Unholy consumption: Kuwaitis, expats spend around $1 billion for Eid!
Kuwaitis and expatriates spent around KD280 million over the last seven days as part of preparations for the Eid Al- Adha holidays, reports Al-Kuwaitiya daily quoting sources. Sources said the abovementioned figure was obtained from the networks of K-Net Company; including 33,000 points of sale all over the country.
Meanwhile, K-Net Company Director Abdullah Al-Ajmi disclosed the points of sale had 3.8 million cash and purchase transactions within the period. He said the cash transactions reached 1.2 million valued at KD 120 million, while the purchases totaled 2.6 million operations valued at KD 160 million. Al-Ajmi added the delayed disbursement of salaries affected the level of spending, since the economists have proven that expenses usually increase during holidays as people spend more on gifts for their families and friends; in addition to other Eid-related expenditures.
According to the economists, the consumption expenses of Kuwaitis are higher than their savings and investments. They pointed out the level of spending also increased due to the long holidays. In related news, around 121,000 people traveled out of the country from Oct 9, 2013 till date, reports Alam Alyawm daily quoting Director of the Operations Administration at the Directorate General of Civil Aviation Essam Al- Zamil. Al-Zamel disclosed the number of flights recorded within the abovementioned period totaled 577 — 524 regular flights and 53 extra flights.
He said the number of pilgrims who went to Makkah reached 5,233 on 27 regular and extra flights. On the other hand, the Ministry of Interior revealed the total number of passengers who passed through Nuweiseeb border in the last five days reached 137,000.
- Saudi SMEs v overseas enterprises. Who is the winner?
- Why does inflation continue to rise in the UAE?
- With Sisi likely to take over, how will Egypt's 'military economy' look like?
- Will future talks between the IMF and Egypt help the country's economy?
- Is Iran's economy already thriving amidst limited sanctions relief? Apparently so!
- Op-ed by Kuwaiti author captures the negative sentiments guiding the treatment of expats
- Qatar to spend $200 billion for 2022 Football World Cup preparations
- More Kuwaitis choose Saudi holiday destinations
- Egyptians spend $14.2 billion on food annually
- Working to send, not to spend: GCC expats driving remittance flows