Kuwait Finance House (KFH) CEO Mohammed Al-Omar stated in an interview with Najwa Asran on CNBC Arabia that KFH’s end of year results are good and positive, where it included indices for the growth of the volume of deposits that ranged between 11-5% respectively; in addition to the fact that the distributions on various deposit accounts were the highest in the market. He praised the efforts exerted by KFH’s subsidiary banks and companies, and their growing contributions in total revenues. He added that 2010 witnessed KFH’s significant role in restructuring companies and turning their short-term loans to long-term; thus allowing them to regain their ability to operate optimally, overcome the financial crisis, and reinforce the national economy. He went on to say that KFH continues to finance other companies that seek to complete projects that they have started.
Concerning provisions that KFH retains, Al-Omar stressed that this is a precautionary step that the bank has taken, despite the improvement in the global economy, since the crisis is not over yet. He called for increasing governmental expenditure on major national products, especially that public expenditure is the main catalyst for the Kuwaiti economy. He expressed hope that 2011 will witness better local and global economic conditions, in addition to the growth and recovery rates, especially that the government is keen to develop the national economy and offered several huge projects. He went on to say that the banking system is the backbone of economic process in Kuwait, and that abiding by the regulations set by the Central Bank of Kuwait allowed the banking sector to overcome many negative consequences of the economic crisis; thus allowing it to face domestic and global challenges.
Regarding his vision of Egypt’s economic status, he mentioned that Kuwaitis have been concerned about Egypt those past few days, and that the Egyptian economy will go through a restructuring phase that meets the aspiration of all Egyptians; thus allowing Egypt to play a pivotal economic role in the region and the world.