A CASE OF SUPPLY AND DEMAND
TBY talks to HE Yousef Al-Ebraheem, Economic Advisor to the Al-Diwan Al-Amiri, on the need for a rejuvenation of Kuwait's infrastructure to support an economy that has come a long way and the role education will play in delivering the expertise required by the society.
BIOGRAPHY
HE Yousef Al-Ebraheem serves as the Economic Advisor to the Al-Diwan Al-Amiri, the office of the Amir of Kuwait, in the capacity of minister. The issues of education and youth empowerment are in his portfolio. In the 1990s, he served as Dean of the School of Business at Kuwait University, followed by a distinguished career in academia and public service. Prior to his role as advisor to the Amir, Al-Ebraheem held several ministerial posts including Minister of Finance, Minister of Planning, and Minister of State for Administrative Development Affairs, as well as Minister of Education and Higher Education.How has the structural investment agenda impacted the economy in recent years and how does the office of Al-Amiri envision this moving forward?
Building up infrastructure is the role of the government and we have been a bit behind on this, but using the oil surplus for infrastructure is the best path we should take for the economy because it will be permanent, whereas savings or cash surpluses fade away. World-class infrastructure has a highly positive impact on the economy, society, and the quality of life, but this is not enough. A country does not build infrastructure to increase conceptual behavior, rather it should be a tool to increase productive behavior. New highways should not be built to encourage more driving, instead they should be used by trucks to deliver goods outside Kuwait or to make the import of goods cheaper, they should be a tool to enhance the economy. Secondly, there is the issue of maintenance, and it would be great if the private sector would take on that role, like we have seen with the development of the airport.
What are HH Al-Amiri's thoughts on having the curriculums of these universities aligned with industry demands?
In the last three years, most people have been speaking of the danger of the decline of oil prices on our budget deficit, but we should be more concerned about youth employment; that is the biggest problem facing Kuwait. The major challenge is to provide value-adding jobs for young Kuwaitis. The solution is not to employ them in the public sector, so we should encourage them to start their own companies or join private companies. Both public and private higher education have to adapt to this reality and meet the needs of society. It has to matter whether one has an arts or an engineering degree, and currently the public sector employs all regardless of their background. In the last five years we succeeded in changing the landscape, although there are still some issues; we do not necessarily need new economic activities that do not fit our country, but ultimately the market decides what will survive. We try to encourage IT, services, and export-oriented activities that will employ Kuwaitis. There is a difference between opening a restaurant and bringing in a dozen unskilled foreign laborers to do the work, and creating a company for two highly skilled Kuwaitis. We need a distinction that encourages value-adding economic activities, whilst leaving other industries to flourish by themselves.
What are the ambitions of HH Al-Almiri for the coming years?
His Highness Al-Amiri's vision is to see Kuwait as a regional hub for finance, commerce, and trade. The key to success here is that it is a stable region and HH Al-Amiri is working hard to bring every member of this region together to discuss how to bring about stability. Kuwait currently plays a major role in Iraq, bringing humanitarian aid to those in need and facilitating a dialog with Iran on behalf of the GCC. A stable region means a stable Kuwait, because we are just a small country. Secondly, HH Al-Amiri is pushing hard on our soft infrastructure, educating the management of our infrastructure projects, like the new seaport in the north and the Silk City. Kuwait has great potential for many reasons, and not just because our oil reserves or our financial strength. Our strengths are our people, our constitution and democracy, and our institutional setup. Kuwait has been through ups and downs, but has managed to sail through these dangers in a stable way. Comparing the exchange rate of the Kuwaiti dinar in 1962 to a basket of regional currencies with the rate in December 2016 shows how much it has preserved its value.
A CASE OF SUPPLY AND DEMAND
TABLE OF CONTENTS
Guest Speaker
Dato’ Sri Haji Mohammad Najib bin Tun Haji Abdul Razak, Prime Minister , Malaysia
TBY talks to Dato' Sri Haji Mohammad Najib bin Tun Haji Abdul Razak, Prime Minister of Malaysia, on the growing contribution that Islamic countries are making to the global economy and how Islamic financing can offer new opportunities to industry and academia.
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HE Khaled Nasser Abdullah Al-Roudan, Minister, Commerce and Industry (MoCI)
TBY talks to HE Khaled Nasser Abdullah Al-Roudan, Minister of Commerce and Industry (MoCI), on tools and strategies for diversifying the economy, the role of international players in supporting a wider range of sectors, and the rapidly developing food industry.
read articleInterview
HE Yousef Al-Ebraheem, Advisor , Al-Diwan Al-Amiri
TBY talks to HE Yousef Al-Ebraheem, Economic Advisor to the Al-Diwan Al-Amiri, on the need for a rejuvenation of Kuwait's infrastructure to support an economy that has come a long way and the role education will play in delivering the expertise required by the society.
read articleInterview
Dr. Khaled A. Mahdi, Secretary-General , Supreme Council for Planning & Development (GSSCPD)
TBY talks to Dr. Khaled A. Mahdi, Secretary General of the Supreme Council for Planning & Development (GSSCPD), on the breakdown of Kuwait's long-term economic plan, the KPIs that will benchmark its success, and what Vision 2035 means for the nature of the economy.
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Sheikh Dr. Meshaal Jaber Al Ahmed Al Sabah, Director General, Kuwait Direct Investment Promotion Authority (KDIPA)
TBY talks to Sheikh Dr. Meshaal Jaber Al Ahmed Al Sabah, Director General of the Kuwait Direct Investment Promotion Authority (KDIPA), on launching an investment promotion conference, attracting the right partners for PPP, and expectations for the year ahead.
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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 empowering young Kuwaitis, IT and entrepreneurialism, and the growth of fintech.
read articleFocus: Still all in the family?
Merchant families in Kuwait
Family-owned businesses play a major role in the Kuwaiti economy. However, with many approaching the third generation of management, they are starting to come across unique problems that may pose issues for the greater economy.
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HE Sheikh Abdullah Ahmad Al-Humoud Al-Sabah, Director, Environmental Public Authority (EPA)
TBY talks to HE Sheikh Abdullah Ahmad Al-Humoud Al-Sabah, Director of Environmental Public Authority (EPA), on how oil companies can contribute to Kuwait's vision on sustainability and the various projects that are coming to fruition.
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Dr. Samira S. Omar Asem, Director General, Kuwait Institute for Scientific Research (KISR)
TBY talks to Dr. Samira S. Omar Asem, Director General of the Kuwait Institute for Scientific Research (KISR), on commercializing the green innovations coming from R&D initiatives, the role of collaboration across multiple sectors, and projects that we should expect to see more of in the future.
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Khaled Abdulrazzaq Al Khaled, Vice-Chairman and CEO, Boursa Kuwait Company
TBY talks to Khaled Abdulrazzaq Al Khaled, Vice-Chairman and CEO of Boursa Kuwait Company, on the takeover of the Kuwait Stock Exchange and the role the bourse plays in both the privatization of government entities and as a source of capital for family businesses.
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HE Essam Abdul Mohsen Al-Marzouq, Minister, Oil & Minister of Electricity and Water
TBY talks to HE Essam Abdul Mohsen Al-Marzouq, Minister of Oil & Minister of Electricity and Water, on cooperation with other ministries, the private sector's role in energy, and upcoming regulations.
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Ghalib Shlash Safouq, Assistant Undersecretary for the Construction Projects Sector, Ministry of Public Works
TBY talks to Ghalib Shlash Safouq, Assistant Undersecretary for the Construction Projects Sector at the Ministry of Public Works, on Kuwaiti companies, the country's healthcare facilities, and the role of international companies.
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Khaled K. Al Mashaan, Vice-Chairman & CEO, ALARGAN International Real Estate Company
TBY talks to Khaled K. Al Mashaan, Vice-Chairman & CEO of ALARGAN International Real Estate Company, on drivers of growth, operating throughout the region, and real estate prices in Kuwait.
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Tawfiq Ahmed Bin Sultan, Chairman, Middle East Telecommunications Company (METCO)
TBY talks to Tawfiq Ahmed Bin Sultan, Chairman of the Middle East Telecommunications Company (METCO), on e-government potential, the future of the economy, and the state of technology uptake in Kuwait.
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Sheikh Yousef Abdullah Sabah Al-Nasser Al-Sabah, Director General, Kuwait Ports Authority (KPA)
TBY talks to Sheikh Yousef Abdullah Sabah Al-Nasser Al-Sabah, Director General of Kuwait Ports Authority (KPA), on his operational plans for the near future and turning Kuwait into a regional logistics hub.
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HE Khaled Nasser Abdullah Al-Roudan, Acting Minister, State for Youth Affairs
TBY talks to HE Khaled Nasser Abdullah Al-Roudan, Acting Minister of State for Youth Affairs, on e-platforms and blended learning programs, developing ICT skills, and preparing young people for tomorrow.
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Eng. Ali Hussein Al Youha, Secretary-General, National Council for Culture, Arts and Letters
TBY talks to Eng. Ali Hussein Al Youha, Secretary-General of the National Council for Culture, Arts and Letters, on the activities of the Council and works to preserve and enhance Kuwait's cultural heritage.
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