FOREWORD TO THE BUSINESS YEAR: KUWAIT 2016
His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah

BIOGRAPHY
Born in Kuwait on June 16th, 1929, His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah was educated in Kuwait’s schools, completing his studies with private tutors. Over the course of his career he has held positions including being Head of the Department of Press and Publications (1955) and Minister of Guidance and Information of the State of Kuwait (1962). In 1963, HH became the Foreign Minister of the State of Kuwait, a position he continued to hold throughout each Kuwaiti cabinet that was formed following Kuwait’s independence until April 20, 1991. In addition to his post as Foreign Minister, HH held the position of Acting Minister of Information (1971–75), and took on the role as Deputy Prime Minister in 1978. While maintaining his positions as Deputy Prime Minister and Minister of Foreign Affairs, HH became Minister of Information in 1982. In 1985, HH held the posts of Deputy Prime Minister and Minister of Foreign Affairs, and became First Deputy Prime Minister and Minister of Foreign Affairs in 1992. HH is a Member of the Organizational Body of the Higher Council and Member of the Building and Construction Council. A widower and father to three sons and one daughter, his leisure interests include fishing.Kuwait is a State of stability, vision, and sustainability. With increasing regional instability, Kuwait remains a secure and stable country, where its people enjoy freedom and compassion. While its neighbors have become embroiled in civil wars, sectarian and ethnic conflicts waged by armed groups and organizations that spread fear and terror, Kuwait continues to remain strong and resists these heinous people thanks to the hard work of our security authorities who have maintained the safety of Kuwaiti citizens. Our constitution is based on the founding principles of security, stability, and the rule of law. These are the rules upon which we all depend to maintain public life and continuing the services and facilities that make up all aspects of life. We must protect our national unity.
Regionally, as an integral part and founding member of the GCC, Kuwait sees any threat targeting one member state as a threat to all. We will reject any attack on the GCC and cooperate to defeat it. The GCC is a great example of what can be achieved through cooperation and dialog. Beyond defense and security issues, the GCC has helped its member states realize remarkable achievements on the regional and international level through the common values of kinship and brotherhood. Kuwait will continue to adhere to the founding principles of the GCC and to work hard to strengthen the bloc and its member states with dignity and pride.
Internationally, our support of the 17 sustainable development goals adopted by the UN in New York in September 2015, with their three economic, social, and environmental dimensions is evidence of Kuwait's commitment to supporting global development and the eradication of poverty. Still, the targeted sustainable development goals do face challenges, due to human behavioral patterns, the impact of natural disasters, and climate change, which only increases our responsibility to act. In order to implement our aspirations, we must work effectively through teamwork and global partnerships in accordance with the principle of shared responsibility, while taking into account the differing burdens faced by our partners beyond the development goals of 2015 and in their efforts to eradicate poverty by 2030. In this regard, Kuwait maintains and emphasizes the need for countries to fulfill their commitment to allocate 0.7% of GNP to securing access of developing countries to sustainable funding. Kuwait is keen to assume its regional and international role in this regard and take up its responsibilities toward achieving the development goals set out by the UN, while working to strengthen and address these issues in a positive and more effective manner.
It is a source of pride for all Kuwaitis that even as a developing country itself, it is Kuwait that assumed the top position in the provision of humanitarian assistance in 2014 according to the Global Humanitarian Aid report issued by the Development Initiative Organization. Total aid donated by Kuwait in 2014 accounted for 0.24% of our GDP, the highest among any of the donor countries globally. We are set to continue on this path and are keen to maintain our role as a humanitarian leader. Kuwait will spare no effort when it comes to helping and providing assistance to developing countries, as well as those that have been afflicted and ravaged by war and terrorism. One of the main vehicles for achieving this goal is the Kuwait Fund for Development, which provides loans and grants to establish infrastructure projects for these countries. We are proud to say that over the past few years, Kuwait has continued in its efforts to provide developmental assistance, which has amounted to 2.1% of GDP, more than double the agreed international rate.
In order to maintain Kuwait's good fortune, stability, and economic security, there are certain factors that have to be addressed locally. Primarily, the country's reliance on oil and oil revenues is something that we must reverse to ensure the long-term sustainability of Kuwait and its citizens. In relation to this, the consumption pattern of our society is something we have warned of in the past and still believe needs to be examined. Continued increases in government spending with no added revenues will only have a negative effect on the country's real value, and its citizens, who are the main pillar of stability, progress, and development. Oil prices have made headlines globally in 2015, and have led to a dramatic decline in state revenues; however, public spending has continued at the same rate without any decline, which in turn has created a state budget deficit. This is a burden and could potentially limit development and our ambitions if it were to continue without any action. Hence, urgent economic reform to reduce public expenditure while at the same time not harming the quality of services is necessary. The need to address economic imbalances is immediate to ensure the deficit remains in control and also allows for the creation of a sustainable Kuwait for generations to come. Still, this will require a great effort on the part of the private and public sector as well as higher costs. However, the benefits from a diversified economy will be reaped by all. The government will rule by example and embody the discipline and commitment to the reforms necessary and set forth programs that will take advantage of the opportunity to correct the economic course of Kuwait through seeking alternative sources of income that reinforce the capability and potential of this great State. In doing this, we hope every citizen will realize the importance of these reforms. Through responsible management, we hope everyone will work toward meeting the requirements for success, while emphasizing the constant desire not to affect the living standards of any of the citizens of Kuwait, the needy, or our future generations.
The goal of sustainable development and a diversified economy require us to act with innovative methods. To ensure the long-term development of Kuwait, we must work in partnership on both a regional and international level. The commitment of Kuwait's government to economic reform and diversification will help protect living standards of citizens for generations to come. Still, we will not lose sight of our global role and responsibility to help, support, and aid developing countries, which will ensure the economic growth of Kuwait's neighbors, and in turn, Kuwait.

TABLE OF CONTENTS
Guest Speaker
Stefan M. Stelig, Under Secretary of Commerce and International Trade, US Department of Commerce
TBY talks to Stefan M. Stelig, Under Secretary of Commerce and International Trade at the US Department of Commerce, on relations between the two countries and how companies can take advantage of new opportunities.
read articleInterview
HE Prof.Dr. Hilal Al Sayer, President, Kuwait Red Crescent Society (KRCS)
TBY talks to HE Prof.Dr. Hilal Al Sayer, President of the Kuwait Red Crescent Society (KRCS) and Former Minister of Health of Kuwait, on both national and international projects as well as working with the private sector.
read articleFocus: Humanitarian Center
Charitable by Tradition
With global concerns surrounding issues like poverty, disease, and climate change, Kuwait has pledged to retain its position as a leader in providing humanitarian aid around the world as the UN pushes forth its 2030 sustainable development agenda.
read articleInterview
Dr. Meshaal Jaber Al Ahmed Al Sabah, Director General, Kuwait Direct Investment Promotion Authority (KDIPA)
TBY talks to Dr. Meshaal Jaber Al Ahmed Al Sabah, Director General of the Kuwait Direct Investment Promotion Authority (KDIPA), on new investment conditions, sectors that stand to benefit, and the importance of bringing in know-how.
read articleInterview
Rabah A. Al Rabah, Director General, Kuwait Chamber of Commerce & Industry (KCCI)
TBY talks to Rabah A. Al Rabah, Director General of the Kuwait Chamber of Commerce & Industry (KCCI), on decades of development, growing the private sector, and lowering barriers to investment.
read articleFocus: Attracting FDI
Go With The Flow
In recent years, Kuwait has been ranked first in the GCC in terms of outward investment. Shifts in Kuwait's business and investment environment indicate the country's desire to turn some of that investment inward, and also attract more targeted FDI into the country.
read articleInterview
HE Dr. Mohammad M. Al-Zuhair, Executive Chairman, Kuwait National Fund for Small and Medium Enterprise Development
TBY talks to HE Dr. Mohammad M. Al-Zuhair, Executive Chairman of the Kuwait National Fund for Small and Medium Enterprise Development, on helping startups succeed and expand their reach beyond Kuwait.
read articleInterview
Khaled Abdulrazzaq Al Khaled, Chairman of the Board & CEO , Boursa Kuwait Securities Company (BKSC)
TBY talks to Khaled Abdulrazzaq Al Khaled, Chairman of the Board & CEO of Boursa Kuwait Securities Company (BKSC), on choosing privatization and its possible effects on the economy at large.
read articleInterview
Issam Z. Al Tawari, Former Chairman & Managing Director, Rasameel Structured Finance Company
TBY talks to Issam Z. Al Tawari, Former Chairman & Managing Director of Rasameel Structured Finance Company, on asset structuring, choosing clients, and trends in the sukuk market.
read articleInterview
Maha K. Al-Ghunaim, Vice Chairman & Group CEO, Global Investment House (Global)
TBY talks to Maha K. Al-Ghunaim, Vice Chairman & Group CEO of Global Investment House (Global), on what it offers to companies that are looking for a local partner within the GCC and MENA region, new products, and expectations for 2016.
read articleFocus: Insurance Regulator
Raising the Bar
The establishment of an independent regulatory body in Kuwait's insurance sector would be a major improvement in the local insurance industry and could lead to increased investor interest in this growing segment of the country's financial sector.
read articleInterview
Sheikh Nawaf Saud Al-Nasir Al-Sabah, CEO, Kuwait Foreign Petroleum Exploration Company (KUFPEC)
TBY talks to Sheikh Nawaf Saud Al-Nasir Al-Sabah, CEO of Kuwait Foreign Petroleum Exploration Company (KUFPEC), on how the company is performing, low oil prices, and the outlook for 2016.
read articleInterview: Greasing the Wheels
Bakheet Al-Rashidi, President, Kuwait Petroleum International (KPI)
TBY talks to Bakheet Al-Rashidi, President of Kuwait Petroleum International (KPI) & CEO of KPC Holdings Aruba, on its international structure, its lube operations, and its global presence and strategy.
read articleFocus: Al-Zour Refinery Project
In-house Solution
State-owned Kuwait National Petroleum Company (KNPC) awarded contracts for the construction of the world's fifth biggest refinery. The new facility will nearly double the country's capacity and is expected to partially offset the downward trend in oil price.
read articleInterview
Sheikha Intisar Salem al-Ali al-Sabah, Founder & CEO, Lulua Publishing
TBY talks to Sheikha Intisar Salem al-Ali al-Sabah, Founder & CEO of Lulua Publishing, on empowering a generation of readers, regional trends in publishing, and the future of content creation in Kuwait.
read articleReview: Transport
Only Connect
The government has earmarked $112 billion for investment across different sectors, including road, ports and airport infrastructure, water, power and social infrastructure, a metro, and national rail network. Widely viewed as an avenue to boost foreign investment, these projects will also incorporate private sector involvement.
read articleInterview
Eng. Khaled K. Al Mashaan, Vice Chairman & CEO, ALARGAN International Real Estate
TBY talks to Eng. Khaled K. Al Mashaan, Vice Chairman & CEO of ALARGAN International Real Estate, on the company's strategy for growth and choosing local partners, and investment opportunities in the mid-market segment.
read articleFocus: Building Local Capacity
Care Package
Demand in terms of the quality and quantity of healthcare services and capacity is growing rapidly as Kuwait's expanding population—rising both in income and life expectancy—creates challenges for the country's healthcare infrastructure and workforce.
read articleInterview
Dr. Hanan Al-Mutawa, Co-Founder & Chair, Education Consortium, Executive Committee Member Supreme Education Council
TBY talks to Dr. Hanan Al-Mutawa, Co-Founder & Chair, Education Consortium, Executive Committee Member Supreme Education Council, on the education sector in Kuwait and challenges in the private sector.
read articleInterview
HE Sheikha Hussah Sabah Al-Salem Al-Sabah, Director General, Dar al-Athar al-Islamiyyah (DAI)
TBY talks to HE Sheikha Hussah Sabah Al-Salem Al-Sabah, Director General of Dar al-Athar al-Islamiyyah (DAI), on working to preserve and enhance the unique culture of the country and region.
read articlePhoto Essay: Failaka Island
Merchant’s Paradise
Archaeologists have uncovered a rich past on Kuwait's Failaka Island stretching back over 4,000 years. From the halcyon days of ancient civilizations to Saddam Hussein's invasion in 1990, Failaka Island carries with it a rich history, making it a potential candidate for UNESCO World Heritage Site status.
read articleReview: DOING BUSINESS
Seize the Opportunity
With an economy dominated by crude oil reserves, Kuwait has recently developed and implemented a number of programs and initiatives that aim to move the country away from its heavy reliance on the resource and diversify into other industries.
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