Oil & Gas Kuwait’s oil minister resigns amid energy challenges Kuwait’s finance minister, Nora Suleiman Al-Fassam, has been appointed acting oil minister, after the resignation on Sunday of the deputy prime minister and minister of oil, Imad Al-Ateeqi, amid ongoing political instability in the country. Al-Fassam is also minister of state for economic and investment affairs, having been appointed just last month. She came from […] September 9, 2024
Opinion Oil & Gas October presents Opec+ with a quandary The oil group wants to bring barrels back to the market but it could bow to global uncertainty September 2, 2024
Analysis Tourism Kuwait Entertainment City targets Gulf tourism rivals Kuwait Investment Authority taking over a planned Entertainment City development in the nation’s capital is the latest sign of an upturn in its commercial real estate sector, according to experts. Authorities first announced the nearly $660 million (KWD 200 million) project in October 2019, then relaunched it in May 2023. A study at the time […] August 27, 2024
Oil & Gas Kuwait signs fresh LNG supply deal with Qatar Kuwait has arranged a second liquefied natural gas supply agreement with Qatar. The deal, signed on Monday, consists of importing three million tonnes of LNG a year for 15 years beginning in 2025. A similar 15-year deal was signed in 2020. Kuwait is striving to ease power outages, with extreme summer temperatures putting pressure on its […] August 26, 2024
Banking & Finance Kuwaiti lender sells stake in Sharjah Islamic Bank for $351m Kuwait Finance House (KFH), the nation’s largest lender, has sold its entire stake in Abu Dhabi-listed Sharjah Islamic Bank for AED1.3 billion ($351 million). The off-market sale, also known as a negotiated deal, was executed at AED2.20 per share for 588 million shares, the lender said in a filing on Borsa Kuwait. Off-market trades are based […] August 21, 2024
Energy Heat blackouts blamed on Kuwait’s fuel supply issues Rolling power cuts that have beset oil-rich Kuwait over the last two days have been blamed on technical issues experienced in fuel supplies. Several residential neighbourhoods experienced rolling blackouts over the weekend due to “a fuel supply disruption”, according to a statement from state-run Kuna news agency. The cuts also closed down desalination plants and […] August 19, 2024
Analysis Economy Kuwait overhauls tax system and signs UAE treaty Kuwait, which has developed a reputation as an economic laggard among wealthy Gulf states, is undertaking an overhaul of its tax regime to meet global standards and reduce reliance on oil revenues. The Gulf state plans to introduce a 15 percent business profits tax, new rules on transparency and compliance with international agreements, and an […] August 12, 2024
Economy Gulf non-oil growth softens as costs and competition rise Non-oil business activity in Kuwait, the UAE and Saudi Arabia continues to grow, albeit at a softened pace. According to the latest business sentiment survey from ratings agency S&P Global, the overall softening in growth across the three Gulf states was largely a result of increased market competition, rising input costs and capacity constraints. In […] August 5, 2024
Construction Housing regulations amplify costs for Kuwait real estate Kuwait’s real estate industry is grappling with increased construction and labour costs as a result of stricter housing regulations. Authorities have clamped down on basements and ground floor areas being used for worker accommodation, leading to a shortage of affordable housing for low-paid expatriate construction workers in central areas. The change has led to an […] August 5, 2024
Food & Drink Starbucks increases Middle East outlets despite Gaza boycott calls Starbucks has expanded its presence in the Middle East over the past year, despite ongoing boycott calls due to the Gaza conflict. The total number of Starbucks outlets in the region rose by approximately 7 percent, from 1,870 to 1,997, according to the company’s data. The largest expansion came in Saudi Arabia, adding 55 new […] August 2, 2024
Finance Kuwaiti lenders propose merger to create $50bn Islamic bank Boubyan Bank and Gulf Bank, two of the largest Kuwait-listed shariah-compliant lenders, are set to commence an initial feasibility study for a potential merger. The merged entity will be among the largest Islamic banks with more than $50 billion in assets. In separate statements to Boursa Kuwait, the two lenders said they will conduct due […] August 1, 2024
Oil & Gas Saudi Arabia cools down by raising imports of Russian oil An unusually hot summer is forcing Saudi Arabia, the world’s largest crude oil exporter, to increase fuel imports from Russia and Kuwait to meet peak domestic demand for electricity. The Gulf state is importing thousands of tonnes of discounted Russian oil, while imports from Kuwait also made a strong comeback in July after a two-year […] August 1, 2024
Finance Boursa Kuwait’s earnings rise on higher trading volumes The operator of the Kuwaiti stock exchange said its net profit rose 11 percent year on year in the first six months of 2024 as a result of higher trading volumes. Boursa Kuwait’s earnings jumped to KD9.4 million ($31 million), compared with KD8.4 million a year ago. Total operating revenues rose 13 percent to KD17.2 million […] July 31, 2024
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 28, 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
