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Kuwait

Kuwait-Saudi consortium wins $400m Oman solar power station bid

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A Kuwait-Saudi Arabia consortium has won a $400m bid to build a solar power station for the Oman Power and Water Procurement Company (OPWP), according to a report by Kuwait’s state news agency KUNA. The consortium includes Saudi Arabia’s ACWA Power and Kuwait’s Gulf Investment Corporation and Alternative Energy Projects Company. The project includes the construction, ownership, and operation of ... Read More »

Kuwait Airways seeks $350m loan to pay for planes

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Kuwait Airways Corp. is seeking a $350 million loan that will help the Gulf carrier pay for planes, people with knowledge of the deal said. The state-run airline is talking to banks to raise a five-year facility, said the people, asking not to be identified because the information is private. It’ll be used to make early payments for narrow-body jets, ... Read More »

Kuwait joins growing Gulf ban on Boeing 737 Max planes

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Kuwait’s Directorate General for Civil Aviation (DGCA) has announced the suspension of operation of all Boeing 737 Max-8 planes, making it the latest Gulf nation to take action after the Ethiopian Airlines crash. The Kuwait News Agency cited a statement as saying that all Boeing 737 Max-8 flights, including transit flights, were suspended until further notice. Earlier on Tuesday, the ... Read More »

Kuwait said to be planning $10bn fund with China

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Kuwait is planning to create a $10 billion fund with China to invest in the two countries, according to people with knowledge of the matter. The Gulf state is discussing the creation of a Kuwait-China Silk Road Fund that would invest in Kuwaiti projects related to the Silk City and islands development, according to the people. It could also be ... Read More »

Kuwait’s Kamco, Global to merge into $13 billion investment giant

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Kamco Investment Company and Global Investment House, two firms operating in the Kuwaiti asset management and investment banking industry, have announced the signing of an agreement to cement merger talks and start the regulatory process. Under the terms of the agreement, Kamco will be the merging entity and Global will be the merged entity to create a “leading pan-MENA non-banking ... Read More »

Kuwait’s Jazeera Airways introduces self-check-in kiosks

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Jazeera Airways, the Kuwaiti low-cost airline, has introduced self-check-in kiosks at its Terminal 5 at Kuwait International Airport The airline has also introduced free WiFi internet service at its gates at T5 for passengers. The terminal building also has a number of new restaurants and duty free shops. “These additional amenities and services at our dedicated Jazeera Terminal are raising ... Read More »

National Energy Services Reunited wins $100mn contract from Kuwait Oil Company

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National Energy Services Reunited Corporation (NESR), a provider of integrated energy services in the Middle East and North Africa, won a $100mn contract for cementing and associated services for drilling and workover operations for conventional resources from Kuwait Oil Company. This contract is for five years and marks the entry of NESR in the completions sphere in Kuwait. ”The award ... Read More »

Deliveroo launches in Kuwait amid stock market flotation rumours

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Deliveroo is expanding its takeaway network to Kuwait, in a move which will see the fast-growing company enter its 14th market amid whispers of an impending IPO. The food delivery service is to partner with more than 900 restaurants in the Middle East country and plans to create work for as many as 500 people in the first year. It ... Read More »

Gynecologist smuggling abortion pills – Sells 1 pill for 100 KD to Indians and Filipinos

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KUWAIT CITY: Security officers at the Kuwait International Airport have arrested an unidentified female gynecologist for attempting to smuggle into the country large quantities of medicine pills to induce abortion, reports Al- Shahed daily. According to the daily, the doctor works for a private hospital and earns a monthly salary of KD 2,000. She has admitted to selling one pill ... Read More »

Pembina partners with Kuwait Petrochemicals for $4.5B upgrader

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A $4.5-billion Alberta project to turn propane into plastic will help deliver world prices to land-locked western Canadian oil and gas producers, says Calgary-based Pembina Pipeline Ltd. The company announced Monday it has decided with its joint venture partner, Kuwait’s Petrochemical Industries Co., to go ahead with their proposed integrated propane dehydrogenation plant and polypropylene upgrading facility northeast of Edmonton. ... Read More »

QPIC reports 10pc increase in net profit

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Qurain Petrochemical Industries Company (QPIC) has registered a net profit of KD6.01 million ($19.78 million) for the third quarter ended December 31, 2018, a 10 per cent increase over KD5.47 million ($18.01 million) for the same period last year. The net profit for the nine months ended December 31 stood at KD15.62 million ($51.42 million), against KD16.03 million ($52.76 million) ... Read More »

Kuwait, Bahrain lenders plan talks on $92bn merger

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Kuwait Finance House and Bahrain’s Ahli United Bank’s boards will meet this week to consider valuation reports on a potential merger, a deal that would create the Gulf’s sixth-biggest lender with $92 billion in assets. The boards will meet on January 24 to consider the studies by HSBC Holdings and Credit Suisse Group, the lenders said in separate statements. Kuwait ... Read More »

Kuwait to invest $20 billion to develop civil aviation: DCGA chief

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An investment of $20 billion is expected to be made in the next 10 years to develop and modernize civil aviation sector in Kuwait, a senior Kuwaiti official said. President of the Directorate General of Civil Aviation (DGCA) Sheikh Salman Sabah Al-Salem Al-Humoud Al-Sabah made that statement as he presented a paper in a ministerial session titled ‘Connecting the World’ ... Read More »

Man Group to fight $156m Kuwaiti lawsuit

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A Kuwaiti state pension fund is suing Man Group, the UK alternative investment manager, in a UK court for $156m. The Gulf country’s Public Institution for Social Security filed the lawsuit in November, the government-run agency told Reuters in a statement.  It claimed that Man entered into “secret contracts with a former PIFSS executive between 1996 to 2013.” Its press statement ... Read More »

Drone used to smuggle drugs into Kuwait

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Kuwaiti authorities have arrested a man who used a drone to smuggle in drugs from a neighbouring country, the anti-narcotics department said. It said the department had seized four kilogrammes (nine pounds) of amphetamine and one kilogramme of hashish. Kuwait’s interior ministry posted a picture of the drone and the drugs on its Twitter handle. The authorities have regularly reported ... Read More »

Kuwait achieves new economic milestones

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Kuwait picked up the pace to accomplish further milestones in its efforts to achieve the pillars of the National Vision 2035 for “New-Kuwait,” of which was the convening of the second edition of the Kuwait Investment Forum (KIF 2018). Sheikh Dr. Meshaal Jaber Al-Ahmad Al-Sabah, director general of Kuwait Direct Investment Promotion Authority (KDIPA), said: “KIF 2018 sought to showcase ... Read More »

Kuwait police investigating social media influencers for money laundering

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Detectives in Kuwait have been called to investigate several social media influencers for money laundering, according to reports. Arabic publication Al-Jarida cited sources as confirming the notices regarding more than 10 bank accounts belonging to social media stars. The sources said the balances in some of the accounts exceeded millions of Kuwaiti dinars and the ‘fashionista’ owners would need to ... Read More »

Kuwait’s ALAFCO inks deal to lease A320s to Scandinavian airline

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Kuwait-based Aviation Lease and Finance Company, better known as ALAFCO, has signed an agreement with Scandinavian Airline Systems (SAS) for the lease of five new A320neo aircraft. The aircraft will be leased for a period of 10 years, with the first aircraft scheduled to be delivered in April 2019, a statement said. Niklas Hardange, vice president SAS Fleet Management, said: ... Read More »

Kuwait spends $60bn on 2035 Vision, another $100bn to be invested

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Kuwait has executed projects worth more than $60 billion towards its Vision Kuwait 2035 strategy with a further $100 billion still to be invested, according to a senior official. Minister of Finance, Nayef Al-Hajraf, in a speech at the inaugural session of the Kuwaiti-Sino Investment Forum, said in comments published by Kuwait News Agency that many more projects will be ... Read More »

Kuwait Oil Company signs record $1.3bn deal

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Kuwait Oil Company (KOC) placed orders for drilling rigs valued at $1.3 billion, according to CEO Jamal Jaafar. The government-owned firm, a subsidiary of the holding company Kuwait Petroleum Corporation, signed contracts to buy 86 drilling rigs – the largest order in its KOC’s history, Kuwait Times reported. He added that 30 rigs have already been delivered by the contracted ... Read More »