Kuwait: Kuwait International Bank (KIB) recently offered its main sponsorship of the Tenders Forum for SMEs, which was organized by Emtidad Co. under the patronage of the Central Agency for Public Tenders at Shaheed Park Phase 2. The forum was attended by a number of members from the National Assembly, representatives from public and private entities, tender organizations, as well as a group of young entrepreneurs and small and medium sized business owners.
The forum featured a group of speakers who participated in four main sessions. During which, several important issues concerning SMEs were discussed, namely: a thorough explanation of Law No. 74/2019, opportunities available for entrepreneurs to bid for government projects, as well as a dynamic debate entitled ‘Government support for SMEs: political courtesy or economic benefit?’. Additionally, the forum discussed legislative gaps with decision-makers from the National Assembly in order to develop solutions that will help serve SMEs.
On this occasion, Deputy General Manager of Wholesale Banking – Head of Domestic Commercial Banking, Hesham Al-Mubaraki said: “Our sponsorship of this forum came as part of our strong belief in empowering youth and supporting local entrepreneurs. As part of our leading social responsibility program, we recognize the importance of promoting the culture of SMEs in order to improve the local labor market and diversify the economy, as well as increasing private sector participation in boosting economic development and encouraging youth to innovate.”
Al-Mubaraki also noted that KIB supports Amiri and government initiatives that support SMEs across the nation, as well as endorsing Law No. 74/2019 that allows entrepreneurs to benefit from tenders won by major companies. He also pointed out that this type of law empowers entrepreneurs to be more confident in their abilities as self-employed individuals to deliver more ideas that improve their position in the market.
Moreover, Al-Mubaraki added that KIB has established a special unit for financing SMEs that aims at helping young entrepreneurs understand the ins and outs of entrepreneurship. The Bank also supports and funds them in order for them to achieve their dreams, while also introducing them to possible risks they may face along their journey.
It is worth noting that KIB has always sought to empower youth, support their ideas, and adopt their projects whenever possible. As a cornerstone of its social responsibility program, the Bank strongly believes in the importance of investing in young local talents, thereby enabling them to reach their full potential as they are the key drivers of the nation’s future.
Kuwait International Bank (KIB) is a bank that operates according to the Islamic Shari’ah, based in the State of Kuwait. Incorporated in 1973, and originally known as Kuwait Real Estate Bank, KIB made the transition to its current Islamic operating model in 2007. In 2018, KIB embarked on a new phase of its journey full of innovation and development. As part of its new strategic direction, the Bank focuses on offering a next-level customer experience under the slogan: “Bank for Life”.
Through a network of branches spread across the State of Kuwait, KIB offers a broad range of banking products and services, as well as innovative digital banking solutions in line with international best standards. As part of its duty towards the community, the Bank also encompasses a leading social responsibility program that aims at positively impacting all members of the community through a wide range of impactful initiatives and activities.
Today, KIB has taken concrete steps in implementing its new strategic objectives. The Bank has cemented its role as a key player in the local banking industry and has continued to maintain its strong financial performance; enabling it to be globally recognized for its strong credit rating and financial position.
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© Press Release 2020