Analysis Renewable Energy Kuwait playing catch-up with ambitious green energy plans Kuwait, Opec’s fifth-largest oil producer but long a laggard in the energy transition, is taking steps to catch up with its neighbouring Gulf states and ease reliance on falling oil revenues. State-owned Kuwait Oil Company last week mandated KBR, the US oilfield services company, to develop a master plan to produce 17 gigawatts (GW) of […] July 26, 2024
Economy Kuwait turns to budget deficit as oil income drops Kuwait reported a budget deficit of KD1.6 billion ($5.2 billion) in 2023-24 from a surplus of KD6.4 billion the previous year, the finance ministry said. Oil revenues fell to KD21.6 billion, down 19 percent, compared to KD26.7 billion a year ago, the state-run Kuna news agency reported, citing a ministry statement. The current year’s revenue […] July 25, 2024
Real Estate Large deals drive Qatar and Kuwait real estate in Q2 Large one-off transactions masked an otherwise sluggish performance in the Qatari and Kuwaiti real estate markets in the second quarter of this year. The number of mortgage transactions in Qatar from April to June increased by more than 42 percent over the same period last year. Some 376 deals were signed for a total value […] July 24, 2024
Real Estate Al Mazaya reports legal proceedings after alleged fraud The Omani subsidiary of Al Mazaya Holding has uncovered alleged fraudulent activity by employees of the company, estimated at OR242,000 ($628,000). A criminal complaint has been filed by the Kuwait-based real estate development giant against “some of the company’s employees” regarding collections of the sale and rent of some units, according to filings on Boursa […] July 19, 2024
Oil & Gas ‘Huge’ oil discovery could change the game for Kuwait Kuwait has announced a significant discovery of light oil and associated natural gas in its offshore Al-Nokhatha field. The state-owned Kuwait Oil Company (KOC) – a subsidiary of Kuwait Petroleum Corporation (KPC) – reported on Sunday that the field, located east of the Kuwaiti island of Failaka, holds approximately 2.1 billion barrels of light oil […] July 15, 2024
Video length: 08:13 Analysis Real Estate Logistics deals keep Kuwaiti real estate ticking over A near doubling in the value of logistics deals drove an otherwise struggling real estate sector in Kuwait in the first six months of this year, as the Gulf state’s non-oil business activity keeps growing. The latest Ministry of Justice data, out this week, showed the value of transactions linked to warehouses totaled KD16.8 million […] July 12, 2024
Economy Kuwait expects budget deficit of $18bn Kuwait expects to report a budget deficit of KD5.6 billion ($18.3 billion) for 2024-2025, finance minister Dr. Anwar Al-Mudhaf has said. Revenues are projected at KD18.9 billion, down 2.8 percent from last year, state-run Kuna news agency reported, quoting the minister. Expenditure will reach KD24.5 billion, a 6.6 percent decline from a year ago. Salaries […] July 4, 2024
Employment Companies in Kuwait hiring staff at record rate Companies in Kuwait are expected to embark on a staff hiring spree, after a rapid rise in new orders in June. New business increased for the 17th month in a row, the latest business sentiment survey from S&P Global shows, with a particular emphasis on orders from overseas. “The expansion was the fastest since the […] July 3, 2024
Construction $65m credit boost for Kuwait developer Mabanee The Kuwait real estate developer Mabanee has signed a deal to increase its credit facility by 80 percent, from KD25 million ($81.5 million) to KD45 million. The agreement was reached with “a local bank”, according to a filing on the Boursa Kuwait. Details of the bank were not disclosed. The facility, which has been extended for […] June 28, 2024
Finance Kuwait opens wealth fund office in Saudi Arabia Kuwait’s sovereign wealth fund is to open an office in Saudi Arabia, as the kingdom turns to its Gulf neighbours to shore up flagging foreign investment in its giga-projects. Anwar al-Mudhaf, chairman of the Kuwait Investment Authority and Kuwait’s finance minister, praised Saudi Arabia as an investment location and as a key player in the […] June 28, 2024
Artificial Intelligence Qatar’s Ooredoo signs AI deal with chipmaker Nvidia US chipmaker Nvidia has signed a deal with Qatari telecommunications provider Ooredoo Group to bring its artificial intelligence technology to five countries in the Middle East, the companies announced on Sunday. Ooredoo will be the first company in the region to offer direct access to Nvidia’s AI and computer chips to its customers in Qatar, […] June 24, 2024
Markets Beyout becomes Kuwait’s first stock market listing in two years Beyout Investment Group rose 2.6 percent against its initial public offering price on its Boursa Kuwait debut on Wednesday as the family-owned business became the country’s first new stock market listing since 2022. Saudi Arabia and the UAE have been home to a flurry of initial public offerings in the past few years as governments […] June 12, 2024
Infrastructure Kuwait loans Bahrain $102m for power grid expansion The state-backed Kuwait Fund for Arab Economic Development will provide funding of KD31.3 million ($102 million) to expand Bahrain’s power network. The loan will be used to expand the 400 kilovolt electricity transmission networks in Bahrain. The project aims to increase the capacity and efficiency of electricity transmission networks and power trading through the Gulf’s […] June 10, 2024
Finance Opec+ output cuts weigh on Kuwait’s economic growth Kuwait’s real GDP is expected to shrink by 2.3 percent in 2024 as a result of Opec+ production cuts, S&P said in a report. Economic growth is predicted to be 2.4 percent per year from 2025 to 2027 as oil production restrictions ease slightly and the pace of huge government investment projects accelerates. Brent oil […] June 10, 2024
Economy Kuwaiti businesses struggling to meet demand as orders surge Businesses in Kuwait have accumulated huge backlogs of work and will need to increase capacity and staff levels to meet customer demand, according to ratings agency S&P Global. The monthly purchasing managers’ index (PMI) report for Kuwait revealed companies strengthened employment levels in a bid to satisfy “sharp and accelerated increases in new business” throughout […] June 7, 2024
Transport Kuwait City and Riyadh take first steps towards rail link Kuwait and Saudi Arabia have approved a feasibility study to investigate building a rail link between Kuwait City and Riyadh. The study was approved during the sixth meeting of the Kuwait-Saudi higher steering committee, Kuwait’s minister of public works and minister of state for municipal affairs Noura Al-Meshaan told the Kuwait News Agency on Thursday. […] May 31, 2024
Opinion Economy Kuwait’s political crisis adds to economic uncertainty The country's latest standoff is deeply concerning for both the near and long term May 20, 2024
Finance Kuwait’s Beyout targets $147m from IPO Kuwait’s Beyout Investment Group (BIG) has set the price of its initial public offering (IPO) between 480 and 500 fils per share. The company plans to raise up to KD45,000,000 ($147 million) by selling a 30 percent stake, or 90 million shares, on the local bourse, the first in nearly two years. The final offer […] May 20, 2024
Transport Earnings at Kuwait’s Agility rise 22% to $61m in 2024 Kuwait-based logistics specialist Agility said first-quarter 2024 earnings rose 22 percent year on year to KD18.7 million ($61 million) Revenue increased nearly 5 percent year on year to KD336 million, the company said in a statement published on Boursa Kuwait. The company reported an operating cash flow of KD26 million for the first quarter. Assets stood at […] May 17, 2024
Real Estate Kuwait’s Beyout Investment Group to list on local bourse Kuwait’s Beyout Investment Group (BIG) has announced plans to offer a 30 percent stake on the local bourse, the first in nearly two years. The final offering price will be determined through a bookbuilding process, which will be held from May 19 to 23, the company said in a statement. The shares are slated to […] May 15, 2024
Real Estate Kuwait signs $140m contracts for Al Metlaa development Kuwait’s Public Authority for Housing Welfare (PAHW) has signed two contracts worth KD42 million ($140 million) to construct public buildings in Al Metlaa, a new residential district north of Kuwait City. Nurseries, stores, schools and shops will be included, state news agency Kuna reported. Electricity connections have been provided for 109 buildings in the district, […] April 19, 2024
Infrastructure Iraq and Kuwait team up for European telecom corridor Iraq’s Informatics and Telecommunication Public Company, a division of the Ministry of Communications, has signed an agreement with Kuwait’s Zajil Telecom to create a telecommunications corridor from the Gulf region to Europe, transiting through Iraq and Turkey. The new route will pass through Iraqi sea and land ports. Iraq’s minister of communications Hayam Al-Yasiri said […] April 14, 2024
