National Bank of Kuwait Supports Public Authority for Industry Mega Projects

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  • Al-Fulaij: We are always eager to support the industrial sector as we strongly believe in its pivotal role in diversifying the national economy in line with Kuwait’s new vision.
  • Our strong financial position supports our ability to meet PAI’s strategic plans
  • PAI’s strategy outlines an integrated framework for the future of the national industry
  • Taqi: We are preparing a legislative framework to enable the success of our strategy of implementing projects in full partnership with the private sector
  • The size of the projects and the economic benefits are enormous, and we expect Kuwaiti and international banking alliances to participate in their financing.

The National Bank of Kuwait (NBK) is firmly committed to playing its national role and supporting the development plans of the state 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 management of the Public Authority for Industry, during which they discussed the vision and strategy of PAI as well as its key projects, including: the creation of fully equipped integrated industrial cities, and the role of NBK in securing financing solutions, investment services and banking advice to support new development projects.

The meeting was attended by Mr. Abdul-Karim Taqi, Director General – Public Authority for Industry, Mr. Salah Al-Fulaij, CEO of NBK – Kuwait, and Mr. Sulaiman Al-Marzouq, Deputy Director General of NBK- Kuwait, in addition to a number of senior PAI officials and senior NBK executives from foreign companies, domestic companies, economics and research and NBK Capital.

“Our strategy at NBK is primarily focused on supporting development plans and supporting the state program to advance economic growth, providing all financing solutions, investment services and consultancy as key partner and largest financier of all government development projects”. Mr. Salah Al-Fulaij, CEO of NBK, said.

“We are firmly committed to supporting the industrial sector and we always look forward to supporting this strategic sector as we strongly believe in its central role in diversifying the national economy, especially in light of the strong and extensive relations that bind us with all parties involved. in the sector, piloted by the Public Authority for Industry and key players in the industrial sector. Al-Fulaij added.

Al-Fulaij said PAI’s strategy establishes an integrated framework for its established future plans to develop the national industry and charts a clear path for strategic partnerships and government connection with the private sector. He praised the authority’s efforts to develop the legislative and institutional environment to govern the industrial sector and to provide incentives to attract investment opportunities, encourage research and innovation and promote industrial exports.

Al-Fulaij pointed out that the banking sector in Kuwait, led by NBK, is capable of meeting the substantial financing needs needed to support PAI projects, especially a border project like the industrial towns. He reiterated that the NBK enjoys a solid financial position and maintains a solid capital and liquidity position, positioning it to maintain its position as the bank of choice for the financing of government projects.

For his part, Mr. Abdul-Karim Taqi, Director General of the Public Authority for Industry, said: “We are pleased to communicate with NBK as a leading banking institution, within the framework of cooperation continues between PAI and the Kuwaiti banking sector, as we keep in touch with him to identify how he can contribute to the financing of industrial city projects as well as to exchange opinions and suggestions, given the vast experience of his frameworks in this area.

“We are focusing on accelerating the implementation of necessary infrastructure projects for industrial cities, which include advanced mega projects in the petrochemical industry, medical and food sectors and 4th generation industries, in conjunction with the preparation of the necessary legislative framework to enable the success of our strategy in the implementation of these projects in partnership with the private sector,” he added.

Taqi stressed that the projects are large in scale, which will generate significant economic returns, expecting the financing deals to see the participation of Kuwaiti and international banking alliances.

PAI’s vision of establishing sustainable and environmentally friendly industrial cities that help create more diverse employment opportunities is fully aligned with NBK’s strategy to promote future growth and maintain its leadership position in supporting responsible business practices that contribute to the sustainable growth and development of the local economy, as well as NBK’s initiatives, the latest of which was the development of its Sustainable Finance Framework.

NBK enjoys a dominant market share across all business segments thanks to its resilient business model, strong financial position, key role in development project financing and outperformance across most key financial indicators compared to its local and regional peers, which is clearly reflected in all of its exclusive and distinguished offerings.

NBK continues to enjoy a very strong position in the market, being the leading banking group in Kuwait in terms of total value of assets, 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. Additionally, NBK has been recognized as the most valuable banking brand in Kuwait.

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