Aviation Jazeera Airways to cut costs and double passengers by 2029 Kuwait’s Jazeera Airways plans to add more seats to its aircraft, expand its fleet and cut costs as part of a new five-year strategy to almost double the number of passengers in 2029. Adding seats this year will raise the average number per aircraft to 180 by the third quarter, the airline CEO Barathan Pasupathi […] February 6, 2025
Banking & Finance Global asset manager BlackRock planning Kuwait office BlackRock, the world’s largest asset manager, is planning to open an office in Kuwait, according to media reports. Larry Fink, chairman and CEO of the New York-based company, was in Kuwait this week where he met with Kuwait’s Emir Sheikh Meshal Al-Ahmad Al-Sabah; the prime minister, Sheikh Ahmad Abdullah Al-Sabah; and the Crown Prince, Sheikh […] February 4, 2025
Oil & Gas Kuwait successfully using drones to inspect oil facilities Kuwait’s first-time use of drones to inspect oil and gas facilities has reduced costs, improved operational efficiency and enhanced worker safety, a local newspaper has reported, without giving numbers. The drones are used to inspect oil and gas fields, petrochemical and refining facilities, and pipelines and export terminals across the country, the Arabic-language daily Alanba […] February 4, 2025
Real Estate Talks start with Kuwait hotel group on $125m Egypt project Kuwait’s Bukhamseen Holding is considering investing in a $125 million new hotel project in Egypt. Hassan El-Khatib, Egypt’s minister of investment and foreign trade, met Jawad Bukhamseen, chairman of the family-owned conglomerate, to discuss current and future projects in hospitality, finance and restaurant management. In a statement, the ministry of investment said Bukhamseen Holding was […] February 4, 2025
Real Estate Shares in Kuwaiti developer Ajial rise despite profit drop Kuwaiti real estate company Ajial Real Estate Entertainment, known for building the Gulf state’s tallest tower, has posted a profit of 774,806 Kuwaiti dinars ($2.5 million) in the fourth quarter of 2024, a year-on-year decline of 5.7 percent. Despite the drop Ajial’s shares were trading up nearly 3 percent on Tuesday at 311 Kuwaiti fulus, […] February 4, 2025
Aviation Kuwait’s Jazeera Airways cuts losses as revenues rise Low-cost carrier Jazeera Airways, which trades on the Kuwaiti stock exchange, narrowed its fourth-quarter 2024 loss on rising revenue and operational efficiency. Net loss narrowed by 42 percent year on year to KD4.2 million ($13.6 million) in the final quarter, as operating revenue climbed 15 percent year on year to KD45.1 million. Passenger numbers grew 9 […] February 4, 2025
Economy Kuwait forecasts budget deficit of more than $20bn Kuwait’s draft budget for 2025-26 projects a deficit of KD6.3 billion ($20.4 billion), the finance minister has said. Total revenue is forecast to reach KD18.2 billion, while expenditure is set at KD24.5 billion, state-run Kuna news agency reports, citing finance minister Noura Al-Fassam. Non-oil revenues are anticipated to rise 9 percent to KD2.9 billion, […] February 3, 2025
Construction Kuwait project awards reach highest level in seven years Project activity in Kuwait has soared, and the highest value since 2017 was awarded in 2024, National Bank of Kuwait (NBK) said in its quarterly report. The bank said KD2.7 billion ($8.7 billion) worth of projects were awarded in Kuwait last year, an increase of 44 percent on the previous year. The figures were supported […] February 3, 2025
Economy Kuwait consumer spending reaches record high Consumer spending in Kuwait hit record levels in 2024, underpinned by a growing preference for card payments and a thriving ecommerce industry. Figures from the Central Bank of Kuwait for 2024 showed spending reached KD47.81 billion ($155.7 billion), a rise of 4.4 percent from the previous year. The figures show an increase in card payments and […] January 30, 2025
Banking & Finance Kuwait ready to move on long-awaited mortgage law Kuwait is close to finalising a mortgage law that aims to increase homeownership among its citizens. At present, only the government-controlled Kuwait Credit Bank (KCB) can provide property loans to Kuwaiti citizens and companies. The law has been in planning since 2018, when the central bank submitted liberalisation proposals that would allow commercial banks to […] January 29, 2025
Oil & Gas Kuwait ‘ready to go ahead with merger of state oil companies’ Kuwait’s plan to merge some of its eight state-owned oil companies is ready to go ahead, according to reports in the country. Kuwait Petroleum Corporation (KPC), which manages the country’s hydrocarbon industry, is set to oversee the mergers. The plan was approved by the cabinet two years ago as part of a strategy to cut […] January 28, 2025
Transport Kuwait awards railway contract to Turkish company Kuwait has awarded the tender for the first phase of its plan to build 111 kilometres of railway. The Central Agency for Public Tenders awarded the contract to Turkish engineering and consulting company Proyapi to carry out a study and detailed design to prepare tender documents for the railway. The first phase is expected to […] January 24, 2025
People & Lifestyle Kuwait-backed US car wash operator plans $3bn sale A Kuwait-backed car wash operator in the US is considering a sale that could value the company at nearly $3 billion including debt. Spotless Brands, which operates more than 205 locations through six brands across 10 US states and Washington DC, is working with investment bank William Blair on the possible sale, which was not […] January 23, 2025
Tax Kuwait expects tax income to soar by 79% Kuwait expects its tax income to soar by nearly 79 percent annually when all taxes take effect within an International Monetary Fund-proposed tax reform programme. In a report published on Wednesday, the Arabic language daily Alqabas said taxes are projected to fetch Kuwait around 613 million dinars ($2 billion) in its 2024-2025 budget, which started […] January 22, 2025
Logistics Kuwait approves Chinese company for port operations The Kuwaiti cabinet has approved a contracting pact with China State Construction Engineering Corporation for the operation and management of the Mubarak Al-Kabeer port project. Noura Al-Mashaan, Kuwait’s public works minister, met with a Chinese delegation in September 2024 to speed up the work on the port, state-run Kuna news agency reported. Chinese state-owned companies […] January 22, 2025
Analysis Markets Non-GCC institutions increase holdings of Kuwaiti stocks Non-GCC foreign institutions are net buyers of Kuwaiti equities – but active Western investors remain reluctant to hold its blue-chip stocks because of limited progress in diversifying the country’s economy. Nearly 69 billion shares were traded on Kuwait’s bourse last year, a total only bettered by the Saudi and Abu Dhabi exchanges within the six-nation […] January 21, 2025
Energy Kuwait discovers new oil and gas reserves State-run Kuwait Oil Company (KOC) has discovered large commercial volumes of hydrocarbons at the Al-Jlaiaa offshore field, and expects more discoveries in the area. The estimated reserves within the 74 sq km area include 800 million medium-density barrels of oil and 600 billion standard cubic feet of associated gas, the state-owned Kuwait News Agency reported. […] January 21, 2025
Finance Kuwait ministries free to increase public service charges Kuwait issued a decree on Sunday that will allow ministries to set charges for public services for the first time in 30 years. The decree, which abolishes a 1995 law, gives ministries authority to decide on fees and costs for public services, which will then be approved by the cabinet. The government aims to better […] January 20, 2025
Real Estate ‘Safe’ Sharjah attracts Kuwaiti investors to $950m project The emirate of Sharjah has been praised as “safe and business-friendly” by a Kuwaiti developer who has formed a partnership to develop a AED3.5 billion ($950 million) housing project in its burgeoning local property market. Talal Al-Bahar, vice-chairman and CEO of Kuwait Real Estate Company (Aqarat), said that investors were attracted to Sharjah because of […] January 17, 2025
Analysis Sustainability Climate and cost: the Gulf’s water scarcity challenge Over the past 18 months, Saudi Arabia has set up a Global Water Organisation, established a stand-alone Saudi Water Authority and presided over the One Water Summit in Riyadh. At the summit on December 5, Crown Prince Mohammed bin Salman called for “collective action” to address water scarcity in the region and around the world. […] January 17, 2025
