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Kuwait 'must do more to boost economy'

Kuwait, February 5, 2009

Kuwait can overcome the global economic crisis by the end of 2009 if the Kuwaiti government helps to boost the economy with financial incentives, said a top Kuwaiti banker.

“The Kuwaiti economy will return to its norm by the end of the year, provided that the government interferes positively to stimulate the economy,” said Ibrahim Dabdoub, chief executive officer of National Bank of Kuwait Group (NBK) during an interview with CNBC Arabiya.

Speaking on CNBC Arabiya's ‘Fil Omoq’ program, Dabdoub urged the Kuwaiti government to announce a financial incentives package linked to public spending on large-scale service and construction projects such as schools, hospitals and the City of Silk.

Dabdoud said NBK’s expansion initiatives may be halted in the current economic climate but did not rule out that the bank will pursue other development goals.

“The National Bank of Kuwait’s current policy is to prudently prepare for difficult times,” Dabdoub said, pointing out that KD50 million ($168.6 million) of the bank’s 2008 profits was recently transferred and allocated for this purpose.

Dabdoub said that he is cautiously optimistic about a solution to the global economic crisis since US president Barack Obama assembled an efficient, well-known economic team to help deal with world financial issues.

At the same time, Dabdoud warned that a credit crisis may worsen if governments do not apply a funding stimulus, urging positive co-operation between governments and financial institutions to surmount the current crisis.

Broadcasting from Dubai Media City, CNBC Arabiya has established bureaus in Abu Dhabi, Jeddah, Riyadh, Cairo, Kuwait, Bahrain, and Qatar. In addition, the channel has its correspondents reporting from London.-TradeArabia News Service




Tags: National Bank of Kuwait | Measures | Ibrahim Dabdoub | boost economy |

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