STRONG ENTREPRENEURIAL SCENE
TBY talks to Anwaar AlMahmeed, Co-Founder of East Chain Co., on Finance sector.
BIOGRAPHY
Anwaar AlMahmeed is the co-founder of the East Chain Co. Before founding the East Chain Co., she was product development manager at Boursa Kuwait during its initial privatization phase. She started her career in the Kuwait Investment Authority’s training program in 2011, in which she interned at State Street’s Financial Securities department and later joined the Hedge Fund Department at the KIA.To what extent is blockchain technology being implemented in Kuwait, and how can it be utilized?
Kuwait is still learning more about blockchain, though we have witnessed significant interest from many government institutions and private companies, as well as individuals. Agility, NBK, and Kuwait Foundation for the Advancement of Science (KFAS) are among the businesses and organizations that have taken initiative with blockchain so far, and recently, the Central Bank of Kuwait (CBK) announced it is working on a digital currency that will be released in Kuwait in the next few years. This is great relative to our region, as we seem to be moving ahead of many of our neighbors. Nonetheless, the infrastructure layers are still being built, and we are not yet ready for the applications.
In what ways can blockchain spur the growing entrepreneurial sector and turn Kuwait into a regional hub for transformative technologies?
There are many ways blockchain can help entrepreneurs. However, since this technology is still being developed, it is difficult for entrepreneurs to utilize blockchain today for their regular activities. East Chain Co. invested in Republic, a crowdfunding platform for accredited as well as non-accredited investors in the US and around the world. Through a platform like Republic, one can invest in equities or tokens of start-ups. Kuwait has a strong entrepreneurial scene, and it needs support in funding, business development, and operations. Blockchain offers the solutions to this and revolutionizes the way we do business. Furthermore, it will transform Kuwait into a hub for entrepreneurs. Entrepreneurs will have a new world of opportunities and a fresh, new canvas to paint their dreams on. Blockchain is expected to generate significantly more value than the USD10 trillion already generated by the internet in the last two decades. The internet was able to create this value through online communications; we cannot imagine how much value blockchain will unlock through adding digital assets to those online communications. The internet had to be built from the ground up; however, blockchain is built on the internet, allowing a quicker spread implementation.
STRONG ENTREPRENEURIAL SCENE
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.
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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.
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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.
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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.
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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.
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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.
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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.
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