FORTHCOMING REPORT ON KUWAIT TO MAP OUT BANKING INDUSTRY’S

(MENAFN- TRACCS) Kuwait City, July 2023: The key role earmarked for Kuwait’s banks in driving forward the country’s economic development plans will be explored in a forthcoming report by the global research and advisory company Oxford Business Group (OBG).

The Report: Kuwait 2023 will shine a spotlight on efforts under way to transform the country into a knowledge-led, digitalised economy, in line with the targets laid out in Vision 2035, the national roadmap for diversification.

Kuwait’s plans to carve a niche as an international financial centre will be a focal point, with in-depth analysis provided of topical sectoral-related issues, including the need to make cyber security a priority and growth opportunities in the Islamic banking and fintech segments.

The national drive taking shape to increase the private sector’s contribution to growth will also be examined, together with the part that lenders are expected to play in providing sustainable financing.

Other subjects set for coverage include the steps being taken to enhance Kuwait’s business environment with the aim of attracting new investment.

OBG has signed a first-time memorandum of understanding (MoU) with the Kuwait Banking Association (KBA) to support its research. Under the agreement, the KBA will contribute to the Banking Chapter of The Report: Kuwait 2023 and other content for the Group’s suite of research tools, looking in detail at key industry developments, such as digitisation, cyber security, sustainability in funding and the sector’s broader performance over the last year.

The MoU was signed by Dr. Hamad Al-Hasawi, General Secretary, Kuwait Banking Association, and Dana Carmen Agarbicean, OBG’s Country Director in Kuwait.

Commenting after the signing, Al -Hasawi said the digitisation of Kuwait’s banking sector, which includes the launch of several online-only banks, and the challenges and opportunities that technological advancements present, would be a key area of research, together with other developments in the banking systems and the positive outlook for the broader regional industry, whose banks are marked by solid balance sheets.

“The mobile app has become the primary means of initial contact with clients, for example, marking a significant shift in just the past two-to-three years,” he said.

Welcoming the KBA on board, Agarbicean said the partnership had been signed at a time when Kuwait’s socioeconomic development was taking shape, galvanised by the broad-based objectives outlined in the National Economic Development Plan.

“Kuwait’s vision for boosting non-oil revenue and increasing employment levels within the private sector are gaining pace, with the banking sector set to be instrumental in underpinning new growth, while still reinforcing the country’s monetary and financial systems,” she said. “The Kuwait Banking Association plays a pivotal sectoral role, which includes fostering cooperation among local financial institutions and enhancing the industry’s performance. I’m delighted that we will benefit from the input of its experts as we begin work on this important report.”

The Report: Kuwait 2023 will be produced with the KBA and other partners, including Kuwait Direct Investment Promotional Authority and ASAR Law Partners. It will contain contributions from leading personalities in the public and private sectors.

The report will also include a roundtable in which high-ranking representatives from the financial services industry will explore topical issues under the banner “Innovation in the Banking Sector”. The potential that new technological solutions hold for improving both customer service and efficiency, and reducing operational costs will be among the subjects examined.

The Report: Kuwait 2023 will mark the culmination of several months of field research by a team of analysts from Oxford Business Group. It will be a vital guide to the many facets of the country, including its macroeconomics, infrastructure, banking and other sectoral developments.

The report will be available online and in print. It will form part of a series of tailored studies that OBG is currently producing with its partners, alongside other highly relevant, go-to research tools, including ESG and Future Readiness reports, country-specific Growth and Recovery Outlook articles and interviews.

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