Banking & Finance Boursa Kuwait hails increasing international investor appeal The CEO of Boursa Kuwait says he is seeing increased confidence from international investors in the stock exchange as net profit grew by over 13 percent to KD18 million ($59 million) in 2022. “We were successful in attracting institutional international investors, as total foreign turnover activity was up 29 percent, with a total traded value […] February 13, 2023
Banking & Finance Kuwait plans reform to aid via economic development fund Kuwait intends to reconsider its policy of providing aid to Arab and developing countries through the Kuwait Fund for Arab Economic Development, its foreign minister said. “There are developments at the international level that require us to reconsider the mechanisms of the fund’s work and harness the fund’s work to preserve our national interests,” Sheikh […] February 10, 2023
Banking & Finance Jazeera Airways cuts bank funding needs for Airbus deal to $1bn Kuwaiti low-cost carrier Jazeera Airways aims to secure $1 billion from banks to help finance the purchase of new Airbus aircraft, its chairman said on Tuesday, half the amount it had initially planned to seek. The airline placed a multi-billion dollar order with Airbus for 28 single aisle A320neo family passenger jets in November 2021. […] February 8, 2023
Aviation 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 […] January 27, 2023
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 […] January 4, 2023
Opinion Economy Oil and tech will keep Kuwait’s economy on the rise Digitisation is key to success but startups in the rest of the Mena region must buckle up for a bumpy ride December 27, 2022
Energy 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 […] November 28, 2022
Energy 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 […] November 8, 2022
Energy 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 […] November 7, 2022
Economy 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 […] November 3, 2022
Banking & Finance 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 […] November 1, 2022
Exclusive Retail 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 […] October 31, 2022
Economy 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 […] October 26, 2022
Tourism 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 […] October 24, 2022
Analysis Development 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 […] October 4, 2022
Construction 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 + […] October 3, 2022
Tourism 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 […] September 23, 2022
Markets 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 […] September 23, 2022
Energy 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 […] September 19, 2022
Energy 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 […] August 25, 2022
Construction 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 […] August 25, 2022
Employment 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 […] August 23, 2022
