Kuwait needs strong economy to be financial hub

"In order for Kuwait to be the world's financial and commercial hub by the year 2035, it should meet two requirements: to create a growing and strong economy based on stable basis and to enjoy strong security stability based on sustainable and strong elements", said a Kuwaiti oil expert here Tuesday. "Kuwait will not find stronger and more stable elements than its growing oil wealth that will survive for hundreds of years. Hence, the 'Kuwait world oil capital' initiative was created to adopt the global oil industry with its technologies, research centers, universities, technological innovations and alliances with producing and consuming countries as well as the global companies", said (Engineer) Ahmad Al-Arbeed, an oil expert who was behind the (Kuwait world oil capital) initiative told KUNA today. The initiative will not only use the oil as a source of energy but also will convert this resource to primary materials and consumer goods to feed the consuming markets and producing factories and contribute to the urbanization of land and the human's welfare, Al-Arbeed added. As such, the initiative will create a new, basic and sustainable source of income that enriches the national economy and makes Kuwait the preferred partner and country with which the companies and governments of friendly countries seek to enter in partnerships through its oil industries to achieve balance between the interests of Kuwait and such countries at the security and economic levels to enhance the merger of such interests within the strategic security organization. To activate these strategic relations, the "Kuwait world oil capital" initiative seeks to establish an oil stock market, goods market and oil products in Kuwait to list all such foreign companies on such market protecting Kuwait at a political and security levels and qualifying it to play a greater strategic role in the stability of the region and the world's peace and security, he said. "If we consider the historical openness of Kuwait to all the human civilizations and its pacific coexistence with all the religions and cultures since its establishment to the date, we will build a sustainable, leading and creative growth environment in the oil industry with a moderate oil industry culminated in a regionally distinguished contemporary democracy", he added.