The Kuwait Chapter of The Institute of Chartered Accountants of India (KCICAI) hosted a captivating Continuing Professional Education (CPE) event focused on the economic landscape of Kuwait and the wider Gulf Cooperation Council (GCC) region. The event was held at the prestigious Jumeirah Messilah Beach Hotel, Kuwait. The event garnered significant attention from industry professionals and stakeholders alike.
The keynote address was delivered by Mr. Daniel Kaye, Group Chief Economist of the Economic Research Group at the National Bank of Kuwait. With a wealth of experience and expertise in macroeconomic analysis, Mr. Kaye provided invaluable insights into the global and regional economic dynamics shaping the future of Kuwait and the GCC.
The event commenced with opening remarks by CA Andaleeb Girkar, setting the stage for a comprehensive exploration of the factors influencing the economic trajectory of the region. CA Rabin Gonsalves, Chairperson of KCICAI, emphasized the significance of the Kuwait and GCC economic outlook, underscoring its impact on residents and businesses in the region. He expressed gratitude to the attendees for their participation and highlighted the importance of staying abreast of economic developments in a rapidly evolving landscape. He highlighted the rarity of such events post-pandemic, and emphasized the challenges in accessing accurate economic data in the region.
CA Sweta Chipra, took over as meeting coordinator, introduced Mr. Daniel Kaye, acknowledging his accomplishments in the field of economic research. Mr. Kaye delved into a detailed analysis of the global economic outlook and Oil prices, providing nuanced perspectives on key economic indicators and trends. He highlighted the resilience of the US economy, the challenges facing Europe, and the evolving dynamics in China and Japan. Additionally, Mr. Kaye offered insights into the outlook for oil prices, emphasizing the importance of geopolitical factors and supply-demand dynamics.
The session also featured comprehensive highlights of GCC countries' economic prospects, including Saudi Arabia, UAE, Qatar, Oman, and Bahrain. Each country's unique opportunities and challenges were examined, providing a holistic understanding of the regional economic landscape.
Turning the focus to Kuwait, Mr. Kaye outlined the country's economic outlook, noting the subdued growth post-pandemic and the challenges posed by its reliance on the oil sector. Structural challenges such as low GDP growth, limited economic diversification, and low investment were discussed, along with potential strategies to address them in alignment with Kuwait's Vision 2035.
The vote of thanks was proposed by KCICAI Vice Chairperson, CA Aditya Dhanuka. He expressed gratitude to Mr. Daniel Kaye for his enlightening presentation, the attendees and the annual sponsors Al Mulla Exchange and NBK for their unwavering support. He also thanked KCICAI’s media partners for their extensive coverage of the events. The event was conceptualized, structured and executed under the leadership of Executive Committee member and CPE lead CA Venkata Raman.
The event concluded with an emphasis on the benefits available to KCICAI members through corporate tie-ups with Al Rifai, Crowne Plaza, Metro Medical, Jazeera Airways, Mughal Mahal & Pokiddo, highlighting the chapter's commitment to enhancing member value and fostering professional development.
For more information about KCICAI and upcoming events, please visit icaikw.org.