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
Trade Kuwait’s record performance tempered by costs Rising inflation and increasing staffing costs are weighing heavily on Kuwait’s non-oil business sector despite growth, the latest business sentiment survey has revealed. The seasonally adjusted S&P Global Kuwait purchasing managers’ index (PMI) revealed strong growth, with competitive pricing by businesses helping to attract new customers. The index was up at 53.2 for March from […] April 3, 2024
Real Estate Real estate broker licence numbers in Kuwait rise by 17% Almost 230 new licences were issued to land and property sales agents in Kuwait in 2023, bringing the total to 1,594 by the end of December, a 17 percent rise on 2022. Kuwait’s property sector is hoping that a new law allowing foreigners to buy will lead to increased business opportunities. A total of 228 […] March 21, 2024
Analysis Markets Gulf weightings increase on MSCI Emerging Markets The MSCI Emerging Markets Index has increased the weightings of Gulf countries since their inclusion on the benchmark, as regulators loosened rules and companies ease foreign ownership restrictions to make it easier to invest. According to MSCI, more than $1.3 trillion in assets under management (AuM) was benchmarked against its emerging markets indexes as of […] March 21, 2024
Analysis Renewable Energy Kuwait playing catch-up with latest renewables strategy Kuwait still has a way to go on its energy transition, industry experts say, despite the announcement of a 20-year renewables strategy. Salem Al-Hajraf, minister of electricity, water and renewable energy, said on March 7 that the country is targeting carbon neutrality by 2050. “We … need an increase in solar energy, which is considered […] March 20, 2024
Oil & Gas Kuwaiti oil major to buy 50% of Italian biodiesel producer The Italian subsidiary of Kuwait Petroleum International (KPI), the international downstream subsidiary of state-owned Kuwait Petroleum Corporation (KPC), has signed an agreement to purchase 50 percent of Eco Fox, an Italian biofuel producer. The deal will help develop, produce and distribute sustainable biofuels that will reduce carbon emissions in the transportation sector, state-owned Kuna news […] March 18, 2024
Banking & Finance Gulf wealth funds put investing in US well ahead of China Most sovereign wealth funds in the Gulf remain heavily invested in the US, while China represents a much smaller part of their portfolios, data from the consultancy Global SWF shows. The data also shows that the portfolios of Gulf sovereign wealth funds vary widely in terms of their geographical distribution. This is partly a result […] March 8, 2024
Food & Drink Kuwait’s Alshaya lays off Mena Starbucks staff Kuwait’s Alshaya Group, one of the Gulf’s largest franchise owners, is cutting jobs at its Starbucks outlets. The coffee brand has suffered from calls for a boycott since the start of the Gaza conflict. “As a result of the continually challenging trading conditions over the last six months, we have taken the sad and very […] March 5, 2024
Trade Brazilian exports to Kuwait rise in readiness for Ramadan With Ramadan around the corner, trade between Kuwait and Brazil has been brisk – the Latin American country plays an important role in supplying the food needed for Iftar, the fast-breaking evening meal that Muslims enjoy during the holy month. Brazilian exports to the Gulf country spiked in November as Muslim importers began to prepare […] March 1, 2024
Analysis Oil & Gas Saudi Arabia hits brakes as others push oil output capacity Saudi Arabia may have shelved plans to raise oil output capacity but the UAE, Kuwait and Iraq believe global crude demand will grow and are gearing up for expansion, according to industry observers. Although Opec is implementing production cuts to stabilise the market over the near term, its core members are focused on longer-term commitments, […] February 20, 2024
Industry Egyptian-Kuwaiti venture powers up new investments Investment company Egypt-Kuwait Holding is exploring new investment opportunities in Egypt. The company has finalised investment of $120 million in a new medium-density fibreboard (MDF) manufacturing facility and plans to expand into the power sector. “Our investments in Egypt are ongoing, and we are exploring more opportunities through visiting several ministries and presenting our proposals,” […] February 19, 2024
Food & Drink Kuwait’s Alshaya in talks to sell Starbucks stake Kuwait’s Alshaya Group is in talks to sell a minority stake in its regional Starbucks business that covers the Middle East, North Africa and central Asia, according to reports. The Kuwaiti retailer operates 70 brands in 4,000 stores across 18 countries. This includes the franchise for Starbucks, with 2,000 stores in 17 countries. US private […] February 9, 2024
Energy Oman-Kuwait JV to open $9bn crude oil refinery The $9 billion OQ8 crude oil refinery, which has a daily capacity of 230,000 barrels, will be inaugurated on Wednesday. The refinery has been developed by Duqm Refinery and Petrochemical Industries, a joint venture between Oman’s OQ Group and state-run Kuwait Petroleum International. It is the largest joint investment in the petrochemical and refinery industry between […] February 6, 2024
Analysis Banking & Finance Kuwait banks boosted by likely mortgage law reform Kuwait bank stocks are hitting highs as traders bet that a long-awaited liberation of the country’s mortgage laws will come into force and provide a windfall for lenders. Currently only the government-controlled Kuwait Credit Bank (KCB) provides financing to Kuwaiti citizens and companies for them to buy real estate, and commercial banks are not permitted […] February 2, 2024
Logistics Iraqi Kurdistan ordered to pay $490m to Kuwaiti firm Iraq’s Kurdistan Regional Government (KRG) must pay Kuwaiti logistics company Agility $490 million after a Kuwaiti court rejected its appeal against an earlier award for the same amount, in the latest setback for the financially stricken administration. The KRG had guaranteed a $250 million loan that an Agility subsidiary, Alcazar Capital Partners, provided to Erbil-based […] February 1, 2024
Aviation Kuwait airport passenger traffic rises 26% to 15.6m Total passenger movement at Kuwait International Airport rose 26 percent year on year to 15.6 million in 2023. Arrivals reached 7.93 million passengers, while departures accounted for 7.68 million, the state-run Kuna news agency reported, citing Imad Al-Jalawi, acting director general of Civil Aviation Aircraft traffic increased 23 percent to 128,584 last year, from 104,147 […] January 30, 2024
People & Lifestyle Kuwait and Bahrain propose changes to working week Lawmakers in Kuwait and Bahrain are pushing for major amendments to the working week, aiming to improve workers’ rights and boost the work-life balance in the two Gulf states. In Bahrain, the focus is on extending the weekend to three days: Friday, Saturday and Sunday. “There is an urgent need to keep pace with global […] January 29, 2024
Health Kuwait’s pharmaceutical plan may need a shot in the arm Kuwait will continue to lag behind its GCC neighbours in attracting investment into its pharmaceutical sector despite new government measures, say experts. The Ministry of Health announced plans last month to set up warehouses across health districts, adding new facilities to improve medication storage and delivery. It said it is also developing a guide for […] January 24, 2024
Retail Kuwait’s Alshaya scales back operations in Egypt Kuwait’s Alshaya Group, one of the Gulf’s largest franchise owners, is scaling back its operations in Egypt due to “the difficulties faced by overseas businesses” in the North African country. “As a result of the economic situation over the last three years and the difficulties faced by overseas businesses trading in Egypt, we have taken […] January 18, 2024
Kuwait forms first government under new emir Kuwait has formed a government headed by Prime Minister Sheikh Mohammed Sabah al-Salem al-Sabah, the state news agency said, the country’s first cabinet after the death of its previous ruler, Sheikh Nawaf al-Ahmad al-Sabah. Sheikh Mohammed appointed new ministers for oil, finance and foreign affairs in the first cabinet formed under Kuwait’s new Emir Sheikh […] January 17, 2024
Analysis Tech Korek Telecom fights $1.65 billion award to partners A Dubai court will next month hear whether it should scrap a $1.65 billion award against an Iraqi telecom operator and its politically connected top shareholder. The long-running dispute underscores the risk that foreign investors face in Iraq, a country devastated by decades of conflict and sanctions and which is among the world’s most corrupt […] January 11, 2024
