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Kuwait

Kuwait issues runway tender as part of airport expansion drive

Kuwait’s civil aviation authority has issued a tender for building works at the country’s main airport as part of a multibillion-dollar refurbishment and expansion programme.  Kuwait International Airport will add a new passenger terminal and a third runway, which the government hopes will bolster the domestic aviation industry and help attract more transit passengers flying […]

Kuwait said to relocate control of $7bn fund from London

Kuwait Investment Authority (KIA) is planning to move the management of a $7 billion fund from London back to its home country, Bloomberg reported, citing people familiar with the matter. The sovereign wealth fund will now oversee the satellite fund from its Kuwaiti headquarters instead of the London-based Kuwait Investment Office. However, the fund will […]

Kuwait’s oil output at over 2.8m bpd, ready to boost production

National oil major Kuwait Petroleum Corporation’s (KPC) chief executive said that the Gulf state currently produces more than 2.8 million barrels per day of oil as per its OPEC quota, according to a Reuters report. The country plans to boost crude oil production whenever the market needs it, Sheikh Nawaf Saud Al-Sabah added. Kuwait produces […]

Kuwait increases oil output to ensure market stability

Kuwait has increased its crude oil production to match its 2.811 million barrels per day quota under the OPEC+ agreement, state news agency KUNA reported citing Dr. Mohammad Al Faris, Kuwait Deputy Prime Minister and Minister of Oil. The increased production follows announcements made by Kuwait Petroleum Corporation that it is bringing on line investments […]

Kuwait net zero city planned for 2034

Construction of the world’s largest sustainable community is scheduled to start in Kuwait in 2024.  The new megacity, it is claimed, will provide a net zero carbon lifestyle for 100,000 residents, as the Gulf country aims to tackle rising demand for energy and water. Dubai-based URB, the company behind XZERO City, is planning to build […]

Kuwait laying off 750,000 Egyptian workers

Kuwait has announced it will lay off 250,000 Egyptian workers next month and suspend all contracts with non-nationals. Some 500,000 further Egyptian workers will lose their jobs over the next year as the Gulf country seeks to remove all expatriate workers across sectors, according to Middle East Monitor. Egyptians make up around 24 per cent […]

Parliament, Indoors, Room

Kuwait names first ambassador to Iran in over six years

Kuwait has appointed an ambassador to Iran, both countries said on Sunday, more than six years after recalling its top envoy to Tehran in solidarity with Saudi Arabia after it severed ties with the Islamic Republic in 2016. Ambassador Bader Abdullah Al-Munaikh handed his credentials to Iranian Foreign Minister Hossein Amirabdollahian in Tehran on Saturday, […]

Kuwait central bank raises discount rate by 25 bps

The Central Bank of Kuwait raised its discount rate by 25 basis points to 2.75 percent effective from Thursday, it said in a statement on Wednesday. The decision was in response to inflationary pressures, bank Governor Basel Al-Haroon said in the statement. The bank had also increased the rate by 25 bps on July 27, […]

Restaurant, Food Court, Food

Kuwait’s Alghanim Industries mulls minority stake listing

Kuwait-based Alghanim Industries’ executive chairman of Kutayba Y. Alghanim has announced plans to list a minority stake on Boursa Kuwait’s Premier Market, Kuwait Times reported.  “I would like to announce my intention of exploring the possibility of publicly listing a minority interest of the Kutayba Alghanim Group (Alghanim Industries) on the Premier Market of Boursa Kuwait,” […]

Kuwait’s Agility signs $1.4bn credit facility with banks

Kuwait’s Agility, one of the largest Gulf logistics companies, said on Sunday it had signed a new credit facility of 1.4 billion euros ($1.06 billion). The transaction is part of a financing round that is expected to total about $3.2 billion, it said. The company said the money will pay for the company’s growth plans, […]

Package Delivery, Cardboard, Box

Kuwait’s Agility finalises $924m buyout of UK aviation firm

Kuwait’s Agility, one of the largest Gulf logistics companies, said on Thursday it has finalised its £763 million ($924.37 million) acquisition of British aviation services company John Menzies. Agility said it will combine the acquisition with its National Aviations Services (NAS) and the deal values Menzies at approximately £571 million on a fully diluted basis […]

Kuwait dissolves parliament, delays budget approval

Kuwait formally dissolved parliament in a decree issued on Tuesday, state news agency KUNA said, as the Gulf Arab state’s crown prince moved to resolve a standoff between the government and elected parliament that has hindered fiscal reform. Last month Crown Prince Sheikh Meshal al-Ahmad al-Sabah, who took over most of the ruling emir’s duties, […]

Water, Waterfront, Watercraft

Kuwait City leads the world for billionaires

Kuwait City is home to more billionaires per capita than anywhere else in the world, according to the latest data. The Gulf capital boasts one billionaire for every 33,090 inhabitants, making it the most densely populated city for those with more than ten digits of wealth, reports the Billionaire Census 2022 from New York-based consultancy […]

Lamp, Tower, Architecture

Kuwait reappoints oil, finance ministers in new cabinet

Kuwait reappointed Oil Minister Mohammed Al-Fares and Finance Minister Abdul Wahab al-Rasheed in a cabinet formed on Monday under a new prime minister, largely resembling the caretaker government that resigned in April. Last week the crown prince of the Gulf Arab OPEC producer had named Sheikh Ahmad Nawaf al-Sabah as prime minister to replace Sheikh […]

Gulf banks move step closer to creating $115bn new lender

Kuwait Finance House (KFH) has made a firm offer to buy Bahrain’s Ahli United Bank (AUB). The bumper deal would create the Gulf’s seventh-largest lender with $115 billion in assets. In a statement on the Bahrain Stock Exchange on Monday, AUB said it had received a notice of firm intention from KFH to acquire 100 […]

Kuwaiti emir’s son named prime minister

Kuwait named the emir’s son as prime minister on Sunday, replacing caretaker premier Sheikh Sabah al-Khalid who faced a combative parliament amid a feud between the government and elected assembly that has hindered fiscal reform. Crown Prince Sheikh Meshal al-Ahmad al-Sabah, who took over most of the ruling emir’s duties late last year, named Sheikh […]

UK architect designs new HQ for Kuwait bank

UK architecture studio Foster + Partners has created a landmark 300-meter-high skyscraper for the National Bank of Kuwait (NBK) headquarters in Kuwait City.  The second tallest building in the country “incorporates a sustainable, functional, and iconic design that signifies NBK’s unique presence and identity in the city,” said Foster + Partners head of studio Stefan Behling. […]

Kuwait City: looks nice, but would you want to live here?

Welcome to Kuwait, the world’s worst expat destination

They say they are unhappy with career opportunities, fed up with the poor quality of life, find it difficult to settle and rarely talk to “unfriendly” locals. It’s no wonder that expats in Kuwait have voted it the worst place in the world to live and work. Kuwait not only ranks last of all 52 […]

High Rise, City, Urban

Latest $11.6bn bank merger to create Gulf’s 7th largest lender

Kuwait Finance House (KFH) has agreed to buy Bahrain’s Ahli United for about $11.6billion. The bumper deal would create the Gulf’s seventh-largest lender with $115 billion in assets. Under the revised terms, KFH will offer one share for every 2.695 shares of Ahli, implying an offer price of $1.04 per share – a 13 percent […]

Kuwait crown prince dissolves parliament, calls for early election

Kuwait’s crown prince on Wednesday dissolved parliament and called for an early election following a stand-off between the government and elected assembly that has hindered fiscal reform. Crown Prince Sheikh Meshal al-Ahmad al-Sabah said in a televised speech that decrees would be issued for the dissolution of parliament, the Gulf region’s oldest and most lively, […]

High Rise, City, Urban

Kuwait’s $700bn fund says global markets will ‘go down further’

Kuwait Investment Authority (KIA) is waiting for a further expected decline in global markets before deploying investments and believes that will be before the end of the year, Managing Director Ghanem Al-Ghenaiman said on Tuesday. Ghenaiman, speaking at the Qatar Economic Forum organised by Bloomberg, said he believes markets will “go down further from here”. […]

Protestors are staging a sit-in in the Kuwait parliament

Kuwait opposition stage sit-in to press for new government

Several Kuwait lawmakers are staging an open ended sit-in inside the parliament complex to press the Gulf state’s crown prince to appoint a new government after a caretaker administration resigned over two months ago in a standoff with parliament. The protest began on Tuesday, at the same time as a special session to discuss a social security […]