KUWAIT: Undersecretary of the Ministry of Finance Aseel Al-Munifi on Thursday reaffirmed the ministry’s commitment to supporting private sector initiatives aimed at advancing technology, digital transformation, and artificial intelligence (AI) in Kuwait. Al-Munifi made the remarks following her attendance and sponsorship of the 3rd Kuwait International Competition for Innovation, Entrepreneurship, Artificial Intelligence, and Technology, organized by Ecosystem for Administrative and Economic Consulting.
The event honored a group of award-winning innovators in economic diversification through innovation and digitization, with participants from Gulf, Arab and international countries. “The ministry’s participation reflects our belief in the importance of this event and its role in promoting digital transformation and AI applications to drive progress using modern technology,” Al-Munifi said. She also called on government agencies, educational institutions and the private sector to continuously enhance their operational systems.
She noted that the ministry is currently implementing similar initiatives through government contracts to advance technology, spearhead digital transformation in financial operations nationwide and streamline work procedures using modern technological solutions. Dr Hanadi Al-Mubarak, Director of Ecosystem Company, said the continuation of the competition, now in its third edition, stems from the company’s commitment to enhancing global competitiveness in innovation, entrepreneurship, and AI, as part of the Gulf and Arab Economic Initiative 2020. She added that this year’s edition will honor 100 winners from 22 Gulf, Arab and international countries.
Dr Al-Mubarak explained that the competition supports economic diversification in the Gulf and Arab region, fostering long-term investment and positioning the countries among the ranks of developed nations. The initiative aligns with global sustainable development goals for 2030 and serves as a platform for regional cooperation, facilitating the exchange of expertise, best practices and successful international applications. She stressed that the initiative also strengthens partnerships, develops skills and empowers the digital economy across the region.
A section of the audience attending the honoring ceremony of a group of award-winning innovators in the field of economic diversification.- KUNA photos
Debt collection
In another development, Minister of Commerce and Industry Khalifa Al-Ajeel on Thursday affirmed that the National Fund for Small and Medium Enterprises Development has been undertaking comprehensive measures since last March to collect debts and financial dues from a number of troubled projects, as part of its commitment to preserving public funds and enhancing financial and administrative discipline. Al-Ajeel, who also serves as Chairman of the Fund’s Board of Directors, said in a press statement that these measures are being implemented in accordance with the legal frameworks regulating the Fund’s work and in line with National Fund Law No (98) of 2013.
He added that the Fund has launched an organized collection and settlement plan designed to secure public rights without harming entrepreneurs. The Board of Directors had previously approved an amendment to the loan repayment mechanism, extending repayment periods to 15 years. This does not include the legally allowed grace period of up to three years, or the exceptional postponements of up to four years granted during the COVID-19 pandemic. Al-Ajeel explained that the amendment responds to the needs of SME owners seeking greater flexibility in managing their financial obligations, balancing the empowerment of entrepreneurs with the Fund’s financial sustainability.
He emphasized that the National Fund continues to support SME owners, who form a key pillar of the national economy. “Collection procedures aim to ensure justice and protect public funds, while providing ongoing technical and financial support to viable projects with real economic potential,” the minister said. Al-Ajeel also noted that the Fund’s Board of Directors convened today at the ministry’s headquarters to review progress on key financial and administrative files. He stressed that these efforts align with the government’s vision to establish a fair and sustainable financial environment that strengthens entrepreneurs’ confidence and encourages their contribution to the national economy. — KUNA
