Trade 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 […] March 1, 2024
Analysis Oil & Gas 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, […] February 20, 2024
Industry 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,” […] February 19, 2024
Food & Drink 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 […] February 9, 2024
Energy 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 […] February 6, 2024
Analysis Banking & Finance 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 […] February 2, 2024
Logistics 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 […] February 1, 2024
Aviation 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 […] January 30, 2024
People & Lifestyle 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 […] January 29, 2024
Health Kuwait’s pharmaceutical plan may need a shot in the arm Kuwait will continue to lag behind its GCC neighbours in attracting investment into its pharmaceutical sector despite new government measures, say experts. The Ministry of Health announced plans last month to set up warehouses across health districts, adding new facilities to improve medication storage and delivery. It said it is also developing a guide for […] January 24, 2024
Retail Kuwait’s Alshaya scales back operations in Egypt Kuwait’s Alshaya Group, one of the Gulf’s largest franchise owners, is scaling back its operations in Egypt due to “the difficulties faced by overseas businesses” in the North African country. “As a result of the economic situation over the last three years and the difficulties faced by overseas businesses trading in Egypt, we have taken […] January 18, 2024
Kuwait forms first government under new emir Kuwait has formed a government headed by Prime Minister Sheikh Mohammed Sabah al-Salem al-Sabah, the state news agency said, the country’s first cabinet after the death of its previous ruler, Sheikh Nawaf al-Ahmad al-Sabah. Sheikh Mohammed appointed new ministers for oil, finance and foreign affairs in the first cabinet formed under Kuwait’s new Emir Sheikh […] January 17, 2024
Analysis Tech Korek Telecom fights $1.65 billion award to partners A Dubai court will next month hear whether it should scrap a $1.65 billion award against an Iraqi telecom operator and its politically connected top shareholder. The long-running dispute underscores the risk that foreign investors face in Iraq, a country devastated by decades of conflict and sanctions and which is among the world’s most corrupt […] January 11, 2024
Aviation Kuwait aircraft lessor Alafco slashes losses Kuwait’s state-funded aircraft leasing firm, Alafco, has cut its annual net losses by 98 percent, the company said at its latest earnings presentation. Alafco, whose shareholders include the Kuwaiti government, said operating lease revenue dropped by 63 percent to KD35.9 million ($116.74 million) for the financial year ending on September 30. However, this was made […] January 4, 2024
Analysis Finance Top 10 fintechs to watch in 2024 Fintechs are big business in the Middle East. An increasing number of financial companies are integrating technology into their services and products, meaning the market is forecast to treble from $1.5 billion in 2022 to $4.5 billion by 2025, according to McKinsey & Company. Here are 10 fintech firms to look out for in the coming […] January 3, 2024
Construction The Avenues – Khobar to be built by Kuwait developer Kuwaiti developer Shomoul Holding this week launched a retail and residential project in the eastern Saudi city of Khobar worth SAR7.2 billion ($1.92 billion), securing a SAR4.35 billion loan for the first stage of construction. The government’s Tourism Development Fund, set up in 2020, provided the loan along with a consortium led by National Arab […] December 22, 2023
People & Lifestyle Kuwait’s emir Sheikh Nawaf al-Ahmed passes away Kuwait’s emir Sheikh Nawaf al-Ahmad al-Sabah passed away on Saturday. He was 86. Crown Prince Sheikh Meshal al-Ahmad al-Sabah has been named as his successor. Sheikh Meshal has been Kuwait’s de facto ruler since 2021 due to Sheikh Nawaf’s frail health. The country has announced 40 days of mourning and a three-day closure of official departments. […] December 16, 2023
Infrastructure Gulf telcos sign deal to create $2bn tower company Telecom operators Ooredoo and Zain Group on Tuesday said agreements have been signed to create the largest tower company in the Middle East and North Africa. The cash and share deal, which also involves Dubai-based Tasc Towers Holding, will establish a company comprising 30,000 telecom towers in Qatar, Kuwait, Jordan, Iraq, Algeria and Tunisia, with […] December 5, 2023
Oil & Gas Kuwait’s Al Zour refinery increases capacity by 50% State-owned Kuwait Integrated Petroleum Industries Company (Kipic) said that the third and final unit at the Al Zour refinery is now operational. The plant is now fully operational and refining will reach full capacity of 615,000 barrels per day (bpd), up from 410,000 bpd, the oil company said in a statement. Kipic CEO Walid Al-Bader […] December 4, 2023
Oil & Gas Market confusion over Opec+ cuts hits oil prices Oil prices fell further on Friday after tumbling sharply when Opec+ announced more production cuts amid suspicions that quotas will not be adhered to. Brent, the main international benchmark, traded at $80.66, down from $84.37 on Thursday, while West Texas intermediate was flat at $75.94. Saudi Arabia, Russia and other members of Opec+ announced on […] December 1, 2023
