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|17 September, 2018

Kuwait maps out a plan to build ‘competitive market’: watchdog

The strategy aims to meet precise objectives, including building an effective and highly competitive market

Image used for illustrative purpose. Sunset over the artificial lake at Al Shaheed Park with Kuwait City Skyline in the background, Kuwait City Kuwait - November 10, 2017. IMAGE USED FOR ILLUSTRATIVE PURPOSE ONLY

Image used for illustrative purpose. Sunset over the artificial lake at Al Shaheed Park with Kuwait City Skyline in the background, Kuwait City Kuwait - November 10, 2017. IMAGE USED FOR ILLUSTRATIVE PURPOSE ONLY

Getty Images/Emad Aljumah

KUWAIT CITY - Kuwait’s competition protection authority has introduced a carefully mapped out plan in an effort to increase competitiveness in the local market. The strategy aims to meet precise objectives, including building an effective and highly competitive market, the competition watchdog’s head Dr Rashid Al-Ajmi said in a statement on Sunday. “The national economy is the ultimate beneficiary if an intensely competitive market is built,” Al-Ajmi said, pointing out that the watchdog has the capabilities needed to root out any practices seen as injurious to the local market.

The plan will be carried out over three different phases in the next few years, focusing on training programs for employees across the government sector, in addition to broad reforms that support a more robust economy. Meanwhile, the competition watchdog has also embraced a new slogan in line with the substantial changes to Kuwait’s economic policies.

Meanwhile, Kuwait Banking Association said on Sunday that the 10th edition of the Euromoney Kuwait Conference would be held in the country on Sept 25. The planned conference will address the Kuwaiti government economic vision until 2035, with the aim of analyzing response of the financial sector to the strategy and its impact on the domestic economy. Adel Abdul Wahab Al-Majed, Vice-Chairman of Kuwait Banking Association, affirmed in a statement today significance of holding the conference for tackling pivotal issues concerning the national economy. Up to 500 elite economic and financial figures will partake in the scheduled economic event. The local and foreign participants will include chairs and chief executives of local banks.

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In the meantime, Kuwait National Petroleum Company (KNPC) honored on Sunday one of its finest employees Ahmad Al-Oun after being awarded best promising engineer in 2018 by Hydrocarbon Processing magazine, ranking among the six top engineers worldwide.

In a press statement, KNPC’s CEO Mohammad Al-Mutairi expressed his pride in his country’s men who represent Kuwait locally, regionally and internationally through their outstanding professional efforts. “Al-Oun, who works as a senior engineer at the company, was nominated for fulfilling the magazine’s standards; work experience, personal assessment and participation in international conferences,” said Al-Mutairi. Since 1922, management and technical professionals from petroleum refining, gas processing, petrochemical/chemical and engineer/constructor companies throughout the world have turned to hydrocarbon processing for high quality technical and operating information

 
 

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