BANKING
Vision 2035, combined with private-sector efforts, might be the stimulus needed to further diversify Kuwait's economy and fast track growth.

Citi is harnessing technology to drive growth and client engagement. Globally on the retail front, through our app, Citi is one of the few global banks to deliver banking, trading, and money movement on mobile. On an institutional front, Citi is among the first to offer online corporate banking on a global scale. Today, our CitiDirect cash management platform has over a half a million users, is active in 135 currencies, and operates in 26 languages. Since launching our mobile CitiDirect, volumes have grown from USD1 billion in 2012 to over USD2 trillion recently. In addition, Citi uses a multipronged approach. Through Citi Ventures, we co-create with our clients in our innovation laboratories around the world, collaborating with other external stakeholders, from corporations to universities. The scale and breadth of our footprint makes us a great partner to start-ups. We can work with them in order to pilot different solutions that, if viable, can easily be taken globally thanks to Citi. In Kuwait, and as part of our corporate social responsibility, we have organized several workshops around technology and innovations themes, such as “the Bank of the Future” and “Cybersecurity” workshops in collaboration with the Kuwait Banking Association. These have received extremely positive feedback from the entire banking community.

Investment has always been a core focus of the bank. We are a sharia-compliant bank, and sharia-compliant lending is not the sole revenue generator for Islamic banks. Investing in the real economy and in tangible assets is intrinsic to Islamic banking, which is a key distinguishing feature of Islamic banking. Part of our strategy has always been to invest a portion of the bank's balance sheet in assets that would diversify the revenue sources over the years. Today, the asset management business in Kuwait is dominated by conventional banks and conventional investment managers. Sharia-compliant banks occupy about 42% of the market share from an asset base standpoint. However, in terms of assets under management between conventional products and Islamic products, only 10% is held under Islamic asset managers. In addition, there is a natural affinity by locals toward Islamic banking, as we have been witnessing the growth of the Islamic banking market share over the years. Even though the sharia-compliant asset management sector is still nascent, the Islamic sector is vibrant, and it is up to institutions such as Warba Bank to bring products into the market that cater to their financial ambitions. Our goal is to contribute to the development of the sharia-compliant investment management sphere.

In 2018, AUB announced a partnership with Ajar Online to allow people to make their rental payment online. The new online service allows landlords to remind tenants that rental payments are due and tenants to pay their dues in a fast and secure method through mobile or online. In order to cater to those who do not wish to pay online, we have established new cash collection points found at any one of AUB's Kuwait branches. Hence, whilst we wish to automate and digitize as much as possible, we remain conscious that not all customers fully embrace new technology, and we do not want to exclude them from the services we offer. Our approach to innovation is driven by solving such challenges and creating new opportunities. Another example is AUB's advanced cash management solution for corporates called B2B. It supports customers in all aspects of payments, liquidity management, and reconciliation. In recent months we have made a mobile version of this tool. This allows the key individuals of our corporate clients to be able to monitor balances and approve payments on the go. We have a number of other new solutions being rolled out in the coming months that will help our corporate and individual customers.

TABLE OF CONTENTS
Interview
Adel Abdul Wahab Al-Majed , Chairman, Kuwait Banking Association (KBA)
Through a broad array of information, specialized committees, staff expertise, and other resources, KBA supports Kuwait's banks as they perform their critical role in energizing the economy and helping communities thrive.
read articleInterview
Sheikh Dr. Meshaal Jaber Al-Ahmed Al-Sabah, Director General, Kuwait Direct Investment Promotion Authority (KDIPA)
KDIPA adopts a proactive approach to attract value-added direct investments supported by an integrated promotional strategy serving Kuwait's developmental goals in line with its National Vision 2035.
read articleCommuniqué
Legal Reform and Infrastructure Projects Spell Opportunity for Foreign Investors
Along with the introduction and modernization of new laws and regulations, the vision of His Highness Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah to transform Kuwait into an international center for commerce and industry by 2035 is already being implemented through Kuwait's National Development Plan. Coupled with the promulgation of progressive FDI regulations, these new opportunities spell positive news for foreign companies looking to conduct business in Kuwait.
read articleFocus: Developing connectivity
Connecting the Dots
Today, connectivity is hardly indispensible for individuals and the companies where they work. Kuwait's smart cities, considered elsewhere in the book, will thrive on it, and meanwhile the nation continues to register notable business deals from the informatics sector.
read articleInterview
Khalid Abbas , Country Manager-Kuwait, Unilever
Contributing to the improved health and wellbeing of communities and reducing environmental footprint are key priorities for Unilever, which is committed to improving the health and wellbeing of up to 1 billion people globally by 2020.
read articleInterview
Mohammed Yousif Soud Al-Sabah , Board Chairman & Director, Public Authority of Agriculture Affairs and Fish Resources (PAAAFR)
PAAAFR has adapted a package of policies to face challenges inherent to deserts, hot climate, and water scarcity, bringing Kuwait closer to achieving national food security, one step at a time.
read articleInterview
Yang Chunsen, Vice President/ Chief Representative, China State Construction Engineering Corporation Middle East (CSCME) Kuwait
CSCME is a technology-driven company that leverages its R&D and long-standing partnership with the government to increase its participation in the future development of Kuwait.
read article