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Kuwait’s Jazeera Airways inks $1.3 billion engines deal

Kuwait-based Jazeera Airways has signed an agreement with CFM International to support the LEAP-1A engines that power the airline’s fleet of Airbus A320neo aircraft. The agreement, which is valued at $1.3 billion, covers a minimum of 20 aircraft and five spare engines, with the option of including additional aircraft as Jazeera Airways continues to expand its fleet. Under the terms ... Read More »

Proposed Kuwait metro to stretch over 160 kms, host 68 stations

Kuwait’s Public Authority for Roads and Transport (PART), announced its plans for new construction projects that include features of the to-be-constructed metro project, Kuwait Times reported. The metropolitan rapid transit system project (KMRT) is to be built across five phases, and will spread over 160 kilometers, with 68 stations along three lines, according to the plan, a statement said. The ... Read More »

Middle East tensions could impact markets after strong end to 2019

KUWAIT: Financial markets enjoyed a strong end to 2019 with the US S&P equity index up 3 percent m/m and 10-year treasury yields edging back above 1.9 percent as optimism grew over the outlook for global growth amid mildly encouraging economic data and the agreement of a ‘phase one’ trade deal between the US and China. Some of this optimism ... Read More »

Saudi Arabia, Kuwait ink deal to resume joint oil output

KUWAIT CITY: Saudi Arabia and Kuwait signed an agreement to resume pumping at two major oilfields in a shared neutral zone shut for five years due to a bilateral disagreement, officials said. Kuwait’s oil minister Khaled Al Fadhel said on Twitter that the memorandum of understanding signed with Saudi Arabia included “the resumption of production in the divided zone”. The ... Read More »

Amir of Kuwait receives Oapec oil ministers, Al Kaabi

H H Sheikh Sabah Al Ahmad Al Sabah, the Amir of the State of Kuwait, received the Oapec oil ministers in the presence of H E Saad Sherida Al Kaabi, the Minister of State for Energy Affairs, and the head of Qatar’s delegation to the Organisation’s ministerial meeting. The meeting with His Highness came on the sidelines of Oapec’s 103rd ... Read More »

Kuwait to invest as much as $1bn in Saudi Aramco IPO

Kuwait’s government will invest as much as $1bn in the initial public offering of Saudi Aramco as the kingdom asks regional allies to bolster the record share sale, according to people familiar with the matter. The Kuwait Investment Authority had been reluctant to commit significant funds to the IPO, but was told by the government that a stake was in ... Read More »

Trade exchange with Kuwait hit $4 billion in 2018: British envoy

KUWAIT: The volume of trade exchange between Kuwait and Britain reached $4 billion last year, British Ambassador to Kuwait Michael Davenport said. Speaking at a press conference on the opening of the Kuwait-Britain exhibition, Davenport lauded the growing trade exchange between the two countries. He pointed to other big chances to boost fruitful cooperation between the two friendly states. He ... Read More »

Ooredoo Kuwait organizes the ‘Business to Digital’ conference

KUWAIT: Ooredoo Kuwait, the first to launch innovated digital services in Kuwait, organized the “Business to Digital” conference in its second year yesterday, under the Patronage of Minister Khaled Al-Roudhan and with the attendance of Deputy Director-General of the Central Agency for Information Technology, Dr Ammar Al-Hussaini. This event was held under the supervision of Ooredoo Business and FASTtelco Business, ... Read More »

Kuwaiti MP seeks to pass draft law imposing taxes on expat remittances

A senior Kuwaiti MP has urged the government to approve a draft law to impose taxes on expat remittances. Kuwaiti MP Safa Al-Hashem, who has been appointed head of the National Assembly’s financial and economic affairs committee, said lawmakers will push to approve the bill, Kuwait Times reported. The bill, first introduced last year, was rejected by the Kuwaiti government, ... Read More »

Apicorp invests in AKUH, supports development of Kuwait’s oil & gas services sector

Arab Petroleum Investments Corporation (Apicorp), a multilateral development financial institution, announced its first equity investment in Kuwait with the acquisition of a 24 percent equity stake in Al Khorayef United Holding and GC-16 JV (AKUH), a leading Kuwait-based oil and gas services and facilities management company. The investment will see Apicorp partnering with Al Khorayef Petroleum Company (APC), a subsidiary ... Read More »

Kuwait’s stock exchange IPO will be oversubscribed, CEO says

The Kuwait stock exchange’s initial public offering is progressing well and will close next month oversubscribed, the bourse’s chief executive officer said. “I’m 100% sure it will be covered many times,” Mohammad Al Osaimi, the CEO of Boursa Kuwait, said. The sale of half the exchange to local citizens began last month and will end Dec. 1, with the offering ... Read More »

KAMCO reports KD 18.23m revenues; net profit of KD 0.93m for 9M 2019

KUWAIT: KAMCO Investment Company, a regional non-banking financial powerhouse with one of the largest AUMs in the GCC, announced its financial results for the nine months period ended September 30th, 2019 reporting a net profit of KD 0.93 million (Kuwaiti fils 3.93 per share) compared to KD 1.1 million (Kuwaiti fils 4.45 per share) for the same period in 2018. ... Read More »

Kuwait sees neutral zone oil pact with Saudis within 45 days

Kuwait expects to sign an agreement with Saudi Arabia to restart oil production from the neutral zone along their border within 30 to 45 days, according to a person familiar with the matter. The pact, reached after months of intensive negotiations, won’t be final until it’s signed, the person said, asking not to be identified as the talks are private. ... Read More »

Zain forms strategic partnership with Microsoft and EBLA to serve KCB

KUWAIT: Zain, the leading digital service provider in Kuwait, formed a strategic partnership with Kuwait Credit Bank (KCB), EBLA Computer Consultancy, and Microsoft Kuwait, to enable the disaster recovery backup system project outside Kuwait using Microsoft’s cloud services, enabling KCB to retrieve its vital data from the cloud during unexpected emergencies. The project launch ceremony witnessed the attendance of Kuwait ... Read More »

Kuwait to sell 44% stake in two power projects

Kuwait plans to sell stakes of as much as 44 percent in the Al-Zour and Khiran power projects in 2020 and 2021, according to media reports. “We are in the process of appointing the consultant (for the two projects in cooperation) with the Central Agency for Public Tenders,” Mutlaq Al-Sanei, the head of the Kuwait Authority for Partnership Projects (KAPP), ... Read More »

Kuwait plans to sell up to 44% stakes in two power projects in 2020, 2021 -official

KUWAIT: Kuwait plans to sell stakes of up to 44% in the Al-Zour and Khiran power projects to investors in the middle of 2020 and early 2021 respectively, a senior official said. “We are in the process of appointing the consultant (for the two projects in cooperation) with the Central Agency for Public Tenders,” Mutlaq al-Sanei, who heads the Kuwait ... Read More »

NBK Capital acted as joint lead manager on Warba Bank’s $500m sukuk issuance

KUWAIT: Watani Investment Company K.S.C.C (“NBK Capital”) acted as the only Kuwait-based Joint Lead Manager amongst regional and global Lead Managers on Warba’s landmark 5-year $500 million Senior Unsecured Sukuk issuance under the Bank’s $2 billion Trust Certificate Issuance Program, the first of its kind by a Kuwaiti Bank. Warba’s Sukuk issuance will serve as an important precedent for other ... Read More »

Kuwait has food for 8 months, says report as tensions rise after oil attack

Kuwait has strategic foodstuff reserves to cover four to eight months of consumption, the state news agency KUNA reported, as regional tension rises following attacks on oil facilities in neighbouring Saudi Arabia. “Kuwait Flour Mills and Bakeries Co. is ready to face any circumstance caused by the situation in the region by tapping its strategic foodstuff reserve, which covers four ... Read More »

Kuwait Finance offers to buy Ahli United in $8.8b deal

Kuwait Finance House KSCP offered to buy Bahrain’s Ahli United Bank BSC in an all-share deal that’s valued at about $8.8 billion. The Kuwaiti lender plans to issue 1 share for every 2.325581 shares of Ahli United, according to a statement. In January, the banks’ advisers had recommended the same swap ratio. The combined entity will potentially become the Gulf’s ... Read More »

Kuwait Airways to spend $2.5bn on new aircraft

Kuwait Airways plans to spend about $2.5bn on 28 new aircraft due to be delivered by 2026, Kuwait Airways chairman Yousef A. M. J. Alsaqer said. The planes will be financed with bank debt, the airline’s own capital and through the sale and re-leasing of the carrier’s planes, Alsaqer said, declining to disclose how much it will borrow. “So far ... Read More »