National Bank Launches 'Reading Club' in Partnership with Dawat AlSalsal Bookstores

Monthly sessions host a select group of writers and thinkers to enhance dialogue and discuss their literary works.

Al-Baqar: The initiative reflects the bank’s commitment to supporting the cultural landscape and empowering various segments of society to engage with ideas and creativity.

In a new cultural initiative aimed at spreading knowledge, encouraging intellectual dialogue, and fostering a reading culture across all segments of society, National Bank of Kuwait (NBK) has launched the “Reading Club” in collaboration with Dhat Al-Salsal Library. This partnership creates an interactive platform that brings together writers, readers, and cultural enthusiasts through a series of open dialogue sessions featuring a distinguished lineup of authors and thinkers.

This initiative stems from NBK’s dedication to supporting culture and knowledge in Kuwait and contributing to enriching the intellectual landscape by providing a space for dialogue, idea exchange, and sharing expertise, thereby reinforcing the role of reading as a tool for lifelong learning, awareness-building, and creativity development.

The “Reading Club” sessions will be held at NBK’s headquarters during October, November, and December. Each month, the club hosts a specialist author to discuss one of their literary or intellectual works. Attendees will share their insights and professional and intellectual experiences, while the sessions also highlight issues and topics related to the guest’s areas of interest and expertise.

Expanding Participation

The sessions are open to both NBK employees and the general public, a move aimed at broadening community participation and providing readers with the opportunity for direct interaction with authors to discuss their ideas and experiences in an interactive cultural setting.

The sessions coincide with the International Book Fair, which features a diverse range of modern publications and classic titles, allowing participants to explore the latest books and engage in discussions about literary and intellectual works with authors and reading enthusiasts.

The club aims to establish reading as part of daily life, promote constructive dialogue on cultural and intellectual issues, and encourage community members to embrace diverse literary and human experiences that enrich knowledge and broaden horizons.

Reading as a Lifestyle

On this occasion, Yaqoob Al-Baqar, Assistant Vice President – Public Relations and Events Management at NBK, said: “The Reading Club serves as a cultural gathering that brings writers and readers together for rich dialogues that facilitate knowledge exchange and expand learning horizons. It also provides a space for direct discussion about the ideas and experiences that form the core of literary and intellectual works. Through these meetings, we aim to enrich the reading experience and transform it into a vibrant dialogue that enhances interaction between authors and the public, delivering intellectual value that goes beyond the pages of a book.”

Al-Baqar added: “The club aims to encourage reading and highlight its role in developing personal and professional skills, while also providing our employees and the public with the opportunity to interact directly with a select group of authors and writers, benefiting from their inspiring experiences and insights. We look forward to hosting a distinguished group of authors in the coming months and offering sessions that discuss diverse topics, enriching the cultural landscape and catering to the interests of readers from all backgrounds.”

Leadership in Community Responsibility

Al-Baqir emphasized that National Bank of Kuwait (NBK), in line with its leadership in corporate social responsibility, continues to champion distinctive initiatives that contribute to human development, enhance knowledge, and consolidate a culture of lifelong learning. He noted that the launch of the Reading Club reflects the bank’s commitment to supporting the cultural landscape and enabling various segments of society to engage with ideas and creativity, in alignment with its vision to create a positive and sustainable impact that extends beyond economic aspects to encompass human and cultural development.

This initiative is an extension of NBK’s pioneering role in supporting culture and knowledge through community programs and initiatives that help raise awareness and strengthen intellectual capital in society. It also underscores the bank’s dedication to generating a positive and sustainable impact that transcends the banking sector to encompass various dimensions of human and cultural development in Kuwait.

Tangible improvement in lending activity despite ongoing regional uncertainty

Local credit growth accelerated by 1.7% in the third quarter

According to a report by National Bank of Kuwait (NBK), local credit growth in Kuwait accelerated to a robust 1.7% on a quarterly basis in the third quarter of the year, up from 1.2% in the second quarter, marking a tangible improvement in lending activity despite persistent regional uncertainty. The NBK report on Kuwait’s credit market added that this improvement pushed year-to-date credit growth to 4.7% in September, benefiting from increased credit extended to businesses and household lending, which offset the contraction in lending to banks and financial institutions.

The report noted that credit growth for securities purchases remained unchanged in the third quarter, while credit extended to non-residents recovered after a sharp decline in the second quarter, providing additional support to overall credit expansion. The report showed that resident deposit growth remained stable in the third quarter, supported by strong growth in public sector deposits and continued growth in private and government deposits, while non-resident deposits continued to contract, albeit at a slower pace compared to the second quarter.

The report observed that credit growth held up slightly better than previous full-year expectations amid pressures linked to ongoing conflicts, noting that geopolitical developments remain a significant source of uncertainty during the fourth quarter. It clarified that credit to businesses grew by 1.8% on a quarterly basis in the third quarter, compared to 1.3% in the second quarter, raising year-to-date growth to 6.1% in September. This improvement reflected stronger lending across several key sectors.

Lending to the construction sector grew by 2.5% on a quarterly basis, while credit to the industrial sector rose by 3%, and to other services by 4.2%. Credit to the real estate sector remained positive at 0.5%, and to the oil and crude sector at 1%. Credit to the trade sector returned to modest growth of 0.2% in the third quarter after contracting by 1.4% in the second quarter, whereas credit to banks and financial institutions contracted further by 5.2%.

On the liability side, the report stated that resident deposit growth rose strongly by 2.4% on a quarterly basis in the third quarter, raising year-to-date growth to 8.8% in September, supported by a 9% quarterly increase in public sector institutional deposits. The report emphasized that government deposits remained a key source of support, rising by 5.5% after an exceptional surge of 23% in the second quarter, while private sector deposits continued to expand, albeit at a slower pace, increasing by 0.5% on a quarterly basis.