Wednesday , September 18 2019
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Kuwait

Kuwait Finance offers to buy Ahli United in $8.8b deal

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Kuwait Finance House KSCP offered to buy Bahrain’s Ahli United Bank BSC in an all-share deal that’s valued at about $8.8 billion. The Kuwaiti lender plans to issue 1 share for every 2.325581 shares of Ahli United, according to a statement. In January, the banks’ advisers had recommended the same swap ratio. The combined entity will potentially become the Gulf’s ... Read More »

Kuwait Airways to spend $2.5bn on new aircraft

This picture taken in Tangerang on March 18, 2013 shows a Kuwait Airways plane preparing for landing over the Sukarno-Hatta airport in Tangerang. The national airline of Kuwait Airways formed in 1954 and operates scheduled international services throughout the Middle East to the Indian subcontinent, Europe, Southeast Asia and North America from its main base at Kuwait International Airport. AFP PHOTO / ADEK BERRY        (Photo credit should read ADEK BERRY/AFP/Getty Images)

Kuwait Airways plans to spend about $2.5bn on 28 new aircraft due to be delivered by 2026, Kuwait Airways chairman Yousef A. M. J. Alsaqer said. The planes will be financed with bank debt, the airline’s own capital and through the sale and re-leasing of the carrier’s planes, Alsaqer said, declining to disclose how much it will borrow. “So far ... Read More »

Kuwait’s Agility invests $18m on green technologies

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Agility, the Kuwait-based logistics provider, has revealed that it has invested $18 million in green supply chain technologies through its corporate venture arm Agility Ventures. The announcement came as part of Agility’s launch of its latest sustainability report and follows Agility’s commitment to adopt science-based targets for greenhouse gas emissions reduction. Agility said it is pursuing an ambitious environmental strategy. ... Read More »

Bahrain’s Ithmaar says planning to delist from Boursa Kuwait

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Ithmaar Holding, a Bahrain-based company that is licenced and regulated as an investment firm by the Central Bank of Bahrain, has announced plans to voluntarily delist from Boursa Kuwait. The company said it will continue to list on the Bahrain Bourse and Dubai Financial Market. The announcement, by Ithmaar Holding chairman Prince Amr Al Faisal follows the board’s review and ... Read More »

Iraq, Kuwait to appoint British firm for joint oilfield development study

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Iraq has agreed with Kuwait to appoint British energy advisory firm ERC Equipoise to prepare a study for the development of joint border oilfields, the Iraqi oil ministry said. A contract is expected to be signed with the company in coming days, a statement from the ministry said. Under the contract, ERC Equipoise will conduct technical studies, such as examining ... Read More »

UN compensation panel pays out $270m for Kuwait oil company

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A United Nations panel that oversees compensation claims stemming from Iraq’s 1990-1991 invasion of Kuwait says it has paid out $270 million to Kuwait’s national oil company. The Geneva-based UN Compensation Commission said Tuesday the tranche brings to $48.7 billion the amount it has paid out. Iraq must currently set aside 1.5% of proceeds from oil exports for the compensation ... Read More »

Kuwaiti stocks end longest rising run in three years

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Traders taking profit from Kuwait’s longest-winning streak since at least 2016 sent the nation’s main stock index falling by the most in the Middle East. The gauge declined 0.4%, led by Kuwait Finance House and Mobile Telecommunications Co. While a favourable deposit shift for lenders in the country may boost second quarter margins from lows in the previous quarter, they ... Read More »

Kuwait revives debate of 5% expat tax on remittances

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Talks to introduce a 5 percent tax on expat remittances have been revived, according to several media reports. A member of parliament (MP) has started collecting signatures in a bid to table a motion on the issue before the National Assembly, according to a report by the Kuwait Times. The proposal is aiming to implement the 5 percent tax on ... Read More »

Fire breaks out at kerosene unit in Kuwait port

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Manama: A fire that engulfed a kerosene unit at the Mina Abdullah refinery on Tuesday evening has been put out, the Kuwait Petroleum Corporation (KPC) has said. The fire broke out at 11.30pm local time on Tuesday, and it took firefighters about 75 minutes to extinguish it, KPC chief Hashem Al Hashem said in a statement carried by Kuwait News ... Read More »

Kuwait Is Risking a Catastrophic Drop in Foreign Investment

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Marsha Lazareva’s case raises red flags for foreign investors and could send them fleeing Kuwait. Kuwait has a high-profile international case on its hands that threatens to harm the country’s foreign investment climate. The case, which has now been brought to the UN Working Group on Arbitrary Detention, coupled with several recent legal complaints from international investors, could damage the ... Read More »

Pakistan signs petroleum concession agreement with Kuwait

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Kuwait Foreign Petroleum Exploration Company (KUFPEC) announced on Wednesday that its subsidiary, Kirthar Pakistan, has signed an exploration license and petroleum concession agreement in Makhad sector (3371-19) in Pakistan, covering an area of 1,560 square kilometers. Speaking to KUNA, KUFPEC CEO Sheikh Nawaf Saud Al-Nasser Al Sabah said the concession is located in Mianwali District northwest of Punjab province of ... Read More »

Burgan Bank successfully concludes conference on leadership challenge

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KUWAIT: To further solidify its position as a dynamic financial powerhouse, Burgan Bank recently hosted three master facilitators of “The Leadership Challenge” in a one-day conference titled “Burgan Bank Leadership Conference – The Leadership Challenge Edition” at Salwa Al-Sabah ballroom. Continuing to invest in its employees for long term growth, the conference incorporated the use of several resources and tools, ... Read More »

Smart ports crucial to Kuwait’s economic reform and development goals

Fire erupted aboard the Cormo Express carrying 50,000 Australian sheep
at Kuwait's Shuwaikh port where it docked after Saudi Arabia rejected
it on health grounds, an Australian official and Kuwaiti newspapers
said October 6, 2003. A small fire erupted in fodder room aboard the
ship and was promptly put out without any damage to the ship or sheep.
Kuwait said on Saturday it would supply the ship with food, water and
fuel before it sails for an unknown destination. REUTERS/Stephanie
McGeheeWS - RTR4D5L

KUWAIT CITY: Ports will play a crucial role in Kuwait’s plans to assert itself on the regional and global stages as a lucrative strategic trade hub, in implementation of its New Kuwait 2035 development plan. Smart ports, which form a fundamental part of these plans, will aim to incorporate IT and practical technologies, both working in tandem to increase productivity ... Read More »

Kuwait revives debate of 5% expat tax on remittances

Kuwait-Parliament

Talks to introduce a 5 percent tax on expat remittances have been revived, according to several media reports. A member of parliament (MP) has started collecting signatures in a bid to table a motion on the issue before the National Assembly, according to a report by the Kuwait Times. The proposal is aiming to implement the 5 percent tax on ... Read More »

Kuwait Port Authority posts $159m net profits for ’18-19

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KUWAIT CITY: Kuwait Port Authority (KPA) reported net profits of KD 48.4 million, equaling USD 159 million, for the fiscal year 2018-2019. In addition to other KD 97.45 million (USD 318 million) profits made in that same fiscal year, this is, so far, the highest revenue in KPA’s history since its establishment, KPA’s Director- General Sheikh Youssef Al-Abdullah Al-Sabah said ... Read More »

KIB reports KD 6.2 million in net profits for Q1 2019

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KUWAIT: Sheikh Mohammed Jarrah Al-Sabah, Chairman of Kuwait International Bank (KIB) announced that the Bank recorded a net profit attributable to shareholders of KD 6.2 million at the end of the first quarter of 2019, mainly contributed by increase in financing income accompanied by an effective cost optimization. The financing income increased by 20 percent, or by KD 4 million, ... Read More »

Kuwait inaugurates 36km causeway to free trade zone

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Kuwait on inaugurated one of the world’s longest causeways, linking the oil-rich Gulf state’s capital to an uninhabited border region set to become a major free trade hub. The 36km bridge connects Kuwait City to the northern desert area of Subbiya, where Kuwait aims to create the “Silk City” project linking the Gulf to central Asia and Europe. The “Jaber” ... Read More »

Kuwait’s Jazeera Airways returns to profit in Q1

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Kuwait-based Jazeera Airways announced a net profit of KD1.5 million and a 31.2 percent growth in number of passengers during the first quarter of 2019. The company’s operating revenue increased by 48.4 percent to KD21.3 million, while the Q1 net profit represented a rebound from a loss made in the same period last year. The airline flew a total of ... Read More »

National Bank of Kuwait Q1 net profit up 15.1%, beats forecasts

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National Bank of Kuwait, the country’s biggest lender, reported a 15.1 per cent rise in first-quarter profit, helped by higher net interest income and lower provisioning charges, beating analysts’ forecasts. The bank said net profit totalled KD107.7m ($354.45m) during the January to March period, up from KD93.6m a year earlier. EFG Hermes had made a net profit projection for NBK ... Read More »

Kuwait bans import of Indian, British and American food products

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The Kuwaiti authorities announced, Tuesday, the banning of imported Indian, British and American food products. The Secretary-General of the Kuwaiti Higher Committee for Food Safety at the Public Authority for Food and Nutrition, Adel Al-Suwait, said in a statement that the Committee recommended banning the importation of the “boneless buffalo meat” of the Indian brand “ALM,” which was produced on ... Read More »