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Gulf refinery upgrade programme

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 […]

TASC Towers will continue to operate independently with a board of non-Zain majority members

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 […]

Turkey's Limak will build part of Kuwait's $4.34 billion new airport terminal

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 […]

Kuwait airport

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 […]

Kuwait economy IMF

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 […]

Gissah is a 'rising star' in the GCC's perfume sector with 80 stores in 25 cities

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 […]

The Gulf of Suez still has 'significant remaining exploration potential' said Cheiron Energy partner Kufpec

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 […]

Kuwait Airways operated 25,000 flights in 2022, an increase of five percent year on year

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 […]

Kuwait investment

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 […]

Zain Group results

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 […]

Egypt gas wells

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 […]

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 […]

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 […]

Kuwait economy IMF

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 […]


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 […]

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 […]

Bahrain souq visitors

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. […]

ZOI, China Telecom

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 […]

Alshaya Group chief executive John Hadden

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 […]

Kuwait Al Zour

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 […]

Iranian oil minister Javad Owji

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 […]

Deliveroo's orders have dropped this year but business is holding strong in Kuwait and Qatar

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 […]