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Kuwait Airways

Kuwait Airways eyes break even by 2024-end despite losses

Kuwait Airways’ revenue last year rose by 115 percent from 2021 and was up 10 percent from pre-pandemic 2019, Reuters reported, citing chairman Ali Aldokhan. The state carrier posted a net loss of KD55 million ($180.3 million) for 2022 and still expects to break even by the end of 2024, Aldokhan told a news conference […]

Kuwait forays into space with first satellite launch

Kuwait’s first satellite, ‘KuwaitSat-1’, was successfully launched into space onboard the SpaceX Falcon 9 from Florida’s Cape Canaveral, state-owned Kuwait News Agency (Kuna) reported. The project, which has been in the works for three years, was undertaken by Kuwait University and funded by the Kuwait Foundation for the Advancement of Sciences.  It comes as GCC […]

Kuwait exports first shipment of aviation fuel from Al-Zour refinery

Kuwait Petroleum Corporation has exported its first shipment of aviation jet fuel from the Al-Zour refinery, state-owned Kuwait News Agency (KUNA) reported, citing a company statement. The first cargo is shipped aboard the Pacific Sarah tanker in collaboration with Kuwait Integrated Petroleum Industries Company (KIPIC).  The company and its subsidiaries are continuously working to meet […]

Kuwait commits to be carbon neutral in oil and gas by 2050

Kuwait is committed to becoming carbon neutral in the oil and gas sector by 2050 and across the country by 2060, foreign minister Salem Al-Sabah told state news agency Kuna. The minister said Kuwait’s plan, a major oil exporter and member of Opec, to achieve carbon neutrality is “a solid and serious commitment to which […]

Kuwait commences commercial operations at Al-Zour refinery

Kuwait Integrated Petroleum Industries Company (KIPIC) has started commercial operations of the first phase of the Al-Zour refinery project, state-owned Kuwait News Agency (KUNA) reported. The refinery last month started to produce and sell primary quantities of fuel oil and supply it to local electric power stations. KIPC acting CEO Waleed Al-Bader said the operation […]

People, Person, Parliament

Kuwait to use budget surplus to replenish fund to cover deficits

Kuwait will use an expected budget surplus for fiscal year ending March 31, 2023 to replenish its general reserve fund (GRF), its finance minister said, after running down the GRF during the COVID-19 pandemic when oil prices dropped. The oil-producing Gulf state’s parliament on Tuesday approved the 2022/2023 government budget after a delay caused by […]

Money, Dollar, Snake

Kuwait’s Wafra raises $1.5bn to buy stakes in private equity firms

Wafra Inc, an investment firm backed by Kuwait’s public pension fund, said on Monday it has raised $1.5 billion for its fourth flagship fund that will acquire minority stakes in alternative asset managers such as private equity firms. The new fund, Capital Generation IV, will seek to acquire minority stakes in “lower middle-market” firms with […]

4Sale CEO Tarek Sakr is growing Kuwait’s largest online classifieds platform

Kuwait classified giant 4Sale aims to double up on business

The oldest form of classified ads can be traced back all the way to 2000BC, when the Egyptians invented outdoor advertising as they carved public notices into steel.  This earliest example of the ‘first mover advantage’ strategy is not lost on the CEO of 4Sale, Kuwait’s largest online classifieds platform, which has big ambitions to […]

Kuwait delays budget approval until after elections

Kuwait formally dissolved parliament in a decree issued on Tuesday, state news agency KUNA said, as the Gulf 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, said […]

Kuwait Airways receives 18 new aircraft, despite 2022 losses

Kuwait Airways has received 18 aircraft from Airbus out of an order for 31, Reuters reported, citing the state carrier’s chairman. The airline expects to record an annual loss of KD 50-60 million ($161.27-193.52 million) in 2022, chairman Ali Aldakhan said. The company expects to break even by the end of 2024, he added. “It […]

Stateless Bidoon people protest against violation of their rights in Kuwait

2,000 Kuwaitis applied for EU asylum in last five years

The European Union has received almost 2,000 asylum applications from Kuwait over the last five years, with academics speculating the majority of the applicants are from the Gulf state’s Bidoon tribes. The EU Agency for Asylum reported that 1,925 Kuwaitis applied for asylum between 2017 and 2021, accounting for nearly three-quarters of the 2,630 nationals […]

High Rise, City, Urban

Kuwait tenders for work at new city for 280,000 residents

Kuwait’s housing authority has issued a tender to build and maintain the roads and main infrastructure network for South Sabah Al-Ahmad City, which is slated to home 280,000 people.  Located 80 kilometres south of the country’s capital, South Sabah Al-Ahmad City will have 10 neighbourhoods clustered around a central business district that architects Foster + […]

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,” […]