NBK supports Kuwait’s mega industrial projects
KUWAIT: National Bank of Kuwait (NBK) is strongly committed to delivering its national role and supporting the state’s development plans in line with its strategic relationship and continuous communication with all government institutions.
In this context, NBK held a meeting at its Headquarters with the Public Authority for Industry’s management, during which they discussed PAI’s vision and strategy as well as its key projects, mainly including: establishing integrated fully-serviced industrial cities, and NBK’s role in securing financing solutions, investment services and banking advisory to support new development projects.
The meeting was attended by Abdul-Karim Taqi, General Manager- Public Authority for Industry, Salah Al-Fulaij, CEO of NBK - Kuwait, and Sulaiman AlMarzouq, Deputy CEO of NBK-Kuwait, in addition to a number of senior PAI’s officials and senior NBK’s executives from Foreign Corporate, Domestic Corporate, Economics & Research and NBK Capital.
“Our strategy at NBK is mainly focused on supporting development plans and backing the State’s agenda to advance economic growth, by providing all financing solutions, investment services and advisory as a key partner and the largest financier of all government development project”, Salah Al-Fulaij, CEO of NBK, said.
“We are firmly committed to supporting the industrial sector, and always look forward to supporting that strategic sector as we firmly believe in its pivotal role in diversifying the national economy, especially in light of the strong and extended relations that bind us with all parties involved in the sector, led by the Public Authority for Industry and key players in the industrial sector,” Al-Fulaij added.
Al-Fulaij indicated that PAI’s strategy lays out an integrated framework for its future plans set for developing the national industry and outlines a clear path for strategic partnerships and connecting the government with the private sector. He praised the authority’s efforts in developing the legislative and institutional environment to govern the industrial sector and for offering incentives to attract investment opportunities, encouraging research and innovation, and promoting industrial exports.
Al-Fulaij highlighted that the banking sector in Kuwait, spearheaded by NBK, is capable of meeting the substantial financing needs required to support PAI’s projects, most notably, a frontier project like the industrial cities. He reiterated that NBK enjoys a solid financial position and maintains strong capital and liquidity position, positioning it to maintain its position as the bank of choice for financing government projects.
On his part, Abdul-Karim Taqi, General Manager of Public Authority for Industry said: “We are pleased to communicate with NBK as a leading banking institution, as part of the continuous cooperation between PAI and the Kuwaiti banking sector, as we keep in touch with it to identify how possible it can contribute in financing industrial cities projects as well as to exchange opinions and suggestions, given the extensive experience of its cadres in this field.”
“We focus on accelerating the implementation of the necessary infrastructure projects for the industrial cities, which include mega, advanced projects in the petrochemicals industry, medical and foodstuff sectors, and 4th generation industries, in conjunction with preparing the necessary legislative framework to enable the success of our strategy in implementing these projects in partnership with the private sector,” he added.
Taqi accentuated that the projects are of huge size, which will generate large economic returns, expecting financing operations to witness the participation of Kuwaiti and international banking alliances. PAI’s vision to establish sustainable, environmentally friendly industrial cities that contribute to creating more diverse job opportunities is fully aligned with NBK’s strategy to promote future growth and maintain its leading position in supporting responsible business practices that contribute to sustainable growth and development of the local economy, as well as NBK’s initiatives, the latest of which was developing its sustainable financing framework.
NBK enjoys a dominant market share across all business sectors thanks to its resilient business model, solid financial position, its key role in financing development projects, and outperforming most key financial indicators compared to its local and regional peers, which is clearly reflected in all its exclusive and distinguished offerings. NBK continues to enjoy a very prominent position in the market, as Kuwait’s leading banking group in terms of total assets value, customer deposits, loans, and advances to customers. The bank also maintained its listing in the World’s 50 Safest Banks and was named as one of the top 10 banks in the region. Moreover, NBK was recognized as the most valuable banking brand in Kuwait.