EXCPR™: EXCELLENCE IN PUBLIC SECTOR

EXCELLENCE IN PUBLIC SECTOR

Re-applying the success cases of the government sector in Kuwait

Despite the scale of administrative vibration and the decline experienced by most of the public sector during the previous period, some of these government institutions, thanks to the effective administration, have been able to overcome the political tension in the state of Kuwait, as well as the health obligations imposed by the Covid-19. They have also been able to turn the negative situation suffered by the people into signs of hope and a state of positivity that can be circulated to the rest of the other government sector of the country - each according to its role. In this regard, a report by EXCPR Consultancy and Business Management CO, based in Kuwait and managed by national team, indicated that the aim of this national initiative is to contribute to the light of the positive situation that the State of Kuwait needs during the next period. EXCPR CO said, this work aims to account for and draw the most important elements of management success on which some successful public sectors have relied in their work, thereby reproducing these methods through them in other public sector. Despite the widespread conditions for all public sector in Kuwait, some public sector institutions, relying on a pioneering strategy, have been able to develop their businesses and achieve the goals they have come for – despite the difficult circumstances surrounding them. The following is a side of government institutions whose positive results have been monitored, which we would like to increase in the coming period:

THE PUBLIC INSTITUTION FOR SOCIAL SECURITY

The Executive Management of the Public Institution for Social Security has achieved the best investment performance since its established, and developed its operational performance during the financial year 2020/2021 by registering an increase in the value of portfolio assets by KD 6.3 billion, increasing the value of the portfolio assets to KD 40.4 billion, a growth rate of 20.9% over the previous year, and a 16.5% return on investment. At the local level, the Public Institution for Social Security has achieved KD 636 million in just three years by investing in companies listed on Boursa Kuwait, through which it was able to achieve 29.7% return on investment during the same period. These standard results did not come away! , but came through hard work and determination towards achieving the strategic objectives of the Public Institution for Social Security, as well as a careful understanding of its role among its peers in state institutions and society in general. These standard returns have been achieved through a move towards corporate work away from individual decision-making, the presence of an experienced national professional team, keen to implement the goals launched and using the best strategies, reviewing the plan and taking into account market developments, adhering to the action plan, adhering to the business policy and investment frameworks, applying the principles of governance, reading and dealing with risks well, dealing with the best companies in asset management and stakeholders, restructuring the investment sector, developing institutional business procedures according to the highest Global standards, providing the necessary support for executive management. Taken together, these administrative factors have therefore been created by creating the system of work and strategy necessary to achieve those unprecedented financial results, which should be maintained and constantly developed in order to provide more positive results in the future.

KUWAIT CREDIT BANK

Kuwait Credit Bank’s success story is another success story experienced by public sector institutions during the previous period. The Bank has achieved unprecedented financial results, culminating in the reach of KD 600 million over the last 10 years, with investment growth of more than 5%. These positive results came from the Bank by relying on the business development strategy and the transition from traditional to institutional work that meets the requirements of life, relying on modern technology tools and applications, relying on ambitious vision and strategy, updating the bank's organizational structure in proportion to the nature of the business, relying on promising executive management, relying on advanced business systems, relying on national cadres and developing skills, as well as applying effective governance and control systems. Although the bank's role is social at the local level, it has been able to transform the business into an institutional one, implement a good management system and achieve the desired results.

KUWAIT INVESTMENT AUTHORITY

As for the third case of success that showed the durability of the public sector, despite its keeping with the rest of the government institutions, the Kuwait Investment Authority is one of the financial construction shovels for the next phase in Kuwait, as the Kuwaiti Sovereign Fund is one of the oldest investment funds around the world, which was able today to reach third place in the world after being late in seventh place for many years, after exceeding the value of KD 212 billion, and achieving a record growth rate of more than 33% from last year. At the local level, the investment of the Kuwait Investment Authority -KIA- in April 2021 was about KD 2.26 billion, achieving a record three-year investment return of about 41.9%. This historic achievement has put the Kuwait Investment Authority in the face of a major challenge during the next phase in maintaining these assets first and further inflating their value, especially as many global sovereign funds seek to achieve more wealth and thus compete directly with Kuwait’s sovereign fund. On the other hand, these positive investment results of the National Sovereign Fund were through reliance on active human resources, reliance on prudent investment policies, diversification of sources of investment, as well as the selection of the best wealth-generating markets.

The following are the 11 successful steps that the Public Institution for Social Security, Kuwait Credit Bank and the Kuwait Investment Authority have been working on during the past period, which should be rescheduled and circulated to other government institutions:

· Relying on institutional work in the management of the institution.

· Identify vision and ensure that goals are implemented, as well as work through the best strategies.

· Review the implementation plan and monitor other developments.

· Adherence to the policy of action and basic frameworks.

· Provide the necessary support to the executive department.

· Having an experienced and distinguished national professional team.

· Applying the principles of governance, and reading risks.

· Redesign the organizational structure of the organization periodically, and distribute the sources of production.

· Cooperation with the best companies specialized in providing consulting.

· Business development to the highest international standards.

· Relying on modern technology tools and applications in business administration.

Finally, the importance of presenting such positive results in public sector institutions lies first in the ability of other public sector institutions to replicate success processes and thus achieve their goal. In addition, such results would enhance the work of state institutions and reduce reliance on the source of oil in the state's GDP, thereby increasing the proportion of non-oil revenues on Kuwait’s domestic economy. The role of effective management is also very important in maintaining sources of production and achieving the highest returns at the lowest costs. It can be inferred that the existence of leading national youth energies can turn adversity into grants in the darkest circumstances, and perhaps the investment sector is closest to being interested in it in the coming period and relying on it to diversify sources of income, especially in the presence of that relative national advantage. Through this, the rest of the government's investment arms can continue and rely on those successful strategies to achieve the desired public sector success. Reproducing successes in the public sector will restore a spirit of positivity and hope in government agencies that have been stagnant for decades. On the other hand, the development of the public sector in Kuwait in general during and after the Covid-19 crisis, which may soon yield positive results, has been touched by adherence to those axes.

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Friday, September 10, 2021

EXCELLENCE IN PUBLIC SECTOR

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