Kuwait, 27 July 2024: Kuwait International Bank (KIB) has announced the launch of a new initiative titled “Empowering Kuwaiti Startups”, designed to support local small and medium-sized enterprises (SMEs) that play a vital role in the economy. The new initiative underscores KIB’s commitment to fostering local business growth and providing greater opportunities for collaboration and success. It also solidifies the Bank’s continuous support of the country’s vision and efforts to position Kuwait as an economic and commercial hub within the region.

Commenting on the occasion, Nasser Al-Osaimi – Head of Procurement at KIB, said: “The new initiative is designed with the objective of fostering the growth and development of Kuwaiti startups by providing them with essential procurement support and collaboration opportunities with KIB. The step reflects the Bank’s dedication to nurturing local talent and businesses, lending a hand to startups to achieve greater success, and helping to create a robust ecosystem where Kuwaiti entrepreneurs and SMEs can flourish and thrive.”

Al-Osaimi added: “KIB’s Procurement Department is at the forefront of this effort, offering a range of support services, including identifying sourcing opportunities and providing startups with access to KIB’s procurement needs, giving them the chance to become our suppliers if they meet the required standards and are awarded contracts. Additionally, KIB is introducing supplier development programs that provide training and guidelines to help startups improve their processes and meet the Bank’s high standards.”

This initiative opens the door to partnerships with a diverse array of startups, including tech companies, catering services, flower shops, freelancers, videographers, and photographers, Al-Osaimi explained, adding that all Kuwaiti SMEs and entrepreneurs interested in this initiative can apply anytime by sending all supporting documents to Procurement@KIB.com.kw.

“By offering these opportunities and resources, we are not only empowering businesses; we are building a community of innovators and creators who will shape the future of Kuwait’s economy. KIB looks forward to building new partnerships with local businesses and contributing to their growth and development,” Al-Osaimi said.