Salah Al Fulaij, CEO-Kuwait at National Bank of Kuwait (NBK), discusses Kuwait’s path toward economic and banking reform and NBK’s strategy in a period of change.
Global Finance: In fall 2023, the government of Kuwait released its Master Plan 2040, focused on modernizing company law, economic openness, and encouraging non-oil development. In parallel, it passed a new law loosening restrictions on foreign ownership of businesses. What opportunities do Kuwait’s economic reforms open up?
Salah Al Fulaij: Reforms provide a pivotal platform to capitalize on transformative opportunities, particularly in digitalization; environmental, social, and governance (ESG) efforts; and public-private partnerships (PPP). The government’s emphasis on smart infrastructure, fintech innovation, and regulatory modernization has strengthened our digital transformation journey. Our investments in advanced digital banking solutions, automation, and cutting-edge analytics equip us to offer seamless, secure, and scalable financial services.
These initiatives also enable small to midsized enterprises to thrive, supporting the national agenda of fostering financial inclusion and private sector growth.
NBK is strategically positioned to play a leading role in PPPs in sectors like renewable energy, health care, and infrastructure. By leveraging our financial expertise and strong regional presence, we contribute to the successful execution of large-scale development projects that drive economic diversification.
On the ESG front, Kuwait’s reforms are opening doors for sustainable growth. We were the first bank in Kuwait to issue green bonds. We also actively support green financing, and sustainable infrastructure projects and embed ESG considerations into our financing solutions. Reforms aimed at enhancing entrepreneurship and innovation also create new opportunities for NBK to expand our retail and wealth management services.
GF: Which sectors have the greatest potential for growth?
Al Fulaij: In line with Kuwait Vision 2035, NBK identifies high growth potential in renewable energy, technology, digital transformation, health care, logistics, and contracting.
With Kuwait prioritizing clean energy initiatives including solar and wind projects, we actively support this transition by offering green financing solutions and partnerships to reduce carbon emissions and promote energy efficiency.
Moreover, our investments in fintech, e-commerce, and smart infrastructure are unlocking opportunities across industries. NBK continues to lead by enhancing its digital banking offerings, enabling seamless financial services, and supporting tech-driven businesses.
The bank’s digital initiatives include partnerships with fintechs, cashless payment solutions, digital onboarding, and the recent acquisition of a 51% stake in Kuwait’s leading payment service provider, UPayments. Kuwait’s health care sector is also on the cusp of significant growth; NBK has been instrumental in financing large-scale health care projects, including hospitals and specialized medical facilities.
GF: What other challenges do you see ahead?
Al Fulaij: Fluctuating oil prices, geopolitical tensions, and inflationary pressures continue to shape the macroeconomic landscape. But NBK’s strong balance sheet, diversified revenue streams, and prudent risk management help us navigate volatility while maintaining resilience. Regulatory reforms—both local and global, such as heightened standards for transparency, anti-money laundering, and cybersecurity—also demand significant investments in compliance and technological upgrades.
GF: How is NBK addressing these, and what role does technology play in doing so?
Al Fulaij: We leverage digital tools to ensure operational efficiency and adherence to evolving standards. Kuwait’s ambitious sustainability goals also pre-sent both opportunities and challenges as scaling up green projects and aligning stakeholders on long-term ESG priorities require significant coordination.
We also have to keep up with the rapid pace of technological advancement and the need for continuous innovation.
Finally, I would say attracting and retaining skilled talent, especially in fields like technology and ESG, is an ongoing challenge across industries, which is why we have established programs such as the NBK Academy and NBK Tech Academy.
GF: Where did NBK focus its social contribution in 2024?
Al Fulaij: Last year, we actively supported diverse initiatives to foster innovation, skill development, and entrepreneurship among Kuwait’s youth. For example, the Bankee Program integrates financial literacy into educational curricula, empowering students with the tools to understand the fundamentals of money management. We are also actively engaged in women’s empowerment with our women’s leadership program, NBK Rise. NBK also prides itself on its commitments to the health care sector, including contributions to NBK Children’s Hospital, which has recently witnessed important achievements in stem cell transplant
