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
Economy Kuwait names first ambassador to Iran in over six years Kuwait has appointed an ambassador to Iran, both countries said on Sunday, more than six years after recalling its top envoy to Tehran in solidarity with Saudi Arabia after it severed ties with the Islamic Republic in 2016. Ambassador Bader Abdullah Al-Munaikh handed his credentials to Iranian Foreign Minister Hossein Amirabdollahian in Tehran on Saturday, […] August 15, 2022
Banking & Finance Kuwait central bank raises discount rate by 25 bps The Central Bank of Kuwait raised its discount rate by 25 basis points to 2.75 percent effective from Thursday, it said in a statement on Wednesday. The decision was in response to inflationary pressures, bank Governor Basel Al-Haroon said in the statement. The bank had also increased the rate by 25 bps on July 27, […] August 11, 2022
Markets Kuwait’s Alghanim Industries mulls minority stake listing Kuwait-based Alghanim Industries’ executive chairman of Kutayba Y. Alghanim has announced plans to list a minority stake on Boursa Kuwait’s Premier Market, Kuwait Times reported. “I would like to announce my intention of exploring the possibility of publicly listing a minority interest of the Kutayba Alghanim Group (Alghanim Industries) on the Premier Market of Boursa Kuwait,” […] August 8, 2022
Banking & Finance Kuwait’s Agility signs $1.4bn credit facility with banks Kuwait’s Agility, one of the largest Gulf logistics companies, said on Sunday it had signed a new credit facility of 1.4 billion euros ($1.06 billion). The transaction is part of a financing round that is expected to total about $3.2 billion, it said. The company said the money will pay for the company’s growth plans, […] August 8, 2022
Tourism Kuwait’s Agility finalises $924m buyout of UK aviation firm Kuwait’s Agility, one of the largest Gulf logistics companies, said on Thursday it has finalised its £763 million ($924.37 million) acquisition of British aviation services company John Menzies. Agility said it will combine the acquisition with its National Aviations Services (NAS) and the deal values Menzies at approximately £571 million on a fully diluted basis […] August 5, 2022
Economy Kuwait dissolves parliament, delays budget approval Kuwait formally dissolved parliament in a decree issued on Tuesday, state news agency KUNA said, as the Gulf Arab 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, […] August 3, 2022
Analysis Lifestyle Kuwait City leads the world for billionaires Kuwait City is home to more billionaires per capita than anywhere else in the world, according to the latest data. The Gulf capital boasts one billionaire for every 33,090 inhabitants, making it the most densely populated city for those with more than ten digits of wealth, reports the Billionaire Census 2022 from New York-based consultancy […] August 2, 2022
