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Kuwait

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 »

Indian arrested in Kuwait with cannabis from Iraq

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Kuwait authorities have arrested an Indian trucker while trying to enter the country with 3 kg of cannabis from Iraq, the media reported. The arrest was made by a team from the Directorate of Search and Customs Investigation, the Arab Times quoted the Al-Rai daily as saying. The trucker was arrested after the team received information that he would travel ... Read More »

Kuwait pens agreement to support Bahrain’s fiscal reforms

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Kuwait’s government has signed an agreement to support ongoing fiscal reforms in Bahrain, the Ministry of Finance announced on Tuesday. Last year, Kuwait – along with the UAE and Saudi Arabia – announced a $10 billion financial aid package to Bahrain to prevent the country from falling into a debt crisis. A report in the state-run Kuwait News Agency (KUNA) ... Read More »

URC announces KD 103.5 million revenues, KD 9m net loss for 2018

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KUWAIT: United Real Estate Company K.S.C.P (URC), one of the leading real estate developers in the MENA region, announced its financial results for the year 2018, recording a KD 103.5 million in revenues as compared to KD 87 million in 2017, and net loss of KD 9 million in 2018 as compared to net profit of KD 2.2 million for ... Read More »

Kuwait Airways seeks $350m loan to pay for planes

Kuwait-Airways

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-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

Kuwait-Airways

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

Faisal-Sarkhou

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 »