an international cross-border law to address economic disputes around the globe. (KUNA)

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