Analysis Oil & Gas Gulf invests in major oil refinery upgrade programme Gulf states are expanding their oil refining capacity through a series of massive upgrades, at the same time as they drive towards net zero and seek to move away from petroleum and natural gas. The apparent contradiction is, however, only apparent. From Az-Zour in Kuwait to Duqm in Oman, the refinery upgrades are central to […] September 28, 2023
Tech Kuwait’s Zain ups stake in UAE’s telco tower company Kuwaiti telco Zain Group has increased its share in the UAE-based TASC Towers from 83.47 percent to 92.87 percent. The company will continue to operate independently with a board of non-Zain majority members, Zain Group vice-chairman and CEO Bader Nasser Al-Kharafi said in a statement to Boursa Kuwait. “Given the nature of Zain’s shareholding and […] September 18, 2023
Construction Kuwait awards $764m airport contract to Turkish company Kuwait has awarded a 236 million dinar ($765 million) contract to Turkey’s Limak to build part of a new terminal at Kuwait airport. The Turkish company will build aircraft parking aprons, taxiways and service buildings, Reuters reported, citing the country’s official gazette. The $4.34 billion new airport terminal is likely to triple the capacity of […] September 11, 2023
Transport Kuwait airport passenger numbers flying higher Passenger traffic through Kuwait International Airport is forecast to grow by 7 percent this year, fuelled by increased activity across the summer months. Total passenger numbers to and from the airport is expected to reach 15.5 million, according to the Gulf state’s Directorate General of Aviation, up from 14.46 million passengers reported in 2022. Abdullah […] August 28, 2023
Economy Kuwait recovering but facing ‘substantial’ risks says IMF Kuwait’s economy is recovering post-pandemic, but risks to the oil producer’s outlook “remain substantial”, the International Monetary Fund (IMF) said in a new report. In an assessment after annual bilateral discussions with the Kuwaiti government known as Article IV consultations, the fund estimated real gross domestic product (GDP) growth will slow to 0.1 percent in […] August 24, 2023
Finance Jadwa acquires stake in Gissah Perfumes Jadwa Investment, a Riyadh-based investment management and advisory firm, has acquired a 35 percent equity stake in Kuwait’s Gissah Perfumes Company, with plans for a listing on the Saudi Arabian bourse. The stake was purchased through Jadwa Retail Opportunities Fund, the companies said in a joint statement. Founded in 2018, Gissah has 80 stores in […] August 24, 2023
Oil & Gas Egypt announces new oil discovery in Gulf of Suez Egypt’s Cheiron Energy has announced a new oil discovery in the Geisum and Tawila West Concession in the Gulf of Suez. The discovery was made by the GNN-11 exploration well, which is currently producing more than 2,500 barrels per day (bpd). The oil exploration and production company holds a 60 percent interest in the concession […] August 23, 2023
Transport Kuwait Airways cuts losses by 50% as revenue soars Kuwait Airways has trimmed its losses in half from KD107 million ($347 million) in 2021 to KD55 million ($178.4 million) in 2022. “Kuwait Airways has achieved positive results, which were better than expected in 2022,” state-run Kuna news agency reported, citing chairman Ali Aldukhan. Total passenger revenues reached KD289.1 million, up 11 percent year-on-year. Passenger […] August 21, 2023
Finance Al Mukhaizeem to head Kuwait fund’s London office The Kuwait Investment Authority has appointed Abdulmohsin Al Mukhaizeem as president and chief executive officer of its London branch. A subsidiary of the KIA’s headquarters in Kuwait, the Kuwait Investment Office (KIO) in the UK capital manages part of the Future Generations Fund (the savings portion of the sovereign wealth fund). This includes a portfolio […] August 18, 2023
Finance Kuwaiti telco Zain Q2 profit rises 14% rise to $187m Kuwait’s Zain Group said net profit during the second quarter of 2023 grew 14 percent year on year to KD57 million ($187 million) as the telecom firm’s customer base continued to grow. Revenue rose 10 percent to hit KD461 million in the three months to June 2023. Ebitda reached KD182 million, up 10 percent year […] August 9, 2023
Oil & Gas Saudi and Kuwait reaffirm rights to ‘disputed’ gas field Saudi Arabia and Kuwait have reaffirmed that they jointly own rights to natural resources in the maritime “divided area,” including the entire Al Durra gas field, according to the Saudi foreign ministry. The two countries renewed calls for Iran to engage in negotiations on the demarcation of the eastern border of the divided area, the […] August 3, 2023
Aviation Kuwait Airways CEO expects delay in Airbus deliveries Kuwait Airways faces possible delays of up to 12 months to receive some Airbus aircraft, its CEO said on Wednesday. The government-owned carrier signed a multi-billion dollar deal with Airbus in 2022 for 31 planes, 18 of which it has already received. Maen Razouqi said in an interview that any financial impact as a result […] August 3, 2023
Oil & Gas Kuwaiti oil producer’s profit hits 10-year high at $8.4bn State-owned Kuwait Petroleum Corporation (KPC) and its subsidiaries have reported the highest net profit for a decade. Profits for 2022 to 2023 reached 2.6 billion Kuwaiti dinars ($8.4 billion). KPC increased its oil production capacity by 200,000 barrels per day (bpd) to 2.8 million bpd in the same period, state-run Kuwait News Agency reported, citing […] July 31, 2023
Analysis Economy Kuwait PM’s in-tray: public debt and budget reform Since Kuwait’s new government took office at the start of June, it has provided Kuwaitis – and many international investors – with much to consider. After just six weeks in office, Prime Minister Sheikh Ahmad Nawaf al-Ahmad al-Sabah’s administration announced a four-year programme featuring 107 major projects. These include completion of Kuwait’s stretch of the […] July 28, 2023
Banking & Finance UK helps UAE address financial grey list challenges The UK is helping the UAE deal with shortcomings highlighted by the Financial Action Task Force when it grey listed the Gulf state, a British government minister has told AGBI. “Our officials have very strong links in terms of assisting the UAE in how to improve systems and internal compliance and what sort of transparency […] July 20, 2023
Banking & Finance Kuwait plans new fund to develop local economy Kuwait plans to establish a new sovereign fund to develop its local economy, spearhead mega projects and attract funds from foreign investors and the private sector, according to a government plan seen by Reuters on Sunday. The government has tasked the finance ministry and the Kuwait Investment Authority (KIA) with studying plans for the proposed […] July 17, 2023
Lifestyle Bahrain named best country in Middle East for expats Bahrain is ranked among the top 10 countries in the world and number one in the Middle East for expatriates to live and work, according to the latest Expat Insider Survey by InterNations. The survey ranked countries in 56 categories including quality of life, ease of settling in, working abroad, personal finance and expat essentials. […] July 13, 2023
Infrastructure Chinese telco enters Gulf with Zain Omantel tie-up One of China’s biggest wireless mobile network operators will make its GCC debut through a connectivity agreement with Zain Omantel International. State-owned China Telecom Global (CTG) signed the deal with Zain Omantel International (ZOI), a joint venture formed in May by Kuwait’s Zain Group and Oman’s Omantel. The deal with CTG is a “strategic subsea […] July 12, 2023
EXCLUSIVE Retail Kuwait’s Alshaya Group targets US brands for expansion Kuwait’s Alshaya Group, one of the Gulf’s largest franchise owners, is looking at US brands as it plans further expansion across the Middle East. While the UK was previously the go-to market in bringing brands to this part of the world, Alshaya Group chief executive John Hadden told AGBI the company’s attention has switched to […] July 11, 2023
Energy Asian oil markets braced for Kuwait Al Zour’s exports Oil markets in Asia are bracing for further growth in exports from Kuwait’s newest Al Zour refinery as the complex started up its third and final crude distillation unit (CDU), with trade sources saying the full impact was likely to be felt later in the third quarter as it ramps up operation. The refinery, which […] July 9, 2023
Oil & Gas Saudi and Kuwait reassert claims to Durra oil field Both Saudi Arabia and Kuwait have made renewed claims that they own the disputed Durra offshore oil and gas field. The state news agencies of each country cited unidentified government sources saying they are the sole owners. The statements reignited a decades-old quarrel with Iran, which also asserts sovereignty over part of the area. Saudi’s […] July 5, 2023
Food & Drink Deliveroo riding the storm in Kuwait and Qatar Kuwait and Qatar are predicted to continue to buck the trend as Deliveroo’s worldwide orders tumble. The online food delivery platform received 72.1 million orders worldwide in the first three months of this year, a drop of 9 percent over the same period last year, according to a statement from company headquarters in London. Earlier […] June 22, 2023
