Sovereign Rating... Global Confidence in Kuwait's Economy
- First Half 2026 Report: Kuwait Retains Strong Investment-Grade Credit Ratings
- Rating Agencies Maintained Kuwait’s Ratings Without Any Negative Action Amid Recent Tensions
- Continued Monitoring of Rating Factors and Strengthening the Path of Financial and Economic Reform
- “Public Services” Approved Initiatives Submitted by Oil Companies, the Private Sector, Associations, and Individuals
The Cabinet reviewed the report of the Supreme Committee for Sovereign Credit Rating Governance for the first half of 2026, which confirmed the strength and stability of Kuwait’s credit profile, noting that the country retains high credit ratings and a stable outlook from the three major global rating agencies. This reflects international market confidence and the resilience of the national economy.
This came during the Cabinet meeting held on Tuesday, chaired by Prime Minister Sheikh Ahmed Abdullah Al-Ahmad Al-Sabah.
The Cabinet also reviewed a presentation by Minister of Finance and Chairman of the Supreme Committee for Sovereign Credit Rating Governance, Dr. Yaqoub Al-Rafai, regarding the Committee’s report for the first half of 2026. The report reaffirmed the strength and stability of Kuwait’s sovereign credit profile with the three major global rating agencies. It noted that Kuwait maintains strong investment-grade credit ratings, with Standard & Poor’s assigning a rating of AA-, Fitch Ratings at AA-, and Moody’s at A1, all 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 financial 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 ratings without any negative action during recent regional tensions, underscoring the resilience of its credit profile and global market confidence in its economy.
In a separate development, the Cabinet approved a draft law-decree on converting Kuwait Airways Company into a fully state-owned joint-stock company and forwarded it to His Highness the Amir of Kuwait, Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah.
Additionally, the Cabinet reviewed the minutes of the Ministerial Committee for Public Services meetings, which included several items, 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 relate to ornamental landscaping and greening of several main streets, specific sites and squares across the country, public parks in certain residential areas, and painting several major bridges in different governorates.
The Cabinet approved these initiatives, expressing its gratitude and appreciation for efforts contributing to the state’s development of ornamental landscaping in Kuwait and highlighting its urban character. It commended the efforts of the Governor of Ahmadi and Chairman of the Green Urban Development Initiatives Committee, Sheikh Hamoud Jaber Al-Ahmad Al-Sabah, along with 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 reviewed a number of items on the agenda, as well as reports and minutes of ministerial committees, and approved them. It also decided to refer some of these items to the relevant ministerial committees for study and to submit appropriate recommendations regarding them to complete the procedures for their implementation.
At the outset of its meeting, the Cabinet was briefed on the substance of the meeting between His Highness the Amir of Kuwait, Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, and the accompanying delegation, during the latter’s fraternal visit to Kuwait last Thursday, in the presence of His Highness the Crown Prince, Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah, and His Highness Sheikh Ahmed Abdullah Al-Ahmad Al-Sabah, Prime Minister.
During the meeting, cordial exchanges took place reflecting the deep-rooted fraternal relations between the two countries and their brotherly peoples, and the ways to support and develop these ties across various fields and all levels. Both sides emphasized the importance of expanding the horizons of bilateral cooperation between the two brotherly countries in a manner that serves their common interests. They also discussed the latest developments on the regional and international scenes, foremost among which were developments in the Middle East region, exchanging views on them. Both Highnesses reaffirmed their countries’ support for all initiatives, efforts, and endeavors aimed at establishing peace, security, and stability in the region. Additionally, the meeting addressed key issues of common Gulf interest and reaffirmed the need to strengthen unity and the progress of the Gulf Cooperation Council (GCC) to realize the aspirations of their peoples for further development and prosperity.
The Cabinet was informed of a directive from His Highness the Amir of Kuwait, Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, to declare official mourning and lower flags nationwide and at Kuwaiti embassies abroad, starting from last Sunday for a period of four days, in mourning for the late Sheikh Hamad bin Khalifa Al Thani, may God have mercy on him.
In light of this great loss, the Cabinet conveyed its deepest condolences and sympathies to His Highness Sheikh Tamim bin Hamad Al Thani, Amir of the State of Qatar, the brotherly ruling family, and the Qatari people, on the passing of the late Sheikh Hamad bin Khalifa Al Thani, may God have mercy on him. It 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.
The Cabinet expressed its strongest condemnation and rejection of the unjust aggression launched by Iran and its affiliated factions and militias in Iraq against Kuwait, through attacks targeting several border centers and an offshore drilling platform belonging to Kuwait Oil Company, which resulted in human casualties and material losses.
Reaffirming that the continuation of the aggression by Iran and its proxies in Iraq constitutes a blatant violation of Kuwait’s sovereignty, a serious threat to the security and safety of Kuwaiti citizens and residents, a clear challenge to international legitimacy and UN Security Council Resolution (2817) of 2026, and an irresponsible undermining of regional and international efforts aimed at achieving security and stability in the region, the Cabinet stressed Kuwait’s inherent right to take any measures it deems appropriate to safeguard its sovereignty, security, and stability, in accordance with the provisions of international law and the UN Charter.
The Cabinet also expressed its strong condemnation and rejection of the continued attacks targeting the General Consulate of the State of Kuwait in the city of Basra, which constitute an unacceptable violation of the inviolability of the consulate and undermine the efforts of the Iraqi government to fulfill its international obligations under the Vienna Convention on Consular Relations (1963). It emphasized the necessity for the Iraqi government to take immediate and decisive measures to hold all those involved in these hostile acts accountable, ensure their non-repetition, and adopt measures to safeguard the inviolability of the diplomatic and consular missions of the State of Kuwait accredited to the Republic of Iraq, as well as to guarantee the security and safety of their personnel.
In this context, the Cabinet also expressed its strong condemnation and rejection of the reprehensible Iranian attacks that targeted the Kingdom of Bahrain, the Sultanate of Oman, the State of Qatar, and the Hashemite Kingdom of Jordan. These attacks represent a repeated and brazen escalation, a violation of the sovereignty and territorial integrity of these states, and a serious breach of the rules of international law, the UN Charter, and Security Council Resolution 2817. It affirmed the State of Kuwait’s full solidarity with these sister states and reiterated its call on Iran to immediately cease such practices, respect the sovereignty of states, and resolve disputes through peaceful means.
In the same context, the Cabinet expressed its strong condemnation and rejection of the reprehensible Iranian attack that targeted two Emirati oil tankers while they were transiting the Strait of Hormuz, resulting in the death of one crew member and injuries to several others. It affirmed the State of Kuwait’s full support for the sisterly United Arab Emirates and stressed the urgent need for an immediate halt to all escalatory actions and adherence to international law provisions that guarantee freedom of navigation and transit through straits used for international navigation, thereby preserving the security and stability of the region.
The Cabinet expressed its strong condemnation and rejection of the attacks launched by the Houthi militia using ballistic missiles against the southern region of the sisterly Kingdom of Saudi Arabia. These attacks constitute a blatant violation of the Kingdom’s sovereignty and territorial integrity, a breach of international law and international humanitarian law, and an escalation that undermines regional security and stability. It affirmed the State of Kuwait’s full solidarity with the Kingdom of Saudi Arabia, its steadfast support, and its backing of all measures taken by the Kingdom to safeguard its sovereignty, preserve its security and stability, and protect its people and residents.
The Cabinet also expressed its strong condemnation and rejection of the Iranian targeting of a Saudi tanker while it was transiting the Strait of Hormuz, which represents a serious violation of international law rules and a threat to the security and safety of maritime navigation and the stability of global energy supplies. The Cabinet reaffirmed the State of Kuwait’s firm and supportive stance toward the security and stability of the sisterly Kingdom of Saudi Arabia, and its rejection of any aggression that jeopardizes its security or endangers its interests and assets.
The Cabinet heard a briefing from Minister of Defense Sheikh Abdullah Ali Al-Salim Al-Sabah on the latest developments in the region and current military trends, in light of the reprehensible Iranian attacks that the State of Kuwait suffered in recent days. He affirmed the readiness of the Armed Forces and their continued performance of their duties with efficiency and competence, as well as their adoption of all necessary measures and precautions to safeguard the country’s security and territorial integrity, thereby ensuring the safety of citizens and residents.
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 in the regional and international arenas.
The Minister of Foreign Affairs also informed the Cabinet of the outcomes of the ministerial meeting of the Istanbul Cooperation Initiative member states and North Atlantic Treaty Organization (NATO) members, which was held on the sidelines of the NATO summit in the Turkish capital, Ankara, last Wednesday. He further briefed the Cabinet on the substance of his meetings with the foreign ministers of friendly countries, as part of his visit to Ankara.
