Kuwait first in at­tract­ing banks

Kuwait Times - - LOCAL - — KUNA

Kuwait has ranked first among the Gulf Co­op­er­a­tion Coun­cil (GCC) coun­tries at­tract­ing com­mer­cial banks from fel­low mem­ber states to open branches in the coun­try, a sta­tis­ti­cal re­port re­vealed yes­ter­day. Kuwait is host­ing eight branches of GCC com­mer­cial banks, fol­lowed by the UAE and Saudi Ara­bia, with six branches each, three in Bahrain and two in each of Oman and Qatar, the re­port, pre­pared by the in­for­ma­tion sec­tor at the GCC Sec­re­tariat and an­nounced Satur­day, stated.

It pointed to a rise in cap­i­tal­iz­ing on GCC’s res­o­lu­tion al­low­ing com­mer­cial banks to open branches in other mem­ber states over the past ten years, as they in­creased from 14 in 2005 to 27 branches in 2015. Ac­cord­ing to the re­port, the UAE’s com­mer­cial banks are the most preva­lent in the GCC states com­pared with eight branches, fol­lowed by Bahrain with six, as Qatar and Kuwait each has four.

Over the past ten years, there has been an in­crease in tak­ing ad­van­tage of GCC Eco­nomic Na­tion­al­ity and Com­mon Mar­ket res­o­lu­tions, that al­lowed GCC cit­i­zens free prac­tice of eco­nomic ac­tiv­i­ties in any of the mem­ber coun­tries, the re­port said. Ac­cu­mu­lated li­censes of­fered till the end of 2015 hit 76,991, com­pared with 16,215 at the end of 2006, mark­ing a rise of 375 per­cent.

Un­til the end of last year, the UAE has of­fered ac­cu­mu­lated 67,564 li­censes, about 88 per­cent of the to­tal fig­ure, fol­lowed by Oman with 3,538 (4.6 per­cent), then Kuwait with 3,453 li­censes (4.5 per­cent, Saudi Ara­bia with 1,900, Bahrain 280 and fi­nally Qatar with 256. In 1982, the GCC took a res­o­lu­tion that opened the door for cit­i­zens from the bloc’s coun­tries to launch busi­nesses in other mem­bers.


ABU DHABI: His High­ness the Amir Sheikh Sabah Al-Ah­mad Al-Jaber Al-Sabah, head­ing an of­fi­cial Kuwaiti del­e­ga­tion at­tended yes­ter­day the ‘Safe­guard­ing En­dan­gered Cul­tural Her­itage’ con­fer­ence in the Emi­rates’ cap­i­tal Abu Dhabi. Par­tic­i­pants in the con­fer­ence reaf­firmed their com­mon de­ter­mi­na­tion to cre­ate an in­ter­na­tional fund to safeguard the en­dan­gered cul­tural her­itage of all peo­ples. His High­ness the Amir re­turned to Kuwait af­ter at­tend­ing the con­fer­ence, and was re­ceived at the air­port by His High­ness the Crown Prince Sheikh Nawaf Al-Ah­mad Al-Jaber Al-Sabah and other se­nior state of­fi­cials.

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