Kuwait Finance House (KFH) CEO Mohammed Al-Omar stressed that there are great investment opportunities in infrastructure projects in Kuwait; especially that Kuwait needs to upgrade its infrastructure. However, he noted that the volume of money that will finance those projects, and remarked that Kuwaiti banks are keen to hold partnerships with the government to offer the necessary financing.
It is worth noting that Euromoney organized a conference in Kuwait yesterday under the patronage of Minister of Finance Mostafa Al-Shamali, and was attended by the Governor of the Central Bank of Kuwait Sheikh Salem Al-Sabah, in addition to a group of businessmen and senior financial officials. Al-Omar went on to say that infrastructure projects are available in Kuwait, and that local banks can efficiently boost the development of those projects, since KFH has taken part in several infrastructure projects around the world in the field of oil, gas, airports, houses, and others.
He added that Kuwaiti banks offered billion of dollars in financing for several projects in Kuwait and overseas. He called from more transparency between the public and private sectors concerning tenders are the policies of pricing. He stressed that Kuwait must take advantage of numerous facilities and benefits it possesses that are not found in other countries, such as its high financial surplus and good cash flow. He mentioned that the execution of the development plan will positively affect the financing sector through revealing new horizons in the field of long-term financing required by development projects; in addition to the possibility of developing and innovating new tools to finance major projects and increase the participation of the private sector in the development process. He hoped for the approval of a barrage of legislations, including the sukuk law.
Al-Omar, on behalf of KFH, honored Al-Shamali and Al-Sabah on the sideline of the conference, where he stressed that KFH applauds their efforts in supporting the Kuwaiti economy and the steps they have taken to limit the impact of the global economic crisis.