Kuwait

January 7, 2014

Zain, which posted a net profit of $186 million and revenues of $1.1 billion in the third quarter of 2013, will focus on adding new services in the near future.
13:24 GMT

Gegenheimer, who took on the role of group CEO in December 2012, said that 2013 was a year of transformation and resilience for the company.

January 2, 2014

Kuwait decided for the second year in a row to transfer 25 percent of revenues into the emirate’s sovereign wealth fund, the assets of which are currently estimated at over $400 billion.
03:55 GMT

The main reason for the sharp drop in surplus is a 50 per cent jump in spending to KD5.1 billion by the end of September from KD3.4 billion a year ago, the official data showed.

January 1, 2014

Shams is one happy lady now that her name has been cleared! (Image: Twitter)
14:28 GMT

Lawyer of the UAE's sassiest songstress has been sentenced to three years in jail and 80 whips for defaming Shams' character on social media.

December 23, 2013

Prime Minister Sheikh Jaber Mubarak Al Sabah told reporters last week that a "major cabinet reshuffle is imminent" (Courtesy of Naharnet)
12:32 GMT

All Kuwaiti ministers submitted letters of resignation from their post to the Prime Minister Monday.

December 19, 2013

Kuwait's crude oil sales could generate a budget surplus for the Gulf country estimated at $42.4 billion (File Archive/Shutterstock)
10:57 GMT

Need an extra $42.4 billion? For Kuwait, current oil price projections will ensure the Gulf state's budget receives just that.

Al-Bahar particularly emphasized on Dabdoub’s role in leading NBK in two major crises that faced the bank during his career; the stock market crash in 1982 and the Iraqi occupation in 1990. NBK
03:55 GMT

Dabdoub’s career at NBK extends for over 53 years during which he has successfully led the bank to become one of the leading financial institutions in the Middle East with operations in 16 countries

December 16, 2013

Kuwait’s Parliament in February formed a special panel to probe allegations of irregularities in awarding the contract and another project to build a causeway.
10:56 GMT

A special company was established for the project in which the winning consortium has a stake of 40 percent and the government holds 10 percent, while 50 percent is to be distributed to citizens as free shares

NBK is the only Kuwaiti and the only Arab bank to take part in this consortium.
03:55 GMT

National Bank of Kuwait (NBK) is participating in a consortium of international banks to arrange a loan of $1.43 billion to finance the first phase of the Az-Zour North Power and Desalination Project in Kuwait.

December 11, 2013

Year-on-year, the sector’s debt to the domestic banking sector shrank by 19 per cent.
03:55 GMT

Kuwait's bank credit increased by KD391 million ($1.37 billion) in October, pushing year-on-year growth to 7.8 per cent and marking the largest monthly gain in five years, a report said

December 9, 2013

“This transaction underscores the success of London Bridge Holdings in transforming a blighted, brown field site into a vibrant and vital global business centre,” the firm said in a statement.
12:17 GMT

London Bridge Holdings had originally planned to refinance More London by next summer but decided to sell the asset due to the attractive offer made by St Martins, which already owns property in London.

December 8, 2013

Kuwait's National Bank says the country's inflation rate will reach 2.6 percent by the end of the year (Shutterstock)
11:31 GMT

Kuwait's inflation reached a nine-year low in October at a modest 2.7 percent, despite excessive consumer spending in recent months.

December 5, 2013

The secretary-general of the Kuwaiti liaison commission for environmental rehabilitation, said that the Kuwaiti compensation claims, according to UN resolution 258, cover six restoration ventures.
03:55 GMT

Kuwait is due to receive approximately $744 million in a few days from the United Nations Compensation Commission (UNCC) for disbursement in environmental rehabilitation

Al-Sabah asserted that the Kuwait Investment Authority would form partnerships with Egyptian organisations to aid in implementing projects and invest in joint ventures with the country, which the Kuwait Fund for Arab Economic Development would finance.
03:55 GMT

Al-Sabah was quoted in the statement as saying that in the coming period, Kuwait would give priority to the projects that affect Egyptian citizens.

December 4, 2013

Isolux Corsan will work on installing the cable lines in three distinct stages (Shutterstock)
08:12 GMT

Kuwait awarded Spain-based Isolux Corsan a contract worth $105 million to develop cable infrastructure in the Gulf country.

December 3, 2013

Kuwait Airways plans to purchase 25 new planes and lease 12 aircrafts from Airbus, representing the airline's largest overhaul in more than twenty years (Courtesy of Paul Thomas/Bloomberg)
15:30 GMT

Kuwait Airways is considering issuing sukuk to finance an Airbus deal involving the purchase of 25 new planes and 12 leased aircrafts.