KUWAIT CITY, July 13: The Kuwait Accountants and Auditors Association (KAAA) recently reaffirmed its steadfast support for cooperative work in Kuwait, emphasizing its pivotal role in the country’s economic and social development throughout history, reports Al-Seyassah daily. Sabah Mubarak Al-Jalawi, Chairman of the Association’s Board of Directors, highlighted the cooperative societies’ resilience and essential contributions during critical periods like the Iraqi invasion, the global financial crisis, and the ongoing challenges posed by the COVID- 19 pandemic.

Al-Jalawi underscored the significant role of cooperative societies in ensuring food security and providing essential goods at affordable prices, lauding the effective oversight provided by the Ministry of Social Affairs and the government. He vehemently opposed calls to privatize cooperative societies, dismissing claims of regulatory loopholes as grounds for such measures. Instead, he stressed that cooperative work in Kuwait serves as a model not only nationally but also regionally and globally. The success of cooperative societies was evident in their substantial sales figures, surpassing the billion-dinar mark, equivalent to the profits generated by 158 listed companies. Al-Jalawi attributed this success to the societies’ commitment to community projects, Kuwaitization policies to support national labor, and their pivotal role in enhancing community capabilities across various sectors. Supporting small and medium enterprises (SMEs) stood out as a core pillar of cooperative societies’ activities, particularly in aiding entrepreneurs impacted by the pandemic.

These societies have also been active in promoting educational and health initiatives as part of their broader social responsibility efforts since their inception. Emphasizing transparency and accountability, Al- Jalawi highlighted the rigorous oversight mechanisms implemented by the Ministry of Social Affairs in every cooperative society. Each society, he said, is mandated to appoint financial and administrative controllers to ensure the integrity of financial data, prevent manipulation, and safeguard the rights of shareholders. In essence, the Kuwait Accountants and Auditors Association’s statement refl ects a resolute commitment to preserving and promoting the essential role of cooperative societies in Kuwaiti society, advocating for their continued contribution to national development and societal well-being.