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LONDON: Below the patronage and presence of HH the Crown Prince Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah, an occasion was held on Tuesday to rejoice the seventieth anniversary of the institution of the Kuwait Funding Workplace in London, at Lancaster Home within the British capital. HH the Crown Prince arrived on the venue and was warmly welcomed by Deputy Prime Minister, Minister of Oil and Minister of State for Financial Affairs and Funding Dr Saad Hamad Al-Barrak, Managing Director of Kuwait Funding Authority Ghanem Al-Ghunaiman and Director-Common of Kuwait Direct Funding Promotion Authority Sheikh Dr Mishal Al-Jaber Al-Ahmad Al-Sabah, in addition to members of the board of the Kuwait Funding Authority. A presentation on the historical past of Kuwaiti investments was given to HH the Crown Prince, showcasing historic pictures on this event by Kuwait Funding Authority.
HH the Crown Prince then proceeded to fulfill with British officers collaborating within the celebration, together with Chancellor of the Exchequer Jeremy Hunt, Minister of Funding Lord Dominic Johnson, British Ambassador to Kuwait Belinda Lewis, Mayor of the Monetary District of London Alderman Nicholas Lyons, Chief Advisor to the Minister of Protection for Center East and North Africa Affairs Air Marshal Martin Sampson and Director of the Center East Division on the British Ministry of Overseas, Commonwealth and Growth Affairs Stephen Hickey, in addition to the UK Prime Minister’s Commerce Envoy to Kuwait Baroness Patricia Morris.
HH the Crown Prince then entered the primary corridor to inaugurate the occasion, the place Ghunaiman delivered a speech as follows: “Your Highness, Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah, might God shield you, distinguished friends, girls and gents. It’s a nice honor for us to rejoice right this moment, underneath the auspices of Your Highness, this important historic occasion, marking the seventieth anniversary of the institution of the Kuwait Funding Workplace in London. On behalf of the members of the board of Kuwait Funding Authority and all its employees, we lengthen our heartfelt thanks and deep gratitude to Your Highness to your participation on this essential celebration, wishing you the perfect of well being and well-being.
“With nice pleasure and appreciation for the outstanding achievements within the discipline of funding, we collect right here right this moment to commemorate the 70 years of the Kuwait Funding Workplace’s presence within the British capital, London, which performed a outstanding function in solidifying the partnership between the State of Kuwait and the UK.
Your Highness, esteemed friends, girls and gents, because the institution of the Kuwait Funding Workplace in 1953 till right this moment, the UK has been the second most essential residence for Kuwaiti investments. These investments have witnessed exponential development over the a long time, as the UK has change into a significant and principal world monetary middle. It possesses a strong authorized and legislative setting, political stability, and an investment-friendly environment, which has led the Kuwait Funding Authority to extend the worth of its investments, making the Kuwait Funding Workplace in London the flagship overseas funding arm of Kuwait.
“Recognizing the strategic significance of the British capital, Kuwait Funding Authority performed a pivotal function in 2009 in founding the Worldwide Discussion board of Sovereign Wealth Funds, which brings collectively greater than 45 sovereign wealth funds from world wide and has its headquarters in London.
“Economically, the UK gives a various financial system, offering quite a few enticing funding alternatives in very important sectors equivalent to healthcare, vitality initiatives, infrastructure, and numerous industrial sectors. Acknowledging this, Kuwait Funding Authority has established subsidiary firms, together with St Martins Property and Wren Home, specializing in infrastructure funding, permitting the authority to carry quite a few direct and oblique investments and change into one of many largest overseas property house owners within the British market.
“Constructing on this, Kuwait Funding Authority is at the moment working in coordination with related authorities in the UK to determine a long-term funding partnership aimed toward strengthening the deep relationship between the 2 pleasant nations.
“Your Highness, esteemed friends, girls and gents, the worldwide financial system has, lately, been more and more involved with environmental points and local weather change. Kuwait has been on the forefront of countries recognizing the early risks of local weather change. His Highness Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah, the Crown Prince, might God shield him, has declared Kuwait’s dedication to carbon neutrality within the oil and fuel sectors by 2050.
“In a associated context, the UK has performed an important function in mitigating local weather change dangers. This was evident when His Royal Highness King Charles III introduced the launch of the Sustainable Markets Initiative in January 2020. This initiative focuses on accountable investing that takes into consideration environmental facets and local weather change. Kuwait Funding Authority was one in all solely two sovereign funds to have the distinction of signing the declaration establishing this initiative and committing to it.
“Moreover, the authority, together with a gaggle of different sovereign funds, contributed to the institution and launch of the One Planet Initiative to put the foundations for environmentally pleasant investments. We frequently attempt and exert all doable efforts to make sure that all our investments align with future environmental and local weather circumstances.
“Regardless of the world’s challenges and geopolitical adjustments round us, we stay assured within the continued growth of our robust historic ties. These ties are essentially constructed on shared values and mutual pursuits. In conclusion, I can not emphasize sufficient my gratitude for the nice honor we’ve got in your presence at this essential historic occasion. I lengthen my due to all of the distinguished friends, wishing everybody good well being and well-being.”
British Chancellor of the Exchequer Jeremy Hunt outlined the info about Kuwaiti investments in the UK, reflecting the depth of the distinctive friendship between Kuwait and the UK, a relationship that extends again in historical past. He emphasised the UK’s pleasure in its funding partnership with Kuwait.
Deputy Prime Minister and Minister of Oil, Minister of State for Financial Affairs, and Performing Minister of Finance Dr Saad Al-Barrak additionally delivered a speech, as follows: “Your Highness Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah, might Allah shield you. Your Excellencies, girls and gents, peace be upon you and the mercy of Allah and His blessings.
“It’s a supply of pleasure and pleasure for me to welcome His Highness Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah, the Crown Prince, might Allah shield him, to attend this important occasion. It represents a outstanding milestone within the historical past of the robust relations between the State of Kuwait and the UK, as we come collectively to rejoice the seventieth anniversary of the institution of the Kuwait Funding Workplace in London. I’m additionally happy to welcome a lot of our devoted companions and pals at this historic juncture in our relationships.
“Due to the knowledge of our early leaders, an settlement was signed by the late Amir Sheikh Abdullah Al-Salem Al-Sabah, might Allah have mercy on him, and the British Political Resident, underneath which the Kuwait Funding Board was established within the British capital on February 23, 1953. This workplace was the preliminary nucleus that led to the present Kuwait Funding Workplace in London.
“The purpose behind establishing the Kuwait Funding Workplace was to attain long-term funding returns to serve instead supply of earnings to grease revenues, enhancing the power of future generations to confront future challenges with confidence. This foresight performed a major function in enabling the Kuwait Funding Authority, the world’s oldest sovereign fund, to change into one of many largest sovereign funds internationally right this moment.
“Earlier right this moment, I had the distinction of signing a brand new memorandum of understanding that reaffirms our honest intentions to reinforce our robust strategic partnership with Nice Britain. We hope it will appeal to extra investments within the years to come back. Your Highness Crown Prince, esteemed ministers, girls and gents, all of it started with just a few hundred thousand kilos deposited within the Financial institution of England within the Fifties. With prudent administration by the Kuwait Funding Authority, which was established later, these small investments grew considerably over time. By the point we celebrated the fiftieth anniversary of the Kuwait Funding Workplace in London in 2003, the Kuwait Funding Authority’s investments have been roughly 9 billion US {dollars}. By the sixtieth anniversary in 2013, these investments had grown to about 24 billion US {dollars}.”
“As we speak, on the seventieth anniversary of the opening of the Kuwait Funding Workplace in London, I’m happy to announce that we’ve got as soon as once more managed to double our investments in the UK to roughly $42 billion, quadrupling in simply 20 years. The Kuwait Funding Authority has made London the headquarters for its worldwide funding operations. The property managed by the Kuwait Funding Workplace in London have grown from round $27 billion in 2003 to $120 billion in 2013, and as of this yr, 2023, they’ve reached $250 billion. This represents a rise of over 4 instances up to now 20 years.
“Kuwait has at all times been a trusted strategic associate for many world buyers. At a time when the British financial system confronted some challenges as a consequence of its voluntary exit from the European Union in 2020, the Kuwait Funding Authority noticed it as a possibility to extend its investments. This displays Kuwait’s steady need to strengthen its strategic partnership with this huge and numerous financial system.
“I’d additionally wish to acknowledge the outstanding function performed by the UK and its allies in liberating Kuwait from the occupation in 1990. In addition they contributed to the reconstruction efforts after liberation in February 1991. The connection between Kuwait and the UK extends past investments to many different very important sectors equivalent to schooling, protection, and healthcare, alongside steady communication and coordination between our governments relating to worldwide developments. Moreover, London has at all times been and continues to be the highest vacationer vacation spot for Kuwaiti residents.
“In gentle of this distinctive occasion and the historical past of our robust bilateral relations, I invite the British authorities and the British personal sector to discover promising funding alternatives within the Kuwaiti financial system. Detailed data could be obtained by the Kuwait Direct Funding Promotion Authority (KDIPA). Kuwait, wealthy in pure sources, can also be wealthy in bold human capital, with a lot of its entrepreneurs receiving their schooling in British universities and establishing profitable firms and companies in the UK. We hope it will additional strengthen the bonds of cooperation and integration between our nations.
“Your Highness Crown Prince, esteemed ministers, girls and gents, in conclusion, we thanks for attending this celebration, which goals to strengthen the distinctive bilateral relations between our nations and reaffirm the bonds of friendship which have endured by quite a few exams and geopolitical storms. These bonds are constructed on strong values and shared steadfast objectives, which we hope will thrive and develop over many coming a long time. Peace be upon you, and should Allah’s mercy and blessings be upon you.”
British Secretary of State for Worldwide Commerce and Funding Lord Dominic Johnson delivered a speech during which he praised the power and resilience of the relations between Kuwait and the UK within the fields of commerce and economics, extending for over 70 years. HH the Crown Prince then signed the visitor guide and a commemorative photograph was taken with the members of the Kuwait Funding Workplace on this event. His Highness then departed, accompanied by the official delegation. – KUNA
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