Kuwait ‘wins’ int’l award for best emergency control room
MoI team presents working paper explaining operating systems
BERLIN, May 16, (KUNA): Kuwait was selected as one of the top three emergency control rooms at an International Telecommunication Exhibition.
A delegation from the Ministry of Interior participated in the Critical Communications World (CCW) exhibition being held in Berlin between May 15 and 17.
The participating delegation presented a working paper explaining the operating systems used in the emergency control room.
It included methods of connecting communication and tracking systems, the safety operator system, the live video transmission of vertical flight and cameras deployed in vital facilities in the State of Kuwait.
The selection of winners was overseen by nine judges with at least 25 years of experience in emergency security communications.
They chose Kuwait’s paper along with the Detroit Control Room, which is supervised by Motorola Company and the British (ABD) company.
The Ministry of Interior participated with a high-level delegation that included Assistant Undersecretary for Operations, Major General Jamal Al-Sayegh, Est Jamal Al-Foudari, Col Zakaria Al-Ansari, Colonel Osama Al-Wahib, and Kuwait’s Deputy Ambassador to Berlin, Counselor Hamad Al-Hazeem.
The exhibition is held once every two years, with the participation of many international government security and military agencies, major software companies and modern telecommunications equipment factories.
The Central Bank of Kuwait has asked banks to rely on more than one accounting scenario, with the assessment of the Shared Electronic Banking Service Company K-Net, and not just the traditional way in the case of regular investment sharing, reports Al-Rai daily quoting sources.
The Board of Directors of K-Net agreed a few months ago to appoint KPMG as an independent consultant to assess the company, in preparation for redistribution of its shares, after all banks agreed to enter the Central Bank as a shareholder.
The sources pointed out that the Central Bank has modified its open discussion with the banks on the possibility of its sharing in K-Net and asked for evaluating the company according to 3 scenarios. The first is based on determining the market value of the company according to its financial data and current revenues.
The second is being prepared on the basis of the assumption that the company is implementing the Kuwait National Payment System, in an effort to develop the system of financial payments and achieve significant benefits at the level of the financial services sector.
The source explained this scenario must take into account that the current work of K-Net is limited to providing three key services, Point of Sale and ATM and the portal payments, and that this will change the type and size if provided to the new system.
The sources pointed out that the third scenario will be based on determining the value of the company with the assumption of the exclusion of K-Net from the implementation of the new payment system, and be implemented by the Central Bank in cooperation with banks.
In this case the work of the company will decline taking into account changes which can accompany this both at the level of their realized revenues and their financial stability.
The sources pointed out that all of the K-Net valuation scenarios, with a capital of KD 900,000, will be based on the international accounting standards, which include the estimation of the current cash flows in each scenario, the annual revenues of the company, the rates of their annual net profits and their sustainability, its current systems, assets and number of points of sales (POS) 55,000, terminals as well as the value of the company’s market license as a unique
business activity in the local market.
The sources stated that the purpose of the request for the evaluation of K-Net according to three scenarios is due to the regulatory desire to achieve the accounting
fairness of the Central Bank, the banks and the company, since the value of the Central Bank’s contribution to K-Net cannot be estimated, such as investment operations between an ordinary shareholder
and a company, but based on what a regulatory system may add to the company and its shareholders with a system of financial payments that would make a big difference in the type and size of K-Net’s business.