Repeated attacks in the Gulf and the closure of the Strait of Hormuz are disrupting supply chains and affecting economies worldwide, Kuwait’s Finance Minister Dr Yaqoub Al-Refai warned on Monday, as officials from member countries of the Organization of Islamic Cooperation met in Istanbul.
Al-Refai, who led Kuwait’s delegation to the 42nd ministerial session of the Standing Committee for Economic and Commercial Cooperation of the OIC, said attacks on Saudi Arabia and other Gulf, Arab and Islamic countries posed a threat to regional security and global stability. He did not identify those responsible for the attacks in the account of his remarks.
Trade and transport disruptions
The Strait of Hormuz is a key route for regional commerce, and its closure has become part of the economic concerns discussed by officials at a time of wider uncertainty and supply-chain disruption. Al-Refai called for urgent economic and trade measures to address the consequences for member states.
Kuwait’s finance minister also highlighted difficulties in financing trade among OIC countries. He said those challenges were particularly affecting small and medium-sized enterprises, which he described as a cornerstone of national economies, despite the resources, economic potential and demand available across member markets.
The Istanbul meeting examined proposals intended to improve the movement of goods and services and expand private-sector participation. Discussions focused on trade-financing instruments that could support exports, as well as mechanisms designed to make cross-border commerce easier.
- Security: Kuwait warned that attacks and the Hormuz closure threaten regional and global stability.
- Supply chains: Al-Refai said disruptions were affecting economies worldwide.
- Trade finance: OIC officials examined measures to support exports and smaller businesses.
Broader economic agenda
Officials at the session also considered technical reports, recommendations and action plans covering trade, transport, communications, agriculture, tourism, financial cooperation, poverty and digital transformation. The stated aim was to advance sustainable economic and social development and improve competitiveness across participating countries.
Investment cooperation and development challenges were also on the agenda, with discussions centered on practical ways to strengthen partnerships and increase trade within OIC markets. Kuwait said its participation reflected efforts to broaden economic and commercial ties among Islamic countries and support initiatives intended to stimulate intra-OIC trade.
The warning came as the meeting addressed the relationship between security conditions and commercial activity. Al-Refai’s remarks placed the Strait of Hormuz, regional transport and trade financing at the center of the economic response being considered by OIC officials, while the session’s broader program sought to maintain investment and development cooperation amid ongoing disruptions.
