Kuwait Innovation Forum showcases evolutionary potential of technology
KFH CEO affirms commitment to innovation
KUWAIT CITY, April 25: The Kuwait Innovation Forum, jointly hosted by the Business Year and the Kuwait Direct Investment Promotion Authority, marked the unveiling of the group’s seventh annual publication on Kuwait’s economy, reports Al-Qabas daily.
KDIPA, a key player in Kuwait’s economic development, played a pivotal role in the event, convening over 240 prominent economic leaders from Kuwait’s public and private sectors to explore the transformative potential of technology and innovation.
Khaled Al-Shamlan, CEO of Kuwait Finance House Group, expressed his enthusiasm for participating in the forum, emphasizing KFH’s significant contributions to Kuwait’s innovation journey.
As the largest bank in Kuwait and the second largest Islamic bank globally, KFH has been instrumental in driving innovation and shaping the future of the local economy. Al-Shamlan highlighted KFH’s innovative initiatives, underscoring their positive impact on the Kuwaiti economy amidst challenges, and reiterated the bank’s commitment to furthering innovation efforts.
He emphasized the forum’s role in showcasing the achievements of KFH and other leading institutions, offering a platform for meaningful discussions, expert insights, and inspiring success stories. Al-Shamlan underscored the importance of leveraging innovation to surmount obstacles and foster a prosperous future for Kuwait’s economy.
Walid Al-Khashti, CEO of Corporate Relations and Affairs at Zain - Kuwait, expressed his satisfaction with the ongoing partnership between Zain and The Business Year, emphasizing the importance of such collaborations in fostering dialogue and facilitating innovation across various sectors. He commended the Direct Investment Promotion Authority for its significant contributions to enhancing Kuwait’s business environment and positioning the country as a global financial hub.
Al-Khashti highlighted the pivotal role of innovation in Kuwait’s business sector, underscoring its importance across all vital industries. He stressed that sustainable growth is unattainable without embracing innovation, particularly in highly competitive fields like communications and information technology, where digital transformation plays a central role.
Furthermore, Al-Khashti emphasized the transformative power of technology in driving innovation, citing examples such as artificial intelligence and its impact on communication and daily workflows. He highlighted Zain’s evolution from a traditional telecommunications company to a leader in providing comprehensive digital services, leveraging technologies like 5.5G networks, artificial intelligence, drones, and cloud computing to enable organizations and government agencies to enhance operations, efficiency, and growth opportunities through comprehensive digital transformation initiatives.
Al-Khashti emphasized the importance of collaboration between public and private sector institutions to create a supportive environment for entrepreneurship, providing essential assistance to emerging companies and entrepreneurs in the local market. He highlighted Kuwait’s success stories in this regard and welcomed the participation of initiators who shared their expertise and experiences at the forum.
The forum comprised two sessions, with the first focusing on the development landscape in Kuwait, covering real estate, infrastructure, and innovation. Key speakers included Mazen Hawa, Vice Chairman and CEO of the United Real Estate Company Group, Ahmed Al-Shorbaji, Head of the International Projects and Dispute Resolution Department at Al-Yaqout and Al-Fawzan Legal Group, and Abdullah Al-Saleh, CEO of Sakan. The session was moderated by Nasser Khuraibet from the Public Authority for Housing Welfare.
The second session addressed the digital transformation landscape and featured prominent figures such as Sheikh Ahmed Duaij Jaber Al-Sabah, Chairman of the Board of Directors of the Kuwait Banking Association and Chairman of the Board of Directors of the Commercial Bank of Kuwait, David Rutter, CEO of R3 Company, Faisal Al-Haroun, General Manager of TAP Payments Company Kuwait, and Dalal Al-Rayes, CEO and co-founder of Spear. The discussion was moderated by Alex Krunic, Senior Advisor at Commercial Bank of Kuwait.
The forum, organized by The Business Year and the Direct Investment Promotion Authority, saw participation from various national institutions, including Kuwait Finance House, Zain Company, United Real Estate Company, Bayut Investment Holding Group, Sakan, Commercial Bank of Kuwait (Al-Tijari), Warba Bank, TAP Payments Company Kuwait, Kuwait Banks Association, Al-Yaqout and Al-Fawzan Legal Group, MR2 Group, Al-Qabas, Al-Mulla Leasing and Leasing, the American Chamber of Commerce in Kuwait, the German Business Council in Kuwait, and ITL International Travel and Tourism Company.