In line with its leading national and social role, Kuwait Finance House (KFH) has signed a Memorandum of Understanding (MoU) with Kuwait Municipality for the design and reconstruction of damaged areas of Al Mubarakiya market.

The MoU was signed by KFH Vice Chairman, Abdul Aziz Yacoub Alnafisi and the Director General of Kuwait Municipality, Eng. Ahmed Al Manfouhi, in the presence of the Group Chief Human Resources Officer at KFH, Zeyad AlOmar and a host of top officials from both sides.

During the signing ceremony held in Al Mubarakiya market, Alnafisi said that KFH is honored to support the initiative to reconstruct the areas damaged in the Mubarakiya fire incident, considering the historical value, cultural significance and reputable heritage which the market enjoys. He conveyed his sincere thanks and gratitude to His Highness the Amir of Kuwait Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah, may Allah protect him, His Highness the Crown Prince Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, may Allah protect him, and His Highness, the Prime Minister Sheikh Ahmad Nawaf Al-Ahmad Al-Sabah, Minister of State for Municipal Affairs and Minister of State for Communications and Information Technology, Dr. Rana AlFaris for their support of the initiative which reflects KFH social responsibility and commitment towards Kuwait.

Alnafisi emphasized that the initiative to reconstruct the damaged areas comprises the development of Al Mubarakiya market including the reconstruction of 17 buildings at an estimated cost of around KD 8 million.

Alnafisi valued the efforts exerted by Kuwait Municipality in following up the execution of the reconstruction process and the major role which the municipality will assume in cooperation with the Ministry of Interior.

Director General of Kuwait Municipality, Eng. Ahmed Al Manfouhi praised and appreciated the distinguished social and national role KFH plays. He added that the initiative to restore the damaged areas of Al Mubarakiya is not new to KFH. He expressed his sincere thanks, gratitude and appreciation to KFH for supporting this initiative and various social initiatives which have benefited the country and the citizens.

Alnafisi affirmed KFH keenness to fulfil its commitment to social responsibility according to the highest standards including various aspects of social and humanitarian activities. He noted that KFH has made various social contributions which have deep-rooted its pioneering role in sustainable social development.  He also noted that KFH has enjoyed a track record in social responsibility throughout its career, thus indicating that one of the major social contributions of KFH comprised supporting the efforts to construct the Addiction Treatment Center costing KD 4.5 million. Also, KFH has donated KD 20 million for the construction of 15 ambulance centers to enhance the medical system.

Alnafisi said that KFH has successfully launched a strategic initiative in cooperation with the Ministry of Justice for the settlement of the liabilities of debtors against whom court orders were passed. The amount exceeded KD 20 million and benefited around 10 thousand troubled debtors.

Alnafisi indicated that KFH contributed largely to the KD 10 million Covid-19 government relief fund which was announced by the Central Bank of Kuwait. KFH has also contributed an additional amount to the fund. Moreover, KFH supported the efforts of Ministry of Interior by providing 30 vehicles to assist the ministry employees while carrying out their duties towards the state and the society.

Alnafisi added that KFH has supported the social and humanitarian initiatives of Kuwait Red Crescent Society inside and outside Kuwait, adding that the total value of KFH contributions reached around KD 4.5 million during the year 2022.