Efforts to Reach a Unified Measurement Standard for Financial Inclusion in Arab Countries

The AMF sees financial inclusion a key policy objective to stimulate socio-economic wellbeing, equality, and shared prosperity, as well as to strengthen financial stability. (Asharq Al-Awsat)
The AMF sees financial inclusion a key policy objective to stimulate socio-economic wellbeing, equality, and shared prosperity, as well as to strengthen financial stability. (Asharq Al-Awsat)
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Efforts to Reach a Unified Measurement Standard for Financial Inclusion in Arab Countries

The AMF sees financial inclusion a key policy objective to stimulate socio-economic wellbeing, equality, and shared prosperity, as well as to strengthen financial stability. (Asharq Al-Awsat)
The AMF sees financial inclusion a key policy objective to stimulate socio-economic wellbeing, equality, and shared prosperity, as well as to strengthen financial stability. (Asharq Al-Awsat)

Director-General and Chairman of the Board of Directors of the Arab Monetary Fund (AMF) Abdul Rahman Al-Hamidy revealed efforts aimed at reaching a unified standard among Arab countries for measuring financial inclusion.

In remarks to Asharq Al-Awsat, Al-Hamidy underlined the importance of financial inclusion, as a key policy objective to stimulate socio-economic wellbeing, equality, and shared prosperity, as well as to strengthen financial stability.

“We are harnessing the current capabilities to advance financial inclusion because of its importance in creating jobs, and providing opportunities for young people, especially since the youth make up 60 percent of the Arab population,” he said.

Al-Hamidy explained that such efforts would make financial services accessible, appropriate, and affordable to the region’s population living in promising and remote areas, which in turn would contribute to sustainable development, in accordance with the UN Sustainable Development Goals (SDGs).

In this context, the Fund moves and coordinates with all Arab countries to reach a unified standard for measuring financial inclusion, he underlined.

On the AMF support for Arab countries, Al-Hamidy said eight Arab countries have benefitted from the loans system since the start of the Covid-19 pandemic until the first half of 2022. He explained that the value of the loans granted by the AMF have exceeded two billion dollars.

Al-Hamidy touched on the capabilities of the central banks in the Arab Gulf countries, saying: “They have reached advanced stages, and this helps them more in financial inclusion, by enabling everyone to access the financial sector…”

He highlighted the capabilities of the Saudi Central Bank, which he said surpassed global levels, in terms of technology and digital currencies.

Meanwhile, the second Arab-British Economic Summit 2022 will be held in London this Wednesday, under the slogan “Developing a Common Vision.”

Organized by the Arab-British Chamber of Commerce, the summit will be attended by more than 600 economic and financial figures, and aims to strengthen the strategic partnership between the United Kingdom and the Arab countries. Gatherers will also discuss renewable energy, the education and health sectors, the banking and financial revolution, and the promotion of digital cooperation.



Kuwait Seeks to Offer Flexible Incentives to Attract Foreign Investments

Kuwait City (Asharq Al-Awsat file photo)
Kuwait City (Asharq Al-Awsat file photo)
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Kuwait Seeks to Offer Flexible Incentives to Attract Foreign Investments

Kuwait City (Asharq Al-Awsat file photo)
Kuwait City (Asharq Al-Awsat file photo)

Mohammad Yaqoub, Assistant Director General for Business Development at Kuwait’s Direct Investment Promotion Authority (KDIPA), announced that Kuwait is actively working to boost investments in emerging sectors such as the management of government facilities, hospitals, and ports, including Mubarak Al-Kabeer Port.

He added that his country is collaborating with Saudi Arabia on joint projects, notably the development of a railway linking the two nations.

Speaking at the 28th Annual Global Investment Conference in Riyadh, Yaqoub highlighted the 650-kilometer railway project, which is expected to cut travel time between Saudi Arabia and Kuwait to under three hours. He clarified that this initiative is separate from the broader GCC railway network under development.

The official further emphasized Kuwait’s commitment to offering streamlined processes and incentives to attract foreign investment in critical sectors such as oil and gas, healthcare, education, and technology.

Since January 2015, the Gulf country has attracted cumulative foreign investments valued at approximately 1.7 billion Kuwaiti dinars ($5.8 billion). During the 2023–2024 fiscal year, KDIPA reported foreign investment inflows amounting to 206.9 million Kuwaiti dinars ($672 million).

Yaqoub stressed that KDIPA is focused on creating an investor-friendly environment by offering flexible incentives to attract international companies. He noted Saudi Arabia’s achievements in this area and highlighted his country’s efforts to provide comparable benefits to foreign investors.

He also expressed optimism about the potential for growth in foreign investments in Kuwait, emphasizing their role in advancing economic development in line with the United Nations’ Sustainable Development Goals (SDGs).

Yaqoub also underscored the strong synergy between the Kuwaiti and Saudi markets, which he said will help accelerate economic progress across the region.