Attacks on 'Al-Tanaam' Had Global Impact
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Kuwaiti Prime Minister's representative warns of the impact of attacks on regional stability and the global economy during the COMCEC meeting in Turkey.
Translated by Qiyas from الأنباء — Original source
Dr. Yaqoub Al-Rifai, representative of the Prime Minister’s Office, Minister of Finance, and Chairman of the Arab Group for COMCEC, stated that the repeated attacks targeting the Kingdom of Saudi Arabia, several Gulf Cooperation Council (GCC) countries, and Arab and Islamic states within the Organization of Islamic Cooperation (OIC) pose a threat to regional security and stability, casting a shadow over the global economy and supply chains due to the closure of the Strait of Hormuz and affecting countries worldwide. He emphasized Kuwait’s full solidarity with the member states that were targeted, which necessitates the adoption of urgent measures and policies to address the economic and trade repercussions.
Al-Rifai, in a speech delivered while chairing the Kuwaiti delegation at the 42nd Ministerial Meeting of the Standing Committee on Economic and Technical Cooperation (COMCEC) in Turkey, noted that despite the OIC member states’ capabilities, resources, and genuine market demand, current indicators and data reveal significant challenges, particularly in trade finance for small and medium-sized enterprises (SMEs), which form the backbone of these countries’ economies. The current ministerial session focuses on governmental efforts to develop effective trade finance instruments to boost exports among OIC member states.
For further details: While chairing the Kuwaiti delegation at the 42nd COMCEC Ministerial Meeting, the Minister of Finance, representing the Prime Minister, stated that repeated attacks on Saudi Arabia and the Gulf region threaten the security and stability of the area.
The 42nd Ministerial Meeting of the Standing Committee on Economic and Commercial Cooperation (COMCEC) commenced yesterday in the Republic of Turkey, held from November 2 to 3, 2026. The meeting was inaugurated by Turkey’s Vice President, Cevdet Yılmaz, representing Turkish President and COMCEC Chairman Recep Tayyip Erdoğan. The Kuwaiti delegation was led by Dr. Yaqoub Al-Rafai, Representative of the Prime Minister, Minister of Finance, and Chairman of the Arab Group within COMCEC, His Excellency Sheikh Ahmad Abdullah Al-Salim Al-Sabah. Also in attendance were Turkish Ambassador to Kuwait Mohammed Marzouq Al-Shobok, Kuwait’s Consul General in Istanbul Khaled Badr Al-Khalifa, the Secretary-General of the Organization of Islamic Cooperation (OIC), the ministers heading the delegations of OIC member states, and the President of the Islamic Development Bank.
The current ministerial session focuses on governmental efforts to develop effective trade finance instruments to boost exports among OIC member states.
In his address, the Minister of Finance and Chairman of the Arab Group within COMCEC stated that repeated attacks targeting the Kingdom of Saudi Arabia and several Gulf Cooperation Council (GCC) countries, as well as other Arab and Islamic nations within the OIC, pose a threat to regional security and stability. These incidents have cast a shadow over the global economy and supply chains, particularly due to the closure of the Strait of Hormuz, affecting countries worldwide. He emphasized Kuwait’s full solidarity with the affected member states, underscoring the need for urgent measures and policies to address the economic and trade repercussions.
He further noted that while intra-OIC trade holds significant potential given the region’s capabilities, resources, and genuine market demand, recorded indicators and figures reveal real challenges, particularly in trade finance for small and medium-sized enterprises (SMEs), which form the backbone of national economies.
During the meeting, several topics related to developing effective trade finance instruments to increase exports in OIC member states were discussed. Additionally, several technical reports, recommendations, and action plans were adopted for the sectors of trade, transport and telecommunications, agriculture, tourism, financial cooperation, poverty alleviation, and digital transformation, under the working groups of COMCEC, aiming to achieve sustainable economic and social development among OIC member states.
