Almutawa: KFH's support to Kuwaiti companies stems from its pioneering development role

10/09/2024

KUWAIT CITY, Sept 10: Kuwait Finance House (KFH) was a key participant at the opening ceremony of Taihan Kuwait Fiber Optic Cable Company. The new facility, located in Mina Abdullah, is the first in Kuwait to manufacture fiber optic cables. This collaboration with Taihan and Rank General Trading & Contracting Company highlights KFH’s dedication to offering support to its corporate clients that contribute to local economic growth through financing and consultation services.

The ceremony was attended by the Undersecretary of the Ministry of Commerce and Industry, Zyad Abdullah Al-Najem, the Acting Chairman of the Communications and Information Technology Regulatory Authority (CITRA), Abdullah Al-Ajmi, the Ambassador of the Republic of South Korea to Kuwait Park Chongsuk, along with Taihan’s Chairman of the Board of Directors Kuwait, Atallah Al-Mutairi, and KFH General Manager Corporate Banking, Yousef Almutawa.

In his statement during the event, KFH General Manager Corporate Banking, Yousef Almutawa, said that supporting Kuwaiti companies and development efforts is a reflection of KFH’s national commitment and prominent role in economy growth plans. It also affirms its leadership as the largest bank in Kuwait in terms of market capitalization, and the world's second-largest Islamic bank, recognized for its expertise and stability. Almutawa also noted that KFH's financing activities have expanded across multiple sectors, with a focus on industries including oil, petrochemicals, energy, infrastructure, startups, environmentally friendly businesses, real estate development and other major development projects.

He added that the new manufacturing facility, equipped with the most advanced environmentally friendly technology, is a significant collaboration and accomplishment between the local Rank General Trading & Contracting Company, the Korean Taihan Company, and KFH. It is the first factory in Kuwait dedicated to producing fiber optic cables, boasting ISO certificates and a dedicated staff to ensure high quality production that meets both international and local standards.

“The factory's focus on quality is paramount due to the extreme temperatures in Kuwait, requiring exceptional products to withstand potential damage.” noted Almutawa.

He hoped for continued and expanded cooperation in various areas in the future, with the goal of successfully opening a local factory specifically focused on producing fiber optic cables.

Almutawa commended the achievements of Taihan Kuwait in innovation and its significant role in developing modern industries that cater to local market demands and facilitate exports. He stressed KFH’s commitment to supporting such initiatives by Kuwaiti companies, as they are crucial for boosting the national economy, creating employment opportunities, and driving development efforts forward.