Archive for: kuwait

Kuwait discovers four new oilfields

Kuwait discovers four new oilfields

Kuwait has discovered four new oilfields in the north and west of the country, a top oil official was quoted as saying by state news agency KUNA on Sunday. In a statement to Kuwait News Agency (KUNA), Hashem Hashem, the chief executive of Kuwait Oil Co, said exploration activities have […]

 
 

Middle East and Africa Lead in IT Infrastructure Spending: More Revealing Gartner Trends

Middle East and Africa Lead in IT Infrastructure Spending: More Revealing Gartner Trends

Middle East & Africa IT Infrastructure Spending will Reach $3.5 Billion in 2014 Towards the end of the 20th century – the 1900’s so to speak – there emerged this new fad to call the new millennium as ‘Y2K.’ It was a technological reference that eluded many except for those […]

 
 

The Fall of Arab Nationalism and its Folkloric League

The Fall of Arab Nationalism and its Folkloric League

In the wake of the Second World War, the presence of powerful international and regional organizations, which can preserve peace and play effective mediatory roles between nations, emerged as an imperative requirement to all nations. To address that global need, international organizations and regional leagues, such as the United Nations (UN), the League of […]

 
 

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 […]

 
 

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 […]

 
 

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 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 […]

 
 

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 […]

 
 

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 […]

 
 

Middle East Business News Review – 14 November

Middle East Business News Review – 14 November

Today’s top business and economy news from the Middle East and North Africa: UAE invests $200 million in Azerbaijan projects The UAE Deputy Economy Minister Mohammed Ahmed Bin Abdul Aziz Al Shihhi said during a joint business forum in Baku on Wednesday his country’s investments in Azerbaijan’s economy exceeded $200 million. […]

 
 

Middle East Business News Review – 7 November

Middle East Business News Review – 7 November

Today’s top business and economy news from the Middle East and North Africa: Emirates inks deal for 2014 Glasgow Games Emirates Airline was unveiled on Wednesday as an Official Partner of the Glasgow 2014 Commonwealth Games and the Official Airline of the Queen’s Baton Relay. The partnership strengthens the Dubai-based […]

 
 

Middle East Business News Review – 5 November

Middle East Business News Review – 5 November

Today’s top business and economy news from the Middle East and North Africa: British PM in the UAE to secure arms deal British Prime Minister David Cameron is in the United Arab Emirates to kickoff a three-day trade visit to the Middle East aimed at securing major UK arms deals […]

 
 

Middle East Business News Review – 4 November

Middle East Business News Review – 4 November

Today’s top business and economy news from the Middle East and North Africa: Guinea, UAE seal bauxite deal Compagnie des Bauxites de Guinee (CBG) and Mubadala Development Company have signed a long-term supply agreement to supply bauxite, the main raw material in aluminium, the UAE’s state news agency reported on […]

 
 

Middle East Business News Review – 30 October

Middle East Business News Review – 30 October

Today’s top business and economy news from the Middle East and North Africa: UAE govt approves deficit-less 2013 federal budget The United Arab Emirates Prime Minister Sheikh Mohammed bin Rashid Al Maktoum announced on Tuesday the government has approved a deficit-less 2013 federal budget with an expenditure of AED44.6 billion ($12.1 […]

 
 

Fitch threatens Kuwait’s AA rating amid opposition unrest

Fitch threatens Kuwait’s AA rating amid opposition unrest

Kuwait received a warning from Fitch Ratings on Tuesday that its AA sovereign credit rating could be downgraded amid escalating political protests. The credit rating firm declared that despite the nation’s strong balance sheet, the recent popular protests over a change in the election law decreed by the ruling emir is “radicalising […]

 
 

World’s largest English proficiency index reveals Arab countries among lowest

World’s largest English proficiency index reveals Arab countries among lowest

EF Education First’s English Proficiency Index revealed on Wednesday that wide gaps exist in English skills across the world with women faring better at English than men. The EF English Proficiency Index (EF EPI), the world’s most in-depth ranking of English ability, said that Swedes are the best English speakers […]

 
 

Middle East Business News Review – 23 October

Middle East Business News Review – 23 October

Today’s top business and economy news from the Middle East and North Africa: Fujairah oil port to become fully operational by year end The Abu-Dhabi – Fujairah pipeline, bypassing the Strait of Hormuz, is expected to be fully operational by the end of the year and will carry Abu Dhabi’s […]

 
 

Middle East Business News Review – 15 October

Middle East Business News Review – 15 October

Today’s top business and economy news from the Middle East and North Africa: UAE records $9.9bn fiscal surplus in 2011 The United Arab Emirates’ finance ministry said on Monday the state recorded a budget surplus of AED36.2 billion ($9.9 billion) in 2011, as it released the data to public for […]

 
 

Middle East Business News Review – 14 October

Middle East Business News Review – 14 October

Today’s top business and economy news from the Middle East and North Africa: Abu Dhabi posts fastest economic growth in 2011 Data released by the Abu Dhabi government showed on Sunday the capital city’s economy grew 6.8% in inflation-adjusted terms last year, the fastest rate since 2004 and more than double […]

 
 

Middle East Business News Review – 9 October

Middle East Business News Review – 9 October

Today’s top business news from the Middle East and North Africa: UAE federal budget deficit hits $762m in H1- report The United Arab Emirates’ federal budget deficit has hit AED2.8 billion ($762 million) during the first half of this year, a top finance ministry official was quoted as saying on […]

 
 

Kuwait cabinet approves 2012-13 budget

Kuwait cabinet approves 2012-13 budget

Kuwait’s cabinet gave its nod to a slightly revised budget for the current fiscal year with projected expenditure of 21.24 billion dinars ($75.6 billion), state news agency KUNA reported late on Tuesday. KUNA citing Finance Minister Nayef al-Hajraf said the draft law still needs approval of the country’s ruler. The budget sees […]

 
 

Middle East Business News Review – 7 October

Middle East Business News Review – 7 October

Today’s top business news from the Middle East and North Africa: Etihad Airways eyeing opportunities in India, Asia Etihad Airways, which has been aggressively expanding on a global level through stake purchases in firms like Air Berlin and Virgin Australia, announced on Sunday it is set to extend its geographical […]

 
 

Qtel set to gain control of Kuwait’s Wataniya telecom

Qtel set to gain control of Kuwait’s Wataniya telecom

Qatar Telecom (Qtel) is poised to control more than 90% of Kuwait’s Wataniya after the Gulf state’s sovereign wealth fund tendered its entire stake in the unit, a Reuters report quoting two unnamed sources said on late Saturday. Wataniya was offered $2.2 billion in August by Qtel for the 47.5% […]

 
 

Middle East Business News Review – 4 October

Middle East Business News Review – 4 October

Today’s top business news from the Middle East and North Africa: Oman announces desalination plants worth $400m An Omani government official announced on Thursday there are plans in place to build three desalination plants at a cost of about $400 million to meet the soaring demand for water. An official […]

 
 

Middle East Business News Review – 26 September

Middle East Business News Review – 26 September

Today’s top business news from the Middle East and North Africa: Britain-Holland propose ‘full’ financial freeze, shipping ban on Iran Members of the European Union are discussing a sanctions proposal presented by Britain against Iran that calls for a ban on shipping and a “full” freeze on financial transactions with […]

 
 

Middle East Business News Review – 18 September

Middle East Business News Review – 18 September

Today’s top business news from the Middle East and North Africa: Dubai 1000MW solar power park to be completed by 2030 Dubai’s electricity and water authority (DEWA) announced on Tuesday the emirate is working on the Sheikh Mohammed bin Rashid Al Maktoum Solar Park project which will generate 1,000MW electricity […]

 
 

Kuwait boosting rainy day fund for future generations

Kuwait boosting rainy day fund for future generations

Kuwait said on Monday it wants to raise the amount of revenue set aside in a rainy day fund to 25% from 10% in the 2012-2013 budget. The Kuwaiti cabinet asked the finance ministry to put the change in the budget, the state news agency KUNA said in an SMS news alert. […]

 
 

Middle East Business News Review – 9 September

Middle East Business News Review – 9 September

Today’s top business news from the Middle East and North Africa: UAE energy consumption 225% more than Europe Commercial and residential properties in the United Arab Emirates are using 225% more energy than their European counterparts, recently revealed figures suggested. “In fact, UAE’s per capita footprint of 9.5 hectares is […]

 
 

Middle East Business News Review – 3 September

Middle East Business News Review – 3 September

Today’s top business news from the Middle East and North Africa: GCC integration plan needs more discussion – statement A plan to integrate six Gulf countries as proposed by Saudi Arabia last year in response to Middle East turmoil needed more discussion, Gulf Arab foreign ministers said on late Sunday after […]

 
 

GCC integration plan needs more discussion – statement

GCC integration plan needs more discussion – statement

A plan to integrate six Gulf countries as proposed by Saudi Arabia last year in response to Middle East turmoil needed more discussion, Gulf Arab foreign ministers said on late Sunday after they met in Jeddah. The GCC countries, Saudi Arabia, Kuwait, Qatar, Bahrain, the UAE and Oman, in January ordered […]

 
 

Middle East Business News Review – 2 September

Middle East Business News Review – 2 September

Ageing population boosting demand for UAE Islamic savings products Sharia compliance is the key factor driving savings decisions by United Arab Emirates nationals, where an ageing population is expected to boost demand for Islamic savings products, a top Dubai-based National Bonds Corp executive said. “Sharia compliance has been the number […]

 
 

Kuwait Global shareholders give nod to final debt restructuring plan

Kuwait Global shareholders give nod to final debt restructuring plan

Kuwait’s Global Investment House shareholders on Sunday approved a final plan to create new special purpose vehicles that will carry the company’s debt as part of the $1.7 billion debt restructuring plan. Global Managing Director Maha al-Ghunaim told a news conference that they will create at least two special purpose vehicles […]

 
 

QTel repays $3bn loan facility

QTel repays $3bn loan facility

Qatar Telecom (Qtel) said in a bourse statement on Thursday it has repaid a $3 billion loan facility using existing funds. According to Thomson Reuters data, bookrunners Barclays, BNP Paribas, DBS and RBS facilitated the five-year syndicated term loan in August 2007. It was priced at 65 basis points over the London interbank […]

 
 

Middle East Business News Review – 21 August

Middle East Business News Review – 21 August

Middle East Business News Review:  Top Business News from the Middle East & North Africa UAE banks gain from European banks’ withdrawal Banks in the United Arab Emirates are filling the gap left by European institutions pulling back from the country’s loan market – a trend that benefits local lenders […]

 
 

Vatican Gulf HQ to stay in Kuwait

Vatican Gulf HQ to stay in Kuwait

The Vatican Embassy in Kuwait dismissed reports on Monday that it was relocating headquarters from Kuwait to Bahrain to facilitate the organisation of regional meetings of Christians. The Embassy of the Vatican “is not transferring its present location in Kuwait to another within the Gulf region,” the embassy said in […]

 
 

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 […]