Wednesday , February 22 2017
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Iran, Kuwait to ‘bolster ties in all fields


KUWAIT CITY: Iranian President Hassan Rouhani on Wednesday visited Kuwait as part of a lightning two-nation tour aimed at mending ties with Gulf neighbours strained by the conflicts in Syria and Yemen. Rouhani held talks with Kuwait’s Emir Shaikh Sabah Al Ahmad Al Sabah, who last month launched a dialogue with the Islamic republic to normalise Iran-Gulf relations. An official ... Read More »

Sajjan opposes loss of tax break for soldiers in Kuwait


KUWAIT CITY: Defence Minister Harjit Sajjan says he doesn’t agree with the loss of a tax break for a number of military personnel serving in Kuwait, and that’s why he’s asked the chief of defence staff to review the matter. During a media teleconference from Brussels on Thursday, Sajjan said he’s “not in agreement” with the current outcome of the ... Read More »

Kuwaiti firm to explore oil, gas in Paharpur


KUWAIT CITY: The government signed a memorandum of understanding with the Kuwait Petroleum Corporation and the Kirthar Pakistan BV on Friday for exploration of oil and gas in Paharpur block. The block is located in Dera Ismail Khan and Tank districts of Khyber Pakhtun­khwa, with a small part of it falling in Bhakkar district of Punjab. The exploration licence and ... Read More »

Canadian soldiers serving in Kuwait lose major tax exemption


KUWAIT CITY: Canadian soldiers, who are currently assigned in Camp Arifjan and are participating in the fight against ISIS, are no longer entitled to a major tax break which made them save more than $9,000 each during their six-month tour. A report published on the website of CTV News explained that tax breaks ranging from $1,500 to $1,800 monthly are ... Read More »

ABK Kuwait announce KD89.4m for financial year 2016

ABK Kuwait logo

KUWAIT CITY: Al Ahli Bank of Kuwait (ABK) announced an Operating Profit of KD89.4 million for the financial year 2016 as compared to KD87.3 million for 2015, a growth of 2.4 percent. According to details, net Profit at KD32.5 million grew by KD2 million compared to 2015. The Board of Directors have recommended a cash dividend of 11 fils per ... Read More »

Jazeera Airways revenue increases 10% in 2016

Jazeera Airways revenue increases 10% in 2016

KUWAIT CITY: Kuwait-based low-cost carrier Jazeera Airways recorded KD52.8 million ($172.7 million) in revenues for 2016, reflecting a 10 per cent decrease from the previous year. The airline also reported an operating profit of KD8.8 million during the year (down 35.3 per cent from 2015), and a net profit of KD10.8 million (down 29.8 per cent), making 2016 the company’s ... Read More »

EPZ firm woos top global brands with quality apparel


KUWAIT CITY: Many renowned American and European clothing lines and stores source their apparel products globally, attracted by the lower operating costs that countries such as Bangladesh, China and Vietnam offer. One company based at Baba Dogo’s Balaji Export Processing Zone (EPZ) in Nairobi has also made its name as a good source of high-quality ‘Made in Kenya’ products if ... Read More »

Kuwait customs chief sacked over container smuggling


KUWAIT CITY: Kuwait’s head of customs has been sent into retirement following a nationwide controversy over the smuggling of containers of liquor into the country. The action against Khalid Al Saif by Finance Minister Anas Al Saleh “based on the civil service laws and on public interest” was announced on Monday following high pressure from lawmakers who were highly critical ... Read More »

Kuwait eager to bolster ties with South Korea


KUWAIT CITY: Kuwait and South Korea discussed means of promoting bilateral ties, especially those on trade and commerce, in light of an upcoming visit by South Korean Minister of trade to Kuwait, said the Kuwaiti Embassy in Seoul Friday. This desire to boost ties came during a meeting between Kuwaiti Ambassador to South Korea Bader Al-Awadhi and South Korean Minister ... Read More »

Kuwait considering higher taxes on foreign residents


KUWAIT CITY: Kuwaiti lawmakers are considering controversial proposals to significantly raise taxes on foreigners living and working in Kuwait. Among the proposals said to be under consideration is a tax on expat remittances, with rates as high as five percent on remittances exceeding KWD500 (USD1,640). As well as introducing a value-added tax, alongside other Gulf Cooperation Council territories, Kuwait may ... Read More »

Kuwait announces budget deficit of $25b


KUWAIT CITY: Kuwait, which has posted a budget surplus for 16 years in a row, has approved for the third consecutive time a budget with expenses surpassing the income forecasted by the state despite the introduction of several austerity measures to reduce state expenditures. The financial year begins on April 1 in Kuwait and Finance Minister Anas Al-Saleh said the ... Read More »

Oil revenue surge seen cutting Kuwait deficit


KUWAIT CITY: Kuwait expects oil revenue to surge more than 30 percent in the fiscal year that starts in April, reducing the budget deficit. The government released details of the budget late on Monday, in addition to broad elements of a plan to revamp the economy and reduce its reliance on crude exports. Below is a summary of the main ... Read More »

Real exports down 14% last year


KUWAIT CITY: Industrial and agricultural ‘real’ exports decreased 14 percent last year, compared to 2015, registering $2.1 billion, according to figures published by Customs. The ‘Real’ export figures exclude pearls and precious stones, which registered $828 million compared to $434 million last year. It also exclude mineral products (mostly oil products, mainly re-exported to Syria), which decreased to $19 million ... Read More »

Kuwait’s oil minister ‘confident’ of cuts compliance


KUWAIT CITY: Oil markets have already begun to rebalance after strong signs that producers are complying with output cuts, Kuwait’s oil minister, Essam Al Marzouk, said. “We are confident that rebalancing in the oil markets has already started,” Mr Al Marzouk said at a news conference. “We expect a positive impact on the market by the end of the first ... Read More »

Kuwait bans poultry imports from bird flu-hit nations


KUWAIT: The Ministry of Commerce and Industry has placed a virtual ban on poultry imports from nations with a reported outbreak of bird flu, including Germany, Hungary, Japan and Denmark. In a statement to KUNA, the ministry noted that meat products that have been heated at 70 degrees are fit for consumption. Moreover, the statement urged consumers to obtain a ... Read More »

Kuwait bans import of poultry from 5 countries


KUWAIT CITY: Director-General of the General Department for Customs Khalid Al-Seif has given instructions to stop the import of all live poultry and chics from five countries which have reported an outbreak of the Avian Flu, reports Al-Shahed daily. The countries are Tunisia, Serbia, Bulgaria, Ukraine and Romania. In other news, the Customs Department has asserted all necessary action has ... Read More »

Kuwait’s expat tax move ‘to hit property sector badly’


KUWAIT CITY: Kuwait’s real estate sector, especially the investment and commercial segments, will be severely affected if the government goes ahead with its decision to impose taxes and increase fees on expatriates, said a report. The negative impact on the entire real- estate sector especially the investment segment will be massive if the recent statements issued against expatriates are transformed ... Read More »

Kuwait diesel gensets market to reach $79.7m by 2023


KUWAIT CITY: Transparency Market Research has published a new report on the Kuwait diesel gensets market. As per the report, the Kuwait diesel gensets market is expected to expand at a 5.0% CAGR during the period from 2014 to 2023. The report, titled ‘Kuwait Diesel Gensets Market – Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2014 – 2023,’ states ... Read More »

Kuwait, India amend double taxation agreement


KUWAIT CITY: The Kuwaiti Ministry of Finance yesterday signed a protocol with India amending the agreement between the two countries to avoid double taxation on income and to prevent tax evasion. The protocol amends the types of Kuwaiti taxes in Article two of the agreement, as well as Article 26 on exchanging tax data, both on individuals and corporates, the ... Read More »

Money supply rises 0.1% in Nov


KUWAIT CITY: Money supply (M2) rose by 0.1 percent to KD 35.6 billion last November, compared with the previous month, showed latest statistics of the Central Bank of Kuwait (CBK). The private sector’s deposits at local banks stabilized at KD 31.1 billion in November, while deposits in foreign currencies climbed by 2.1 percent to KD 2.9 billion, thus bringing the ... Read More »