Aviation Kuwait’s Agility buys major US aviation support firm for $305m Agility Public Warehousing Company of Kuwait is buying the American company G2 Secure Staff, one of the world’s largest aviation service providers, for $305 million. G2 provides aviation support services to almost all major airlines in the US in more than 70 US airports, including ground handling, cabin cleaning and passenger assistance The company was […] April 15, 2025
Oil & Gas Kuwait starts merging state oil companies to cut costs Opec producer Kuwait has started to merge its state oil companies to reduce their number, improve efficiency and trim costs, according to the official news agency, Kuna. The Kuwait National Petroleum Company (KNPC), the Gulf emirate’s downstream investment arm, has started to take over the Kuwait Integrated Petroleum Industries Company (KIPIC), which manages the Al-Zour […] April 15, 2025
Oil & Gas Kuwait to reverse decline of world’s second largest oilfield Kuwait has launched a project to reverse a decline in production at its giant Burgan oilfield nearly 80 years after it was brought on stream, according to the local Alseyassah newspaper. Almost the same size as the island of Bahrain, the 780 square km Burgan contains around 70 billion barrels of extractable crude oil, equivalent […] April 8, 2025
Banking & Finance Kuwait money reforms force exchange shops to close doors Tougher anti-money laundering rules in Kuwait have forced more than 100 exchange companies to close, according to local reports. The Central Bank of Kuwait’s new rules, which took effect on April 1, include closer scrutiny and an increase in minimum capital to KWD2 million ($6.6 million). On Tuesday Khalifa Al Ajeel, Kuwait’s commerce and industry […] April 4, 2025
Energy Kuwait enforces power cuts as demand outstrips capacity Kuwait temporarily cut electricity in some industrial and agricultural areas on Wednesday as demand for power surged due to hot weather, outstripping generating capacity that had been restricted by maintenance at power plants. Kuwait, a member of the Organization of the Petroleum Exporting Countries (Opec), last summer resorted to programmed load-shedding for the first time […] April 3, 2025
Economy Law change enables Kuwait to tap global debt markets Kuwait can now borrow money from international markets after an eight-year hiatus. The government has issued a new law that sets the public debt ceiling at KD30 billion ($97.4 billion) and allows the issuance of financial instruments with maturities extending up to 50 years, the state-run Kuna news agency reported. The law will bolster financial stability and […] March 27, 2025
Analysis Banking & Finance Caution advised over upsurge in Kuwaiti bank shares Shares in Kuwaiti banks are hitting new highs as investors bet on a long-mooted change in the law on mortgages coming into force soon and spurring a boom in property financing. However, analysts are warning that the sector’s equity rally may prove unjustified, with any earnings windfall unlikely to be as substantial as those enjoyed […] March 26, 2025
Logistics ADX-listed Agility targets $130m dividend payout Logistics company Agility Global has proposed a final dividend of $65 million for 2024, taking the total payout to $130 million, reflecting a healthy growth in earnings last year. The company paid a $65 million dividend in December 2024, with a further $65 million set to be approved at the upcoming general assembly for approval, […] March 26, 2025
Economy Kuwait endorses 2025-26 budget with bigger deficit Kuwait has endorsed its budget for the next fiscal year 2025-26 with a higher deficit because of lower expected oil income. An emiri decree published in the official gazette set allocations for ministries and other government offices for the budget which starts on April 1. Spending was put at KD24.5 billion ($80.8 billion) and the […] March 25, 2025
Media & Advertising Warner Bros Discovery buys 30% stake in OSN Streaming Warner Bros Discovery (WBD) has bought a stake in a subsidiary of Dubai-based satellite TV company Orbit Showtime Network Group, in an attempt to tap into the rapidly expanding Middle Eastern streaming market. The US-based media and entertainment conglomerate will acquire a 30 percent stake in OSN Streaming for KD17.5 million ($57 million), Kuwait Projects […] March 24, 2025
Construction China asked by Kuwait to build housing for foreign labourers Kuwait has asked China to appoint a construction company to build six projects to house 220,000 foreign labourers, after accidents that claimed the lives of overseas workers because of improper conditions. The plan has been on the cards for several years but gained momentum last year after a fire in a labour housing complex in […] March 24, 2025
Banking & Finance Gulf Bank to pay dividend despite profit fall Shareholders of Gulf Bank, which trades on the Kuwaiti stock exchange, have approved the payment of an annual dividend and bonus shares for 2024 despite a drop in profit for the year. Shareholders on April 10 will be entitled to 10 percent cash dividends and 5 percent bonus shares, the lender said in a statement. […] March 24, 2025
Oil & Gas Lower oil income takes $8bn off Kuwait’s trade surplus A fall in oil export revenues caused by lower output and a drop in prices pushed Kuwait’s trade surplus down by nearly $8.5 billion in 2024, official data shows. The surplus plunged by more than 18 percent year on year to reflect the country’s heavy reliance on crude sales in its national income and commercial […] March 20, 2025
Leisure & Hospitality Kuwait’s Action Real Estate enters US hospitality sector Kuwait’s Action Real Estate Company and Malta-based Corinthia Group have acquired two boutique hotels in a prime location in the US with a 100 rooms, the companies said in a statement. The acquisition of Maison 140 and the nearby Mosaic Hotel in Beverly Hills, California, by the Action-Corinthia joint venture is part of a broader […] March 20, 2025
Markets High hopes for Kuwait reforms lift its stock market Kuwait’s stock market is the Gulf’s top performer this year as local and foreign investors bet that economic reforms and increased infrastructure spending will bolster corporate profits. Investors seem more confident Kuwait will make good on its long-awaited plans following the suspension of parliament last May. Parliament and the government were often at loggerheads, derailing […] March 20, 2025
Employment Kuwaitis earn nearly five times as much as expats Kuwaiti nationals earn nearly five times as much as their expatriate colleagues, and more than four in every five Kuwaitis work for the government, data from the Central Statistics Administration has revealed. Of 450,000 working Kuwaitis at the end of September, 375,000, or 83 percent, were in the public sector, with the remainder in the […] March 19, 2025
Aviation Kuwait Airways rules out profit for at least two years State-owned Kuwait Airways does not expect to turn a profit for at least another two years as it struggles to recover from losses built up during the Covid 19 pandemic, its chairman said. Abdulmohsen Alfagaan told Kuwait’s daily Alseyassah that the airline is looking into what airplanes it needs and its network of destinations, anticipating […] March 18, 2025
Logistics Kuwait’s Agility pays out $30m over scrap site dispute Kuwaiti logistics company Agility Public Warehousing has paid out nearly KD9 million ($29.2 million) after losing a 2021 court case over leasing a plot of land in Kuwait used as a scrap site. “With this payment, the company will have fully executed the aforementioned ruling in favour of the Public Authority for Industry,” Agility said […] March 17, 2025
Banking & Finance Kuwait pension fund’s $1bn lawsuit begins in London Kuwait’s public pension fund has accused asset manager Man Group, Swiss bank EFG and others of laundering bribes paid to its late director as a $1 billion trial begins at London’s High Court. The Public Institution for Social Security, which operates Kuwait’s social security and pension scheme, is also suing the estate of Fahad Al Rajaan, its director from 1984 to […] March 17, 2025
Economy Kuwait gets closer to tapping debt markets to fund infrastructure Kuwait has moved a step closer to selling debt on the international markets again after the cabinet approved a draft decree that should help the country fund multibillion-dollar infrastructure projects. Historically the country has had little need to borrow thanks to its oil revenue and relatively unambitious spending plans. Kuwait last sold dollar-denominated bonds in […] March 17, 2025
