Wednesday , November 13 2019
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Kuwait

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 »

Kuwait’s Agility invests $18m on green technologies

Agility, the Kuwait-based logistics provider, has revealed that it has invested $18 million in green supply chain technologies through its corporate venture arm Agility Ventures. The announcement came as part of Agility’s launch of its latest sustainability report and follows Agility’s commitment to adopt science-based targets for greenhouse gas emissions reduction. Agility said it is pursuing an ambitious environmental strategy. ... Read More »

Bahrain’s Ithmaar says planning to delist from Boursa Kuwait

Ithmaar Holding, a Bahrain-based company that is licenced and regulated as an investment firm by the Central Bank of Bahrain, has announced plans to voluntarily delist from Boursa Kuwait. The company said it will continue to list on the Bahrain Bourse and Dubai Financial Market. The announcement, by Ithmaar Holding chairman Prince Amr Al Faisal follows the board’s review and ... Read More »

Iraq, Kuwait to appoint British firm for joint oilfield development study

Iraq has agreed with Kuwait to appoint British energy advisory firm ERC Equipoise to prepare a study for the development of joint border oilfields, the Iraqi oil ministry said. A contract is expected to be signed with the company in coming days, a statement from the ministry said. Under the contract, ERC Equipoise will conduct technical studies, such as examining ... Read More »

UN compensation panel pays out $270m for Kuwait oil company

A United Nations panel that oversees compensation claims stemming from Iraq’s 1990-1991 invasion of Kuwait says it has paid out $270 million to Kuwait’s national oil company. The Geneva-based UN Compensation Commission said Tuesday the tranche brings to $48.7 billion the amount it has paid out. Iraq must currently set aside 1.5% of proceeds from oil exports for the compensation ... Read More »

Kuwaiti stocks end longest rising run in three years

Traders taking profit from Kuwait’s longest-winning streak since at least 2016 sent the nation’s main stock index falling by the most in the Middle East. The gauge declined 0.4%, led by Kuwait Finance House and Mobile Telecommunications Co. While a favourable deposit shift for lenders in the country may boost second quarter margins from lows in the previous quarter, they ... Read More »

Kuwait revives debate of 5% expat tax on remittances

Talks to introduce a 5 percent tax on expat remittances have been revived, according to several media reports. A member of parliament (MP) has started collecting signatures in a bid to table a motion on the issue before the National Assembly, according to a report by the Kuwait Times. The proposal is aiming to implement the 5 percent tax on ... Read More »

Fire breaks out at kerosene unit in Kuwait port

Manama: A fire that engulfed a kerosene unit at the Mina Abdullah refinery on Tuesday evening has been put out, the Kuwait Petroleum Corporation (KPC) has said. The fire broke out at 11.30pm local time on Tuesday, and it took firefighters about 75 minutes to extinguish it, KPC chief Hashem Al Hashem said in a statement carried by Kuwait News ... Read More »

Kuwait Is Risking a Catastrophic Drop in Foreign Investment

Marsha Lazareva’s case raises red flags for foreign investors and could send them fleeing Kuwait. Kuwait has a high-profile international case on its hands that threatens to harm the country’s foreign investment climate. The case, which has now been brought to the UN Working Group on Arbitrary Detention, coupled with several recent legal complaints from international investors, could damage the ... Read More »

Pakistan signs petroleum concession agreement with Kuwait

Kuwait Foreign Petroleum Exploration Company (KUFPEC) announced on Wednesday that its subsidiary, Kirthar Pakistan, has signed an exploration license and petroleum concession agreement in Makhad sector (3371-19) in Pakistan, covering an area of 1,560 square kilometers. Speaking to KUNA, KUFPEC CEO Sheikh Nawaf Saud Al-Nasser Al Sabah said the concession is located in Mianwali District northwest of Punjab province of ... Read More »

Burgan Bank successfully concludes conference on leadership challenge

KUWAIT: To further solidify its position as a dynamic financial powerhouse, Burgan Bank recently hosted three master facilitators of “The Leadership Challenge” in a one-day conference titled “Burgan Bank Leadership Conference – The Leadership Challenge Edition” at Salwa Al-Sabah ballroom. Continuing to invest in its employees for long term growth, the conference incorporated the use of several resources and tools, ... Read More »