The expansion of the businesses along with a strong recovery in the international oil prices will fuel growth of the local economy in the post-pandemic era.
Your services cover various sectors, such as Real Estate, Finance, and Commerce, among others. Based on that, how would you describe Kuwait’s economic recovery and growth in the post-pandemic era?
Just like the rest of the world, Kuwait’s economy was not immune to the pandemic. However, we have started to see a strong recovery in various sectors in the last few months. The initial phase of recovery was primarily driven by the pent-up demand which has positively changed the spending pattern of the customers.
We feel that the recovery phase of the economy will soon be over with the start of the growth phase. Some of the businesses already devised an aggressive plan to expand organically and inorganically not only in Kuwait but also in the region and other parts of the world.
The expansion of the businesses along with a strong recovery in the international oil prices will fuel the growth of the local economy in the post-pandemic era. We have no doubt that the Kuwait economy has a real potential to grow further in the coming months and years to come.
Arzan Financial Group was the outcome of a merger of three companies, and now organizations worldwide are taking the same route to boost their growth and become more digitally capable. What are your thoughts on it?
We believe that merger and acquisition is a form of a partnership which strengthen the organization, bring efficiencies, and build a platform for a future growth as it combines the business expertise and resources.
In this era, merger and acquisition is becoming a norm, particularly due to fierce market competition. Even sizeable organizations are now looking to acquire / partner with the tech start-ups to scale up their business and provide solutions to their stakeholders.
This not only saves a lot of in-house research and development costs, but also provides companies with well-tested and developed digital solutions along with a pool of experienced and talented individuals that can further elevate the business.
As organizations build business back, they are starting to step on social issues and are looking to incorporate ESG into their business strategy. How do you think this may impact their profitability and growth prospects?
ESG is the heart of a modern business strategy and business growth is very much connected with the ESG related matters.
We firmly believe in a strong Corporate Governance culture in the business. Though this may have an effect on the profitability of the business in the short term, it has proven to be a vital foundation of a successful growing business.
Similarly, we have seen that the business strategies and products that are developed take into consideration the environmental and social impact on the society, have a positive effect on business as a whole.
Lastly, how do you think Kuwait compares to the rest of the world in the race to digitalization, and what do you expect its outlook to be in the near future?
Digitalization in Kuwait has not only brought cost efficiencies but also positively changed the customer experience. It is helping us in building a solid foundation for future growth in various aspects of our economy and everyday life.
The pandemic has really accelerated the digitalization growth in Kuwait, just like the rest of the world. This is clearly evident in the Public Sector which has led the initiatives on this front.
We have also seen that the Private Sector in Kuwait is investing heavily in digitalizing various business processes to provide exceptional experience to their customers. We believe that given what the life in the pandemic has shown us, digitalization will continue to be an area of focus for the businesses for the next few years and we expect significant investment in this domain.
President and CEO, EQUATE Group
President and CEO, EQUATE Group