Kuwait city: Acting Chairman of Central Information Technology Regulatory Authority (CITRA), Sheikh Athbi Jaber Al-Sabah, announced that CITRA's financial proceeds have increased significantly due to effective management of liabilities and prompt fee collection, preventing any fiscal delays.
According to Kuwait News Agency, Sheikh Athbi disclosed that the authority's returns have surged to KD 110 million (USD 359.9 million) following the approval of the final account for the fiscal year 2024-2025. This represents an eight percent increase compared to the previous year, achieved through the implementation of bylaws related to investments in CITRA's real estate and the collection of service fees initiated on August 15, 2023.
Sheikh Athbi also projected a continued growth trajectory for the fiscal year 2025-2026, relative to the current year. He emphasized the role of digital transformation in expediting client transactions and optimizing financial returns in line with CITRA's regulatory framework.
He reiterated the commitment to adhering to financial bylaws and imposing fines for any payment delays. CITRA's final account for the 2024-2025 fiscal year was reported at KD 110 million, up from KD 102 million the previous year.