Kuwait PM showcases Kuwait’s economic turnaround during World Governments Summit

His Highness Sheikh Ahmed Al-Abdullah Al-Ahmad Al-Sabah, Prime Minister of Kuwait, affirmed that Kuwait has moved from vision to implementation, launching fundamental reforms to strengthen financial stability, diversify the economy, and expand private-sector participation.

Delivering Kuwait’s address at the World Government Summit in Dubai, His Highness described the summit as a leading global platform and a “laboratory of ideas” that connects governments’ ambitions with the aspirations of their peoples.

The Prime Minister said the past year marked a decisive phase driven by clear political will, bold decisions, and rapid execution, producing three key lessons: boldness in decision-making, speed in achievement, and genuine partnership.

Financial Reform and Global Confidence

Sheikh Ahmed outlined major steps taken to ensure sustainable public finances, including the Finance and Liquidity Law regulating public debt management and forthcoming legislation governing the issuance of government bonds in line with Islamic Sharia principles.

These reforms strengthened international confidence, reflected in S&P Global Ratings upgrading Kuwait’s sovereign rating from A+ to AA- with a stable outlook. Kuwait also returned to global debt markets with a $11.25 billion sovereign bond issuance, became a full member of the Asian Infrastructure Investment Bank, and recorded its highest development spending rate in five years.

Kuwait as a Regional Logistics Hub

The Prime Minister stressed that financial tools serve a broader objective: building a diversified and sustainable economy anchored in private-sector partnership.

He highlighted progress toward establishing an integrated transport and logistics system, including:

• Signing the Mubarak Al-Kabeer Port contract as Kuwait’s maritime trade gateway
• Opening the new airport control tower and third runway
• Continued work on the new passenger terminal, set to open in 2027
• Signing the railway study and design contract and advancing the Kuwait–Riyadh rail link

Together, these projects, he said, form a strategic sea-air-land network supporting diversification and long-term growth.

Investment, Energy and Technology

Kuwait also focused on creating a stable and attractive business environment, marked by Goldman Sachs opening an office in Kuwait and BlackRock obtaining a license to establish a branch.

In energy and technology, the Prime Minister cited a decade-long partnership with GE Vernova and the establishment of a regional technology center to build national expertise.

He also announced major opportunities for global firms in the oil and gas sector, including the Shaheen Peregrine oil export pipeline network and the Al-Seif offshore oil development project, while preserving state sovereignty.

Digital Government and Quality of Life

On governance and services, Sheikh Ahmed said Kuwait expanded its digital transformation, with the “Sahl” app surpassing 25 million transactions, migration of the Ministry of Finance’s systems to the cloud, and integrated smart-government initiatives.

Health, housing, and education sectors also saw qualitative improvements, reinforcing the focus on human development as the core of reform.

More than 50 legislative amendments were introduced over the past year, alongside the launch of the Kuwait Visa platform, updated residency regulations, tourism development, and broader governance reforms.

Peace and Diplomacy

Recalling Kuwait’s experience with occupation and war, the Prime Minister stressed that peace is a prerequisite for development and reaffirmed Kuwait’s role as a voice for dialogue, sovereignty, bridge-building, and humanitarian action through a balanced and moderate foreign policy.

“The future does not wait for the hesitant,” he said, emphasizing Kuwait’s commitment to shaping its future through reform, transparency, and global cooperation.