
The Minister of Finance and Minister of State for Economic Affairs and Investment, Noura Al-Fassam, participated in a high-level dialogue session titled “Long-Term Growth in the Middle East and North Africa.” The session, held on the sidelines of the World Economic Forum’s annual meeting in Davos from January 20 to 24, brought together finance ministers from Arab countries and senior officials from the private sector. The discussions focused on strategies and opportunities to drive sustainable economic growth in the region.
The dialogue session focused on expectations and aspirations for economic development in the Middle East and North Africa, considering the region’s available challenges and opportunities. It also explored projections for economic growth and strategies to achieve sustainable development in the face of evolving regional dynamics.
During her intervention in the dialogue session, Minister Noura Al-Fassam highlighted that 2025 would be a promising year for Kuwait, with the government set to implement ambitious plans aligned with a clear strategy for Vision 2035. She emphasized that Vision 2035 is more than just a roadmap; it represents a commitment to future generations. Al-Fassam underscored the importance of supporting and empowering the private sector to achieve a sustainable and diversified economy, reducing reliance on oil and enhancing resilience to challenges.
The Minister also emphasized that relying on a single source of income is no longer acceptable in Kuwait, highlighting ongoing efforts to address this through economic and tax reforms. She noted that the region, including Kuwait, is home to young and proactive human capital, expressing confidence that these dynamic energies will play a pivotal role in leading the digital era in the next phase of development.
Al-Fassam added, that they are working to implement sustainable projects to strengthen the country’s economy, particularly in the field of renewable energy, where significant opportunities exist. They lay emphasis on the importance of developing digital infrastructure with the active participation of the private sector through a partnership system. This approach aims to build a promising future for coming generations, supported by essential legislation that attracts foreign investment.
Commenting on the region’s economic outlook and challenges, Al-Fassam stated, that all the challenges must be addressed and realistic solutions should be found, which extend beyond the MENA region to the entire world. This includes tackling geopolitical risks anticipated in 2025, addressing climate change, and managing the risks associated with artificial intelligence. It is essential to deploy AI in ways that promote economic growth and benefit humanity. Achieving this requires close cooperation between the public and private sectors.
The dialogue session underscored the increasing role of technology and innovation in reshaping the region’s economic landscape. Rapid advancements in artificial intelligence, smart industries, and energy transformation are creating new opportunities for economic growth. These developments are enhancing the capacity of regional economies to achieve diversification and sustainability, paving the way for a more resilient and forward-looking economic future.
The participants also addressed pressing challenges, particularly high unemployment rates, which remain a significant barrier to economic progress in many countries across the region. They emphasized the need to focus on creating job opportunities while simultaneously developing the skills required for the evolving labor market. Additionally, the discussion highlighted the importance of investing in modern technologies and advancing economic reforms to drive growth and strengthen economic stability in the region.
Source: Al Anba