Kuwait has economic advantages in current times

Kuwait has a number of significant strategic advantages that could ensure long-term stability even during the current period of financial uncertainty, according to experts gathering for the upcoming Euromoney Kuwait Conference this month.

In particular, the event will examine whether Kuwait’s low extraction costs, financial reserves and experience could provide an opportunity for the energy sector to lock-in lower production and refining costs to ensure future competitiveness.

The enhanced competitiveness is already supporting significant growth in the nation’s finances. The Kuwaiti banking sector saw double-digit asset growth in 2014, rising to 12.2 per cent year-on-year to 66.4 billion Kuwaiti dinars (US$220 billion), according to a recent report from the Central Bank of Kuwait.

How this competitiveness can be used to stimulate greater diversification, and the challenges and barriers created by the current economic climate, will be key issues at “Innovation in Uncertain Times: The Euromoney Kuwait Conference,” to be held at the JW Marriott Hotel on Tuesday 15 September.

The conference will be opened by co-host H.E. Minister Anas Al-Saleh, the Deputy Prime Minister and Minister of Finance, followed by a second keynote address on recent innovations in finance by H.E. Dr Mohammad Yousef Al-Hashel, Governor of the Central Bank of Kuwait.

“We’re delighted to be back in Kuwait at such an important time,” said Richard Banks, Consulting Editor of Euromoney Conferences and Managing Director of RMBanks & Co. Ltd. “With oil price volatility at record levels and regional recalibration affecting Kuwait, the Euromoney Kuwait Conference is very timely. Kuwait is now positioned to increase public sector spending, which in turn will boost credit demand and consumer spending. We will examine the factors that will enable this process and the challenges that the nation could face.”

The Euromoney Kuwait Conference will bring together key stakeholders to review these key issues, and will feature live interviews and panel discussions with a range of senior policy-makers, bank chairman, investors, international analysts and commentators.

Two key government figures, H.E. Mr Adel Al-Roumi of the new Kuwait Authority for Partnership Projects and H.E. Sheikh Dr Meshaal Jaber Al-Sabah, Director-General of the Kuwait Direct Investment Promotion Authority, will be the first major on-stage interviews on the day.

This will be followed by discussions with key figures in Kuwaiti finance including Omar Alghanim of Gulf Bank and Alghanim Industries; Majed Essa Al-Ajeel of KBA and Burgan Bank; and Mazin Saad Al-Nahedh, the CEO of Kuwait Finance House.

The opening panel examining the wider international and regional investment and economic outlook will feature Manaf Alhajeri, CEO of Markaz; Emirates NBD’s Chief Economist, Tim Fox; and Fadi Al Said of Lazard Asset Management. They will be joined on the panel by Faisal Sarkhou, CEO of KAMCO Investment Company and Ahmed Barakat, Managing Partner of ASAR – Al Ruwayeh & Partners.

Co-hosted with Ministry of Finance, the Euromoney Conference features Gulf Bank, Alghanim Industries, Kuwait Finance House, Kuwait Finance House Capital and the Kuwait Banking Association as its lead sponsors.

Co-sponsors include ASAR - Al Ruwayeh & Partners, Al Ahli Bank of Kuwait, and Kuwait Financial Centre (Markaz). Citibank and KSB Capital Group have joined the group conference exhibitors.

The conference agenda and further details are available on the Euromoney Conferences website (www.euromoneyconferences.com/kuwait).