Marketing, Public Relations and Strategic Planning Department Manager at Kuwait Finance House (KFH) Fahad Al-Mukhaizeem stated that KFH’s First Global Economic Real Estate Conference that KFH organized Tuesday has made important recommendations to assist the Kuwaiti, GCC and global economies in overcoming the current crises. He added that the conference coincides with KFH five-year strategic plan that aims to reinforce KFH’s leadership and status in global markets. The conference was attended by former British Prime Minister Gordon Brown and other elite economists for all over the globe.
Moreover, he said that the conference has called for diversifying sources of revenues and not to depend solely on oil in Kuwait; especially that Asian countries compete with the United States and Europe in offering services and products. He noted that the conference stressed the importance of governmental expenditure on infrastructure and economic development projects, in order to boost the economy. The conference has also called for granting the private sector more space to efficiently take part in the development plan, which will pave the way to turning Kuwait into a financial hub.
Regarding the GCC, the conference asked the GCC countries to execute a batch of economic solutions to offer youth suitable jobs, and to train and encourage them to launch small projects, which will ease the unemployment tension that has triggered revolutions in the Arab world. In addition, the conference underlined the importance of joining the G20, in order for GCC countries to take part in global efforts to reform and stabilize the global economy.
Furthermore, Al-Mukhaizeem revealed that the conference recommended the formation of investment and real estate developers in the GCC, in order to implement programs, policies, and ambitious developmental plans that focus on the real estate sector.
Concerning the global economy, Al-Mukhaizeem mentioned that the conference called for collective efforts to overcome the global economic recession through the collaboration of global economic alliances in the production and consumption field. The conference has also called for investing in projects that are based on clean energy.
The participants asserted the presence of investment opportunities in the residential and commercial real estate in the United States and Europe, in light of the increase in the middle class sector during the coming 10 years, in addition to the expected increase in global growth rates.