Skip to content Skip to Search
Skip navigation

Kuwait

Business news and financial news from Kuwait, covering the biggest companies including Kuwait Finance House, National Bank of Kuwait, Zain, Al Ahli Bank of Kuwait and Agility Public Warehousing Company

Passenger numbers have fallen at Kuwait International, but are soaring at airports elsewhere in the Gulf

Kuwait’s aviation industry loses altitude as foreign airlines exit

Kuwait’s ambitions for its aviation industry are faltering as a growing number of international carriers quit the market and airport upgrades are delayed. British Airways ceased its daily service from London in March, ending more than 60 years of operations. This follows withdrawals from Kuwait International Airport (KWI) by at least 14 other airlines since 2019, […]

Kuwait’s 2024 GDP falls $5bn due to oil price drop

Kuwait’s economy shrank by around $5.5 billion in 2024 after average oil prices declined by $4 a barrel and it cut output in line with Opec+ production quotas. Kuwait’s GDP shrank in current prices by 3 percent to KD49.1 billion ($162 billion) last year from KD50.8 billion ($167.5 billion) in 2023,  according to official data […]

Kuwait's civil aviation authority said it had fired Kuwait Airways' CEO due to 'repeated failure to comply with aviation safety rules and regulations'

Kuwait Airways fires CEO after authority disapproval

The CEO of state-owned Kuwait Airways, Ahmad Al-Kreebani, has been fired and replaced by Abdulwahab Al-Shatti. Al-Shatti took over the job on Sunday, two sources with direct knowledge of the matter said. Kreebani’s dismissal after two years in the job followed a decision by the country’s civil aviation authority to withdraw its approval for his […]

Keeping the lights on in Kuwait is becoming a problem with a lack of power reserves

Kuwait cuts off crypto mining to save power

Kuwait this week began a clampdown on illegal cryptocurrency mining activity, as the energy-intensive sector places further pressure on the Gulf state’s already severe power shortage problem. The country’s industrial facilities were told earlier this month to suspend operations for six hours daily during the summer, as part of a power rationalisation plan. The ministry […]

Kuwait plans to fast-track the construction of four solar power plants by next summer

Kuwait to build solar power plants by next summer

Kuwait is planning to build four solar power plants with a combined generation capacity of 2,000 megawatts (MW), enough to power about 1.5 million homes, according to local media. The ministry of electricity, water and renewable energy is studying the projects, which must be completed by summer next year, Alanba daily said, quoting ministry sources. […]

Workers at Woodside's Pluto LNG in Australia. Louisiana LNG is targeting first production in 2029

Kuwait in talks to buy stake in Woodside’s Louisiana LNG

Australian petroleum company Woodside Energy Group is in negotiations with Kuwait Foreign Petroleum Exploration (Kufpec) to sell a stake in its Louisiana liquefied natural gas (LNG) project. Kufpec, state-owned Kuwait Petroleum’s overseas unit, is considering both acquiring equity and securing LNG supply from the US facility, Bloomberg reported, citing people familiar with the matter.  The […]

The Willis Building, centre, was designed by architect Norman Foster and was one of the tallest towers in the area when it was built in 2008

Kuwait wealth fund sues over London tower project

Kuwait Investment Authority, the world’s fifth-biggest sovereign wealth fund, is suing global investment company Axa Investment Managers in connection with a planned tower in London’s financial district that risks blocking light to a KIA building. St Martins Property, the investment authority’s property development unit, is suing Hygie, a special purpose vehicle controlled by Axa Investment […]

Approval of Kuwait's residential mortgage law could unleash demand for housing loans

New Kuwait laws will stimulate banks, says Fitch

Kuwait’s approval of a debt law and the easing of housing curbs on foreigners is likely to stimulate banks after a period of subdued activity, according to a US rating agency. Fitch said it expects 8-9 percent growth in 2025 if planned large government projects are awarded, following last month’s approval of the debt law.  […]

Kuwait pushes businesses online for faster government interaction

Official email to be required for Kuwait business licences

Oil-rich Kuwait intends to force its companies to set up an official email address for correspondence with government offices as part of a new law designed to speed up business and slash paper work, according to local media. Companies that fail to abide by the new rules will have their business suspended and banned from […]

alalah Port, Oman. Oman's hydrocarbon exports jumped by $6.5 billion in 2024, primarily due to the explosive growth in refined product sales from the Duqm Refinery

Duqm refinery fuels $6.5bn growth in Oman’s oil exports

Oman’s hydrocarbon exports swelled by nearly $6.5 billion last year due to a surge in sales of refined products following the commissioning of the sultanate’s largest oil refinery. The Gulf country’s hydrocarbon exports surged from OR13.8 billion ($35.8 billion) in 2023 by nearly 18 percent to OR16.3 billion ($42.4 billion) in 2024. Crude exports edged […]

A view of NBK headquarters. Customer deposits grew by 6 percent year on year to KD24 billion by the end of March 2025

National Bank of Kuwait earnings hit by corporate tax

Earnings of the National Bank of Kuwait (NBK), the Gulf state’s largest financial institution, fell 9 percent year on year in the first quarter following the imposition of 15 percent corporate tax from January. Net profit fell to KD134 million ($435 million) from January to March, compared to KD147 million a year ago, the lender […]

EDRW69 Skyline of Kuwait City, Middle East

Kuwait orders factories to close for summer power saving

Kuwait has told its industrial facilities to suspend operations for six hours daily during summer as part of a power rationalisation plan spurred by severe electricity shortages due to high demand. The Public Authority for Industry (PAI) said on its website this week that industrial units in the Gulf emirate must shut down during peak […]

G2 Support Staff was was bought by Menzies Aviation, a unit of Kuwait's Agility Global

Kuwait’s Agility buys major US aviation support firm for $305m 

Agility Public Warehousing Company of Kuwait is buying the American company G2 Secure Staff, one of the world’s largest aviation service providers, for $305 million. G2 provides aviation support services to almost all major airlines in the US in more than 70 US airports, including ground handling, cabin cleaning and passenger assistance The company was […]

A tanker in the Straits of Hormuz. Kuwait state oil companies are targetting 4 million bpd

Kuwait starts merging state oil companies to cut costs

Opec producer Kuwait has started to merge its state oil companies to reduce their number, improve efficiency and trim costs, according to the official news agency, Kuna. The Kuwait National Petroleum Company (KNPC), the Gulf emirate’s downstream investment arm, has started to take over the Kuwait Integrated Petroleum Industries Company (KIPIC), which manages the Al-Zour […]

Workers pictured at Kuwait's Burgan oilfield in the 90s. The field has been producing since 1946

Kuwait to reverse decline of world’s second largest oilfield

Kuwait has launched a project to reverse a decline in production at its giant Burgan oilfield nearly 80 years after it was brought on stream, according to the local Alseyassah newspaper. Almost the same size as the island of Bahrain, the 780 square km Burgan contains around 70 billion barrels of extractable crude oil, equivalent […]

Shoppers in Kuwait City. The central bank's new rules aim to improve financial transparency, says commerce minister Khalifa Al Ajeel

Kuwait money reforms force exchange shops to close doors

Tougher anti-money laundering rules in Kuwait have forced more than 100 exchange companies to close, according to local reports. The Central Bank of Kuwait’s new rules, which took effect on April 1, include closer scrutiny and an increase in minimum capital to KWD2 million ($6.6 million). On Tuesday Khalifa Al Ajeel, Kuwait’s commerce and industry […]

Kuwait imported electricity from the GCC Interconnection Authority, an interconnected grid between Gulf countries, last summer

Kuwait enforces power cuts as demand outstrips capacity

Kuwait temporarily cut electricity in some industrial and agricultural areas on Wednesday as demand for power surged due to hot weather, outstripping generating capacity that had been restricted by maintenance at power plants. Kuwait, a member of the Organization of the Petroleum Exporting Countries (Opec), last summer resorted to programmed load-shedding for the first time […]

Traders on the floor of the Kuwaiti bourse. The government said the new law will push forward economic development in line with Vision 2035

Law change enables Kuwait to tap global debt markets

Kuwait can now borrow money from international markets after an eight-year hiatus. The government has issued a new law that sets the public debt ceiling at KD30 billion ($97.4 billion) and allows the issuance of financial instruments with maturities extending up to 50 years, the state-run Kuna news agency reported. The law will bolster financial stability and […]

Kuwait skyline. Kuwait’s draft law on mortgage financing was submitted for government approval in 2018 and the banking industry appears increasingly confident it will come into effect soon

Caution advised over upsurge in Kuwaiti bank shares

Shares in Kuwaiti banks are hitting new highs as investors bet on a long-mooted change in the law on mortgages coming into force soon and spurring a boom in property financing. However, analysts are warning that the sector’s equity rally may prove unjustified, with any earnings windfall unlikely to be as substantial as those enjoyed […]

Agility acquired Menzies Aviation in 2022, which has operations in more than 65 countries

ADX-listed Agility targets $130m dividend payout

Logistics company Agility Global has proposed a final dividend of $65 million for 2024, taking the total payout to $130 million, reflecting a healthy growth in earnings last year. The company paid a $65 million dividend in December 2024, with a further $65 million set to be approved at the upcoming general assembly for approval, […]