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Kuwait

Rex Tillerson to tour Gulf capitals in bid to end Qatar crisis

KUWAIT

KUWAIT CITY: Secretary of State Rex Tillerson will travel to Kuwait, Qatar and Saudi Arabia this week to meet with Gulf leaders as the US seeks to help end a standoff that pits US allies against one another. Tillerson will shuttle between Gulf capitals from Monday to Thursday, US State Department spokesman R.C. Hammond said. The diplomacy is part of ... Read More »

Rex Tillerson to tour Gulf capitals in bid to end Qatar crisis

QATAR

KUWAIT CITY: Secretary of State Rex Tillerson will travel to Kuwait, Qatar and Saudi Arabia this week to meet with Gulf leaders as the US seeks to help end a standoff that pits US allies against one another. Tillerson will shuttle between Gulf capitals from Monday to Thursday, US State Department spokesman R.C. Hammond said. The diplomacy is part of ... Read More »

Kuwaiti mobile operator posts 2010 profit of $3.67b

KUWAIT

KUWAIT CITY: Kuwaiti mobile operator Zain swung to a small profit in the fourth quarter, according to Reuters calculations, missing analysts’ estimates. Zain, subject to a $12 billion takeover bid from UAE’s Etisalat, posted a fourth-quarter net profit of $190 million compared with a net loss of 0.7 million dinars ($2.52 million) a year earlier. Analysts polled by Reuters estimated ... Read More »

Kuwait says to sign Eurofighter deal with Italy next week

KUWAIT

KUWAIT CITY: A Eurofighter Typhoon jet fighter flies at the ILA 2014 Berlin Air Show on May 21, 2014 in Schoenefeld, Germany. The ILA 2014 is open from May 20-25. Kuwait will sign a deal next week to buy Eurofighter jets, Kuwait’s state news agency KUNA said on Thursday, citing the defence minister. Kuwait signed a memorandum of understanding in ... Read More »

Kuwait posts $19.9b surplus in first 7 months

KUWAIT

KUWAIT CITY: Kuwait had a preliminary budget surplus of $19.9 billion in the first seven months of the fiscal year ending in March 2011, the Finance Ministry said. State income was $40.8 billion, or 118.7 percent more than projections, and spending was $5.9 billion, according to data posted on the ministry’s website today. About 10 percent of revenue will be ... Read More »

Kuwait’s $4.2b airport expansion hits construction milestone

KUWAIT

KUWAIT CITY: The Emir of Kuwait, Sheikh Sabah al Ahmad al Sabah, and the President of Turkey, Recep Tayyip Erdoğan, on Tuesday officially inaugurated the start of heavy construction of Kuwait International Airport’s new passenger terminal. The new KD1.31 billion ($4.27 billion) passenger terminal is currently being built by the Turkey-based construction company Limak Insaat, and will have the capacity ... Read More »

Kuwait’s Mabanee gets nod for $1.9bn Riyadh shopping complex

KUWAIT

KUWAIT CITY: A subsidiary of Kuwaiti developer Mabanee has received approval to build a 7 billion riyal ($1.9 billion) retail, residential and commercial complex in Saudi Arabia’s capital Riyadh, the parent firm said on Tuesday. Shumoul Holding Co, 55-percent owned by Mabanee, will begin work on the 1.7 million-square-metre project in the next few months, according to a statement to ... Read More »

Customs seizes drug pills at airport

KUWAIT

KUWAIT CITY: Customs officers at Kuwait airport arrested an Arab expatriate who tried to smuggle into the country 200 Tramadol pills carefully hidden inside small medicine containers. A security source said the officers aroused suspicion of the Arab while checking his luggage upon arrival from an unnamed Arab country. He was found in possession of 200 Tramadol pills concealed in ... Read More »

Kuwait Airways considers new US route as ban threatens travel

KUWAIT

KUWAIT CITY: Kuwait Airways Co is considering adding a flight to Washington, DC, or Chicago despite mounting US travel restrictions, as the Gulf carrier revives long-standing efforts to better compete with its more prosperous regional rivals. The additions, which could also include new service to Seoul; Manchester, England; Sarajevo, Bosnia-Herzegovina; or airports in China, Morocco and Saudi Arabia, are part ... Read More »

Kuwait remains Japan’s No.3 crude oil supplier

KUWAIT

KUWAIT CITY: Kuwait remained Japan’s third-biggest crude oil supplier in May, shipping 6.91 million barrels, or 223,000 barrels per day (bpd), government data showed Friday. Kuwait’s crude oil exports to Japan grew 10.2 percent from a year earlier, marking the first expansion in four months, the Japanese Natural Resources and Energy Agency said in a preliminary report. It supplied 8.0 ... Read More »

GCC is behind schedule on VAT: Kuwaiti finance minister

KUWIAT'

KUWAIT CITY: The GCC has more work to do to build an effective system for implementing value added tax (VAT), according to Kuwait’s finance and deputy prime minister Anas Khaled Al Saleh. The Gulf region has pledged to introduce VAT at an initial rate of 5 percent from 2018, as part of ongoing plans to diversify revenues away from oil ... Read More »

Kuwait’s Jazeera sees 2016 net profit slump by nearly 30%

KUAQATI

KUWAIT CITY: Jazeera Airways has announced it made KD52.8 million in revenues for 2016 and a net profit of KD10.8 million ($35.4 million) making it the company’s sixth consecutive year of profitability. Net profit was down by nearly 30 percent compared to the previous year while the number of passengers carried over the year rose marginally, the airline said in ... Read More »

Kuwait’s $4.2b airport expansion hits construction milestone

KUWAIT

KUWAIT CITY: The Emir of Kuwait, Sheikh Sabah al Ahmad al Sabah, and the President of Turkey, Recep Tayyip Erdoğan, on Tuesday officially inaugurated the start of heavy construction of Kuwait International Airport’s new passenger terminal. The new KD1.31 billion ($4.27 billion) passenger terminal is currently being built by the Turkey-based construction company Limak Insaat, and will have the capacity ... Read More »

Kuwait court backs gov’t over petrol price hikes

KUWAIT

KUWAIT CITY: Kuwait’s appeals court ruled Sunday that a government decision to raise petrol prices was in line with the constitution, overturning a decision by a lower court. It said the decision to raise prices was within the cabinet’s powers. Ali al-Ali, one of several lawyers who filed the suit against the government, said on Twitter the group intends to ... Read More »

Kuwait non-oil business to see 4% growth

KUWAIT

KUWAIT CITY: Kuwait’s non-oil growth is expected to improve to 3.5-4 per cent in 2017 and 2018, while inflation is also expected to remain in check as pressures from housing rent ease, and despite some upward pressures from subsidy cuts, a report said. The country’s non-oil activity has remained resilient since oil prices began retreating in 2014, thanks in large ... Read More »

Kuwait sells 2017-18 annual naphtha supplies at lower premiums

KUWAIT

KUWAIT CITY: Kuwait Petroleum Corp (KPC) has sealed new annual naphtha supply deals at lower premiums than a year ago, three sources with knowledge of the matter said on Tuesday. The producer sold full-range naphtha at a premium of $8 a tonne above Middle East quotes and light naphtha at a premium of $9.50 a tonne on a free-on-board basis, ... Read More »

RAM assessing impact of GCC diplomatic row over Qatar

KUWAIT

KUWAIT CITY: RAM Ratings is currently assessing the impact of the current diplomatic row centred on Qatar in the Middle East. “Although the abruptness and severity of this clash raises uncertainties on how soon the differences can be resolved, we believe that the economic and financial impact on Qatar will be contained in the near term,” the ratings agency said ... Read More »

Mubadala commits $15b to Softbank Vision Fund

KUWAIT

KUWAIT CITY: Abu Dhabi-based Mubadala Investment Company has confirmed it has made a $15 billion [AED55.05bn] commitment to the Softbank Vision Fund, a major technology and innovation focussed fund, alongside a consortium of leading investors. The Softbank Vision Fund, managed by Softbank Group Corp, has announced it has become fully operational by raising more than $93bn in committed capital from ... Read More »

Average Gulf gov’t deficit exceeds 11% of GDP amid oil price fall

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KUWAIT CITY: Gulf governments collectively registered a budget deficit of more than 11 percent of gross domestic product (GDP) in 2016 due to low oil prices, according to PwC. Its latest Middle East research note said Oman was hardest hit with a deficit exceeding 20 percent of GDP last year while Kuwait coped best with the oil price slump, resulting ... Read More »

Average Gulf gov’t deficit exceeds 11% of GDP amid oil price fall

KUWAIT

KUWAIT CITY: Gulf governments collectively registered a budget deficit of more than 11 percent of gross domestic product (GDP) in 2016 due to low oil prices, according to PwC. Its latest Middle East research note said Oman was hardest hit with a deficit exceeding 20 percent of GDP last year while Kuwait coped best with the oil price slump, resulting ... Read More »