Kuwait to launch a $200M fund to invest in technology

Kuwait will be launching an initiative to form a $200 million fund to invest in technology, Kuwaiti Deputy Prime Minister and Foreign Minister Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah said on Sunday during the Arab Economic Summit held in Beirut.

Kuwait’s minister, the representative for His Highness the Kuwaiti Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah’s, described the initiative as a step towards embracing a digital economy. He also mentioned that His Highness the Amir has already created a fund back in 2009 to support small enterprises in the Arab region, with Kuwait contributing a share of $500 million.

The Amir’s fund has helped save 437,000 jobs in the region while financing more than 7,000 development projects, which reflects his vision of investing in “valuable youth power”.

On the other hand, Sheikh Sabah Al-Khaled expressed his appreciation towards the business summit, thanking the Lebanese President Michel Aoun for his hospitality and support.

Michel Aoun, as well called for adopting an Arab reconstruction and development initiative by creating an inter-Arab bank. According to him, this will help the underprivileged and affected people in the Arab countries. “I hereby put forth my initiative aimed at adopting the strategy of reconstruction for development, calling to set up efficient mechanisms that live up to these challenges and to the requirements of reconstruction, on top of which the establishment of an Arab Bank for Reconstruction and Development,” he said.

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