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Kuwait has discovered four new oilfields in the north and west of the country, a top oil official was quoted as saying by state news agency KUNA on Sunday. In a statement to Kuwait News Agency (KUNA), Hashem Hashem, the chief executive of Kuwait Oil Co, said exploration activities have […]
Middle East & Africa IT Infrastructure Spending will Reach $3.5 Billion in 2014 Towards the end of the 20th century – the 1900’s so to speak – there emerged this new fad to call the new millennium as ‘Y2K.’ It was a technological reference that eluded many except for those […]
In the wake of the Second World War, the presence of powerful international and regional organizations, which can preserve peace and play effective mediatory roles between nations, emerged as an imperative requirement to all nations. To address that global need, international organizations and regional leagues, such as the United Nations (UN), the League of […]
Gold – the yellow metal that’s as priceless as the word can imply. Everyone wants to own gold, wants to buy it as an investment for the future. But not many do manage to invest in gold thanks to its ever-increasing prices. And the ones who do are quite careful […]
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, Standard and Poor (S&P) one of the world’s biggest credit […]
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 is the third largest spender on ICT infrastructure in the […]
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 powered by renewable energy according to a new government policy. […]
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 total gross premium written (GPW) is expected to increase at […]
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 over the next ten years. State Minister for Cabinet Affairs Sheikh […]
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 USD 2.6 billion on the plan. The bill would cover […]
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 140 economies worldwide based on the extent to which they […]
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 quotes the reason for such a drastic measure as the […]
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 for a sum of USD 308 million. The field supplies natural […]
Today’s top business and economy news from the Middle East and North Africa: UAE invests $200 million in Azerbaijan projects The UAE Deputy Economy Minister Mohammed Ahmed Bin Abdul Aziz Al Shihhi said during a joint business forum in Baku on Wednesday his country’s investments in Azerbaijan’s economy exceeded $200 million. […]
Today’s top business and economy news from the Middle East and North Africa: Emirates inks deal for 2014 Glasgow Games Emirates Airline was unveiled on Wednesday as an Official Partner of the Glasgow 2014 Commonwealth Games and the Official Airline of the Queen’s Baton Relay. The partnership strengthens the Dubai-based […]
Today’s top business and economy news from the Middle East and North Africa: British PM in the UAE to secure arms deal British Prime Minister David Cameron is in the United Arab Emirates to kickoff a three-day trade visit to the Middle East aimed at securing major UK arms deals […]
Today’s top business and economy news from the Middle East and North Africa: Guinea, UAE seal bauxite deal Compagnie des Bauxites de Guinee (CBG) and Mubadala Development Company have signed a long-term supply agreement to supply bauxite, the main raw material in aluminium, the UAE’s state news agency reported on […]
Today’s top business and economy news from the Middle East and North Africa: UAE govt approves deficit-less 2013 federal budget The United Arab Emirates Prime Minister Sheikh Mohammed bin Rashid Al Maktoum announced on Tuesday the government has approved a deficit-less 2013 federal budget with an expenditure of AED44.6 billion ($12.1 […]
Kuwait received a warning from Fitch Ratings on Tuesday that its AA sovereign credit rating could be downgraded amid escalating political protests. The credit rating firm declared that despite the nation’s strong balance sheet, the recent popular protests over a change in the election law decreed by the ruling emir is “radicalising […]
EF Education First’s English Proficiency Index revealed on Wednesday that wide gaps exist in English skills across the world with women faring better at English than men. The EF English Proficiency Index (EF EPI), the world’s most in-depth ranking of English ability, said that Swedes are the best English speakers […]
Today’s top business and economy news from the Middle East and North Africa: Fujairah oil port to become fully operational by year end The Abu-Dhabi – Fujairah pipeline, bypassing the Strait of Hormuz, is expected to be fully operational by the end of the year and will carry Abu Dhabi’s […]
Today’s top business and economy news from the Middle East and North Africa: UAE records $9.9bn fiscal surplus in 2011 The United Arab Emirates’ finance ministry said on Monday the state recorded a budget surplus of AED36.2 billion ($9.9 billion) in 2011, as it released the data to public for […]
Today’s top business and economy news from the Middle East and North Africa: Abu Dhabi posts fastest economic growth in 2011 Data released by the Abu Dhabi government showed on Sunday the capital city’s economy grew 6.8% in inflation-adjusted terms last year, the fastest rate since 2004 and more than double […]
Today’s top business news from the Middle East and North Africa: UAE federal budget deficit hits $762m in H1- report The United Arab Emirates’ federal budget deficit has hit AED2.8 billion ($762 million) during the first half of this year, a top finance ministry official was quoted as saying on […]
Kuwait’s cabinet gave its nod to a slightly revised budget for the current fiscal year with projected expenditure of 21.24 billion dinars ($75.6 billion), state news agency KUNA reported late on Tuesday. KUNA citing Finance Minister Nayef al-Hajraf said the draft law still needs approval of the country’s ruler. The budget sees […]
Today’s top business news from the Middle East and North Africa: Etihad Airways eyeing opportunities in India, Asia Etihad Airways, which has been aggressively expanding on a global level through stake purchases in firms like Air Berlin and Virgin Australia, announced on Sunday it is set to extend its geographical […]
Qatar Telecom (Qtel) is poised to control more than 90% of Kuwait’s Wataniya after the Gulf state’s sovereign wealth fund tendered its entire stake in the unit, a Reuters report quoting two unnamed sources said on late Saturday. Wataniya was offered $2.2 billion in August by Qtel for the 47.5% […]
Today’s top business news from the Middle East and North Africa: Oman announces desalination plants worth $400m An Omani government official announced on Thursday there are plans in place to build three desalination plants at a cost of about $400 million to meet the soaring demand for water. An official […]
Today’s top business news from the Middle East and North Africa: Britain-Holland propose ‘full’ financial freeze, shipping ban on Iran Members of the European Union are discussing a sanctions proposal presented by Britain against Iran that calls for a ban on shipping and a “full” freeze on financial transactions with […]
Today’s top business news from the Middle East and North Africa: Dubai 1000MW solar power park to be completed by 2030 Dubai’s electricity and water authority (DEWA) announced on Tuesday the emirate is working on the Sheikh Mohammed bin Rashid Al Maktoum Solar Park project which will generate 1,000MW electricity […]
Kuwait said on Monday it wants to raise the amount of revenue set aside in a rainy day fund to 25% from 10% in the 2012-2013 budget. The Kuwaiti cabinet asked the finance ministry to put the change in the budget, the state news agency KUNA said in an SMS news alert. […]
Today’s top business news from the Middle East and North Africa: UAE energy consumption 225% more than Europe Commercial and residential properties in the United Arab Emirates are using 225% more energy than their European counterparts, recently revealed figures suggested. “In fact, UAE’s per capita footprint of 9.5 hectares is […]
Today’s top business news from the Middle East and North Africa: GCC integration plan needs more discussion – statement A plan to integrate six Gulf countries as proposed by Saudi Arabia last year in response to Middle East turmoil needed more discussion, Gulf Arab foreign ministers said on late Sunday after […]
A plan to integrate six Gulf countries as proposed by Saudi Arabia last year in response to Middle East turmoil needed more discussion, Gulf Arab foreign ministers said on late Sunday after they met in Jeddah. The GCC countries, Saudi Arabia, Kuwait, Qatar, Bahrain, the UAE and Oman, in January ordered […]
Ageing population boosting demand for UAE Islamic savings products Sharia compliance is the key factor driving savings decisions by United Arab Emirates nationals, where an ageing population is expected to boost demand for Islamic savings products, a top Dubai-based National Bonds Corp executive said. “Sharia compliance has been the number […]
Kuwait’s Global Investment House shareholders on Sunday approved a final plan to create new special purpose vehicles that will carry the company’s debt as part of the $1.7 billion debt restructuring plan. Global Managing Director Maha al-Ghunaim told a news conference that they will create at least two special purpose vehicles […]
Qatar Telecom (Qtel) said in a bourse statement on Thursday it has repaid a $3 billion loan facility using existing funds. According to Thomson Reuters data, bookrunners Barclays, BNP Paribas, DBS and RBS facilitated the five-year syndicated term loan in August 2007. It was priced at 65 basis points over the London interbank […]
Middle East Business News Review: Top Business News from the Middle East & North Africa UAE banks gain from European banks’ withdrawal Banks in the United Arab Emirates are filling the gap left by European institutions pulling back from the country’s loan market – a trend that benefits local lenders […]
The Vatican Embassy in Kuwait dismissed reports on Monday that it was relocating headquarters from Kuwait to Bahrain to facilitate the organisation of regional meetings of Christians. The Embassy of the Vatican “is not transferring its present location in Kuwait to another within the Gulf region,” the embassy said in […]
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 budget surplus of 13.2 billion dinars ($47 billion) for the […]
