The United Nations in Kuwait in partnership with the General Secretariat for the Supreme Council for Planning and Development and collaboration with Kuwait Investment Company, The National Fund for Small and Medium Enterprise Development, the Real Estate Union, Zain Kuwait, Gulf Bank, and Baker Hughes, held the 7th UN75Talk session this year entitled “The State of Kuwait: Private Sector Led Economy,” as part of the UN Resident Coordinator Office Talk series, out of a four webinar series which will target universal sustainable principles, and the importance of increasing engagement of the private sector in supporting the UN Sustainable Development Goals and help build a better Kuwait and sustained communities in support of Kuwait Vision 2035.
The Webinar aimed to create a consultation network and engage the private sector leaders to spearhead the transformation of the sector through the Sustainable Development principles as they join efforts with the United Nations in response to this unprecedented global crisis. This discussion serves as a platform for partnerships and cooperation between the private sector and the United Nations to create a future advisory network. The discussion focused on the current and post COVID-19 impact on the private sector, challenges and opportunities of private-public partnerships in Kuwait, UN support to the New Kuwait Vision 2035, focusing on a private sector, knowledge-based and innovation-led economy.
Dr. Tarek El-Sheikh, United Nations Secretary General Representative and the Resident Coordinator in Kuwait, explained: “The State of Kuwait is highly dependent on energy and oil resources for its economic income, as approximately 91% of the total state income for the year 2018 is generated from oil exports only, and out of a total of KD 20.4 billion dinars, representing $67.2 billion in the proportion of goods and services exported”.
“These statistics demonstrate that even though the new Kuwait strategy 2035 aims to transform the country from a resource-based economy, into an innovative and knowledge-based economy. That prides itself as a cultural, financial, commercial, and institutional center for the GCC region. There is still much to do and a long path to walk to ensure that the economy does not only rely on oil revenues,” Dr. Tarek Elsheikh added.
He also emphasized that: “Kuwait has the necessary capabilities to become an important destination that attracts foreign investments in the region. In addition to having the ability and tools to achieve the vision of His Highness the Amir of the country, Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, may God protect and preserve him, a new Kuwait.
Consequently, the United Nations seeks to open a platform to form private-sector partnerships that focuses on and promotes innovation and self-sufficiency to create sustainable opportunities for the future across all sectors. The period of the ongoing COVID-19 Pandemic is considered one of the most challenging periods the world has gone through. The Pandemic indeed is an obstacle for sustainable development, yet it has taught us the importance of resilience and presented us with opportunities to build a better future”.
Secretary-General of the Supreme Council for Planning and Development, Dr. Khaled Mahdi, stated “The conference was held with representatives from public and private sectors. Through which variety of topics were discussed, including the repercussions of the end of Covid-19 crisis. Along with the social responsibility of the two sectors to society. He also highlighted the importance of joint collaboration in facing the Pandemic’s negative results.
Dr. Mahdi indicated that the discussion targeted ways to implement sustainable development goals and the importance of increasing the private sector’s participation in supporting these goals and supporting the vision of the State of Kuwait for 2035.
Many interested partners from all sectors, including the diplomatic community, research institution, and academia, attended the Webinar. Mr. Qais Al-Ghanem, Vice-Chairman of the Real Estate Union, Chairman of the Board of Directors of the Kuwaiti Real Estate Company Al-Muhallab, and General Manager of the International Solidarity Company, clarified some of the obstacles facing the private sector from legislation and difficulties facilitating implementation of work to reach the international and global level required locally and employees in various areas.
Mr. Bader Al-Subaie, CEO of Kuwait Investment Company, stated that the State of Kuwait has gone through two intense crises, namely the COVID-19 Pandemic, and the low oil prices. It resulted in losses faced by the SME sector where more than 95% of them were affected during the previous period. He explained that on the development and creativity front and to build a sustainable future for Kuwait, there must be advancements in the educational system of public schools and universities, to prepare a generation that can achieve the desired vision for their country.
Kuwait Investment Company has also sponsored the MakerFair exhibition during the past four years, which has fostered creative youth and adopted more than a thousand young men and women from Kuwait during recent years. They have made remarkable inventions that served the community development.
Mr. Walid Al-Khashti, Chief Corporate Communications Officer for Zain telecommunications Kuwait, reiterated the importance and role of technology in business. In the previous period, the private sector continues to provide the needed services to the community with high quality. It required the company to work with a hundred percent capacity for the call center and customers’ facilities. Besides, they’ve provided some training and educational courses to their employees to fulfill the existing requirements. In addition, put forward some of Zain’s initiatives, in terms of education and creativity. Part of the private sector role in developing society is through the initiative “Zain Great Idea”. It allows the company to train and prepare young people to enter the work force through internet platforms. Our youth are Kuwait’s future and are the main brick in supporting the new vision of his highness, Kuwait 2035.
While Mr Tariq Al-Saleh, General Manager of the Investment Department, Economic Research Unit, at the Gulf Bank, affirmed that the role of the banking sector is vital during the previous period, and in supporting for small projects.
Ms. Marwa Omar, Oil field service account manager for Baker Hughes stated that the oil sector and services were greatly affected. Still, there is optimism that with the return of oil prices, oil services and clean energy situation could recover. Baker Hughes is one of the pioneers in the oil field for their clean energy services and technology. She added that localization is the core of the company’s strategies for 2020-2025, where many openings will be available for local forces to join different sectors in the company.
Mr. Manaf Al-Munaif, Head of the Small and Medium Enterprises Fund, explained the fund’s role in this vital sector and their eagerness to provide food security for Kuwait and the health sector, agriculture and trade aspects, by empowering business leaders and holders. He demonstrated that obstacles do exist ahead of us, except there is great optimism in terms of the future. Believing that there is a great need for partnership between government and private sectors, to establish unique industry of business leadership.
The interview moderated by the TV presenter and anchor news broadcaster, Ms. Nouf Al-Mudayan.
The Webinar also stressed on the importance of establishing a local consultative network consisting of the private and public sectors and better engaging with key partners in a series of dialogues to support the private sector needs. Furthermore, explore how to leverage the benefits of the Global Compact Network to create a local consulting network that is compatible with the UN Global Agenda 2030, most importantly, inspire the private sector to engage in innovative partnerships for sustainability.
The present situation is one in which the post-COVID-19 Kuwait may potentially be, a Kuwait that must coexist with a persistent threat of COVID-19 outbreaks, resulting in new challenges, yet also new opportunities to pave the way for accelerating and necessary economic transformations.
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