Gulf Bank sponsors the first Gulf Small and Medium Enterprises Forum

Gulf Bank was the main sponsor of the recently organized Small and Medium Enterprises (SME) Forum, which was held under the Patronage of H.H. the Amir, Sheikh Sabah Al Ahmad Al Jaber Al Sabah. The event took place at the Chamber of Commerce & Industry in Kuwait City. 

The SME Forum was the first and largest of its kind across the Gulf region and was attended by around 25 small and medium local and Gulf Cooperation Council (GCC) companies. 

During the opening ceremony, Minister of Commerce and Industry, Ahmed Al-Haroun, commented that the success of the Forum showed that there is a vibrant entrepreneurial spirit in the GCC region, especially amongst Kuwaiti SMEs.  Mr. Al-Haroun also referred to the Parliament’s commitment to encouraging growth amongst SMEs and said that there will be new rules and regulations drawn up for these businesses to assist them.

Aly Shalaby, General Manager, Consumer Banking Group at Gulf Bank said: “We are very proud to be part of this important Forum. This is a great opportunity to share ideas and help encourage young businesses to grow.  Our sponsorship of this event is part of our programme to support Kuwait and its business community and to encourage new ideas and the emergence of the next generation’s business leaders. 

Growth of Small and Medium Enterprises (SMEs) is vital for economic development of Kuwait as they play a major role in supporting the execution of various developmental plans of the government. SMEs are also a key to government’s priority of economic diversification and development of a dynamic private sector. Access to financial services is critical for SMEs to grow; however, historically this has been severely constrained” Shalaby continued. 

Gulf Bank was the first Bank in Kuwait to offer a comprehensive banking solution for small and medium businesses.  The Bank is now actively targeting the “Small & Medium Enterprises” (“SME”) segment and has setup a Business Banking division within the Bank. The Business Banking division at Gulf Bank has introduced credit products focused towards SMEs.