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KUWAIT: A group photo taken on the sidelines of the joint annual meeting of Arab Financial Institutions and Finance Ministers on Wednesday.
KUWAIT: A group photo taken on the sidelines of the joint annual meeting of Arab Financial Institutions and Finance Ministers on Wednesday.

Arab finance chiefs meet in Kuwait to discuss economic challenges

Call to further integrate Arab institutions amid US tariffs and AI revolution

KUWAIT: Kuwait hosted the joint annual meeting of Arab Financial Institutions and Finance Ministers on Wednesday under the patronage of His Highness the Prime Minister Sheikh Ahmad Al-Abdullah Al-Ahmad Al-Sabah. The opening speech, delivered on behalf of the Prime Minister, was given by Acting Prime Minister and Minister of Interior Sheikh Fahad Yousef Saud Al-Sabah.

In his speech, Sheikh Fahad welcomed the attending delegates to their “second home, Kuwait,” and conveyed the greetings of His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, His Highness the Crown Prince Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah, and His Highness the Prime Minister Sheikh Ahmad Al-Abdullah Al-Ahmad Al-Sabah. He also expressed his hopes for the success of the meeting in further supporting the region’s social and economic development. Sheikh Fahad stressed the importance of adapting to modern challenges, stating, “Current times, complexities, and challenges require Arab financial institutions to increase their efforts and institutional integration, while keeping pace with global developments and responding to the needs of member states.”

Noura Al-Fassam
Noura Al-Fassam

On the topic of technological advancement, he noted, “Artificial Intelligence has become a main driver of global economic growth. This presents a challenge for Arab economies to integrate this emerging technology in order to achieve desired development and progress.”

Minister of Finance and State Minister for Economic Affairs and Investment, Noura Al-Fassam, echoed these sentiments: “A unified vision is essential to ensure growth within our local economies, to diversify in the face of challenges, and to absorb the economic shocks we are witnessing on a daily basis.” She added, “We believe that, amid today’s volatile global economic climate, we must solidify the role of our financial institutions.”

Omani Finance Minister Sultan Al-Habsi addressed the recent tariffs imposed by the Trump administration, saying, “These tariffs highlight the critical need to provide a conducive investment environment that encourages private sector growth and attracts capital to achieve sustainable development.”

He also outlined necessary steps to reach that goal, stating, “We must adopt laws and regulations that promote openness to the global economy, increase our efforts, and take responsibility for accelerating structural reforms, combating corruption, and fostering transparency and integrity.” The meeting was attended by delegations including Arab finance and economic ministers, central bank governors, and general managers of financial institutions.

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