Saturday , May 27 2017
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Drug-smuggling pigeon caught in Kuwait


KUWAIT CITY: Pigeons usually known to carry messages of love and peace caught in while carrying out an illegal act in Kuwait. Custom officials have seized 178 pills wrapped around a pigeon. The Customs department’s employees tracked a homing pigeon that was coming from Iraq and caught it above a building near the customs’ department, Kuwaiti newspaper Al-Rai reported. Homing ... Read More »

Pakistan blocks sale of Meezan Bank stake, says Kuwait’s Noor


KUWAIT CITY: Kuwait’s Noor Financial Investment Co said the proposed sale of its stake in Karachi-based Meezan Bank had been blocked by Pakistan’s central bank, which felt the prospective buyer had not met its standards for suitability. Ownership of Meezan Bank, Pakistan’s first and largest full-fledged Islamic lender, may be a sensitive issue for regulators as they seek to develop ... Read More »

Kuwait calls for facilitating GCC customs procedures


KUWAIT CITY: Kuwait Minister of Commerce and Industry Khaled Al-Roudhan called on Monday for facilitating customs procedures and movement of goods among the six Gulf Cooperation Council (GCC) countries. Al-Roudhan, also Acting Minister of State for Youth, was speaking to KUNA on sidelines of meetings with GCC ministers of commerce and chiefs of Chambers of Commerce and Industry in the ... Read More »

Kuwait Customs officers ‘foil’ Asian’s bid to smuggle in 32,000 narcotic pills


KUWAIT CITY: Customs officers at #Kuwait International Airport arrested an Asian after finding 32,000 narcotic pills in his luggage. The officers got suspicious of the Asian when they noticed his agitated demeanor, resulting in a thorough inspection of his luggage where they discovered plastic containers with the narcotic pills. During interrogation, the Asian admitted that he intended to sell the ... Read More »

Demand for diesel gensets to be augmented due to shortage of power supply


KUWAIT CITY: A new publication, added by Transparency Market Research (TMR) to its repository, provides a comprehensive analysis of the diesel gensets market in Kuwait, stating that the industry is expected to have a booming future in this region.According to this market study, titled “Kuwait Diesel Gensets Market – Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2014 – 2023”, ... Read More »

OPEC net oil revenues lowest in 2016


KUWAIT CITY: Members of the Organization of the Petroleum Exporting Countries (OPEC) earned about $433 billion in net oil export revenues in 2016, the lowest since 2004. In real dollar terms, the 2016 revenue represents a 15% decline from the $509 billion earned in 2015, mainly because of the fall in average annual crude oil prices and, to a lesser ... Read More »

Joint naval forces foil smuggling Somalia’s coal into Kuwait


KUWAIT CITY: The joint naval forces command in Bahrain Wednesday announced thwarting an attempt of smuggling shipments of Somalia coal into the State of Kuwait. The command said in a statement to KUNA that the shipments were seized in collaboration and coordination with different naval forces apparatuses in the Arabia Gulf and Kuwait Coastguard Department. There was information that some ... Read More »

Kuwait’s $4.2b airport expansion hits construction milestone


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 »

Customs seizes 15,000 drug pills from Egyptian trucker


KUWAIT CITY: Customs officers manning the land border crossing points recently foiled an attempt by an unidentified trucker to smuggle 15,000 drug pills into the country, reports Annahar daily. The daily added, the truck arrived from Egypt and the Egyptian trucker was carrying a cargo of olive oil and ‘halawah’. The daily added, when the trucker arrived at the land ... Read More »

Financial experts ‘urge’ fiscal reforms in Kuwait


KUWIAT CITY: The IMF Middle East Center for Economics and Finance and the Arab Fund for Economic and Social Development held a symposium on the topic of fiscal reforms in Kuwait and the Arab world with the key aim of identifying the core ingredients of successful fiscal reform strategies in light of Arab countries’ specific institutional constraints. The sixth in ... Read More »

Kuwait bans import of meat products from 21 countries


KUWAIT CITY: Kuwait has banned all types of fresh, chilled, frozen and processed birds’ meat from Togo, India, Poland, Austria, Switzerland, Sweden, Iran, Croatia, Algeria, South Korea, Macedonia, Portugual, Nepal, Lithuania, States of Tennessee and Alabama (US), Bosnia and Herzegovina, Cameron, Belgium and Taiwan. Under an edict issued by Minister of Commerce and Industry, Acting Minister of State for Youth ... Read More »

Siemens moves Kuwait boss to Qatar to drive growth


KUWAIT CITY: German engineering giant Siemens has appointed Adrian Wood as CEO of the company’s operations in Qatar. Wood assumes his new role after almost four years as CEO of Siemens in Kuwait and takes over from Fatih Sakiz, who will pursue new opportunities. Siemens said in a statement that during his tenure in Kuwait, Wood was instrumental in driving ... Read More »

Kuwait’s Tamdeen unveils $700m resort-style project


KUWAIT CITY: Kuwaiti developer Tamdeen has unveiled $700 million plans to build the Al Khiran mixed-use development which will be at the heart of the Sabah Al Ahmed Sea City. The resort-style project which will be spread across 350,000 square metres of waterfront will eventually create significant opportunities for Kuwait’s tourism and business growth, the company said in a statement. ... Read More »

GCC finance ministers to explore unified VAT, selective taxation


KUWAIT CITY: Finance ministers from the six-nation Gulf Cooperation Council (GCC) will meet in Manama, Bahrain, on Thursday to explore a unified tax system, also known as VAT. The Committee for the Financial and Economic Cooperation (Finance Ministers) of the GCC countries will hold their 106th meeting in Bahrain, according to Ahmed Al-Kaabi, a spokesman at the GCC General Secretariat. ... Read More »

Tax revenue to see rise as deal on VAT sealed


KUWAIT CITY: Funds of the Tax Department in the Ministry of Finance during Fiscal 2016/2017 exceeded KD 200 million, reports Al-Rai daily quoting an informed source. The source said the department collected KD 175 million as of November 2016, indicating this is a remarkable achievement because the amount included payment for accumulated taxed estimated at KD 75 million. Meanwhile, the ... Read More »

Kuwait’s crude oil exports to China up 14.7%


KUWAIT CITY: Kuwait’s crude oil exports to China in the first three months of this year rose 14.7 percent from the same period of 2016 to 305,000 barrels per day (bpd), government data showed. In March alone, Kuwait exported 380,000 bpd to the world’s No.1 crude oil buyer, down 7.1 percent on the year, according to the General Administration of ... Read More »

Construction of $810m Mirdif Hills project set for Q4 2018 completion


KUWAIT CITY: Dubai Investments Real Estate Company (DIRC), the real estate arm of Dubai Investments, has announced that it plans to launch sales of the second cluster of its Mirdif Hills project. Nasayem Avenue, which is situated at the centre of the project masterplan, will be launched for sales soon, the company said in a statement. Nasayem Avenue is surrounded ... Read More »

Kuwait court overturns politician’s jail sentence


KUWAIT CITY: A Kuwaiti appeals court on Monday overturned a five-year jail sentence given to an opposition politician convicted of insulting the ruling emir in a speech, a defence lawyer said. Under Kuwait’s legal system, Musallam al-Barrak could still receive another sentence. The case will continue at the appeals court next month, lawyer Mohammed Abdel Kadr al-Jassim said. A former ... Read More »

Customs officers arrest passengers with drugs


KUWAIT: Customs officers at Kuwait International Airport arrested an Arab man in possession of 14 pieces of hashish which he had hidden in empty cigarette packs. The man was taken to the proper authorities to face charges. Meanwhile, Nuwaiseeb land border outlet officers caught a Saudi national in possession of illicit tablets. The tablets were hidden in his car. Customs ... Read More »

GCC countries likely to raise VAT to 10% within 5 years


KUWAIT CITY: GCC countries are currently studying the elimination of the current unified customs tax and replacing it with the VAT and Specific taxes due at the beginning of 2018, according to Dr Nasser Al Saidi, renowned economist and founder and president of Nasser Saidi & Associates. Al Saidi told Arabian Business that the GCC countries are also studying the ... Read More »