S&P reaffirms Kuwait's AA rating and has given the country a 'stable' lookout thanks to its existing resources of crude oil.Amidst the growing turmoil that some countries are facing with regard to their credit rating in the international market,...
Deloitte Survey Reveals Changing Preferential Moods: From China to the Middle-east Despite the gloom and doom that overrode most of the global economy in 2013, the Asian economic giant China notched some significant successes as far as its economic activities...
Kuwait Financial Centre 'Markaz' recently published its executive summary on Kuwait Information and Communication Technology (ICT). In this research note, Markaz analyzes and discusses challenges and investment opportunities in the GCC Education sector.The Markaz report points out that Kuwait...
Kuwait will spend USD 100 billion on the nation's domestic energy sector over the next 5 years - and for the first time, some of that investment is earmarked for renewable energy.By 2030, 15% of Kuwait’s total energy mix will be...
The recently released report by A.M. Best Company, titled "Kuwait's Insurance Sector Faces Regulatory Uncertainty and Volatile Growth", highlights the current uncertainty prevalent in the sector owing to volatile premium growth over the last few years.The report states that while Kuwait's...
According to recent media reports from Kuwait, the Kuwait tax on expatriates will see an exponential increase. This has triggered protests from Kuwait's labour union which is against the government decision to deport one million expatriates from the country...
Media reports highlight that Kuwait's prime minister may consider dropping the controversial media law, which limits freedom of expression in the country. The state news agency KUNA has quoted the Prime Minister Sheikh Jaber al-Mubarak al-Sabah at a gathering of...
In a landmark decision, Kuwait’s parliament has approved a plan to buy citizens’ personal loans, write-off the interest and reschedule repayments. Reuters has quoted Kuwaiti Finance Minister Mustapha al-Shamali as saying that the government was expecting to spend an estimated...
The latest Travel & Tourism Competitiveness Report 2013 has revealed that Kuwait is the most unfriendliest in the Middle East region and ranks the 4th unfriendliest country in the world.Themed under the title '“Reducing Barriers to Economic Growth and Job Creation”, the report assesses...
 The government of Kuwait is all set to introduce new measures that would put a freeze on issuance of new work permits and reduce the number of expatriates in the country to only 1 million in 10 years.Revealing the...
The Euromoney Kuwait Conference, ‘Financial Sustainability, Regulatory Capacity – the Challenge of Change’ takes place April 8, at the JW Marriott, Kuwait. The event is co-hosted by the Ministry of Finance of the State of Kuwait. The Fifth Euromoney...
The government of Kuwait is seeking to propose an increase in medical fees for expatriates living in the country. The medical services previously have been available free of charge (or at minimal costs) to the expatriates. The Ministry of Health...
Zain Kuwait and Huawei have agreed to setup a first-of-its-kind Joint Innovation Centre, which will drive all future research in communications technology and take the industry to greater heights in the Middle East.Under the agreement, both Zain and Huawei...
Recognizing the importance of investing in human capital, the Kuwaiti government has announced its plans to spend more than USD 1 billion over a period of five years to improve educational facilities in the country.A statement by Mohammad Al-Sayegh,...
British oil and gas giant BP has agreed to sell its 34.3 per cent stake in the Yacheng gas field to Kuwait Foreign Petroleum Exploration Company (KUFPEC). The gas field, located in the South China Sea, has been sold...
Kuwait posted a record budget surplus and revenues in the 2011-2012 fiscal year that ended on 31 March on the back of high oil output and price, an economic report said on Sunday.The oil-rich Gulf state posted a historical...
Global economic slowdown and a negative outlook towards major world economies will lead to a decline in demand for oil but prices might still increase, a report published by a Kuwaiti institution said.The study added that despite current turbulences,...
Kuwait National Petroleum Company (KNPC) announced on Thursday it is going to build the Al Zour oil refinery despite political tensions that continue to put many economic development plans on hold.A senior executive at KNPC said the government expects...
The International Olympic Committee's decision to let Kuwait compete in London Olympics has increased the turnout of Kuwaiti citizens buying tickets for various games.Abdul Wahab Al Senafi, in charge of an online sport website, told Kuwait News Agency (KUNA) that...
Kuwait airplane leasing company ALAFCO on Tuesday announced an order for 20 Boeing 737 MAX 8s valued at $1.9 billion at current list prices, at the 2012 Farnborough Airshow in southern England.Boeing also racked up a multi-billion dollar deal with GE Capital...
Kuwait's constitutional court ruled on Wednesday the country's Islamist-dominated parliament was elected unconstitutionally and restored the previous legislature.The state news agency KUNA said the court declared that "the decree calling for the National Assembly 2012 election is void, and (ordered)...
An influential research group said Kuwait is improving its information technology (IT) infrastructure and brining it in line with its Gulf neighbours.The World Economic Forum (WEF) has ranked Kuwait 62nd out of 142 countries in its latest annual Global...
Kuwait Emir Sheikh Sabah al-Ahmad al-Sabah on Monday suspended the parliament through an official decree for one month, ahead of the planned grilling of the interior minister by lawmakers.State-run Kuwait television said the Emir's decision was based on an article in the...
A specialised economic report said Saturday Kuwait has earned oil revenues worth KD5 billion ($17.77bn) during the past two months despite considerable drop in oil prices.The Al-Shall Economic Consultants report showed that the oil prices have taken a downward trend during...
Kuwait’s government will spend $6bn to almost double the number of passengers its airport handles by the end of 2016, the head of the country’s aviation regulator said.Kuwait Civil Aviation President Fawaz Abdul-Aziz Al Farah told reporters in Dubai...
The Kuwait Petroleum Corporation (KPC) posted a record profit of one billion dinars ($3.58 billion) for the 2011 fiscal year. The profits soared at 9.1% for the year compared to the previous fiscal year with an increase of 183 million dinars.Ali...
Kuwaiti central bank governor said a preliminary report from the International Monetary Fund (IMF) has expressed concern about the sustainability of its public finances due to the government's hike in public spending.State-run Kuwait News Agency (KUNA) quoted Governor Mohammad...
Kuwait's central bank governor has announced he will change its loan-to-deposit ratio rules for banks in a bid to boost lending.State-run news agency KUNA reported that calculations for the new loan-to-deposit ratios will be based on loan maturities. The announcement...
A Kuwaiti government official announced modification of foreign direct investment law is on cards as the world's leading oil producer pushes its $111bn plan to modernise the economy.“Foreign investors coming to Kuwait find obtaining necessary licenses a very difficult...
Kuwaiti government's deal to supply China with 300,000 barrels per day of oil for 10 years has come under intense scrutiny by opposition MPs with one backbencher calling it as "suspicious".MP Mubarak al-Waalan insisted that the agreement involves "several legal, administrative...
Kuwait’s state news agency KUNA reported the country's parliament rejected a bill that covered the government’s $111bn four-year development plan that started during the 2010-2011 fiscal year.Opposition lawmakers blocked the bill on Wednesday, describing it as “unrealistic”. They also...
Kuwaiti information minister announced on Tuesday the government will introduce laws this year to regulate the use of social networking sites such as Twitter, amid public outcry over cases of alleged blasphemy and sectarianism.Kuwaiti lawmakers passed a legal amendment...
The Kuwait Fund for Arab Economic Development (KFAED) announced on Thursday aid worth $6 million for the Yemeni government through its Decent Life Resources Department, an organization devoted to helping Islamic countries in need.In a press release, KFAED said...
According to a Bloomberg report, Research In Motion is preparing to open stores across the Middle East where demand for its BlackBerry phones has been on rise despite gloomy sales in the US.Sandeep Saihgal, managing director of RIM’s Middle...
Kuwait announced it will resume flights to Iraq later this month after a 21-year lapse between the two countries.Al Iraqiya TV channel quoted Ali Al Mu'min, Kuwait's Ambassador Iraq, as saying that Jazeera Airways will run flights to Iraq...
A World Bank official said on Tuesday Kuwait will probably find it hard to sustain its level of government spending in the medium term as oil prices may fall soon. He also warned that the indifference of the private...
Kuwait announced it will launch an initial tender for construction of a second terminal at its international airport in coming weeks. Kuwait News Agency (KUNA) said on Monday the project is worth around 700m to 800m Kuwaiti dinars ($2.5bn-$2.9bn).The state-run...
Kuwait’s state-run news agency reported the oil rich nation's gross domestic product to grow as much as 5.4% for the fiscal year ended 31 March, citing a study by the finance ministry’s Department of Macroeconomic and Fiscal Policy.Kuwait News...
Kuwait's Emir Sheikh Sabah Al Ahmad Al Jaber Al Sabah has donated a sum of $5 million to the disaster-stricken Fukushima Prefecture.State-run Kuwait News Agency (KUNA) quoted Kuwaiti foreign minister Sheikh Sabah Khalid Al Hamad Al Sabah as saying that...
Dr. A. Hamid Majid, renowned oil expert, affirmed that huge reserves of heavy oil exist in Wafra oilfield between Kuwait and Kingdom of Saudi Arabia, amounting to around 25 billion barrels. He said that if exploited, it will become the...