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Kuwait

Kuwaits Beyout Investment Group is selling a 30 percent stake, or 90 million shares, on the local bourse

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 […]

Agility has developed more than 1 million sq m of land, warehousing and logistics infrastructure in Saudi Arabia

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 […]

The Kuwait Boursa trading hall in Kuwait city. BIG shares will list in the premier market segment

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 […]

Construction work in Kuwait. Nurseries, schools and shops are being built for the new residential district of Al Metlaa

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, […]

Nature, Undersea cables account for as much as 90 percent of Europe-Asia telecommunications, Water

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 […]

Kuwait growth inflation bagpipe player PMI

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 […]

Kuwait real estate licence city aerial shot

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 […]

In this photo illustration, the MSCI Inc. logo is displayed on a smartphone screen. (Photo by Rafael Henrique / SOPA Images/Sipa USA) No Use Germany.

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 […]

Kuwait has 'good solar resources' as well as wind, and could reduce emissions with a better focus on renewables

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 […]

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 […]

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 […]

A Starbucks cafe in Beirut, Lebanon. Jobs are being cut due to 'continually challenging trading conditions' in the Mena region

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 […]

Brazil exports many of the foods served at Iftar, the meal eaten after sunset during Ramadan

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 […]

Workers work at Majnoon oil field in Iraq. The country aims to increase output to 7 million barrels per day.

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, […]

Egypt Kuwait Holding has finalised investment of $120m in a new MDF manufacturing facility in Egypt

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,” […]

A Starbucks coffee shop in Beirut, Lebanon. Alshaya operates 2,000 Starbucks branches in 17 countries

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 […]

Architecture, Building, Factory

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 […]

National Bank of Kuwait mortgage reform

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 […]

A subsidiary of the logistics firm Agility provided a loan to Korek telecom in 2007

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 […]

Arrivals at Kuwait International Airport in 2023 reached 7.93 million passengers, while departures accounted for 7.68 million

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 […]

These workers at a factory in Manama, Bahrain, could soon be enjoying a three-day weekend if the government goes ahead with proposed changes

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 […]