IM­PER­A­TIVE

DE­SPITE THE MYR­IAD CHAL­LENGES, KUWAIT IS LEVER­AG­ING THIS MO­MENT TO FUR­THER AD­VANCE DIG­I­TAL­IZA­TION AND IN­FRA­STRUC­TURE DE­VEL­OP­MENT AS WELL AS IN­TE­GRATE THE TWO.

The Business Year Special Report - - Focus -

AS KUWAIT BE­GINS TO LOOK AT LIFE POST COVID-19, the coun­try stands read­ier than most to ad­just to the new nor­mal. With every mo­ment of chaos comes op­por­tu­nity and with every cloud a sil­ver lin­ing. So too is this the case with Kuwait’s ex­pe­ri­ence through­out the global pan­demic. COVID-19 has ac­cel­er­ated the dig­i­tal switch across sec­tors and the de­vel­op­ment of in­fra­struc­ture projects. Al­ready Kuwait is the first coun­try in the Gulf Co­op­er­a­tion Coun­cil to have in­te­grated 5G at scale, high­light­ing the entreprene­urial and tech-savvy mind­set al­ready in place at the on­set of the coro­n­avirus pan­demic. Dig­i­tal­iza­tion has been a key tenet of Kuwait’s Vi­sion 2035 with strides made in that di­rec­tion over the last year. And this has po­si­tioned Kuwait very well for such an un­prece­dented event. On an in­di­vid­ual level, Kuwaitis eas­ily adapted to the con­di­tions brought about by COVID-19 and ex­pe­ri­enced all around the busi­ness world, namely re­mote work­ing and flex­i­ble hours. On the macro level, this forced ac­cel­er­a­tion of dig­i­tal­iza­tion that will pay sig­nif­i­cant div­i­dends for the coun­try’s economy.

Kuwait’s govern­ment has played a key role in swiftly amend­ing reg­u­la­tion to as­sist dig­i­tal­iza­tion as many of the bar­ri­ers pre­vi­ously in­hibit­ing progress were le­gal. Dur­ing the last few months, Kuwait’s govern­ment as shown ex­pe­di­ence in their abil­ity to up­date laws as re­quired to adapt to elec­tronic de­vel­op­ment. This ac­com­mo­da­tion has led to es­sen­tial govern­ment ser­vices be­ing up­loaded on­line, in­clud­ing vot­ing for in­vestors’ an­nual gen­eral meet­ings. This in com­bi­na­tion with other on­line ser­vices from Kuwait Clear­ing Com­pany cre­ates far greater ac­cess to re­sources and in­creases ef­fi­ciency for cap­i­tal mar­ket ac­tiv­i­ties. More­over, this mod­ern­iza­tion has pre­sented a huge raft of op­por­tu­ni­ties due to progress to­ward

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