Council of Ministers: Kuwait Insurance Company is wholly owned by the state

The Cabinet held its meeting, presided over by His Highness Sheikh Ahmad Abdullah Al-Salim, Prime Minister. Following the meeting, Deputy Prime Minister and Minister of State for Cabinet Affairs Shariha Al-Muweshri announced that:

At the outset of its session, the Cabinet was briefed on the substance of the meeting between His Highness the Amir, Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, and Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, and the accompanying delegation during His Highness’s fraternal visit to Kuwait last Thursday. The meeting was attended by His Highness the Crown Prince, Sheikh Sabah Al-Khaled Al-Sabah, and His Highness the Prime Minister. During the talks, both sides exchanged cordial remarks reflecting the deep-rooted fraternal relations binding the two countries and their peoples, as well as ways to support and develop these ties across various fields and all levels. They emphasized the importance of expanding bilateral cooperation to serve their shared interests. The meeting also discussed recent developments on the regional and international fronts, foremost among them the evolving situation in the Middle East, with both sides exchanging views on these matters.

On another note, the Cabinet was informed of His Highness the Amir’s directive to declare official mourning and lower flags nationwide and at Kuwaiti embassies abroad, starting from last Sunday for a period of four days, in memory of the late Sheikh Hamad bin Khalifa Al Thani, may God have mercy on him. In light of this great loss, the Cabinet extends its sincere condolences and sympathies to His Highness Sheikh Tamim bin Hamad Al Thani, Amir of the sisterly State of Qatar, to the esteemed ruling family, and to the Qatari people, on the passing of the late Sheikh Hamad bin Khalifa Al Thani, may God have mercy on him. The Cabinet affirmed that Qatar, the Gulf family, the Arab and Islamic nations, and the world have lost a great leader and towering symbol distinguished by foresight and wisdom, who dedicated his life to serving his country and people, as well as the causes of the Arab and Islamic nations, standing by them and defending them. It reiterated that Kuwait and its people, pained by this loss, will forever proudly recall the positions of sisterly Qatar and the late Sheikh’s stance toward Kuwait, as well as his support for its just causes during the Iraqi occupation. The Cabinet praised the comprehensive developmental renaissance and significant progress achieved by Qatar under his blessed reign, which elevated the country to the ranks of advanced nations. It prayed to Almighty God to envelop the deceased in His boundless mercy, forgiveness, and pleasure, and to admit him into Paradise among the righteous, the martyrs, and the prophets, and to grant Sheikh Tamim bin Hamad Al Thani, the ruling family, and the Qatari people patience and solace.

On another note, the Cabinet reviewed a visual presentation by Minister of Finance and Chairman of the High Committee for Sovereign Credit Rating, Dr. Yaqoob Al-Rafai, regarding the Committee’s report for the first half of 2026. The report confirmed the strength and stability of Kuwait’s sovereign credit rating among the three major global rating agencies. It noted that Kuwait maintains strong investment-grade ratings: Standard & Poor’s at AA- (with a stable outlook), Fitch at AA- (with a stable outlook), and Moody’s at A1 (with a stable outlook). This follows Standard & Poor’s upgrade of Kuwait’s sovereign credit rating by one notch in November 2025, citing momentum in fiscal reforms and the issuance of Law-Decree No. (60) of 2025 on Financing and Liquidity, which enhanced government financing flexibility and enabled the development of public debt instruments. The report further stated that rating agencies maintained Kuwait’s rating without any negative action during recent regional tensions, underscoring the resilience of its credit profile and global market confidence in its economy. The report confirmed that the Committee will continue, in coordination with relevant authorities, to monitor rating factors and strengthen the path of fiscal and economic reforms to support the sustainability of Kuwait’s sovereign credit rating.

On another note, the Cabinet approved a draft law-amending decree regarding the conversion of Kuwait Airways Company into a fully state-owned joint-stock company and forwarded it to His Highness the Amir, Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah.

On another note, the Cabinet reviewed the minutes of the Ministerial Committee for Public Services, which included several items, most notably a report by the Green Urban Development Initiatives Committee on initiatives submitted by various state-owned oil sector companies, private sector firms, cooperative societies, and individuals. These initiatives concerned ornamental landscaping and greening of several main streets, specific sites and squares in the country, and public parks in certain residential areas, as well as painting several major bridges across different governorates. The Cabinet approved these initiatives, expressing its gratitude and appreciation for their contribution to supporting the state’s efforts in developing ornamental landscaping in Kuwait and highlighting its urban character. It praised the efforts of the Governor of Ahmadi and Chairman of the Green Urban Development Initiatives Committee, Sheikh Hamoud Jaber Al-Ahmad, and the committee members in fostering a spirit of initiative and social responsibility, encouraging entities and individuals to contribute to beautifying and greening public spaces, creating a suitable urban environment, and achieving sustainable development.

The Cabinet also reviewed several agenda items, reports, and ministerial committee minutes, approving them. It decided to refer some items to the relevant ministerial committees for study and to submit appropriate recommendations to complete the necessary procedures for their implementation.