Bank of Palestine concludes its business visit to Kuwait
17 | 3 | 2019
Last week, Bank of Palestine concluded its business visit to Kuwait, which involved several discussions and meetings in an effort to promote investment relations between Palestine and Kuwait and between Kuwaiti companies and Palestinian companies, especially the subsidiaries of Bank of Palestine Group. Mr. Hashim Al Shawa, the Chairman of Bank of Palestine Group, led the Palestinian delegation that included Mr. Mahmoud Al Shawa, the Director of Financial Management at Bank of Palestine, and Mr. Kamil Husseini, the Director of International and Investor Relations at Bank of Palestine. The purpose of the visit was to establish bilateral economic relations between Palestine and Kuwait by introducing Kuwaiti businessmen and investors to the promising future of the Palestinian economy.
The visit featured several meetings, most importantly a meeting with Mr. Abd Al Latif Al Hamad, the General Director and Chairman of the Arab Fund for Economic and Social Development. Mr. Hashim Al Shawa expressed his gratitude towards Mr. Al Hamad for his continuous support for the Arab Fund for Economic and Social Development in Palestine, and praised the partnership between the Arab Fund and several donors in funding the first mobile clinic for the early detection of breast cancer among women, particularly those living in remote and marginalized areas. Additional issues discussed during the meeting revolved around the Arab Fund’s ability to support small and medium sized enterprise through the establishment of a specialized fund that provides facilitated loans to owners of small and medium sized enterprise, which are considered the backbone of the Palestinian economy, especially at a time when the Palestinian economy is witnessing economic stagnation. Other issues discussed include the Arab Fund’s directions in the fields of digital technology and knowledge-based economy by promoting cooperation between the bank and its subsidiary companied in the field of technology. Several Kuwaiti businessmen and traders participated in the meetings including Mr. Qais Al Ghanim, the Chairman of the Muhallab Kuwait Real Estate Company; Mr. Rashid Abdul Aziz Al Rashid, the Chairman of the Kuwait Cement Company and his Deputy Mr. Misha’l Al Rashid; Mr. Yacoub Al Jawa’n, the owner of Al Jawa’n Group; and Mr. Fahid Al Jawa’n, Member of the Kuwait Chamber of Commerce and Industry. During these meetings, Kuwaiti businessmen were introduced to the investment opportunities in Bank of Palestine shares, considering that the revenue on the share is the highest among banks in the Gulf and the region. The Kuwaiti businessmen stressed their commitment to investing in Bank of Palestine shares and expressed their satisfaction in the bank’s performance and their confidence in growth opportunities, especially after learning about the bank’s future plans from Mr. Hashim Al Shawa.
Mr. Hashim Al Shawa expressed his pride in the close relationship that connects Kuwait with the Palestinian cause and the Palestinian people, as well as Kuwait’s support for economic development in Palestine, and stressed the importance of promoting economic and investment relations between both countries. He thanked current Kuwaiti investors for investing in shares and for their continuous confidence and trust in the bank.
The Palestinian delegation also participated in a sideline meeting organized by Dr. Nabil Al Qaddumi, the Chairman of Spetco International Petroleum Company, with several Palestinian businessmen living in Kuwait and other Kuwaiti businessmen and officials. Meeting discussions stressed on promoting Bank of Palestine’s relations with leading financial institutions in Kuwait to introduce the bank’s performance and future investments in Palestine through the leading role played by the bank in developing various economic projects within the Palestinian territories.
The delegation also met with Mr. Tarik Sultan, the Chief Executive Officer of Agility Group, which is a company that specializes in logistics. The meeting stressed the importance of the Agility Group to consider doing business and invest in the Palestinian market considering Palestine’s need for expertise from such a huge international company that has a long track record in shipping, storage and cargo. Al Shawa clarified that Bank of Palestine is a partner in the agricultural and industrial development of Jericho, which is considered an important location for exports, and stressed the need for a company like the Agility Group to provide its expertise.
The delegation concluded its visit by conducting a meeting with His Excellency Mr. Rami Tahboub, the Palestinian Ambassador to Kuwait. The meeting stressed the important role played by Kuwait in supporting the Palestinian cause, and delegates discussed ways to promote bilateral relations between the two countries, provide support for the Palestinian economy, and grant Kuwaiti companies bigger opportunities to penetrate the economic cycle within the Palestinian Territories.