The Kuwait Chapter of the Institute of Chartered Accountants of India (ICAI) conducted its Annual General Meeting (AGM) on 17 May 2015 at the Holiday Inn Down Town. Speaking on the occasion, the Chairman of ICAI Kuwait Chapter, CA. Prashantha Shetty applauded the achievements by the Chapter’s executive committee and the sub committees during the financial year 2014-15. CA Sai Devata, Secretary of ICAI Kuwait Chapter briefed the chapter activities accomplished in the last year by walking through the annual report and CA Kaizar Shakir, Treasurer of ICAI Kuwait Chapter summarized the financials. CA. Shetty used the occasion to soft launch the website of the Chapter. The website (www.icaikw.org) documents all activities of the ICAI in Kuwait and will serve as an online rallying point for members to be constantly updated and share best practice with fellow members of the fraternity.
Following the AGM, a Seminar on the “The current oil glut and long term economic growth in Kuwait” by prominent speaker “Mr. Nemr Janus Kanafani”, Senior Economist at “NBK” was conducted. CA. Sai Devata, Secretary anchored the event and introduced Mr. Nemr to the audience.
Mr. Nemr delivered an insightful session on the Kuwait economy in general and the oil sector in particular, with emphasis on the current oil glut and its impact on the Kuwait economy in the medium and long term. His presentation traced the economy post the financial crisis in 2008 and its impact on various sectors, including Kuwait’s long range plans and proposed project spending. Also discussed was the current oil price volatility and impact going forward. The lively and interactive session was helpful in understanding Kuwait’s economy and available options to deal with the oil glut. A house full audience that included around 100 Indian Chartered Accountants from various walks of Industry and Professional Firms were in attendance and left inspired.
CA. Balvir Machado, Chairman of the Media and PR Committee of the ICAI Kuwait Chapter extended a vote of thanks, on behalf of the Executive Committee of the Kuwait Chapter of the ICAI, to the speaker, sponsors and all those who assisted in putting together and publicising the event. As a token of appreciation, a memento was presented to the speaker by CA. Prashantha Shetty, Chairman of the Chapter. A memento was also presented to CA. Balvir Machado for his valuable contribution to ICAI Kuwait Chapter, since the inception of the Chapter, as he is shortly leaving Kuwait. The session was followed by a sumptuous buffet dinner.