Kuwait

Visa tops demand among MENA shoppers on Ramadan, Eid

Visa tops demand among MENA shoppers on Ramadan, Eid

MENA shoppers prefer VISA cards A visible surge has been recorded in the demand for Visa debit, credit, and prepaid cards off-late as shoppers across the Middle East and North Africa (MENA) region opted for electronic payment method on the occasions of Ramadan and Eid-ul-Fitr this year. According to a […]

 
 

Challenges remain for doing business in GCC

Challenges remain for doing business in GCC

EIU’s report on Business Environment in GCC Countries indicates quite a revelation even as the region continues to display positive economic trends As country after country across the globe found itself plummeting from the pedestal of business and economic security, it looked as if the Middle Eastern countries – most […]

 
 

IATA Report Indicates Stronger Aviation Demand in the Middle East

IATA Report Indicates Stronger Aviation Demand in the Middle East

Statistics for commuter traffic for February, released by the International Air Transport Association (IATA), showed a surge in the demand for the aviation transportation with a percentage increase of about 5.4 percent. This increase has been placed in context to the commuter traffic trend for February, in the previous year. […]

 
 

Gold Demand Soars in Asia: WGC Expects Positive Trends to Continue

Extraction and production of the precious yellow metal gold by Turkey has increased by 43% to 24.4 tonnes in 2011 compared from a year ago. Photo - Reuters

Gold – the yellow metal that’s as priceless as the word can imply. Everyone wants to own gold, wants to buy it as an investment for the future. But not many do manage to invest in gold thanks to its ever-increasing prices. And the ones who do are quite careful […]

 
 

Shedding Preconceived Notions: The Influence of Technology in MENA

Shedding Preconceived Notions: The Influence of Technology in MENA

Technological penetration in MENA has been quite extensive and all encompassing accounting for very positive trends There’s a lot that the world knows about MENA (Middle-East and North Africa) just as there’s so much more that the world doesn’t know about the region. Suffice to say that what the world […]

 
 

S&P Reaffirms Kuwait’s ‘AA’ Rating: Oil Reserves ‘Stabilise’ Outlook

S&P Reaffirms Kuwait’s ‘AA’ Rating: Oil Reserves ‘Stabilise’ Outlook

S&P reaffirms Kuwait’s AA rating and has given the country a ‘stable’ lookout thanks to its existing resources of crude oil. Amidst the growing turmoil that some countries are facing with regard to their credit rating in the international market, Standard and Poor (S&P) one of the world’s biggest credit […]

 
 

Middle East to gain from increased Chinese outbound M&A

Middle East to gain from increased Chinese outbound M&A

Deloitte Survey Reveals Changing Preferential Moods: From China to the Middle-east  Despite the gloom and doom that overrode most of the global economy in 2013, the Asian economic giant China notched some significant successes as far as its economic activities were concerned. Deloitte recently carried out a survey as a […]

 
 

Kuwait ICT spending to hit $28 billion by 2015

Kuwait ICT spending to hit $28 billion by 2015

Kuwait Financial Centre ‘Markaz’ recently published its executive summary on Kuwait Information and Communication Technology (ICT). In this research note, Markaz analyzes and discusses challenges and investment opportunities in the GCC Education sector. The Markaz report points out that Kuwait is the third largest spender on ICT infrastructure in the […]

 
 

Kuwait orders 2000 MW worth of renewable energy

Kuwait orders 2000 MW worth of renewable energy

Kuwait will spend USD 100 billion on the nation’s domestic energy sector over the next 5 years – and for the first time, some of that investment is earmarked for renewable energy. By 2030, 15% of Kuwait’s total energy mix will be powered by renewable energy according to a new government policy. […]

 
 

Kuwait’s Insurance sector demands immediate attention

Kuwait’s Insurance sector demands immediate attention

The recently released report by A.M. Best Company, titled “Kuwait’s Insurance Sector Faces Regulatory Uncertainty and Volatile Growth”, highlights the current uncertainty prevalent in the sector owing to volatile premium growth over the last few years. The report states that while Kuwait’s total gross premium written (GPW) is expected to increase at […]

 
 

End of a Welfare State? Kuwait tax on Expatriates

Red,white & green-Representative of the Kuwaiti Flag. Image Courtesy: Mohammad Abdullah

According to recent media reports from Kuwait, the Kuwait tax on expatriates will see an exponential increase. This has triggered protests from Kuwait’s labour union which is against the government decision to deport one million expatriates from the country over the next ten years. State Minister for Cabinet Affairs Sheikh […]

 
 

Kuwait may drop controversial media law

Kuwait may drop controversial media law

Media reports highlight that Kuwait’s prime minister may consider dropping the controversial media law, which limits freedom of expression in the country. The state news agency KUNA has quoted the Prime Minister Sheikh Jaber al-Mubarak al-Sabah at a gathering of editors as stating that, “if you are against the bill, […]

 
 

Kuwait passes debt relief bill for citizens

Kuwait passes debt relief bill for citizens

In a landmark decision, Kuwait’s parliament has approved a plan to buy citizens’ personal loans, write-off the interest and reschedule repayments. Reuters has quoted Kuwaiti Finance Minister Mustapha al-Shamali as saying that the government was expecting to spend an estimated USD 2.6 billion on the plan. The bill would cover […]

 
 

Kuwait: 4th Unfriendliest Country in the World

Kuwait: 4th Unfriendliest Country in the World

The latest Travel & Tourism Competitiveness Report 2013 has revealed that Kuwait is the most unfriendliest in the Middle East region and ranks the 4th unfriendliest country in the world. Themed under the title ‘“Reducing Barriers to Economic Growth and Job Creation”, the report assesses 140 economies worldwide based on the extent to which they […]

 
 

Kuwait places more expat restrictions

Kuwait places more expat restrictions

  The government of Kuwait is all set to introduce new measures that would put a freeze on issuance of new work permits and reduce the number of expatriates in the country to only 1 million in 10 years. Revealing the government’s plans, Minister of Social Affairs and Labor Thekra […]

 
 

Euromoney Kuwait Conference to highlight Future Financial Sustainability

Euromoney Kuwait Conference to highlight Future Financial Sustainability

The Euromoney Kuwait Conference, ‘Financial Sustainability, Regulatory Capacity – the Challenge of Change’ takes place April 8, at the JW Marriott, Kuwait. The event is co-hosted by the Ministry of Finance of the State of Kuwait. The Fifth Euromoney Kuwait Conference will undertake to study Kuwait’s public finances and its […]

 
 

Expats in Kuwait to face higher medical fees

Expats in Kuwait to face higher medical fees

The government of Kuwait is seeking to propose an increase in medical fees for expatriates living in the country. The medical services previously have been available free of charge (or at minimal costs) to the expatriates. The Ministry of Health quotes the reason for such a drastic measure as the […]

 
 

New innovation center to drive communication technology in Middle East

New innovation center to drive communication technology in Middle East

Zain Kuwait and Huawei have agreed to setup a first-of-its-kind Joint Innovation Centre, which will drive all future research in communications technology and take the industry to greater heights in the Middle East. Under the agreement, both Zain and Huawei will invest capital in the construction of the center and […]

 
 

Kuwait to Pump Billions in Education

Kuwait to Pump Billions in Education

Recognizing the importance of investing in human capital, the Kuwaiti government has announced its plans to spend more than USD 1 billion over a period of five years to improve educational facilities in the country. A statement by Mohammad Al-Sayegh, Ministry of Education’s assistant undersecretary for educational buildings, reveals government […]

 
 

Kuwait buys BP stake in China gas field

British oil and gas giant BP has agreed to sell its 34.3 per cent stake in the Yacheng gas field to Kuwait Foreign Petroleum Exploration Company (KUFPEC). The gas field, located in the South China Sea, has been sold for a sum of USD 308 million. The field supplies natural […]

 
 

Kuwait posts record high 2011-12 budget surplus

Kuwait posts record high 2011-12 budget surplus

Kuwait posted a record budget surplus and revenues in the 2011-2012 fiscal year that ended on 31 March on the back of high oil output and price, an economic report said on Sunday. The oil-rich Gulf state posted a historical budget surplus of 13.2 billion dinars ($47 billion) for the […]

 
 

Global economic slowdown may still lead to oil price rise – report

Global economic slowdown may still lead to oil price rise – report

Global economic slowdown and a negative outlook towards major world economies will lead to a decline in demand for oil but prices might still increase, a report published by a Kuwaiti institution said. The study added that despite current turbulences, prices are expected to witness improvement in Q3 of this […]

 
 

Kuwait to go ahead with Middle East’s largest oil refinery project

Kuwait to go ahead with Middle East’s largest oil refinery project

Kuwait National Petroleum Company (KNPC) announced on Thursday it is going to build the Al Zour oil refinery despite political tensions that continue to put many economic development plans on hold. A senior executive at KNPC said the government expects to announce next month the winner of the Middle East’s […]

 
 

Kuwaitis flocking to buy London 2012 Olympics tickets after IOC decision

Kuwaitis flocking to buy London 2012 Olympics tickets after IOC decision

The International Olympic Committee’s decision to let Kuwait compete in London Olympics has increased the turnout of Kuwaiti citizens buying tickets for various games. Abdul Wahab Al Senafi, in charge of an online sport website, told Kuwait News Agency (KUNA) that the turnout of citizens increased more than three times right […]

 
 

Boeing receives 737 MAX boost from Kuwaiti leasing firm

Boeing receives 737 MAX boost from Kuwaiti leasing firm

Kuwait airplane leasing company ALAFCO on Tuesday announced an order for 20 Boeing 737 MAX 8s valued at $1.9 billion at current list prices, at the 2012 Farnborough Airshow in southern England. Boeing also racked up a multi-billion dollar deal with GE Capital Aviation Service by committing to take 75 of the upgraded […]

 
 

Kuwait court dissolves newly elected parliament day after suspension

Kuwait court dissolves newly elected parliament day after suspension

Kuwait’s constitutional court ruled on Wednesday the country’s Islamist-dominated parliament was elected unconstitutionally and restored the previous legislature. The state news agency KUNA said the court declared that “the decree calling for the National Assembly 2012 election is void, and (ordered) the return of the dissolved council”. The decision comes just days […]

 
 

Kuwait improving IT infrastructure: Oxford Business Group

Kuwait improving IT infrastructure: Oxford Business Group

An influential research group said Kuwait is improving its information technology (IT) infrastructure and brining it in line with its Gulf neighbours. The World Economic Forum (WEF) has ranked Kuwait 62nd out of 142 countries in its latest annual Global Information Technology Report. The Gulf nation was rated on its IT […]

 
 

Kuwait emir suspends parliament for a month

Kuwait emir suspends parliament for a month

Kuwait Emir Sheikh Sabah al-Ahmad al-Sabah on Monday suspended the parliament through an official decree for one month, ahead of the planned grilling of the interior minister by lawmakers. State-run Kuwait television said the Emir’s decision was based on an article in the constitution that allows the suspension of parliamentary meetings for a […]

 
 

Kuwait stashes $17.77bn in oil revenues during last two months

Kuwait stashes $17.77bn in oil revenues during last two months

A specialised economic report said Saturday Kuwait has earned oil revenues worth KD5 billion ($17.77bn) during the past two months despite considerable drop in oil prices. The Al-Shall Economic Consultants report showed that the oil prices have taken a downward trend during the past period, but did not drop below the $100 […]

 
 

Kuwait to spend $6bn to expand airport capacity

Kuwait to spend $6bn to expand airport capacity

Kuwait’s government will spend $6bn to almost double the number of passengers its airport handles by the end of 2016, the head of the country’s aviation regulator said. Kuwait Civil Aviation President Fawaz Abdul-Aziz Al Farah told reporters in Dubai on Tuesday work will commence later this year. The project includes […]

 
 

Kuwait Petroleum Corp. posts record 2011 profit

Kuwait Petroleum Corp. posts record 2011 profit

The Kuwait Petroleum Corporation (KPC) posted a record profit of one billion dinars ($3.58 billion) for the 2011 fiscal year. The profits soared at 9.1% for the year compared to the previous fiscal year with an increase of 183 million dinars. Ali Amer Al-Hajiri, Managing Director of Financial and Administrative Affairs in […]

 
 

IMF expresses concern over Kuwait public spending

IMF expresses concern over Kuwait public spending

Kuwaiti central bank governor said a preliminary report from the International Monetary Fund (IMF) has expressed concern about the sustainability of its public finances due to the government’s hike in public spending. State-run Kuwait News Agency (KUNA) quoted Governor Mohammad al-Hashel as saying that the IMF noted Kuwait’s non-oil sectors have […]

 
 

Kuwaiti Central Bank reforms bank loan rules

Kuwaiti Central Bank reforms bank loan rules

Kuwait’s central bank governor has announced he will change its loan-to-deposit ratio rules for banks in a bid to boost lending. State-run news agency KUNA reported that calculations for the new loan-to-deposit ratios will be based on loan maturities. The announcement also added that sources of funding such as bonds, loans […]

 
 

Modified investment law on cards, says Kuwait Foreign Investment bureau chief

Modified investment law on cards, says Kuwait Foreign Investment bureau chief

A Kuwaiti government official announced modification of foreign direct investment law is on cards as the world’s leading oil producer pushes its $111bn plan to modernise the economy. “Foreign investors coming to Kuwait find obtaining necessary licenses a very difficult and prolonged process, as well as getting land needed for […]

 
 

Kuwait-China oil deal comes under intense scrutiny

Kuwait-China oil deal comes under intense scrutiny

Kuwaiti government’s deal to supply China with 300,000 barrels per day of oil for 10 years has come under intense scrutiny by opposition MPs with one backbencher calling it as “suspicious”. MP Mubarak al-Waalan insisted that the agreement involves “several legal, administrative and technical violations,” and demanded an investigation. Kuwaiti Oil Minister […]

 
 

Kuwaiti parliament rejects government spending plan

Kuwaiti parliament rejects government spending plan

Kuwait’s state news agency KUNA reported the country’s parliament rejected a bill that covered the government’s $111bn four-year development plan that started during the 2010-2011 fiscal year. Opposition lawmakers blocked the bill on Wednesday, describing it as “unrealistic”. They also chided the government for slow implementation of projects, KUNA added. […]

 
 

Kuwait to stem hate speech by regulating social media networks

Kuwait to stem hate speech by regulating social media networks

Kuwaiti information minister announced on Tuesday the government will introduce laws this year to regulate the use of social networking sites such as Twitter, amid public outcry over cases of alleged blasphemy and sectarianism. Kuwaiti lawmakers passed a legal amendment earlier this month, making blasphemy of God and Prophet Muhammad […]

 
 

The Kuwait Fund approves $6m fund for Yemen agriculture

The Kuwait Fund approves $6m fund for Yemen agriculture

The Kuwait Fund for Arab Economic Development (KFAED) announced on Thursday aid worth $6 million for the Yemeni government through its Decent Life Resources Department, an organization devoted to helping Islamic countries in need. In a press release, KFAED said the agreement was signed between KFAED and Yemen in Marrakech, […]

 
 

RIM to open flagship stores across ME to cash in on high demand

RIM to open flagship stores across ME to cash in on high demand

According to a Bloomberg report, Research In Motion is preparing to open stores across the Middle East where demand for its BlackBerry phones has been on rise despite gloomy sales in the US. Sandeep Saihgal, managing director of RIM’s Middle East business, said the company is finalising a lease deal for […]

 
 

Kuwait to resume flights to Iraq after 21 years

Kuwait to resume flights to Iraq after 21 years

Kuwait announced it will resume flights to Iraq later this month after a 21-year lapse between the two countries. Al Iraqiya TV channel quoted Ali Al Mu’min, Kuwait’s Ambassador Iraq, as saying that Jazeera Airways will run flights to Iraq on 17 April. The first flight will be take Kuwaiti […]