Olefins II project crucial for Kuwait economy: Sheikh Ahmad
His Highness the Amir of the State of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah has launched major petrochemicals project by EQUATE Company, at southern Al-Shuaiba Industrial Zone and hoped that it would prove a milestone for pushing the Kuwait economy.
Tough time ahead for banks in Dubai, Kuwait: S&P
Rating agency Standard & Poor's (S&P), in its latest report, said that the tough times for the banking sector of Dubai and Kuwait has not been over yet. Banks in the Gulf region has a tough time for making provisions to mitigate their Non -Performing Assets that would definitely hurt their growing potential.
Zain's Africa Asset Sale is a Planned Move
In a planned move, Kuwaiti telecom group Zain has decided to sell its African assets. Zain's largest shareholder is the Kuwait Investment Authority. While the Kharafis own a stake of about 20%.
"We sold because we wanted to concentrate on the Middle East and Bharti wanted to get into Africa. It's a fair price and opportunity for both of us", said Nasser al-Kharafi, the Head of the Kharafi Group.
Kuwait Undergoes a Deal with Shell
A Kuwait official and Shell on Wednesday revealed that state-run Kuwait Oil Company has undergone a five-year service contract with Royal Dutch Shell to set up pure gas fields in the country's north.
Kuwait to be visited by SM Krishna
From today onwards, a two-day visit to Kuwait would be embarked by External Affairs Minister SM Krishna.
A number of senior officials are accompanying Krishna, who would be visiting the country at the invitation of Kuwait Deputy Prime Minister and Minister of Foreign Affairs Dr. Mohammed Sabah Al-Salem Al-Sabah.
Law for bourse regulator passed by Kuwait parliament
A legislation to establish an independent regulator for Kuwait's stock market was today approved by parliament on Tuesday. The main aim would be to enhance transparency in the Arab World's second largest bourse.
The 165-article Capital Market Law was voted by 48 members, including cabinet ministers and there was only one lawmaker who voted against it.
Notable $16.6bn spending plan approved by Kuwait cabinet
A draft spending plan worth billions of dollars for 2010-11 was approved by the Kuwait cabinet. This draft includes the creation of five shareholding companies, and an array of public-private partnerships to boost social and economic development.
It has appeared the $16.6 billion draft plan would aim at the creation of shareholding firms including a health insurance company, a low-cost building firm and an electricity generation company.
Kuwait to increase oil production to 1 million bpd by 2015
Oil rich Kuwait has announced to boost oil production from its northern fields to 1 million barrel per day by next five years for meeting the ever growing demand of crude. State-owned Kuwait Oil Company has been chalking out plans to realize its production targets from the offshore using water injection.
Kuwait Airways heads for privatization
Kuwait Airways Corporation (KAC), the oldest airline company operating in the Gulf, is expected to go private soon as the Kuwait government has reportedly expedited its plans in this direction. The economic affairs committee has already recommended the privatization of the airline besides giving its principal nod to the cabinet draft on the rules and executive measures in Law 6/2008.
MasterCard Index claims rising consumer confidence in Kuwait
Gradually improving conditions of the economic market has led to rise in consumer confidence in Kuwait according to the latest MasterCard Worldwide Index of Consumer Confidence Survey. There is a widespread optimism among the business community that can enhance business activities in the country in next six months.
Kuwait, Dow Chemical close to settle petrochemical deal
Media reports, citing oil sources, claimed that Kuwait and Dow Chemical Co are in talks with each other apparently for settling a $2.5 billion penalty which has been associated with a $17.4 billion petrochemical deal.
Kuwait is said to be ready for paying 10 per cent of the penalty under a mutually accepted formula.
Kuwait for lifting ban on workforce recruitment
Fadhel Ashkanani, the Chairman of the Kuwait Union of Domestic Workers' Office Owners has said that Indonesia should lift ban over recruiting workers from Kuwait and the country is capable to provide skilled workers for meeting its rising industrial needs.
Kuwait's bullish strategy to beat slowdown
The Report, Kuwait 2010 prepared by Oxford Business Group (OBG), a global publishing, research and consultancy firm was launched in a press conference held in Courtyard Marriott Hotel.
Kuwait-France Signs Nuclear Power Agreement
Expediting its efforts to ensue energy security of the nation, Kuwait signed a nuclear power agreement with France which would provide it the support to develop its civilian nuclear capabilities for peaceful use.
The Amir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah and French President Nicolas Sarkozy held discussions on February 2009, paving a way for the recent agreement between two nations.
Dubai Debt Crisis Hits Arab Bourses
Almost all Arab stock markets, concerned over the outcome of Dubai World debt crisis, remained under pressure during the week and closed at a loss of some points. The markets still seem reeling under uncertainties apprehending the shape the crisis could take in the coming period.
Citibank Stake Sold by Kuwait after $1.1 Billion Profit
As confirmed by Kuwait's sovereign wealth fund, after making a profit of a whopping $1.1 Billion, the stake in held in Citigroup has been sold off by the fund. The stake was acquired by Kuwait after it had provided a major bail-out to the giant banking group of America.
The stake has been sold for $4.1 Billion, as has been confirmed by the Kuwait Investment Authority.