Wednesday , January 17 2018
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Kuwait

Kuwait to invest $112b to boost oil and gas production

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KUWAIT CITY: Kuwait is planning to invest $112 billion (Dh411 billion) in the next five years in the oil and gas sector to boost production, managing director of Kuwait Petroleum Corporation said. In the oil sector, the Gulf country will increase production capacity from the current levels of 3.2 million barrels per day to four million barrels per day by ... Read More »

Kuwait making one more optimistic push to resolve the GCC crisis

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KUWAIT CITY: Kuwait has recently sentenced writer Fouad al-Hashem to seven years in prison after he violated the Electronic Media Act, by posting on Twitter insults aimed the Emir of Qatar, his mother and father. Further proof that Kuwait is not a mere bystander of the ongoing row pitting Qatar against former Gulf allies, namely Saudi, UAE and Bahrain. Kuwait ... Read More »

Kuwait MP submits bill for alternative energy authority

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KUWAIT CITY:  MP Mohamed Al-Huwailah has presented a bill on the establishment of the Public Authority for Alternative Energy. In the explanatory note of the bill, Al-Huwailah pointed out that optimal investment in alternative and renewable energy sources is a logical step for countries whose economies are heavily dependent on production and export of oil and gas. He said this ... Read More »

National bank of Kuwait Qatar non oil growth likely to slide in 2018

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KUWAIT CITY: Non-oil growth in 2018 has been downgraded to 3 per cent from 4 per cent before, and is weaker than the 3.5 per cent now expected for 2017, said the National Bank of Kuwait (NBK) in its latest Economic Update. NBK’s forecast for GDP growth in 2018 has been revised down to 3.5 per cent from 4.0 per ... Read More »

Two attempts to smuggle drugs foiled at Kuwait International Airport

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KUWAIT CITY: The customs authorities foiled an attempt to smuggle drugs through Kuwait International Airport, Al Qabas newspaper reported. The officers arrested an Asian woman on arrival at the airport and seized 1.25kg of marijuana hidden in her luggage. In a separate case, an Arab national was caught as he attempted to smuggle 1,500 tramadol pills. The two smugglers were ... Read More »

Kuwait export of non oil products dropped by 20

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KUWAIT CITY, Dec 28: Recent statistics released by the Ministry of Commerce and Industry showed that Kuwait’s export of non oil products dropped by 20 percent in November compared with the annual growth of the sector, reports Al-Rai daily According to the report, the total exports reached KD 8 million in November compared with about KD 9.97 million in the ... Read More »

Kuwait urges removal of hurdles that hinder trade activity in GAFTA

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KUWAIT CITY: It is imperative to eliminate any hurdles encumbering business in the Greater Arab Free Trade Area (GAFTA) “at this critical juncture,” said a Kuwaiti official on Tuesday. Heading Kuwait’s delegation to the 44th meeting of the Arab League’s Economic and Social Council’s executive committee, Zuwaid Al-Mutairi, who monitors Arab affairs at Kuwait’s finance ministry, told KUNA that some ... Read More »

Kuwait bans poultry imports from Saudi Arabia

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KUWAIT CITY: The authorities in Kuwait today halted all imports of live birds, hatching eggs, chicks and broiler chicken from Saudi Arabia, according to Al Qabas newspaper. “A ban has been imposed following the outbreak of the avian flu in Saudi Arabia”, said the General Authority for Agricultural Affairs and Fisheries official spokesperson Shaker Awadh. He said that all consignments ... Read More »

Kuwait Shell sign 15year contract for LNG import

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KUWAIT CITY:State owned Kuwait Petroleum Corporation (KPC) has signed a 15-year agreement to import liquefied natural gas (LNG) from Royal Dutch Shell, the world’s largest trading company, to meet growing demands for energy in the Arabian Gulf state. The Anglo-Dutch major, which has an existing four-year LNG import contract, will supply the fuel once the pact expires in 2020. The ... Read More »

Kuwait weakest among Gulf countries in terms of economic performance

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KUWAIT CITY: Economic expert Jassem Al-Sa’adoun indicated that Kuwait is the weakest among the Gulf countries in terms of economic performance due to lack of public management of its affairs, reports Al-Qabas daily. He explained that the rate of growth of Kuwait deteriorated the most from the 2008 crisis. Prior to the crisis, the growth rate was 6.4 percent but ... Read More »

Neutral impact shrimp export ban to Thailand and Kuwait

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KUWAIT CITY: While the impact of the ban imposed by Thailand and Kuwait on Indian frozen shrimp exports is deemed “negligible”, the sector has expressed concern over the effect this measure could have on public perception, indicates a report of the Indian Credit Rating Agency (ICRA) ICRA recalls that in early December the Thai Department of Fishery imposed a temporary ... Read More »

Shrimps imports from India and texas banned by Kuwait

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KUWAIT CITY: The imports of fresh, chilled, frozen and processed shrimps from India and Texas alike have been banned by the Kuwaiti authorities, according to Al Rai newspaper. The ban came following the suspension by Saudi Food and Drug Authority (SFDA) last month of import of refrigerated and frozen shrimps from Texas State of the US due to the appearance ... Read More »

Kuwait officials: ICT vital in securing economic growth

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KUWAIT CITY: In a report by Kuwait News Agency, the officials said investment in the ICT sector generates positive social and economic impacts on labour and society alike. During the sidelines of Kuwait Huawei Day Acting Director-General of the Central Agency for Information Technology Qusai Al-Shatti said the ICT sector is of paramount importance to comprehensive economic and social development ... Read More »

Kuwait ministry says does not recognise virtual currency Bitcoin

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KUWAIT CITY: Kuwait’s Ministry of Finance does not recognize the virtual currency ‘Bitcoin’ and forbids its trading in the Kuwaiti financial institutions. The sources pointed out both the Ministry of Finance and the Central Bank of Kuwait cannot punish trading because they do not recognize it, not to mention it is a virtual currency used for ‘exchange’ without a central ... Read More »

Bid to smuggle fake goods denied Police officers under probe,

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KUWAIT CITY:The Public Relations and Security Media Department of Ministry of Interior has denied reports concerning the attempt of a police officer of rank “Colonel” to smuggle imitation goods in three containers. In a press release issued by the ministry, the department explained that the three containers are still at the port. A police officer of rank “Lieutenant” who works ... Read More »

UAE ‘tops in exports in Middle East’

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KUWAIT CITY: A report published by World Trade Organisation suggests that the country was in the 19th position on the list of leading exporters in world merchandise trade in 2016. With exports valued at $266 billion, UAE accounts for a share of 1.7 per cent in the world exports, it said. Saudi Arabia, Turkey, Iran and Kuwait follow suit, with ... Read More »

Kuwait Intensify efforts to curb drugs spread: official

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KUWAIT CITY: Director General of the Public Relations and Security Media Department at the Interior Ministry Brigadier Adel Al- Hashash has emphasized on the importance of intensifying awareness campaigns against the spread of the scourge of drugs among all groups of society, reports Al-Anba daily. Al-Hashash, during participation in a campaign against drugs in schools organized by the Al-Anba daily, ... Read More »

Kuwait’s current account surplus improves in 2017,

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KUWAIT CITY: Kuwait’s current account surplus improved slightly in 2Q17 on lower remittances, a decline in imports, and some gain in investment income during the quarter. The surplus improved to KD 0.62 billion, up from KD 0.44 billion in 1Q17, rising to an annualized 6.9% of GDP. The balance continues to show broad improvement from a year ago, thanks in ... Read More »

Non Oil Exports from Bushehr top $9.7b,

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KUWAIT CITY: A total of 25.5 million tons of non oil goods, including gas condensates, worth $9.73 billion were exported from the southern port city of Bushehr during the first eight months of the current Iranian year the head of Bushehr Industries, Mining and Trade Organization said. “Excluding gas condensates, non oil exports amounted to 13.97 million tons worth $5.21 ... Read More »

Kuwait’s hosting of OAPEC reflects keenness to back joint Arab action Kuwait plans to import gas from Iraq,

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Kuwait CITY:  Hosting of the premises of the Organization of Arab promote the joint Arab action in all aspects, Kuwait’s Minister of Oil, and Minister of Electricity and Water Essam Al-Marzouq has stressed. The minister made the statement on Saturday in a speech during a celebration marking the Gold Jubilee of OAPEC. He said that Kuwait has been seeking to ... Read More »