Council of Ministers: Our credit center is strong and our financial position is solid
The Cabinet held its meeting, presided over by His Highness Sheikh Ahmad Abdullah Al-Salim Al-Sabah, Prime Minister. Following the meeting, Deputy Prime Minister and Minister of State for Cabinet Affairs Shariha Al-Muwasharji issued a statement saying: “At the outset of the meeting, the Cabinet was briefed on the content of the telephone conversation His Highness the Amir of Kuwait, Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, received last week from His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia. During the call, His Royal Highness expressed his concern for Kuwait, its leadership, and its noble people following the blatant and continuous Iranian attacks on Kuwaiti territory. He strongly condemned and denounced this blatant aggression, reaffirming the Kingdom’s full solidarity with the State of Kuwait. His Highness the Amir expressed Kuwait’s steadfast support for the sisterly Kingdom of Saudi Arabia and its full backing of all measures taken to safeguard its security and stability. He also conveyed his profound gratitude and appreciation to His Royal Highness Prince Mohammed bin Salman, wishing him good health and well-being, and wishing the Kingdom of Saudi Arabia and its people peace, security, progress, and prosperity under the wise leadership of His Majesty King Salman bin Abdulaziz Al Saud, Custodian of the Two Holy Mosques.
The Cabinet was also briefed on the content of the call His Highness the Amir received last Sunday from Andy Burnham, Prime Minister of the United Kingdom of Great Britain and Northern Ireland. His Highness congratulated him on being appointed by His Majesty King Charles III to form a government. The call reviewed the historical relations between the two countries and their friendly peoples, as well as a number of issues of mutual interest and the latest developments on the regional and international scenes, particularly regarding the current circumstances in the region, with an exchange of views on these matters. Mr. Burnham reaffirmed his country’s support for Kuwait and its people, and its backing of all measures aimed at preserving Kuwait’s sovereignty, security, and stability. His Highness the Amir expressed his sincere gratitude and appreciation to Mr. Burnham, wishing him good health and well-being to continue the path of development and prosperity, and wishing the British people further progress and growth.
The Cabinet was also briefed on the content of the telephone call His Highness the Amir received from President Abdel Fattah El-Sisi, President of the Arab Republic of Egypt. The call reviewed the close and distinguished fraternal relations between the two countries and their peoples. A number of issues of mutual interest were discussed, and the latest regional and international developments, particularly regarding the current situation in the region, were examined. President El-Sisi reaffirmed Egypt’s support for Kuwait and its backing of all measures taken to safeguard its security and sovereignty, praying to God Almighty to protect Kuwait and its people from all harm. His Highness the Amir expressed his sincere gratitude and appreciation, wishing him good health and well-being, and wishing the brotherly Egyptian people further progress and growth.
On another note, the Cabinet was briefed on the details of the contract for the construction, operation, and maintenance of the North Kabd Water Desalination Plant and its complementary works, signed between the State of Kuwait and the People’s Republic of China last Sunday under the patronage and presence of His Highness the Prime Minister. This contract represents the second cooperation agreement between Kuwait and China. It was signed on behalf of Kuwait by Minister of Public Works Dr. Noura Al-Muqdad, in the presence of H.E. Yang Xin, Ambassador Extraordinary and Plenipotentiary of the People’s Republic of China to Kuwait. This contract reflects Kuwait’s desire to implement strategic projects that enhance the quality of infrastructure, promote environmental sustainability, and improve the efficiency of the wastewater treatment system, keeping pace with urban growth and supporting the achievement of sustainable development goals and Kuwait’s future vision.
On another note, Minister of State for Youth and Sports Dr. Tariq Al-Jalahma briefed the Cabinet on the patronage and presence of His Highness the Prime Minister at the ceremony honoring national team athletes for the (2023/2024) and (2024/2025) sports seasons. Distinguished players from various Kuwaiti sports bodies, committees, federations, and clubs were honored.
On another note, the Cabinet strongly condemned and denounced in the strongest terms the heinous aggression launched by Iran and its proxies against the country, which targeted the Al-Abdali border crossing last Thursday through a number of hostile drone attacks. This constituted a blatant violation of Kuwait’s sovereignty, a direct threat to its security and stability, and a serious breach of international law, the UN Charter, and Security Council Resolution 2817. The Cabinet emphasized that persisting in these blatant and repeated attacks constitutes a serious escalation and a direct threat to regional security and stability, reflecting a systematic hostile approach that is unjustifiable and unacceptable. It reaffirmed Kuwait’s full and inherent right to self-defense, in accordance with Article 51 of the UN Charter, and its taking of all necessary measures to safeguard its sovereignty, protect its territory and resources, and preserve its security and stability.
On another note, the Cabinet was informed that the Ministry of Foreign Affairs, represented by Deputy Foreign Minister H.E. Hamad Al-Mushaan, summoned Iranian Ambassador to Kuwait Mohammad Toutounji last Tuesday, handing him a protest note regarding Iran’s targeting of the Kuwaiti tanker ‘Kivan’ while it was transiting the Strait of Hormuz.
On another note, the Cabinet strongly condemned and denounced the repeated attacks by the Houthi militia on ships in the Red Sea, most recently the attack on a vessel belonging to a Saudi company. These attacks constitute a blatant violation of international law and a direct threat to the security and freedom of maritime navigation and the safety of international trade. The Cabinet stressed the necessity of adhering to international law rules that guarantee freedom of navigation and safe passage in international waterways. It reaffirmed Kuwait’s full solidarity with the sisterly Kingdom of Saudi Arabia, its support for all measures taken to safeguard its sovereignty, security, and interests, and its rejection of any practices that could destabilize the region’s security and stability.
The Cabinet also strongly condemned and denounced in the strongest terms the attacks that attempted to target petroleum facilities in the Eastern and Riyadh regions of the sisterly Kingdom of Saudi Arabia, launched by Iranian-backed militias in Iraq. These attacks constituted a blatant violation of the Kingdom’s sovereignty and territorial integrity, and a breach of international law, the UN Charter, and Security Council Resolution 2817. The Cabinet reaffirmed its full solidarity with the Kingdom of Saudi Arabia.
On another note, the Cabinet strongly condemned and denounced the repeated drone attacks targeting the sisterly Hashemite Kingdom of Jordan, which constituted a blatant violation of its sovereignty and territorial integrity and a direct threat to its security and stability. The Cabinet reaffirmed Kuwait’s full solidarity with the Hashemite Kingdom of Jordan, its support, and its backing of all measures taken to protect its security, sovereignty, and people.
On another note, the Cabinet heard a briefing from Minister of Defense Sheikh Abdullah Al-Ali on the latest developments in the region and current military developments in light of the heinous Iranian attacks on Kuwait in recent days. He emphasized the readiness of the Armed Forces to continue performing their duties with efficiency and competence, and their taking of all necessary measures to safeguard Kuwait’s sovereignty and territory, preserve its security and stability, and protect citizens and residents.
On another note, the Cabinet heard a briefing from Minister of Foreign Affairs Sheikh Jara Al-Jaber on the political and diplomatic efforts undertaken by the Ministry of Foreign Affairs and its diplomatic missions abroad to keep pace with the latest developments on the regional and international scenes.
On another note, Minister of Oil Tariq Al-Roumi briefed the Cabinet on the details of the ‘Shahin’ project by Kuwait Petroleum Corporation (KPC), aimed at generating financial returns from existing assets through a lease-and-leaseback model for crude oil pipelines valued at $16 billion. This aligns with KPC’s strategy until 2040, supports economic diversification goals, encourages direct investment, and aims to provide significant liquidity estimated at $7.85 billion to support the five-year financial plan.
On another note, the Cabinet heard a briefing from Minister of Finance Dr. Yaqoob Al-Rafai regarding preparations for the first report on the implementation of the Financial Action Task Force (FATF) action plan. In this regard, the Cabinet reviewed a presentation by Dr. Hamad Al-Mukarram, Chairman of the Kuwait Financial Intelligence Unit and the National Committee for Combating Money Laundering and Financing of Terrorism, and his deputy, Yousef Al-Omar. The presentation highlighted national efforts to strengthen the system for combating money laundering, financing of terrorism, and proliferation financing, and to reinforce compliance with relevant international standards. It covered key legislative, regulatory, and supervisory measures implemented, progress in implementing action plan pillars, and efforts to enhance coordination among relevant national authorities to ensure completion of technical requirements within specified timelines.
The Cabinet emphasized the importance of continuing to work with a team spirit, intensifying coordination and cooperation among all relevant entities to ensure the comprehensive and accurate fulfillment of the first report’s requirements, reflecting the state’s commitment to implementing the action plan and achieving targeted results in accordance with best international practices and standards.
On another note, Minister of Finance Dr. Yaqoob Al-Rafai and Minister of State for Economic and Investment Affairs Abdulaziz Al-Marzouq briefed the Cabinet on the issuance of international sovereign bonds denominated in US dollars, totaling $6 billion across three tranches in international capital markets. This represents one of the most prominent sovereign financing operations in global markets this year. The Cabinet commended this issuance, which reflects the continuous confidence Kuwait enjoys among international investors, underscoring the strength of its credit rating and the solidity of its financial position.
On another note, the Cabinet mourned the passing of former Minister of Education Dr. Sulaiman Al-Badr Al-Qanaei, may God have mercy on him, who passed away after a national career filled with dedication and loyalty to the service of the country and education. He made notable national and educational contributions. The Cabinet praised the deceased’s virtues and recalled his outstanding services to the nation, praying to God Almighty to envelop him in His vast mercy, grant him a spacious place in Paradise, and inspire his family and loved ones with patience and solace.
