05/02/2025
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05/02/2025
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KUWAIT CITY, Feb 5: Ms. Shaikha Al-Bahar, Deputy Group CEO at National Bank of Kuwait (NBK) mentioned that despite the spark of geopolitical tensions, its negative consequences on the business environment and the downside cycle of interest rates, the bank managed to sustain profit trends across different business lines in 2024.
In an interview of CNBC International, Al-Bahar added, “Our resilience against challenges testifies the success of our diverse strategic initiatives in creating value to customers, communities and stakeholders alike.”
Government agenda priorities
Al-Bahar went on to say that on the legislative front, developments on long-awaited laws are progressing with expectations of their passing in the near future. “On the debt law front, it remains a top priority on the government’s agenda given the ever-increasing level of public spending, volatile oil revenues, and efforts to elevate sovereign ratings.”
“The government seeks to promote FDIs through increasing investment opportunities in the field of renewable energy, infrastructure, tourism and technology, as well as increasing non-oil revenues to contribute initially to 10% of total revenues; with efforts to increase this contribution to higher levels in line with GCC peers through revisions of taxes and fees frameworks and diversifying income and limiting spending and injecting government investments in the domestic economy.”
“With regards to mortgages, we witnessed some adjustments to the underlying laws for housing as an instance, which shall facilitate in part the passing of the mortgage law. Overall and in the presence of such developments, we are becoming more and more optimistic with regards to the passing of key laws including the mortgage and debt law soon as the government is clearly pushing towards structural reforms,” she added.
Strong year for project awards
On the pickup in development project market, Al-Bahar commented, “Project awards positive momentum in 2024 continued in each quarter.
“The government also recently announced the inclusion of more than 100 projects in the 2025-2026 budget, covering the state’s needs in various sectors at a cost of KD1.7 billion,” she explained.
Innovation and excellence
Al-Bahar mentioned that NBK constantly strives for excellence and innovation in all products and services provided to customers as the cornerstones of its success.
“We will continue demonstrating agility and resilience in navigating the evolving economic landscape and seizing emerging opportunities with cutting-edge technologies and data-driven strategies,” she said.
“In Kuwait, on the retail front, we will continue with improving our digital offerings towards targeting various client segments and boosting customer satisfaction.”
“With the domestic corporate banking landscape poised to improve on the back of projects activity momentum, we will focus on capturing growth opportunities including enhanced services through a customer-centric approach. Beyond borders, our international banking group will continue to expand in key markets, optimizing costs and leveraging technology to enhance operational efficiency in addition to exploring opportunities in sustainable finance,” she explained
“Likewise, as we continue to stand-out in building a wealth management powerhouse, NBK Wealth aims to broaden reach by presence and advisory and investment offerings to enrich client experience.”
High adaptability
Al-Bahar emphasized that NBK’s adaptable business model will operationally benefit the bank in diversifying revenue streams, focus on core banking activities and mitigate risks when it comes to facing global and regional challenges.
“Our ability to adjust to changing economic conditions is demonstrated through the execution of our strategic investments and diversification of our strategy, reflecting our high asset quality, ample liquidity and a historically strong balance sheet.”
“With our global presence across 13 markets, we stood resilient in the face of challenges and the modest domestic growth and are well positioned to build on our diverse strategic agenda during 2025,” she affirmed.
