KF Activities In Kuwait
1. A Training Program for the Newly Graduated Engineers and Architects.
The Kuwait Fund entered once again the local arena through the program, which was launched in 2004 to train the newly graduated Kuwaiti Engineers and Architects to prepare them to work in the private sector based on the Fund's belief in its role in developing the human resources, which is the basis for development. The Fund oversees the preparation and implementation of the program, which has been designed to be implemented in three stages. The first of which aims at strengthening the basic skills of the graduates through a number of intensive lectures and workshops for a period of three months. The second stage is practical training, during which the trainees join international companies to enhance their awareness of modern engineering ways and to provide them with experience through giving them assignments over a period of 6 months outside Kuwait. The third stage is field training, during which the trainee joins Kuwaiti Companies to apply the skills, which he/she acquired during the previous two stages through a number of responsibilities delegated to him. Up until March 31 2015, twenty-two groups have been admitted to the program. The members of the twenty-second group is presently being trained at a number of international companies, while the members of the twenty-first group are in the third stage of the program. It is worth mentioning that twenty groups have completed their training and most of them are currently working in the Kuwaiti private sector.
2. Prominent Role in Solving the Housing Problem
When the Housing problem in Kuwait worsened the Kuwait Fund participated in solving the problem by issuing bonds in the amount of 500 million Kuwaiti Dinar in favour of the lending and savings Bank over a period of five years since 2002 – 100 million K.D. every year- in addition to setting aside 25% of the Kuwait Fund's net profits every year and allocating it for infrastructure projects in Kuwait.
3. Support for the Private Sector
Although the Kuwait Fund was established with aim of providing assistance to the developing countries it has on more than one occasion given its attention to inside Kuwait and acted locally on more than one area. The beginning was the Fund encouragement and support to the Kuwaiti Private Sector through the giving of a margin of preference to the Kuwaiti companies and the foreign companies associated with it, for the execution of the projects financed by the Fund, in addition to encouraging the Kuwaiti and foreign companies to use local materials and products, and obliging the Kuwaiti companies to use the national banking and financial services, as well as obtaining the agreement of the borrowing countries to use the said services and restricting the performance of the consultancy services related to the Fund's grants and technical assistance to the Kuwaiti companies associated with foreign companies. It is worth noting that out of all the Fund's projects, since its establishment and until 31 December 2009, 205 projects whose cost exceeded 280 million Kuwaiti Dinars, were executed by 314 Kuwaiti (contractors, importers and consultants) and associated companies.
4. Supporting the States' Policy for Comprehensive Development
In another related sphere within the framework of supporting the Governments policy for achieving comprehensive development, the Fund on the request of the Government of the State of Kuwait, financed, managed and prepared the studies related to building a new port in Bobyan Island. The results and recommendations of the said studies were presented to the Council of ministers who approved it and agreed to finance the infrastructure of the island and the port. The Bobyan Port is considered a stimulant for the Island's comprehensive development which will also incorporate the activities related to the port such as the free zone, the storage area, the industrial town and the economic, entertainment and social activities which will benefit from the island's strategic location in the area north of the Arabian Gulf which represents 5% of the area of the State of Kuwait. Bobyan will then become a main station in the regional transport system as well as a center for the effective economic activities in the area.