Kuwait Economy Discussion Thread [Archive]

Skoulikimou

January 14th, 2006, 12:19 AM

أربعة مشاريع كبرى تنفذها الأشغاـ قريباً

أعلن وزير الأشغال العامة ووزير الدولة لشؤون الاسكان بدر ناصر الحميدي عن قيام جهاز المشاريع الكبرى التابع لوزارة الأشغال بتنفيذ أربعة مشاريع عملاقة بنظام الـ (B.O.T) مشيراً الى ان جهاز المشاريع الكبرى هو وحدة تنفيذية تخضع لإشرافه مباشرة ويتولى عدداً من مشاريع التطوير المعممة للدولة ويعمل على جذب القطاع الخاص وخلق البيئة المطلوبة لتشجيع المستثمرين المحليين والاقليميين والدوليين للمشاركة في تنفيذ وانجاز هذه المشاريع بنجاح.
وقال الوزير الحميدي في اول لقاء له بعد اداء مناسك الحج لـ «الوطن» ان من بين تلك المشاريع، مشروع تطوير جزيرة فيلكا بنظام الـ B.O.T ومشروع تطوير جزيرة بوبيان ومشروع ميناء بوبيان البحري، ومشروع تطوير جون الصليبيخات.

مراكز سياحية وترفيهية

وحول مكونات مشروع تطوير جزيرة فيلكا قال الوزير الحميدي، تعتبر جزيرة فيلكا واحدة من اهم واكبر الجزر الكويتية من الناحية التاريخية وهي جزيرة مشهورة بآثارها اليونانية وتبلغ مساحتها حوالي 43 كيلومتراً ويبغ طولها 14 كيلو متراً وعرضها 6 كيلومترات. والهدف من هذا المشروع هو إنشاء مراكز سياحية وترفيهية وتجارية على مستوى عالمي في بيئة خالية من السيارات الخاصة وبنائها على أحدث أساليب الضيافة والملائمة للقيم والعادات الكويتية التقليدية.
وقال الوزير الحميدي ان المشروع يتكون من عدد من المشاريع، اولاً: مشروع تطوير الجزيرة (تطوير المناطق السياحية) ومشروع انشاء محطة توليد الكهرباء وتحلية المياه ومشروع مجمع الخدمات الحكومية المتعدد الأغراض.
وعن تطوير المناطق السياحية قال الوزير الحميدي ان مكونات المشروع الرئيسية تضم شاليهات وفنادق ومناطق اثرية ومرافق حكومية ومارينا ورصيفا وقناة مائية وحدائق نباتية وميدانا للجولف وقرية تراثية ومراكز تسوق وتجارية ومنتجعات ومناطق تخييم ومراكز شاطئية وخدمات البنية التحتية.
وأعلن الحميدي ان المشروع حالياً يمر بمرحلة دراسة العطاءات من قبل المستثمرين حيث قامت وزارة الأشغال بمبادرة لتحمل الدولة نفقات البنية التحتية وتعمل حالياً على أخذ الموافقات على هذه المبادرة من الجهات الحكومية المعنية.
وفيما يخص الجزء الثاني من المشروع وهو إنشاء محطة توليد الكهرباء وتحلية المياه وايضاً على نظام الـ B.O.T قال الوزير الحميدي ان مجلس الوزراء اصدر قرارا في مايو 2005 بتكليف وزارة الأشغال العامة بإنشاء المحطة وما يلزمها من منشآت وشبكات رئيسية لتزويد مشروع تطوير جزيرة فيلكا بتلك الخدمات وذلك عن طريق طرح الاعمال للقطاع الخاص بنظام B.O.T على ان تشتري الدولة الطاقة والمياه المطلوبة بسعر مناسب من المستثمر وتوفيرها لقطاعات الاستثمار في الجزيرة، مشيرا الى ان المشروع يمر حاليا بالمراحل الاخيرة لاعداد وتحضير مستندات عطائه وستتم دعوة المستثمرين الراغبين بالمشاركة لاستلام وثائق التأهيل خلال يناير الجاري.

مجمع حكومي

وحول مجمع الخدمات الحكومية المتعدد الاغراض قال الوزير الحميدي، يعتبر هذا المرفق خيارا لمستثمر مشروع تطوير جزيرة فيلكا يتم من خلاله تقديم الخدمات مدفوعة الاجر بحيث يمكن للمستثمر من خلاله وفي اي وقت خلال مرحلة تشغيل المشروع تقديم المساعدة الخدماتية بالمقابل وان يعمل كمحطة واحدة للدوائر الحكومية موضحا ان المشروع حاليا في المراحل الاخيرة لاعداد وتحضير مستندات عطائه.
وفيما يخص مشروع تطوير جزيرة بوبيان قال الوزير الحميدي ان هناك مجموعة من الاستشاريين العالميين بالتعاون مع معهد الكويت للابحاث العلمية والمستشار المحلي تقوم باعداد الدراسات البيئية واعمال تجهيز المخطط الهيكلي والاستعمالات المقترحة على الجزيرة.
وقال الوزير الحميدي ان الهدف من المشروع هو القيام بالدراسات البيئية وتجهيز المخطط الهيكلي للجزيرة والذي يشمل اربعة اقسام رئيسية تتكون من محميات بيئية طبيعية وميناء بوبيان البحري وتطوير منطقة بحيرة بوبيان والمنتجعات.
واوضح الحميدي ان مجلس الوزراء وافق على الدراسة المبدئية للمشروع ونحن الان في المرحلة الاخيرة من اعداد الدراسات البيئية وتجهيز المخطط الهيكلي حيث من المتوقع ان يتم اخذ الموافقة النهائية عليها من قبل الجهات الحكومية المعنية خلال الفترة القليلة المقبلة ومن ثم المباشرة بتنفيذ مراحل المشروع.

ميناء بوبيان البحري

وحول اخر تطورات مشروع ميناء بوبيان البحري قال الوزير الحميدي ان العصب الرئيسي للتطوير في الجزيرة هو تنفيذ مشروع الميناء البحري على الشاطئ الشرقي لها حيث انه نتيجة الطبيعة الخاصة للجزيرة وكونها غير مأهولة ولم يتم فعليا تطويرها فإن الجزيرة بحاجة لبناء بنية تحتية جديدة لتكون دعما لاي تطور مستقبلي فيها.
وقال الحميدي ان الهدف من المشروع هو انجاز ميناء للحاويات حسب احدث النظم العالمية بغية مناولة مليون حاوية سنويا في المرحلة الاولى من اعمال التطوير التي ستكتمل بحلول منتصف عام 2009 وان يصبح الميناء محور شبكة النقل الاقليمية المتعددة الاشكال، وان تصبح الجزيرة مركزا اقليميا فاعلا يتمتع بمنافسة تجارية ورخص التكاليف في تناول الانشطة الاقتصادية المتنامية.
وحول مكونات المشروع الرئيسية والمتوقع استكمالها في المرحلة الاولى قال الوزير الحميدي انها تشمل وضع كل ما هو مطلوب من امكانيات لتسهيل العمل وتحسين معالجة تربة الارض وتشكيل الموقع وعمل الطريق والجسر وخط السكة الحديد والجسر الحديدي وهو مقترح احتياطي واعمال الميناء بما فيها اعمال الجرف المائي لحوض الميناء والقناة المائية والمرافق العامة وجدار رصيف التحميل، والتنزيل وساحة الحاويات والمباني، ومحطة معالجة مياه المجاري ومعدات الاتصال والمناولة والمستلزمات الملاحية والامن.

اربع مراحل

وقال ان اعمال المرحلة الاولى ستنفذ على اربعة اجزاء، الجزء الاول «الطريق الرئيسي والجسر ومعالجة التربة»، وسوف يبدأ تقديم العروض في الثامن والعشرين من فبراير المقبل.
والجزء الثاني «اعمال الجرف المائي» وهو في مرحلة اعداد دراسات التصاميم الاولية، والجزء الثالث «اعمال الميناء البحري» وهو في مرحلة اعداد الدراسات والتصاميم الاولية والجزء الرابع «اعمال تشغيل الميناء وفق نظام B.O.T وهو ايضا مرحلة اعداد الدراسات والتصاميم الاولية، مشيرا الى انه من المتوقع البدء في استقبال السفن مع نهاية عام 2008 وسيتم توسعة الميناء البحري على مرحلتين ومن المتوقع الانتهاء من اعمال جميع المراحل في العام .2016
واوضح الوزير الحميدي ان المشروع ككل يمر بثلاث مراحل الاولى من الفترة «2005 ـ 2009» وتشمل تنفيذ الميناء وجميع اعمال الخدمات اللازمة والمساندة ومحطة الحاويات والطريق الرئيسي وخط السكة الحديدية والجسور وحفر القناة البحرية والطاقة الاستيعابية للمرفأ لتصل لغاية مليون حاوية سنويا، ويتضمن نطاق الاعمال الصيانة لتجهيزات الموقع ومعالجة التربة واعمال الدفان للطريق الرئيسي الذي يبلغ طوله «35» كيلو مترا ويصل طريق الصبية السريع لموقع الميناء اضافة الى تنفيذ الجسر البالغ طوله كيلو ونصف الكيلو متر حيث يمتد الى الشاطىء الشرقي للصبية وصولا الى منطقة ام قصر وتنفيذ جسر السكة الحديدية واعمال الحاجز لحماية البيئة للجزء الشمالي من الجزيرة.

وقال ان المرحلة الثانية تبدأ من 2011 وحتى 2012 وتشتمل على تنفيذ اعمال التوسعة ومنها زيادة عدد المراسي وزيادة محطة الحاويات والطاقة الاستيعابية للمرفأ لتصل لمليون ونصف مليون حاوية سنويا.

قرية استشفاء

اما المرحلة الثالثة والاخيرة في الفترة من 2013 - 2016 فتشمل تنفيذ اعمال التوسعة لزيادة عدد المراسي وزيادة محطة الحاويات لتستوعب مليونين ونصف مليون حاوية سنويا.
وفيما يخص المشروع الرابع وهو مشروع تطوير جون الصليبيخات قال الوزير الحميدي ان الهدف منه هو تطوير المنطقة المقترحة في جون الصليبيخات والتي تشمل المنطقة الممتدة من حدود منطقة الصباح الصحية حتى حدود نادي الصليبيخات الحالي بما يتلاءم مع طبيعة ا لمكان والساحات المحيطة مع الاخذ بعين الاعتبار ان حماية بيئة الجون ووقف التلوث فيها يعتبر من اهم اهداف المشروع.
وقال الوزير الحميدي ان المشروع يشتمل على مشروع تطوير الشريحة المقترحة بجون الصليبيخات، والمشروع البيئي الكبير لشاطىء الصليبيخات.
اما مشروع تطوير الشريحة المقترحة فهو مقسم الى منطقتين المنطقة الاولى وتضم قرية الاستشفاء ومركز طبي طبيعي يحتوي على 120 غرفة للاشخاص المعاقين مع المرافق المطلوبة للياقة والمنتجعات ومجمعات الترفية ومحلات المطاعم والمقاهي، والمنطقة الثانية وتشمل مساحات خضراء متعددة الاستعمالات وممرات للمشي والعدو وطرق مرور وطرقات مظللة وميدان الجولف الذي يضم 18 حفرة يسمح باقامة بطولات المحترفين وناديا ومجمعا رياضيا وتسهيلات اللياقة البدنية والمنتجعات.
وقال الوزير الحميدي ان الجزء الثاني هو المشروع البيئي الكبير لشاطىء الصليبيخات مشيرا الى ان المشاريع في مرحلة الموافقة على مكوناتها.

Click to Check (http://www.alwatan.com.kw/Default.aspx?MgDid=387701&pageId=35)

Koweitien

January 14th, 2006, 01:57 AM

That was a great article skoulikimou :).

Ikarus_q8

January 14th, 2006, 02:20 AM

skoulikimou... thanks for the post , but there is noting new to it we always heard that. Woundering when will they start acting on it .

Koweitien

January 14th, 2006, 03:22 AM

The new things are that they set a period of time for the completion of the first part of the bubyan island project (2008/2009) and the entire bubyan island project is set to finish on 2016.
They also mentioned the development of the sulaibikhat bay. They said that they will develop a medical city there and a grassland which will include an 18 hole golf course.

differences75

January 14th, 2006, 04:20 PM

Those are all great, with the exception of Bobyan port, no other project had a deadline? we have no idea when things will be constructed ot completed, typical of kuwait. :(

Skoulikimou

January 15th, 2006, 09:47 AM

الـحميضي: قانون الضريبة الشامل خلال أشهر

اعلن وزير المالية بدر الحميضي ان وزارته ستنتهي من وضع مسودة قانون الضريبة الشاملة خلال الربع الثاني من العام الجاري، مشيرا الى ان لجنة مختصة تقوم بصياغة مواد المشروع تمهيدا لإحالته الى مجلس الوزراء لمناقشته.

وأعرب في رد على ما نشرته «القبس» حول قانون الضريبة الشامل في وقت سابق، عن تمنياته بأن يحظى هذا المشروع بموافقة جميع النواب عليه، مشيرا الى ان الحكومة تنظر اليه كأداة من أدوات ترشيد الاستهلاك.

ونبه الحميضي الى ان القانون لن يمس ذوي الدخل المحدود، ولن يكون عبئا على المواطنين «وأتمنى الا يصدر حتى يأخذ حقه من النقاش في مجلس الأمة»، موضحاً ان الحكومة وجدت من الأهمية تقديم نظام ضريبي شامل «وقد شكلت لجنة من عدد من المختصين بينهم ممثلون عن غرفة التجارة والصناعة، ومعهد الأبحاث، والإدارة العامة للجمارك، يقومون بالتعاون مع شركة عالمية متخصصة هولندية، وفريق من البنك الدولي.

Click to Check (http://www.alqabas.com.kw/news_details.php?cat=1&id=140797)

Skoulikimou

January 15th, 2006, 10:08 AM

الكويت في أدنى درجات نسب الاستثمار إلى الناتج.. عربيا

> ان طبيعة العمل المؤسسية في البلاد، وان كانت مبعث اطمئنان على حسن سير آليات الدولة الدستورية، لجمت ومستمرة في لجم الاستثمار. فالقرار يأخذ دورة طويلة وعريضة حتى يتخذ، والموافقات تجر ذيولها من دائرة الى اخرى في ما ينسبه الماراثون البيروقراطي، الذي بات حبلاً يشد على رقبة صاحب رأس المال، ينفره ويهجره في بلاد الله الواسعة.

> التشكيك الدائم بأصحاب المشاريع ورؤوس الاموال من جانب عدد من اعضاء مجلس الامة وشريحة من السكان تفاقم خلال العام 2005 حتى اصبحت كل مبادرة محل شبهة وكل ممول طالب بحوافز ما من الدولة مشبوها، وما القرار الاخير لمجلس الوزراء بوقف العمل بكل مشاريع الـB.O.T والمبادرات وادخال ديوان المحاسبة على خط مراجعة العقود السابقة (لا سيما عقود الـ B.O.T)، الا خير دليل على الحال الذي وصلت اليه البلاد من شكوك محيقة بكل حركة استثمارية من اي جهة اتت.

وهناك دليل آخر في بلدية الكويت حيث توقفت كل المشاريع هناك وتعذر على اصحابها تحريك ملفاتهم ودفعها نحو التنفيذ، لأن عنق زجاجة البلدية ضاق ذرعا بما سمي الفساد الذي بات هاجسا معيقا لا بل خانقا للاستثمار.

> في الكويت ظاهرة قل مثيلها في الدول العربية عموماً والخليجية خصوصاً تتمثل في اعتماد أصحاب رؤوس الأموال وبالتالي أصحاب أفكار المشاريع على الأراضي التي يمكن أن تمنحها الدولة لهذه المشاريع وذلك بسبب الاحتكارات العقارية الهائلة والمسببة لعدم وجود مساحات بأسعار معقولة تسمح بقيام مشاريع ذات جدوى.

لذا، نرى أن الدولة هي الملجأ الأول والأخير لأصحاب المشاريع. وعند طلب الأراضي تقوم الدنيا ولا تقعد إلا على رأس صاحب المشروع بسبب ان في الأمر شبهة تنفيع لهذا أو ذاك وأمام هذا الواقع، بات ضرورة ملحة استعجال اصدار قوانين وتشريعات تنظم استغلال أملاك الدولة على أسس تنافسية سليمة ووفق دراسات جدوى حقيقية تظهر مدى إفادة البلاد والعباد من المشاريع.

to read the full article please click (http://www.alqabas.com.kw/news_details.php?id=140809&cat=3)

Skoulikimou

January 15th, 2006, 04:15 PM

EMERGING KUWAIT 2006

Oxford Business Group and Global Investment House "Global" announced today the launch of the first edition of “Emerging Kuwait 2006” research, tomorrow in a special ceremony under the patronage of H.E. Abdullah Abdulrahman Al-Taweel, Kuwait’s Minister of Commerce & Industry.

The launch event will take place at the Salwa Sabah Al-Ahmed Hall at the Marina Hotel, Salmiya, Kuwait. It will feature a keynote address by HE Abdulla Al-Taweel, Minister of Commerce & Industry, and speeches from OBG Chairman Michael Benson-Colpi, Global Managing Director and Vice Chairman Maha K. AlGhunaim, Ahmed Barakat of Al Sarraf & Al Ruwayeh Law Bureau, and Bader Al-Wazzan and Thomas George of PricwaterhouseCoopers.

This event will bring together some 200 key government officials, members of the local and international business community, foreign investors, and members of the diplomatic community in Kuwait.

Written with the foreign investor in mind, EMERGING KUWAIT 2006 is the result of six months research on all aspects of Kuwait’s economy and society. The aim of the publication is to provide in-depth analysis of Kuwait’s socio-economic situation and provide investors and businessmen with a critical overview of the developments of the country’s economy and the potential for foreign investment and business.

to read the full article please click (http://www.albawaba.com/en/countries/Kuwait/193507)

Skoulikimou

January 18th, 2006, 12:10 AM

Kuwait airline IPO to open Sunday
January 17, 2006

Kuwait's third airline, privately owned National Aviation Company, has postponed to January 22 the opening date of its KD35 million ($120 million) initial public share offering, the company said.

It said the deadline was now February 16.

The IPO was due to run from January 15 to February 9, but businesses shut down for three days from last Sunday in mourning for the death of Kuwait's Amir Shaikh Jaber Al Ahmad Al Sabah.

The maximum subscription will be 100,000 shares while the minimum will be 1,000 shares per investor, the company added in the prospectus carried by local newspapers.

National Aviation is raising 70 per cent of its start-up capital of KD50 million in the share offer, Al Qabas daily said. The rest of the capital is being raised through a group of fourteen private investors.

It said the shares on offer will have a nominal value of 100 fils plus 3 fils to cover issuance costs.

Burgan Bank and Kipco Asset Management will manage the IPO's sale and issuance respectively.

National Aviation is the third carrier in Kuwait after state airline Kuwait Airways Corporation and no-frills private passenger airline Jazeera Airways.

Click to Check (http://www.tradearabia.com/tanews/newsdetails_snTTN_article99297_cnt.html)

Skoulikimou

January 18th, 2006, 11:08 PM

Kuwait: Construction industry to benefit from massive private and government investment

Four years of tumbling interest rates have kindled a boom in real estate markets, both locally and internationally. Kuwait cityKuwait’s real estate market is a pillar of strength for the local economy, as its health is being tied to a greater number of individuals. Despite a stellar performance in the market in the past period, the sector still holds potential, as the record levels of liquidity and the uneasy world economic recovery should continue to keep funds flowing into the sector, which is deemed by many as a safe haven.

All regions of the country have experienced healthy activity and price appreciation. Looking forward, the construction industry is expected to benefit from US$8bn worth of private investment and US$3bn worth of government investment over the next five years. The combined investment of US$11bn could rise to US$40bn, if the future Build Operate Transfer (BOT) projects are taken into consideration, including planned residential and tourist resort developments in Failaka and Bubiyan islands. Moreover, much current investment is going into construction of shopping malls, which include entertainment and retail facilities. However, Kuwait is also urgently in need of additional housing, as demonstrated by recent price rises in residential real estate.

to read the full article please click (http://www.menareport.com/en/business/193692)

differences75

January 19th, 2006, 10:42 AM

vana8

January 19th, 2006, 03:10 PM

Kuwaitis are the most envous people i know on the face of the planet. The MP's should be shot dead. they are keeping us behind every country in the arab world, even sudan is performing better than us now :( ...

we need a strong government soon, this chaos can not last forever. Let's hope things get sorted out soon ..

I agree completely differences75. Better to have an absolute leader that loves his (or maybe even her) country than a system that has slowed our progress to a turtle speed. I remember people telling me how Kuwait was the leader of the Arab world in terms of development, its progress often compared to many western countries. People in Kuwait are now comparing the country to the poorest of the poor. Now is the opportunity to seize the moment. Under strong leadership from the Royal family, lets all fight to make Kuwait the envy of the Arab world!

Skoulikimou

January 20th, 2006, 04:13 AM

الاتفاق النهائي سيتم الاعلان عنه اليوم أو غدا بعد لقاء جديد صباح اليوم
الأسرة الحاكمة اتفقت بعد توافد ابنائها على دار سلوى
الجمعة 20 يناير 2006

اتفقت الاسرة الحاكمة امس على الصيغة النهائية المعبرة عن رأي الاغلبية العظمى فيها متوصلة الى اتفاق يبلور رأي هذه الاغلبية وذلك بعدما توافدت جموع الاسرة الحاكمة يوم امس على دار سلوى.
ومن المتوقع ان يتم الاعلان النهائي عن هذا الاتفاق اليوم الجمعة أو غدا السبت.
وسيشهد صباح اليوم اجتماعا موسعا لأبناء الاسرة الحاكمة في دار سلوى أيضا، يتم فيه التصديق ومباركة هذا الاتفاق قبل ان يتم الاعلان عنه، واتخاذ الاجراءات اللازمة.

Skoulikimou

January 21st, 2006, 04:14 AM

http://www.freeimagehosting.net/uploads/68a6adaeb3.gif

Koweitien

January 21st, 2006, 04:23 AM

Are you feeling like him right now :jk: Anyways I'm sorry to hear that you're sick. I hope that you are feeling better :)

Skoulikimou

January 21st, 2006, 04:51 AM

he he im not sick , it just that recently i came cross very unpleasant article

Ikarus_q8

January 21st, 2006, 10:07 PM

hehehe salamaat ma tshoof shar yal'3ale ,next time be prepared before reading new articles lol . By the way any news about the new hieght limits? , I have heard its already approved.

Koweitien

January 21st, 2006, 10:12 PM

Last thing I heard was that the 100 floor limit in the city and the 40 floor limit outside the city were approved :)

Skoulikimou

January 21st, 2006, 10:13 PM

question of the day !,what question..!

what is the government preparation for the day when kuwait have no oil to export,or should we keep our self busy with star academy party walead al tabatabai bright ideas?

Koweitien

January 21st, 2006, 10:32 PM

I think they're moving in the right direction. They are trying to improve tourism and trade.

Qatar4Ever

January 22nd, 2006, 01:20 AM

The best thing kuwait has going for it right now is Iraq. Kuwait can market its self as the one stop shop or the gateway to iraq.

Build a new port, a railway system, hotels by the border.. heck if this was dubai they would have already built a Iraq Business Park or somehting with a dumb name to attract investments.

Yeah lets not forget over $60 crude. Kuwait should be years and years ahead of everyone else, but right now its been in the same place since the 80's.

Skoulikimou

January 22nd, 2006, 01:30 AM

there is no serious long term plan for kuwait future

we lost the best chance in history to develop our self

Skoulikimou

January 22nd, 2006, 01:44 AM

Kuwait Cabinet Asks for Power Transfer

UWAIT CITY — Kuwait's Cabinet asked parliament Saturday to transfer power from the ailing new emir to the prime minister, but the emir said he wants to take the oath of office, signaling a rift inside the ruling family of this oil-rich Gulf nation.

Sheik Saad Al Abdullah Al Sabah, as the crown prince, was named the new ruler after the death last Sunday of his distant cousin, the emir, Sheik Jaber Al Ahmed Al Sabah.

Both the emir and crown prince had been ailing for years, and the prime minister, Sheik Sabah Al Ahmed Al Sabah, had been running the country, a major U.S. ally.

In an unprecedented move, a newspaper called Friday for the new emir to abdicate and assign his responsibilities to a member of the ruling family who "is able to carry them out."
to read the full article please click (http://www.chron.com/disp/story.mpl/ap/world/3603115.html)

Koweitien

January 22nd, 2006, 01:47 AM

Personally I think that Kuwait has taken two good steps so far which are:
i) the development of Bubyan Port which will be very important in trade between Iraq, Iran and the rest of the world;
ii) the development of the tourist industry. Kuwait has a 20 year plan to develop tourism (this can be seen with the development of Failaka and the future plans for the development of Bubyan Island)

If these steps are implemented well then Kuwait might become the next Singapore :)

Skoulikimou

January 22nd, 2006, 02:02 AM

that just no enough ,we need more

Ikarus_q8

January 22nd, 2006, 02:28 AM

ofcource we need more , face it guys tourism without alcohol noooo way, thats n.o.1.
Number 2; we have so many things that we can do in kuwait if we think wisely but the question is 7ata law ta3abt nafsek w fakart te3teged beywafgoon 3ala afkarek aw 7ata beysawoonha . Simply the so called "hawameer" and you know who I mean are planing for kuwait to have a classes system and thats what I am getting from whats going on out there , I hope I am wrong .

Ikarus_q8

January 22nd, 2006, 02:34 AM

we can export solar batteries loooool , thats one of the posibileties :)

Skoulikimou

January 22nd, 2006, 02:47 AM

inshalah every thing will change with the new government

or im just being over optimistic

Ikarus_q8

January 22nd, 2006, 02:49 AM

I think you r , cuz its getting complicated . allah yaster

Skoulikimou

January 26th, 2006, 02:03 PM

Taboo-breaking Kuwait blazes trail for Gulf
January 26, 2006

The ouster of Kuwait's emir by parliament broke a long-held taboo on discussing the health of Gulf rulers, reinforcing faith in monarchies' ability to weather crises during a time of change, analysts said on Wednesday.

The Kuwaiti parliament on Tuesday unanimously voted to depose ailing emir Sheikh Saad Al Abdullah Al Sabah after only 10 days in office - simply because he was not fit enough to do the job.

Such a step was unprecedented in the conservative region, where the health of ailing Gulf rulers has been seldom mentioned in public and let alone seen as grounds for a de-facto constitutional coup.

The condition of Kuwaiti Emir Sheikh Jaber Al Ahmed Al Sabah had long been declining before he died on January 15, while Saudi King Fahd suffered a debilitating stroke 10 years before his death last August.

Pro-reform Emirati newspaper columnist Mohammed Hammadi said that the events had "broken a taboo" in the region on publicly airing concerns about the health of a ruler.

"People spoke about [the ill health of Sheikh Saad] in a realistic way.

"There is appreciation and affection [for the deposed emir], but governing has its requirements ... The Kuwaiti experience has opened the door for the issue to be discussed if a similar situation arises," he said.

Secrecy on discussing the health of emblematic rulers has also been an issue in the wider Middle East region.

Mystery surrounded the demise of Palestinian leader Yasser Arafat in a Paris hospital last year, while Israel's press has alleged doctors withheld the true condition of Prime Minister Ariel Sharon before his massive stroke on January 4.

And far from being a step toward Western-style democracy in the Gulf, the trail-blazing step by Kuwait's parliament has reinforced the position of monarchies in the oil-rich region.

"Kuwait's democratic experiment ... was not imported in packaged boxes from overseas and was not parachuted" into the country, said the Emirati newspaper Al-Khaleej.

"The succession crisis in Kuwait ended in a democratic way for which Kuwait should be envied," wrote the daily Al-Raya in neighboring Qatar.

Abdullah Al Hamed, one of three Saudi reformists who spent 17 months in prison for demanding a constitutional monarchy before being pardoned, praised Kuwait for "reaping the fruit of its [espousal of] the concept of civil society".

The events show "the region's royal families that constitutions serve as safety valves for monarchies, because they help them avoid conflicts, weakness and corruption, and enable the best of them to rule", Hamed said.

Hamed did not think that the ouster of the Kuwaiti emir should make Gulf governments worried about the potential risks of creeping steps toward democracy.

"I don't think anyone in the Gulf states believes [that] there is a better formula than monarchical rule in the foreseeable future.

"Advocates of a constitution aspire to see strong ruling monarchies, whose strength would be derived from the constitution and its mechanisms."

Some Gulf conservatives and Islamists resent US pressure to introduce democratic reforms, fearing that Washington is trying to impose a Western model of democracy on the Muslim region.

But newspaper columnist Hammadi said that the Kuwaiti episode proved that each country could have its own brand of democracy. "It is not true that you can copy democracy ... Each country has its specificity," he said.

"If we engage in a democratic experiment in the United Arab Emirates, it might be different from [the course chosen by] Kuwait or Oman," Hammadi said.

Kuwait was the first Gulf Arab country to have an elected parliament in 1963. Bahrain revived its elected legislature in 2002, and Oman has an elected consultative council.

Saudi Arabia, whose consultative council is appointed by the king, held male-only elections for half the seats of municipal councils last year.

Qatar has yet to implement plans to vote for an advisory body, while the UAE took a first step toward political reforms by announcing that indirect elections would be held to pick half the 40 members of a Federal National Council.
Click to Check (http://news.google.com/url?sa=t&ct=us/0-0&fp=43d8aef49d1720ce&ei=XbnYQ5m_MrCGafiDkKQD&url=http%3A//news.ft.com/cms/s/0fdbf6e4-8e10-11da-8fda-0000779e2340.html&cid=1103619759)

Skoulikimou

January 27th, 2006, 04:03 AM

Kuwait and Hong Kong ink business accord
26-01-2006

Kuwait and Hong Kong have initialled a deal on encouraging and protecting investment between the two sides. According to Kuna, the Kuwaiti General Consulate said in a press release that the deal will open new horizons between the two sides and expected more Kuwaiti investments to pour into the Chinese territory after guaranteeing the presence of an umbrella to protect investments.
Click to Check (http://www.albawaba.com/en/countries/Kuwait/193987)

Skoulikimou

January 28th, 2006, 01:12 AM

Kuwait’s Parliament Decides Who Rules
January 27, 2006

At a time when attention is focused on the problems democracy has brought in one part of the Middle East, such as the Palestinian territories, it has been easy to overlook how democratic processes were key to resolving a crisis in another Middle Eastern country: Kuwait. The January 15 death of Kuwait’s emir, or ruler, Sheikh Jaber brought to power the physically and mentally incapacitated Sheikh Saad al-Abdullah al-Sabah. But the crisis engendered by his ill health and his refusal to abdicate was resolved quickly through democratic processes. On January 24, the parliament of the oil-rich Persian Gulf state of Kuwait exercised a previously unused constitutional power and voted to oust Sheikh Saad. The new emir, Sheikh Sabah al-Ahmed al-Sabah, is expected to be confirmed by parliament on January 29, and is now under pressure from some members of parliament to choose a prime minister from outside the ranks of the ruling al-Sabah family...................................

to read the full article please click (http://www.washingtoninstitute.org/templateC05.php?CID=2437)

Skoulikimou

January 28th, 2006, 01:20 AM

MOU between Oman and Kuwait
27/1/2006

Kuwait and Oman have signed a Memorandum Of Understanding to increase cooperation in the air transport sector between the two countries.

The Memorandum Of Understanding gives privileges for Omani and Kuwaiti airlines; Oman Air and Gulf Air in Oman, and Kuwait Airways and Al-Jazeera Airways in Kuwait. The MOU includes increasing weekly flights from 7 flights to 14 flights between the two countries which is split in half between the airlines of both countries. Also, cargo flights to raise to six weekly flights instead of three which will boost the commercial and tourism air traffic between the two countries during the coming period.

Oman and Kuwait have signed an earlier agreement in 2002 to develop and organize air transport between the two countries.
Click to Check (http://www.aaco.org/pubnews.asp?id=934&lang=1)

Koji

January 28th, 2006, 06:40 PM

I think it would be better for Kuwait in general not to push too hard for a trading centre position in the gulf. Let's be realistic, we had the chance 20 years ago (almost were too) but 2/8/1990 slowed things down (not to mention UAE was just starting a big push towards trade/tourism).

Tourism, it wouldn't be such a bad idea as some might think. The only problem with this is making sure the fanatical Islamic groups don't try and hold things back too much. Alcohol is a good business in Kuwait at the moment as long as you don't get caught/have a strong back (thahr). Just legalise the thing and get it over with, would be nice to do something similar to what they do in Dubai and have people who want to drink apply for a license/special ID/whatever that thing is. For this to work properly, make sure laws are inforced with regard to public drunkenness etc... (this is another tough part to do I guess).

Industry, I think this is where Kuwait should be heading/planning/aiming for future wise. We have the materials people, just expand on the petrochemical industry which we were taught in school about. Where the hell is that? How successful is the small business plan support system is at the moment? (Masharee3 el sgh'3ira). The problem is that we're a country with people who don't like to take risks. Let's face it, we talk a lot and do so little (7achy diwaween), we kiss ass so much it's a wonder that offices don't stink.

The man on the street/regular kuwaiti guy/gal, for anything to really work you need manpower. To do it right you need the right mindset/attitude, how many jokes do you know involve Indians/Sa3eedies? we make fun of other people and forget that we're not in the 70s anymore. India is an emerging ecinomical power (probably super power in 15/25 years time if china doesn't take that spot). For God's sake, we used to make fun of Taiwanese made products and look at Taiwan now.

Bleh, that's my rant for the day. sorry if I'm coming on too strong but just wanted to get things off my chest. Maybe it's the fact that it's finals/end of term season over here. If I offended anyone then I'm sorry but someone had to say it.

Skoulikimou

February 4th, 2006, 12:30 PM

Discussion on ‘Liberation City’ likely to resume soon; ‘Kuwait Tower to be world highest’

KUWAIT CITY: The Council of Ministers had postponed their discussion with the Supreme Council of Planning about the Liberation City project due to the untimely death of the late Amir HH Sheikh Jaber Al-Ahmad Al-Jaber Al-Sabah but this discussion is expected to resume very soon. Reliable sources disclosed “the project involves the construction of the highest skyscraper in the world with a height of one kilometer (1,100 meters). The building which will be named ‘Kuwait Tower’ will comprise of 250 floors with a height double that of the Toronto Tower which is currently the highest building in the world with a height of 553 meters,” reports Al-Rai Al-Aam.

Sources further revealed “the tower will also be higher than the highest tower of offices, the Tybee Tower in Taiwan which has 101 floors with a height of 508 meters. This tower will also be 300 meters higher than the Dubai Tower which is expected to be completed in 2008 and is also higher than a building in Jakarta which will be established in 2009”. “The Council of Ministers will immediately resume its discussions with the Supreme Planning Council about the project which will contain commercial, tourist, and entertainment establishments in addition to residential units which can accommodate a population of 700,000. The estimated cost of the project is KD50 billion which will be built gradually within a time frame of 25 years,” say sources.

According to some reports “the Kuwait Tower will be the center of the ‘City of Silk’ which will be established after completion of the construction of the tower.” “The Kuwaiti government had already started negotiating with Eric Kuhne and Association Establishment which is one of the best companies in the world that specializes in building skyscrapers regarding the groundwork for the said project,” confirm sources.
Click to Check (http://www.arabtimesonline.com/arabtimes/kuwait/Viewdet.asp?ID=6729&cat=a)

h_arc_h

February 4th, 2006, 05:57 PM

I think Alrai alaam sources are skyscrapercity :)

Skoulikimou

February 5th, 2006, 05:59 AM

AerCap established a 50/50 joint venture with LoadAir, a Kuwait-based aviation entity, to acquire, manage and market 70 A320 family aircraft to which AerCap committed at the Dubai Air Show (ATWOnline, Nov. 24, 2005). The new company, AerVenture, will be based in Ireland. It firmed the AerCap LOI with Airbus in December. AerCap (formerly debis AirFinance) will provide complete asset management services for the portfolio. LoadAir is the trading name for International Cargo Airlines Co., which was floated on the Kuwait stock exchange in 2005. This is its first major transaction, although it "aims to be active in several other areas of the aviation industry from cargo operations to freight handling facilities," according to a joint statement.
Click to Check (http://atwonline.com/news/other.html?issueDate=2%2F3%2F2006)

Skoulikimou

February 14th, 2006, 01:02 PM

Kuwait's Minister of Finance hopes tax law to be finalized

Kuwait's Minister of Finance Bader Al-Humaidhi has expressed to finish soon the work on the new tax law. “We hope also the tax law will be finalized before the end of the current season,” he declared, explaining “there is committee working on it and the law will soon be transferred to the Council of Ministers and from there to the Parliament.”

Confirming the tax law will not burden low income individuals, Al-Humaidhi said, according to Al Watan newspaper, “It will be fully discussed in the Parliament before its implementation.
Click to Check (http://www.albawaba.com/en/countries/Kuwait/194660)

Skoulikimou

February 15th, 2006, 09:27 PM

Moody's changes outlook on Kuwait's sovereign ratings to positive from stable

Moody's Investors Service today changed the outlook on Kuwait's sovereign ratings to positive from stable in light of the further strengthening of the country's fiscal and external positions as well as the recent clarification regarding the path of succession to the emirship. Kuwait

The outlook change affects Kuwait's A2 issuer rating for long-term foreign currency government bonds, its A2 issuer rating for long-term domestic currency government bonds, its A2 country ceiling for long-term foreign currency bonds and notes, and its A2 country ceiling for long-term foreign currency bank deposits. Kuwait's country guideline for local currency obligations and its local currency bank deposit ceiling both remain at Aa2 and are not affected by the outlook change.

Moody's said that today's rating action reflects the significant improvement in Kuwait's fiscal and external current accounts over the past several years, which has led to the further accumulation of net foreign assets by both the public and private sectors. Given the dominance of oil in Kuwait's economy, this improvement has mainly been caused by the increase in oil export prices and volumes, which are expected to remain robust over the medium term amid buoyant global demand.

Moody's added that, even if oil prices were to fall, the economy would be resilient to a potential downturn, having been strengthened by the build-up of net assets. The rating agency estimates that the net asset position of the general government alone exceeds 150% of GDP. In addition, oil export prices and volumes would have to decline significantly before the fiscal and external current accounts fell into deficit. Kuwait is therefore less vulnerable to an oil market downturn than most other oil exporters.

Moody's notes that it has also been encouraged by the recent clarification regarding the path of succession to the emirship, uncertainty over which had previously been a rating constraint. In early February 2006, the new emir, Sheikh Sabah al-Ahmad al-Sabah, announced the appointment of a new crown prince and prime minister, both of whom have considerable experience and are reported to be in good health.
Click to Check (http://www.albawaba.com/en/countries/Kuwait/194726)

Skoulikimou

February 16th, 2006, 01:50 AM

Kuwait MPs propose fund for cash handouts to citizens
Thursday, February 16, 2006

Five Kuwaiti lawmakers proposed Tuesday the creation of a fund to distribute cash handouts every year to citizens of the oil-rich state potentially worth several billion dollars in total. The fund, which would be named after late emir Sheikh Jaber al-Ahmad al-Sabah, would take 25 percent of the net profit earned from state investments currently estimated at more than $100 billion, they said.

The cash would be distributed equally to all Kuwait's fewer than one million citizens, although money for children would be deposited in special saving accounts until they reach the legal age.

To become effective, the proposal must be passed by the elected Parliament and signed by the current Emir Sheikh Sabah al-Ahmad al-Sabah.

By law, 10 percent of public revenue is deducted annually in favor of the Kuwait Fund for Future Generations which was established in 1976 to finance the emirate when oil runs out.

The fund's profits, which do not figure in the budget and are not announced, are estimated at more than $5 billion a year.

Kuwait, which sits on 10 percent of the world's proven oil reserves, is adopting a cradle-to-grave welfare system to citizens who pay no income tax and get most public services, including power, at heavily subsidized charges.

More than 90 percent of the national workforce of 300,000 are employed in government and receive handsome salaries and a generous pension scheme.

The average salary in the public sector is about $24,000 a year, while the state's per capita income is around $22,000
Click to Check (http://www.dailystar.com.lb/article.asp?edition_id=10&categ_id=3&article_id=22224)

Skoulikimou

February 16th, 2006, 09:11 PM

India''s Bank of Baroda planning to open branches in Kuwait, other Gulf nations

India's Bank of Baroda planning to open branches in Kuwait, other Gulf nations Dipanjan Roy Chaudhury NEW DELHI, Feb 16 (KUNA) -- One of India's largest public sector banks, Bank of Baroda (BoB) will expand its overseas presence particularly in Gulf countries -- Kuwait, Saudi Arabia, Baharain and Qatar and is considering Islamic banking as part of the strategy.
To read the full article please click (http://www.kuna.net.kw/home/story.aspx?Language=en&DSNO=829838)

Skoulikimou

February 24th, 2006, 11:11 PM

Kuwait to witness construction boom

Director General of Kuwait’s Municipality Mohammad Al-Nasser said 64 square kilometers were allocated to establish residential areas as part of the government’s constructional growth plan which began a few years ago. Al-Nasser told KUNA that on Feb 15, the Cabinet approved this plan and was submitted to the Municipal Council to carry out the proper measures. This step is taken within the guidelines of the State of Kuwait to redistribute the population according to its growth, he added. He said the Municipality is working together with the Ministry of Public Works to allocate areas of land that would be appropriate for constructing housing units.

Since Kuwait’s independence in 1961 housing care has been the base of its growth in addition to securing the citizen’s comfort and strengthening social stability. Kuwait has given great importance to housing care and included it in its constitution, but the former Iraqi regime posed continuous threat to the region’s stability and paralyzed developmental projects since 1990. After Saddam’s regime was toppled in 2003 the country’s constructional development began once again. The government of HH the Amir Sheikh Sabah Al-Ahmed Al-Sabah which was formed in 2003 worked out a number of plans to establish numerous residential areas far from the capital such as Al-Sulaibikhat and Oraifjan.

The concerned ministry began establishing the “Jaber Al-Ahmed” “Sabah Al-Ahmed” and “Saad Al-Abdullha” residential areas. Recently it was announced that 114,259 residential units were constructed in various parts of Kuwait within the seventh five-year plan which starts this year and ends between 2010 and 2011. In this respect the late Amir HH Sheikh Jaber Al-Ahmed Al-Sabah had placed the cornerstone on March 9, 2005, for Jaber Al-Ahmed’s residential area in Amghara which is expected to be one of the most prestigious modern areas. There are around 1,220 villas, 7,230 apartments and 3,886 housing units with a total area of 1,244.54 hectares divided into various sectors and it is expected to hold a population of 72,000.

SInce the mid-50s and to this date Kuwait has spent more than KD 5 billion out of which KD 1.8 billion was spent between 1974 and 1996 in constructing 65,000 units for low and average income families. Statistics by the Public Authority for Housing Care indicated that the number of residential units distributed since the beginning of public housing until the end of 2005 reached 78,188. In addition to residential areas, Kuwait has also allocated lands for agricultural purposes and offered it for minimal prices to its citizens. To solve the root problems of housing, recently the Public Authority for Housing Care announced a project to build 114,000 housing units in various parts of the country.

Click to Check (http://www.arabtimesonline.com/arabtimes/kuwait/Viewdet.asp?ID=6977&cat=a)

Skoulikimou

February 26th, 2006, 12:18 AM

Stable, free society being developed, Kuwait recovers from trauma

Every National Day it seems that everything is new and changed in Kuwait. Women now have the right to vote, new businesses and shops have opened, new parliamentary elections are on the horizon. Many people see all this as evidence of modernization and Westernization, but a closer look at Kuwaiti history shows that it is traditional in Kuwait to be open to new ideas. More significantly, many of these “new” ideas have been around in Kuwait for a long time. What seems like “new” or “modern” or “progressive” actually has its roots in old Kuwait. First of all, Kuwait is now celebrating its 45th National Day, but Kuwait has been a nation for several centuries. Thanks to research that has been sponsored by Kuwait’s Dar Al-Athar Al-Islamiyyah, previously unknown documentation of Kuwait’s earlier history has been discovered. Notably, it has established an earlier date for the foundation of Kuwait town as well as proof that Kuwait was never part of Iraq.

Reports from three 18th century sources — a Syrian traveler returning from the Hajj, a Dutch East India Company official, and a member of a Danish scientific expedition — picture a small but growing port city, with a fishing and pearling fleet of several hundred ships and a population of around 10,000. The ruling family, still subject to the Bani-Khalid, was starting to assert its independence. Settled life in and around the Arabian Gulf goes back to the Bronze Age. Artifacts of that period have been found on Kuwait’s Failaka Island, an island which was important in the commerce from the Indus Valley to East Africa to Egypt to Oman and the general Gulf region.

Insured
The island’s location at one of the crossroads of the world ensured its prominence in subsequent periods. From 2000-1750 BC, trade thrived between Dilmun, Oman, India, Mesopotamia, Egypt, Persia and Syria. Later, Alexander the Great, returning to Greece from his campaign in India, gave the island the Greek name, “Ikaros.” Kuwait appears on a map made around 150 AD as “Coromanis.” Its commercial role, especially as a connecting point between India and the Arabian Peninsula, was sustained through the twelfth century.

The Portuguese were the first Europeans to appear in the Indian Ocean and Arab Gulf. Although most of the Arab areas were under Ottoman sovereignty, the Portuguese gained control of the Gulf route by the sixteenth century. Kuwait (specifically, Failaka Island) first appeared on a Portuguese map in 1563. Competition between rival European countries increased, and the Portuguese were driven out. The first visit by the Dutch to the Kuwait area was in 1645. A map dated 1652 shows an area called “Kazema,” which was outside the borders of Iraq when it was under Ottoman rule. According to local history, the Bani-Khalid, the dominant tribe in Arabia at that time, built a fortress in a region that later became modern Kuwait. Border problems between Basrah and the Bani-Khalid led to the building of many such fortresses. The particular type of fortress was a kût, which is a fortification built near water (in this case the sea). A village grew around this kût, which, in its diminutive form, kûayt, gave its name to the settlement.

The Kuwaiti economy received a boost when the British East India Company was forced to find a new route for its postal and commercial trade from India during the Persian siege and subsequent occupation of Basrah in 1775-76. The Ottomans regained Basrah in 1779, but Kuwait’s harbor and good reputation were now established. Kuwait’s profits during the period allowed it to build larger, more powerful ships. Kuwait augmented its pearling and fishing fleets with warships and with larger vessels trading with India, Africa, and Indonesia. In so doing it developed an important local shipbuilding industry. Skilled boat builders migrated to Kuwait from Bahrain. Al-Hasa, and other parts of the Gulf.

Caravans passed through the town gates to the market places and the port. The desert routes led to points as distant as Aleppo and Damascus. Bedouin entered the town to trade in its market. Pilgrim caravans, passing through on their way to Makkah, are still remembered. Most famous was the ‘Abd-ur-Razzaq gate, and a mosque by the same name still stands on the site. Jaber I, known as “Jaber Al-Aysh,” for his generosity in providing free food to the poor, ruled Kuwait from 1814 to 1859. Kuwait by this time featured an active merchant and seafaring community. Trade tended to concentrate there because of the unstable situation in nearby Ottoman territories...............................................

To read the full article please click (http://www.arabtimesonline.com/arabtimes/kuwait/Viewdet.asp?ID=6989&cat=a)

margog

February 26th, 2006, 02:53 PM

long lev kuwait and the GCC

Skoulikimou

February 27th, 2006, 12:28 PM

Kuwait targets 'tourists', plans to build new hotels

'30,000 jobs to be created'

KUWAIT, Feb 26, (KUNA): With the application of a national tourism strategy, the tourism sector will contribute 2.9 percent of Kuwait's gross domestic produce (GDP) by 2025, said Information Ministry's Assistant Undersecretary for Tourism Nabila Al-Anjari.

In an interview with Kuwait News Agency (KUNA), Al-Anjari explained that according to the World Travel Tourism Council (WTTC), tourism currently only comprises 1.9 percent of Kuwait's GDP, noting that there are 135 applications to establish new hotels and Kuwaiti hotels are expected to have a total capacity of 7,600 rooms by 2008 in comparison to 4,600 rooms in 2005.

When it comes to Kuwait's needs of hotel rooms by 2015, she said only 2,087 rooms are needed if the demand stays at its current level, but 4,208 rooms will be needed if economic and commercial growth takes place and 8,359 rooms will be needed if the national tourism strategy is applied.

She added that as Kuwait aims at developing all aspects of tourism, the strategy will save over 10 percent of money spent on tourism outside Kuwait, create 30,000 job opportunities for Kuwaitis, increase direct and indirect state revenues, as well as benefiting about 40 economic sectors.

In terms of Kuwaiti workers at tourism outlets, she said they currently do not comprise over one percent of the sector's workforce, but the strategy will increase the number of Kuwaitis to 7,000 by 2010 and 30,000 by 2025.
In 2005, she noted, 763 million tourists journeyed around the world with a total cost of USD 622 billion, which constitutes over seven percent of global revenues.

Al-Anjari said that by 2010 the strategy will include increasing the number of tourists in Kuwait to 1 million, hotel patrons to 650,000, increasing overall tourism by 25 percent, privatizing Kuwait Airways Corporation (KAC) and establishing new airlines companies.
Click to Check (http://www.arabtimesonline.com/arabtimes/kuwait/Viewdet.asp?ID=7010&cat=a)

Skoulikimou

February 28th, 2006, 01:22 AM

Kuwait's IFA Hotels & Resorts lists in S.Africa
Mon Feb 27, 2006 12:25 PM GMT168

JOHANNESBURG (Reuters) - Kuwait's IFA Hotels & Resorts (IFAHR) has listed its South African subsidiaries into a new hotel and leisure firm on the JSE Securities Exchange, the group said on Monday.

IFA Hotels & Resorts Ltd SA's (IFAHR SA) shares listed at 4.50 rand, valuing the offer at just under one billion rand. By 1016 GMT, the stock remained unchanged at 4.50 rand.

IFAHR SA owns the luxury Zimbali Lodge in South Africa's eastern KwaZulu-Natal province and a 50 percent stake in a multi-million rand resort project development.

"We are proud to have listed on the JSE as a second listing after Kuwait as part of our strategy of listing in international markets where we have a significant presence. We believe this will maximise shareholder returns and give our investors the opportunity to cross-invest in other global markets and projects," IFAHR Chairman Talal Al-Bahar said.
Click to Check (http://za.today.reuters.com/news/NewsArticle.aspx?type=businessNews&storyID=2006-02-27T102621Z_01_BAN737534_RTRIDST_0_OZABS-LEISURE-IFA-20060227.XML)

differences75

February 28th, 2006, 08:31 AM

Kuwait targets 'tourists', plans to build new hotels

'30,000 jobs to be created'

KUWAIT, Feb 26, (KUNA): With the application of a national tourism strategy, the tourism sector will contribute 2.9 percent of Kuwait's gross domestic produce (GDP) by 2025, said Information Ministry's Assistant Undersecretary for Tourism Nabila Al-Anjari.

In an interview with Kuwait News Agency (KUNA), Al-Anjari explained that according to the World Travel Tourism Council (WTTC), tourism currently only comprises 1.9 percent of Kuwait's GDP, noting that there are 135 applications to establish new hotels and Kuwaiti hotels are expected to have a total capacity of 7,600 rooms by 2008 in comparison to 4,600 rooms in 2005.

When it comes to Kuwait's needs of hotel rooms by 2015, she said only 2,087 rooms are needed if the demand stays at its current level, but 4,208 rooms will be needed if economic and commercial growth takes place and 8,359 rooms will be needed if the national tourism strategy is applied.

She added that as Kuwait aims at developing all aspects of tourism, the strategy will save over 10 percent of money spent on tourism outside Kuwait, create 30,000 job opportunities for Kuwaitis, increase direct and indirect state revenues, as well as benefiting about 40 economic sectors.

In terms of Kuwaiti workers at tourism outlets, she said they currently do not comprise over one percent of the sector's workforce, but the strategy will increase the number of Kuwaitis to 7,000 by 2010 and 30,000 by 2025.
In 2005, she noted, 763 million tourists journeyed around the world with a total cost of USD 622 billion, which constitutes over seven percent of global revenues.

Al-Anjari said that by 2010 the strategy will include increasing the number of tourists in Kuwait to 1 million, hotel patrons to 650,000, increasing overall tourism by 25 percent, privatizing Kuwait Airways Corporation (KAC) and establishing new airlines companies.

http://www.arabtimesonline.com/arabtimes/kuwait/Viewdet.asp?ID=7010&cat=a

Skoulikimou

February 28th, 2006, 12:55 PM

Kuwait: New real estate firm formed

Kuwait Gazette announced Monday the establishment of the Diyar Al-Kuwait Real Estate Company with a capital of KD 20 million. KuwaitIt was established as a closed shareholding company with a capital of KD 20 million distributed over 200 million shares each valued at 100 fils.

The company aims at managing, operating and maintaining various real estate, as well as preparing studies and offering counseling in the field of real estate. It also owns, buys and sells shares and bonds of various real estate companies solely for its company's account, Kuna reported.
Click to Check (http://www.albawaba.com/en/countries/Kuwait/195202)

Skoulikimou

February 28th, 2006, 12:59 PM

Kuwait makes first, major onshore gas discovery
Feb 27, 2006

Kuwait has made its first, major natural gas discovery at an onshore field in its northern territory, senior oil executives said Monday.
The find, which the executives said has 'commercial potential', is highly significant for the gas-poor nation, which sits on an estimated eight percent of the world's total crude oil reserves.
The state-owned Kuwait Oil Company (KOC) has been searching for natural gas reserves since 1978.
KOC's Exploration Group discovered the natural gas in the deep 'Jurassic' formation in the recently designated northern field of Umm Niqa at a well identified as UN-001, oil executives said.
Umm Niqa lies just northwest of the vast, well-known Sabriya field.
UN-001 had already yielded significant ultra-light crude oil finds from the Jurassic layer in 2005. Those light oil discoveries prompted engineers to look for gas within the same Jurassic layer, which they eventually found.
The well was shown to produce 'major quantities of natural gas' from the so-called Negma/Sargelu formation at approximately 14,200 or 14,300 feet, said one of the executives.
Official estimates of the amounts of gas found were expected to be released soon.
To read the full article please click (http://www.iranoilgas.com/news/details/?type=news&p=current&newsID=2368&restrict=no)

Q8Wave

February 28th, 2006, 11:36 PM

Koweitien

March 1st, 2006, 12:16 AM

8% of world's gas reserves is a lot. So if this is true, why import gas from neighboring countries? I tried to google this and couldn't find any news except that site you gave.

Let's wait for the official numbers release.

No the article said that we have 8 % of the world's crude oil reserves. We didn't have any commercial Natural Gas reserves until the discovery of this field :) Btw welcome to the Kuwaiti Sub-Forum Q8Wave :)

Q8Wave

March 1st, 2006, 06:54 PM

No the article said that we have 8 % of the world's crude oil reserves. We didn't have any commercial Natural Gas reserves until the discovery of this field :) Btw welcome to the Kuwaiti Sub-Forum Q8Wave :)

Oh I must have mis-read that. Thanks for clarifying Dubliner :) .

Skoulikimou

March 4th, 2006, 06:01 AM

وفي موضوع اخر تقدم خمسة نواب باقتراح بقانون يقضي بتأسيس شركة مساهمة باسم شركة تنمية بوبيان يكون لها وحدها حق تنمية وتطوير وتأهيل جزيرة بوبيان وانشاء ميناء عالمي ومنطقة تجارة حرة ومخازن ومستودعات.
وقرر الاقتراح ان يكون رأس مال الشركة 500 مليون دينار توزع اسهما بواقع %20 لهيئة الاستثمار و%5 للتأمينات %75 توزع على المواطنين مجانا وتتحمل ميزانية الدولة تكلفتها.

To read the full article please click (http://www.alwatan.com.kw/Default.aspx?MgDid=394839&pageId=26)

Skoulikimou

March 4th, 2006, 01:40 PM

Govt keen on transforming Kuwait into financial center:

he current government is serious about transforming Kuwait into a financial and economic centre through investments and ensuring return of Kuwaiti capital into the country, says Minister of Commerce and Industry Dr Yousef Al-Zalzalah. “The government is also keen to market Kuwait to the international community through visits with Arab and foreign nations for commercial exchange,” declared the minister. Al-Zalzalah, during a discussion with the representative of the Taiwan Commercial Office to Kuwait, talked of “converting the Umm Muradam Island into a commercial and transit centre for all GCC countries.”

Its geographical location allows it to be the main entrance for Iraq, he added indicating “there is a high possibility of establishing Kuwait as main gateway for the Iraqi reconstruction process and as a commercial passing point to Iraq.” This can be done after easing the legal procedures for such commercial and reconstruction movement through Kuwait to Iraq, explained the minister. Iraq is a huge market with a large capacity for various kinds of commerce, he added.

Al-Zalzalah expressed hope that the foreign investment office will put in place a clear strategic “to attract foreign investments from various countries starting with the Taiwanese investors who have visited Kuwait and studied the opportunities available in this market.” Allowing foreign banks to operate in the Kuwaiti market will be vital to foreign investments and will help ease the investment transactions, he added. Al-Zalzalah in a meeting with the Public Authority for Industry (PAI) officials meanwhile, said, “Providing investment information through an international internet-based network will have a huge impact on attracting foreign investors.”

It will enable the foreign investor to get the necessary information through the internet, he added indicating “PAI and the Industrial Imports Development Centre have undertaken to ensure development of this network.” Geographical Information System (GIS) prepared by the PAI will provide geographical information about Kuwait’s industrial sector and its basic infrastructure, explained Al-Zalzalah. The system will also list the functions provided by the industrial sector provides to the Kuwaiti and non-Kuwaiti investors, he added. “My visit to PAI and my meeting with officers of the authority have helped me gain more information about the kind of services the authority provides to investors,” concluded the minister.
Click to Check (http://www.arabtimesonline.com/arabtimes/kuwait/Viewdet.asp?ID=7073&cat=a)

Skoulikimou

March 5th, 2006, 12:46 AM

Kuwait Energy Company (KEC)

Kuwait Energy to raise $189m:
Posted: Saturday, March 04, 2006

Kuwait City

Newly established independent Kuwait Energy Company (KEC) plans to raise KD53.7 million ($183.8 million) through a share issue, the issue manager said in a statement.

Global Investment House said the company would increase its capital to KD50 million by issuing 490 million shares at 109.5 fils each but did not say whether that included a premium.

Global said KEC was boosting its capital to invest in the oil and gas sector in the Middle East, Africa and Central Asia.

KEC is to be listed on the Kuwait bourse in 2008, three years after its establishment in August, it said.

KEC wants to become a leading independent regional oil and gas company, and to achieve a production of 50,000 barrels of oil equivalent per day with net reserves of 300 million BOE by 2010.

KEC will focus its operations in the Middle East initially and in Central Asia. The focus countries include Egypt, Syria, Oman, Yemen, Iran, Iraq and Kazakhstan.

KEC is in talks to acquire oil and gas assets and its total investments are expected to reach KD75 million, with some KD100 million more expected within three years, Global said, adding that KEC is also considering join ventures.-Reuters
Click to Check (http://www.tradearabia.com/tanews/newsdetails_snOGN_article101479_cnt.html)

Skoulikimou

March 9th, 2006, 05:17 PM

Real estate deal signed
09-03-2006

Kuwait's Public Authority for Housing Care signed a contract with First Investment Company for technical, financial, economic, and legal advisory services pertaining to Khairan City project. KuwaitAccording to Kuna, Minister of Public Works and Minister of State for Housing Affairs Bader Al-Humeidi commented that the authority's main priority was to accommodate all housing applications by the year 2011.The project was the third of its kind and would hold 30,000 housing units.
Click to Check (http://www.albawaba.com/en/countries/Kuwait/195587)

Skoulikimou

March 9th, 2006, 05:23 PM

Kuwait to act over falls in stock market:
09-03-2006
Kuwait yesterday became the first Gulf state to announce direct intervention to support its stock market following a sharp fall in shares during the past month.

The decision, announced by Badr al-Humaidhi, the finance minister, coincided with protests by angry shareholders demanding government action andthe biggest daily fall - 2.35 per cent - in the market's main index since October 2003.

The Kuwait stock market has declined about 12 per cent during the past month, in tandem with steep recent corrections in Qatar, the United Arab Emirates and Saudi Arabia......................................

To read the full article please click (http://news.ft.com/cms/s/fd31990a-af10-11da-b04a-0000779e2340.html)

Skoulikimou

March 11th, 2006, 01:10 PM

Kuwait population hits 2.992m; Citizens up in number, down in percentage :

The latest statistics on demographics and the labor force, issued by the Public Authority for Civil Information (PACI), indicate that the total population of Kuwait had reached 2.992 million by the end of 2005, an 8.6 per cent increase over that of year 2004-end says the Al-Shall Weekly Economic Report published by Al-Shall Consultants headed by Jassem Al-Saadoun. This positive and high increase is the first since the end of 1994. The population grew by 8.1 per cent in 2004 and 5.2 per cent, 4.8 per cent and 4.1 per cent in 2003, 2002, and 2001 respectively. The growth was negative at 1.7 per cent in 2000 and another negative growth at 0.7 per cent in 1999.

The absolute increase 2005 was about 237,500 when Kuwaitis increased by 36,000 with a growth rate of 3.8 per cent making their total 992,200. But Kuwaitis in the total population decreased from about 34.7 per cent by the end of last year to about 33.2 per cent. Females outnumber males: 506,100 to 486,100. On the other hand, the non-Kuwaitis number increased by 201,600, a growth rate of 11.2 per cent, totaling 1.999 million. The current population figure is considered the highest ever as Kuwait’s population in the mid-1990s was about 2.125 million. The total workers in Kuwait were 1.816 million which represents about 60.7 per cent of the total population. While this percentage for Kuwaitis is about 32.3 per cent of the total Kuwaiti population, showing the high sustenance rate, the non-Kuwaitis percentage is 74.8 per cent............................................
To read the full article please click (http://www.arabtimesonline.com/arabtimes/kuwait/Viewdet.asp?ID=7168&cat=a)

Skoulikimou

April 24th, 2006, 12:14 AM

Kuwait posts record $47 billion revenue last year

Kuwaiti Finance Ministry figures showed that the country has posted a record $47 billion in revenues in the fiscal year ending March 31, AFP reported.

The revenues were up 54 percent on $30.5 billion the previous year, the Al-Shall Economic Consultants said.

They were also three times higher than budget estimates of $15.7 billion, as the price of Kuwait's mostly heavy oil reached new highs.

Oil revenues soared 60 percent to $44.4 billion, more than 230 percent of the budget estimate of $13.3 billion, Al Shall said. They accounted for about 95 percent of total income.

Oil income had been calculated at a conservative price of $21 a barrel, while the average price has remained above 50 dollars for most of the year.

Kuwait has been pumping around 2.6 million barrels per day, above its OPEC quota of 2.247 million bpd.

Non-oil revenues remained almost unchanged at $2.6 billion compared to $2.7 billion last fiscal year.

Spending was $17.7 billion, but the figure is provisional and is certain to rise sharply after year-end accounting adjustments, Al Shall said. The full-year budget projects expenditure of $24.7 billion.

This leaves a provisional surplus of $29.3 billion Al Shall said the final figure is likely to hover around $22-23 billion after adjustments, but still be the highest in Kuwait's history.
From 1999/2000 to 2004/2005, Kuwait accumulated more than $30 billion in budget surplus.

Click to Check (http://www.menafn.com/qn_news_story_s.asp?StoryId=1093110299)

FloodGate

April 24th, 2006, 02:01 AM

Nokia company makes double that amount anually.

Skoulikimou

April 24th, 2006, 02:07 AM

Nokia company makes double that amount anually.
can you please provide the source of Nokia revenue .

Skoulikimou

April 24th, 2006, 02:14 AM

@FloodGate

nokia revenue 2004
The company recorded revenues of E29,267 million during the fiscal year ended December 2004, a decrease of 0.6% over 2003. The operating profit of the company during fiscal 2004 was E4330 million, a decrease of 13.6% over fiscal 2003. The net profit was E3207 million during fiscal year 2004, a decrease of 10.7% over 2003.
Click to Check (http://www.computerwire.com/companies/company/?pid=68875A1E-6946-4660-A49A-A0854BB82DCA&research=1)
dont post incorrect information

h_arc_h

April 24th, 2006, 09:11 AM

منتدى شركات «المشاريع» 3 مايو وليوم واحد مكثف
علمت «الرأي العام» ان مجموعة شركات مشاريع الكويت (القابضة) قررت اقامة منتدى الشفافية في الثالث من شهر مايو المقبل ولمدة يوم واحد بدلاً مما كان معمولا به سابقاً عبر اقامة المنتدى على ثلاثة أيام.
وأوضحت مصادر مطلعة ان غالبية شركات المشاريع ستعرض خططها وتوقعاتها المستقبلية بشكل مكثف في اليوم نفسه في فندق المارينا في السالمية، حيث أثبتت التجربة أن مدة الأيام الثلاثة طويلة وقد لا يتمكن المستثمرون من حضور المنتدى في ثلاثة أيام.
وعلى رغم تزامن انعقاد المنتدى مع موسم الجمعيات العمومية لشركات المشاريع إلا أن المصادر أوضحت انه سيكون هناك جديد وستكون هناك أرقام جديدة، معربة عن فخرها بأن جميع ما تم ذكره في المنتديات السابقة تحقق بطريقة أفضل مما تم الكشف عنه وهذا أعطى مصداقية كبيرة للمنتدى.

It will be great if somebody in kuwait go and see what are thier future architectural plans and projects in kuwait, and write a brief summery :)

h_arc_h

April 25th, 2006, 03:17 AM

علمت 'القبس' من مصدر مطلع ان سمو رئيس الوزراء الشيخ ناصر المحمد وافق على تنفيذ مشروع جسر الشيخ جابر الاحمد 'الصبية' قائلا خلال اجتماعه ظهر امس مع القيادات في وزارة الاشغال: 'طرحوا الجسر من باجر'.
وقال المصدر ل'القبس' ان الاجتماع الذي عقد في مجلس الوزراء واستغرق حوالي الساعتين بحضور الوزراء بدر الحميدي، ومحمد شرار، ود.اسماعيل الشطي، ود.انس الرشيد، عرض خلاله المسؤولون في الاشغال مشروع جسر الشيخ جابر الاحمد 'الصبية'، واهم المشاريع الانشائية كاستاد جابر الاحمد الدولي، والمستشفيات الجديدة في جنوب السرة، وتطوير مستشفى ابن سينا، اضافة الى توسعة بعض المستشفيات القائمة حاليا، فضلا عن عرض مشروع قاعة التشريفات الجديدة التي ستكون وفق احدث انظمة البناء، حيث ستصل الطائرة لتقف امام البوابة مباشرة لاستقبال الضيوف.
واشار المصدر الى ان مشروع جسر جابر الاحمد استغرق عرضه والتباحث في التفاصيل اكثر من ساعة ونصف الساعة، حيث اطلع سمو رئيس الوزراء من مسؤولي الاشغال على شرح مفصل لطريقة تنفيذ الجسر الذي ستكون بدايته من نهاية شارع الغزالي بجوار ميناء الشويخ وحتى مدينة الصبية التي سينفذ فيها مشروع الحرير، كما تم عرض الميزانية المقررة للمشروع والبالغة تقريبا 400 مليون دينار، وكذلك ابدى ناصر المحمد الاهتمام بالجزيرتين الصغيرتين اللتين تقعان في بداية خط الجسر، واخرى قريبة من النهاية، والمطالبة بالاهتمام بها مضيفا ان سموه ابلغ الحضور انه سيقوم بعرض المشروع على مجلس الوزراء يوم الاحد القادم لاقراره.
وذكر المصدر ان المشروع الاخر الذي ابدى سموه الاهتمام به هو استاد جابر الاحمد الدولي، حيث طرح بعض الملاحظات بالنسبة لزيادة عدد المصاعد وتوسعة المواقف لتكون مشتركة مع مشروع تابع للتعليم التطبيقي في المنطقة ذاتها.
واستمع سموه الى شرح مفصل عن مشاريع الاشغال من الحميدي وكبار المسؤولين بالوزارة. وابدى سمو توجيهاته حول اهمية وضرورة انجاز المشاريع في الوقت المحدد لها مع الاخذ بعين الاعتبار المتطلبات المستقبلية لكل مشروع ومدى مواءمته مع التطلعات التنموية للبلاد مؤكدا ان الحكومة تولي اهمية كبرى لانجاز هذه المشاريع.

these are great news .. I guess the construction for the bridge will start very soon

Faisal

April 25th, 2006, 01:44 PM

Loool... 6or7o al-jesser min bacher
Thanks Shekh Nasser Al-Mo7ammed :)

ahmedjam

April 25th, 2006, 02:01 PM

Thanx h_arc_h... Good work

Skoulikimou

April 26th, 2006, 06:19 PM

Oxford Business Group to launch first Emerging Kuwait 2006

The next phase of Kuwait's economic development is to increase the role of its private sector, said Sheikh Sabah al-Ahmad al-Jaber Al Sabah, Kuwait's new Emir, in an exclusive two-page interview with Oxford Business Group (OBG), the UK-based publishing, research and consultancy services company and the name behind the authoritative Emerging Markets economic, political and business annuals....................
To read the full article please click (http://www.ameinfo.com/84164.html)

Koweitien

April 26th, 2006, 06:32 PM

^^ I would love to get a copy of that :)

Kuwait4Ever

April 26th, 2006, 10:44 PM

Yuba they will only talk and talk then nothing will happen.

Kuwait4Ever

May 2nd, 2006, 01:55 PM

Kuwait: 4 hours, 48 minutes ago

Kuwait Petroleum Corporation plans to produce 3m bpd of crude within ten years, reported the Kuwait News Agency citing comments by Oil Services Company MD Sheikh Talal Al-Sabah. But the country's parliament is deadlocked over plans to enlist foreign help to develop Kuwait's oil production, with no resolution likely before the end of 2006, according to an earlier Reuters report.

http://www.ameinfo.com/84735.html

Ikarus_q8

May 2nd, 2006, 04:03 PM

does that mean loosing more oil sooner !!!
or do we have that much of oil...
I still think exporting solar batteries is a good idea for kuwait :)

Kuwait4Ever

May 4th, 2006, 02:51 PM

does that mean loosing more oil sooner !!!
or do we have that much of oil...
I still think exporting solar batteries is a good idea for kuwait :)

I think it is because we have so much of oil and not enough refining facilities.Now a lot of countries are starting to build a lot of refining plants to export more oil quickly and some countries build them abraod for cheaper workforce.

Koweitien

May 4th, 2006, 02:55 PM

Kuwait4Ever

May 4th, 2006, 03:02 PM

Refining capacity in the Middle East should exceed 9.6bn bpd by 2012, according to FACTS Global Energy Chairman Dr Fereidun Fesharaki quoted by Gulf News. Current capacity in the region stands at 6.65m bpd, with Saudi Arabia having the highest at 2m bpd. Saudi is building two export-orientated refineries at Yanbu and Jubail, both with a 400,000-bpd capacity.

Kuwait4Ever

May 4th, 2006, 03:06 PM

Yeah they are planning to build the biggest refinery in the world in Al Zour. When this is completed then the one in Shuaiba is going to close down. Is the Shuaiba refinery the one next to Fahaheel and Mina Al Ahmadi ?

Yes I think it is.Maybe this one?

11 bid $6.3bn Kuwait refinery

Kuwait: Thursday, April 06 - 2006 at 08:12
Eleven international companies, three of which are Korean, have prequalified for the construction of a new $6.3bn oil refinery in Kuwait, said a statement from Kuwait National Petroleum. The 600,000 bpd refinery has been split-up into four main contracts.

Koweitien

May 4th, 2006, 03:15 PM

I think that this is great news because this means that the Shuaiba Refinery is going to close down. IMO the Shuaiba Refinery is quite close to where people live. I heard that the Shuaiba Refinery is going to close down in 9 moths time :)

Kuwait4Ever

May 4th, 2006, 03:20 PM

Kuwait4Ever

May 4th, 2006, 03:28 PM

Here are two pieces of info about Kuwait owned refineries abroad

Kuwait, KSA, Pakistan refinery

Kuwait: Tuesday, April 18 - 2006 at 15:46
Kuwaiti, Saudi and Russian firms are set to bid for the contract to build a new $2bn oil refinery in Pakistan's Baluchistan province at Khalifa Point, reported the Kuwait Times. The refinery's capacity would be 13m tonnes of petroleum products, higher than the country's total current capacity of 12.8m tonnes.

$5bn Kuwaiti refinery in China

Kuwait: Tuesday, April 11 - 2006 at 08:40
Plans for a $5bn Kuwaiti owned refinery in Guangdong, China have been approved by the most senior Chinese economic planner, Reuters reported local newspapers as saying. Last December PetroChina and Kuwait Petroleum announced a joint study for the 300-350,000 bpd refinery.

Skoulikimou

May 5th, 2006, 05:27 AM

Emerging Kuwait' a good place for investment

KUWAIT: Michael Benson-Colpi, chairman of the Oxford Business Group (OBG) since 1997, has spent time in every country on which the group has published a report-Kuwait included. Five minutes into our interview yesterday, I was convinced of his commitment to the mission of the UK-based research and consultancy company, which provides analysis on emerging markets for the benefit of the international investment community. Benson-Colpi's sound academic background-he holds an Honours Degree in Law and Economics and has served as a Conservative councillor in The Royal Borough of Kensington and Chelsea in London-have helped him master the global thinking he possesses today.
I immediately took advantage of the multi-faceted portfolio he holds and re-targeted the conversation towards the current turbulence of Bolivia's unexpected nationalisation of their energy industry and its implications for the rest of the oil exporting countries.
"This is a very good time to be an oil producer in a stable country," he said.
Asked to predict the performance of the Kuwait Stock Exchange following the country's bumper year for banking and finance along with the KSE's recent slump, Alex Gordy, the editorial manager of the Oxford Business Group said, "It is important to put across the message to investors that the stock market does not always go up. Most predictions are that there will be a rebound in the second half this year."
Dwelling upon the reasons for the country's economic diversification, Gordy explained, "We are very much encouraged by steps taken by the government to diversify the economy. This is a straight forward signal to foreign investors that more diversification is on the way."
As to where Kuwait's economy stands compared to other Gulf countries and the world, Benson-Colpi responded (with an air of diplomacy), "Oxford Business Group is not in the game of ranking one country compared to another. We are not convinced that any particular single such ranking is fair, given the differences in resource base and the differences in the pace of development................................
To read the full article please click (http://www.kuwaittimes.net/Navariednews.asp?dismode=article&artid=410023955)

Skoulikimou

May 5th, 2006, 05:06 PM

Kuwait's KPC May Build $3 Bln Oil Refinery

JAKARTA (Dow Jones)--Indonesia's state-owned oil and gas company PT Pertamina (PTM.YY) and Kuwait Petroleum Corp. (KPT.YY) could jointly build an oil refinery in the Southeast Asian country, Mines and Energy Minister Purnomo Yusgiantoro said Friday.

The size and location of the project haven't been decided, but total investment could reach $3 billion, Purnomo said, without disclosing each company's investment.

The companies will meet in Jakarta on May 10 to discuss details," he told reporters.It isn't clear if Kuwait will supply crude for the proposed refinery.

The potential cooperation between the two state-owned companies is an outcome of President Susilo Bambang Yudhoyono's 10-day visit to the Middle East, which ended Thursday.

Pertamina also plans to build a $2-billion crude oil refinery with Saudi Arabian Oil Co. (SOI.YY), while its unit, PT Elnusa, plans to tie up with Nafta Iran to build a $4-billion 300,000 barrel-a-day refinery in western Java's Banten province.

Pertamina has been seeking partners to jointly build refineries in Indonesia as the country's seven oil refineries, which have a total production capacity of around 1 million b/d, meet only about three-quarters of domestic oil demand.

Click to Check (http://sg.biz.yahoo.com/060505/15/40ksd.html)

Kuwait4Ever

May 5th, 2006, 05:18 PM

Wow it seems Kuwait is building a lot of refineries abroad right now

Kuwait4Ever

May 6th, 2006, 03:54 PM

Kuwait's Wataniya Telecom has announced its results for Q1, with the Company posting a consolidated net profit of $37.8 m. Group revenues for Q1 increased to $360.4 m, an increase of 44% compared to the same period in 2005. Total active customers jumped to 7,123,022 compared to 6,390,504 from the last quarter, an increase of 11%.

http://www.ameinfo.com/85157.html

Kuwait4Ever

May 6th, 2006, 04:53 PM

Gulf Business Centre Kuwait has changed its name to IO Centers, reflecting new management arrangements.

Centers is the leading provider of premium fully furnished, fully serviced office space in Kuwait.

IO Centers provide ready-to-use offices that are located in prime locations and are offered for both short term and long term purposes. Current locations are in the heart of the business district of Kuwait: the prestigious Arraya Centre and the Dar Al Awadi Center, both in Sharq.

IO Centers contain a complete range of facilities and services: premium furnished office suites, multilingual secretarial services, conference rooms, reception areas, advanced CISCO IP phone systems, high speed internet access, fully secured - 24/7 access, local business facilitation and processing services, hospitality services, and daily office cleaning.

'We are committed to giving our clients the perfect surroundings and support needed to conduct their business effectively,'

stated Mr. Hamad T. Al Homaizi, Managing Partner of IO Centers. 'IO Centers ensures that you can focus on your business, in a comfortable, stress-free environment.'

IO Centers was established in May 2004 at Arraya Centre as the first serviced office space provider. In February 2006 it opened the doors to its second center at Dar Al Awadi, in Sharq. IO Centers plan to expand locally and internationally.

http://www.ameinfo.com/85158.html

chix_love

May 6th, 2006, 10:18 PM

Global Investment House announced today the conclusion of its first land acquisition in the Hadiya area of Kuwait. The land size is 120,000 sqft and will be combined and sub-divided into 28 plots to be developed as middle income residential units within two years. The investment is a joint venture with Alargan International Real Estate Company and the total value of the investment is $12m.

chix_love

May 6th, 2006, 10:19 PM

source ameinfo

Kuwait4Ever

May 7th, 2006, 01:56 PM

Kuwait-based Gulf Investment House has announced that it made a profit of $20.9m during Q1, a 57% increase on the same period last year, reported the Kuwait News Agency. Total company revenues increased to $25.9m, up $9.3m on last year. The company hopes to list its shares in both the Kuwait and the Bahrain stock exchanges in Q1 2007.

http://www.ameinfo.com/85222.html

Kuwait4Ever

May 8th, 2006, 01:44 PM

Two Kuwaiti groups are keen on making major investments in Egypt's cement and fertilizer sectors, according to the APD. The Egyptian Industrial Development Authority is currently looking at the proposals which, if they get the go-ahead, will have an estimated combined value of $818.6m.

http://www.ameinfo.com/85350.html

CrazY

May 8th, 2006, 08:52 PM

Kuwait parliament panel approves privatisation bill
AFP - 08May
A Kuwaiti parliament committee said it has approved the draft of a key piece of legislation that could open the door for privatising Kuwait's public services and state-owned companies.
The government-sponsored bill facilitates the sale of electricity, communications and education services to local and foreign private investors but bans the privatization of oil and gas production. The draft stipulates that an oversight council headed by the prime minister must be established to have the final say on transferring public services to the private sector.

The bill, which was first introduced in 1992 and was approved Monday by Parliament's economic and finance committee, must be passed by Parliament and signed by the emir to become law.

It is not yet known when Parliament will debate the bill.

The committee also introduced new clauses to safeguard the rights of Kuwaiti employees in privatized services, a factor that had been the main stumbling block for the privatization legislation.

Under the bill, the sale of any public service to the private sector must be enacted by a law and the government must maintain a golden share which gives it the veto power on the board of directors.

Kuwait4Ever

May 8th, 2006, 08:58 PM

Kuwait parliament panel approves privatisation bill
AFP - 08May
A Kuwaiti parliament committee said it has approved the draft of a key piece of legislation that could open the door for privatising Kuwait's public services and state-owned companies.
www.zawya.com (http://www.zawya.com)

WOW!! :eek2: !I think this is good news,very good news.

Koweitien

May 8th, 2006, 09:06 PM

Yeah that could mean that Kuwait Airways is going to be privatized soon :colgate:

CrazY

May 8th, 2006, 09:08 PM

^^ yeah it is :D

Skoulikimou

May 10th, 2006, 12:18 PM

Kuwait opens to Gulf expats; Visit without visas

Foreign residents of the Gulf Cooperation Council (GCC) states can now visit Kuwait without a visa, according to a decision issued Tuesday by the interior ministry. The decision applies to foreigners who hold resident permits in GCC states, Major General Thabet al-Muhanna, the ministry’s assistant undersecretary said in a statement quoted by the KUNA news agency. The GCC groups Kuwait, Bahrain, Oman, Qatar, Saudi Arabia and the United Arab Emirates. About 12 million foreigners, mostly Asians and Arabs, live and work in the GCC. They will be granted visas at the point of entry, Muhanna said.

In 2004 Kuwait scrapped prior visa requirements for citizens of 34 countries from North America, most of Western Europe, Southeast Asia, New Zealand and Australia. Previously, all visitors to the country were required to obtain visas valid for one month through a sponsor in Kuwait before being allowed to board the plane. The instructions were issued by First Deputy Prime Minister and Defense and Interior Minister Sheikh Jaber Al-Mubarak Al-Sabah and this decision was made following a meeting today between HH the Prime Minister Sheikh Nasser Mohammad Al-Ahmad Al-Sabah and members of the Kuwait Chamber of Commerce and Industry, said Al-Muhanna.............................
To read the full article please click (http://www.arabtimesonline.com/arabtimes/kuwait/Viewdet.asp?ID=7924&cat=a)

CrazY

May 10th, 2006, 12:24 PM

^^ will this like increase the tourist number coming to kuwait ??

CrazY

May 10th, 2006, 02:17 PM

HP has acquired the IT services business of National Computer Services through a joint venture agreement in Kuwait. A new company - Hewlett-Packard Services Kuwait Company - will be managed by HP. HP says the aim of the venture is to better serve the Kuwait market and build on its commitment to the Middle East.
http://www.ameinfo.com/85607.html

Kuwait4Ever

May 10th, 2006, 02:43 PM

Kuwait plans to privatise parts of its oil industry and invest at least $64bn to develop the sector, according to the Middle East Times. KPC will sell at least 30% of its foreign arm, the Kuwait Foreign Petroleum Exploration Company, and 49% of Kuwait Drilling Company, according to energy minister Sheikh Ahmed Fahd Al Sabah.

_________________________________

I think that the privatisation is under way :cheers:

Kuwait4Ever

May 11th, 2006, 03:54 PM

Kuwait's Central Bank has revalued the Kuwaiti dinar to allow an appreciation of 1%, leading to a sharp rise against the US dollar, reported Reuters. The action was taken after the US Fed raised interest rates by a quarter of a point, prompting Kuwait to raise its repo rate to 5.625%. Banking sources speculated that Saudi Arabia could also revalue its currency.

http://www.ameinfo.com/85735.html

safqa_tijariya

May 12th, 2006, 01:31 AM

الكويت ترفع الدينار 1% أمام الدولار.. والخليجيون يستبعدون خطوات مماثلة لعملاتهم

مسؤول في أمانة مجلس التعاون: التعديل لا يؤثر في أسعار الصرف التقاطعية للعملات الخليجية
الرياض: انيس القديحي لندن: «الشرق الأوسط»
سجل سعر صرف الريال السعودي أمس ارتفاعا بواقع 100 نقطة أمام الدولار الأميركي عند الحد الأعلى لنطاق سعره عند مستوى 3.7460 ريال للدولار، في حين كان قد فتح في سوق العملات على 3.7505 ريال للدولار. وجاء ارتفاع سعر صرف الريال في سوق العملات على الرغم من تثبيت سعره رسميا 3.75 ريال أمام الدولار، بعد أن رفعت الكويت قيمة الدينار بنسبة 1 في المائة مقابل الدولار. حيث قال متحدث باسم البنك المركزي الكويتي أمس إن بلاده سمحت للدينار بالارتفاع بنسبة 1 في المائة أمام الدولار.

وتعليقا على الخطوة الكوتيتية عبر كمال شارما، محلل العملات بفرع بنك أوف أميركا في لندن، عن اعتقاده أن مبرراتها تبقى محلية، وبالتالي لن يكون لها الا تأثير محلي محدود في الكويت فقط.

و قال لـ«الشرق الأوسط» «ان المعادلة ستبقى على حالها ما دام ليس هناك تحرك في هذا الاتجاه من الرقم الأهم والأكبر في المنطقة»، في إشارة الى السعودية. وكان الريال السعودي قد ظل مستقرا عند 3.75 ريال للدولار منذ الأول من يونيو (حزيران) 1986. وخلال الأشهر الثلاثة الماضية تحرك الريال في نطاق ضيق حجمه نحو 10 نقاط. وقال ستيفن بيلي سميث، الخبير الاقتصادي في ستاندرد بنك في لندن لوكالة رويترز، «فيما يتعلق بالريال السعودي يأخذ المتعاملون في العقود الآجلة عند التسعير رفعا في القيمة في حسبانهم. وفرض تحرك الكويت ضغوطا على ذلك الربط أيضا. لكن للكويتيين نطاقا بينما الريال السعودي مرتبط بسعر ثابت.

أمام ذلك نقلت «رويترز» أيضا عن خالد الخاطر، مدير السياسات الاقتصادية في مؤسسة النقد القطرية، أنه ليست لدى الدوحة خطط فورية لرفع قيمة عملتها.

وعلى ذات السياق، استبعد الدكتور ناصر القعود، مدير إدارة المال والتكامل النقدي في الأمانة العامة لمجلس التعاون لدول الخليج العربية بالرياض قيام أي دولة خليجية أخرى بخطوة مماثلة للخطوة الكويتية.

وأكد الدكتور القعود لـ«الشرق الاوسط» أمس أن الخطوة التي اتخذتها الكويت بالسماح للدينار بالارتفاع بنسبة 1 في المائة أمام الدولار تتوافق مع ما تضمنه المرسوم الأميري الخاص بربط سعر صرف الدينار بالدولار والذي صدر في أكتوبر 2002 ودخل حيز التنفيذ بداية عام 2003. حيث نص على ترك هامش حركة ضئيل حيث يقوم محافظ البنك المركزي الكويتي بتحديد سعر التعادل والهوامش المسموح بها على أن تكون هذه الهوامش «صعودا وهبوطا» محدودة بحيث لا يؤثر في أسعار الصرف التقاطعية بين العملات الخليجية، وهو الهدف الرئيسي وراء إقرار دول الخليج الدولار كمثبت مشترك لأسعار عملاتها، ولتمهد هذه الخطوة لإطلاق العملة الخليجية المشتركة.

وذكر القعود، أنه ووفقا لمضمون المرسوم الأميري، فإن الخطوة الكويتية لا تعد تغييرا للسياسة النقدية المتبعة، والتي سمحت للكويت بتغيير سعر عملتها تجاه الدولار ضمن هامش ضيق جدا، مشيرا إلى اعتقاده أن القرار الكويتي وضع قبل تحسن سعر الدولار صباح أمس الخميس بعد قرار الاحتياطي الفيدرالي رفع سعر الفائدة بربع نقطة مما دعم سعر الدولار مقابل العملات الأخرى، حيث أن القراءة الأولية للقرار الكويتي أنه بني على توقع استمرار الاتجاه النازل لسعر صرف الدولار. وأستبعد القعود أن تتخذ أي دولة خليجية أخرى قرارا مشابها للخطوة الكويتية، وأن بقية دول الخليج الخمس بما في ذلك السعودية لم تقر هامش حركة لسعر صرف عملتها تجاه الدولار، مضيفا »استبعد أن تتخذ أي دولة خليجية أخرى قرار بهذا الاتجاه».

وذكر مدير إدارة المال والتكامل النقدي بالأمانة العامة لمجلس التعاون أن دول الخليج عملت على تثبيت اسعار الصرف التقاطعية مثل نسبة الدينار للريال، ونسبة الدرهم للريال، وتم ذلك عبر إقرار الدولار كمثبت مشترك لهذه العملات بحيث لا تتغير أسعار صرف تلك العملات فيما بينها وهو ما تم عمليا وتنظيميا. وقال الدكتور القعود أن قادة دول الخليج أقروا خلال قمتهم الأخيرة في الإمارات العربية المتحدة أسماء معايير التقارب الاقتصادي وهي سعر الفائدة، ونسبة التضخم، وحجم الاحتياطات من النقد الأجنبي لدى المصارف المركزية، بالإضافة إلى معيارين هما حجم العجز في الميزانيات الحكومية وحجم الدين العام. وقال أن الاتجاه الحالي هو أن يعرض على قادة دول المجلس خلال قمتهم المقبلة في الرياض نهاية العام الحالي تفاصيل معايير التقارب مثل النسب الخاصة بكل معيار، والتعريفات المعتمدة لها بما في ذلك أسلوب قياس كل معيار.

وكشف القعود أن دول الخليج تعمل حاليا على الانتهاء من الإطار التشريعي الخاص بالسلطة النقدية المشتركة حيث يقوم البنك المركزي الأوربي حاليا بدراسة بهذا الشأن يتوقع أن ينجزها في سبتمبر المقبل حيث سيقوم خبراء في المجلس بدراسة نتائج الدراسة بغرض تحويلها لمسودة تشريعات للسلطة النقدية الخليجية على أن ترفع لمحافظي مؤسسات النقد والبنوك المركزية الخليجية للنظر فيها وإقرارها.

وحول العمل الجاري لانجاز الجدول الزمني المقرر لإطلاق العملة الخليجية في العام 2010 قال الدكتور القعود أن الشهر الحالي سيشهد عقد اجتماع مهم سيشارك فيه ممثلون لإدارات الخزينة والإصدار بدول مجلس التعاون في الرياض لإطلاق مناقشات تحديد فئات العملة الخليجية الموحدة، وتصميمات العملة.

وقال القعود ان اللجنة لا تزال في بداية عملها حيث سيناقش اجتماعها المقرر عقده في الرياض يومي 23-24 مايو (أيار) الجاري، وهو الأول لها، خطة العمل والجدول الزمن

This is a great step really! the kuwaiti dinar must go up again , tara nabi nishtri el 3alam shlon nsawiha wa 3omletna nazla, yala irfa3u ;).

Pearl of the Gulf

May 12th, 2006, 01:46 AM

KUWAIT/LONDON (Reuters)
The Kuwaiti dinar rose sharply against the dollar yesterday after the central bank revalued the currency to allow an appreciation of 1 per cent, and talk of a similar move in Saudi boosted markets there.
A central bank spokesman confirmed the Kuwaiti dinar had been revalued. The dinar, which like other currencies in the world’s biggest oil exporting region has been pegged to the dollar, rose sharply to 0.2891 versus the dollar.
“This is consistent with the G7 communique,” said Dwyfor Evans at Bank of America. “If you’re going to revalue, it makes sense to do it when oil is above $70 a barrel”. At its April meeting in Washington, G7 finance chiefs called for shared responsibility for redressing global imbalances and said it was up to the market to do so. The move followed the US Federal Reserve’s 25 basis point interest rate rise on Wednesday. Kuwait also raised its repo rate to 5.625 per cent, a hike of 25 basis points.

Pearl of the Gulf

May 12th, 2006, 01:50 AM

this is a very good step, and i think the rest of the gulf should follow suit. then and only then can we really feel the wealth we are living in, as compared to europe and asia, without being dragged down with the dollar.

Kuwait4Ever

May 13th, 2006, 01:23 PM

I think I already posted this in the economy thread

Kuwait4Ever

May 13th, 2006, 01:24 PM

The state owned Kuwait Petroleum Corporation has published its figures for the past 12 months, reported the Arab Press Digest. Chairman Sheikh Ahmad Al Fahd Al Sabah said that the KPC achieved record profits of $6.82bn.

Kuwait4Ever

May 13th, 2006, 02:27 PM

The Kuwait Central Bank is about to issue a number of long term bonds at some point in the next few days, reported the Arab Press Digest. The bonds are believed to have a value of about $345m and will have a maturity rate of three years.

http://www.ameinfo.com/85817.html

Kuwait4Ever

May 13th, 2006, 03:00 PM

KPC subsidiary, Kuwait Foreign Petroleum Exploration Company, is set to be privatised, reported the Kuwait News Agency. Kufpec Chairman Bader al-Khishti said that the preliminary stages were already underway and within the next two to three months the idea would be debated by the Kufpec board, the KPC and the Higher Petroleum Committee. He added that only about 30% of the company would be privatised in the first instance.

_________________________________
HELL YEAH!!! THE PRIVATISATION IS REALLY UNDER WAY PEOPLE!!!!
:dance:

CrazY

May 13th, 2006, 04:08 PM

:banana: :banana: :tyty: :cheer: :cheer: :tyty: :banana: :banana:

Kuwait4Ever

May 14th, 2006, 11:16 AM

Al Sour Fuel Marketing, a company based in Kuwait, has signed a deal with the Kuwait National Petroleum Company, reported the Arab Press Digest. Al Sour Fuel Marketing has agreed to manage 40 fuel stations in the country that are owned by the KNPC. The deal is worth $96.8m.

http://www.ameinfo.com/85844.html

Kuwait4Ever

May 14th, 2006, 11:18 AM

Trade between Italy and the GCC increased by 24% last year, reaching $13.3bn. In 2005, exports to Italy from the GCC totalled about $6bn, up from $4.2bn the previous year, an increase of 42%. Saudi Arabia is Italy's largest export market in the Middle East, with the UAE second.

Ameinfo

Kuwait4Ever

May 14th, 2006, 01:24 PM

Kuwait Asset Management Company Financial Services has posted a net profit of $13.2m for Q1, reported the KUNA. This was an increase of 16.2% on the same period last year. Shareholders' equity in Q1 increased by almost 40%, reaching $259.7m, while total assets now stand at $423.9m.

http://www.ameinfo.com/85905.html

Kuwait4Ever

May 14th, 2006, 01:31 PM

The Kuwait National Petroleum Company has said that it has controlled a minor accident at the 200,000 bpd Shuaiba oil refinery, reported the KUNA. No injuries or environmental damage has been caused and the refinery was functioning normally. KNPC Deputy Managing Director Hussein Ismail has said that the refinery would now be closed until May 18 for maintenance work.

http://www.ameinfo.com/85913.html
__________________________________________
Thanks God it was only a minor accident.....

CrazY

May 14th, 2006, 03:12 PM

thanx kuwait4ever for all the news :)

Kuwait4Ever

May 14th, 2006, 04:39 PM

thanx kuwait4ever for all the news :)

No problem just doing my stuff.... :)

Kuwait4Ever

May 15th, 2006, 04:44 PM

The National Bank of Kuwait has reported that money supply in the country rose by $4.9bn in Q1, reported the Kuwait Times. Growth in domestic credit was an important reason behind the increased liquidity, as were payments of dividends by five Kuwaiti banks, who put around $852m into the system, and large increases in foreign assets.

http://www.ameinfo.com/86053.html

Kuwait4Ever

May 21st, 2006, 01:54 PM

Kuwait4Ever

May 21st, 2006, 02:03 PM

The Al Ahli Bank of Kuwait and the Commercial Bank of Kuwait have sold their respective stakes in the Bank of Bahrain and Kuwait, reported the Arab Press Digest. The combined value of the stakes is around $115.2m.

Koweitien

May 21st, 2006, 02:23 PM

The National Bank of Kuwait is aiming to buy an Egyptian bank next year and also has its eyes on pushing into the UAE and Syria soon, reported Arab news. CEO Ibrahim Dabdoub said that regional stock market falls will not damage the bank's performance this year and the NBK is aiming to top last year's net profit. Dabdoub said that the bank has too much liquidity and is keen to invest in Egypt shortly.

http://www.ameinfo.com/86580.html

Clever move.

The Al Ahli Bank of Kuwait and the Commercial Bank of Kuwait have sold their respective stakes in the Bank of Bahrain and Kuwait, reported the Arab Press Digest. The combined value of the stakes is around $115.2m.

I wonder why ?

Kuwait4Ever

May 21st, 2006, 06:02 PM

Clever move.

I wonder why ?

I really have no idea,I just post the info lol ;)

Koweitien

May 21st, 2006, 06:05 PM

I really have no idea,I just post the info lol ;)

Lol, I know my question was kind of rhetorical :)

Koweitien

May 22nd, 2006, 11:53 PM

So what do you guys think about the new unified gulf currency, do you think that it will be good or bad for Kuwait ?

CrazY

May 23rd, 2006, 01:03 AM

i think kuwait should leave its currency as it is , its the strongest currency in the world :)

Koweitien

May 23rd, 2006, 01:09 AM

i think kuwait should leave its currency as it is , its the strongest currency in the world :)

Yeah I agree, we will be the worst off when this currency starts circulation. But I think if all aspects of the Economy not just the currency gets unified then we will see the fruits of this :)

atcben2004

May 23rd, 2006, 01:17 AM

Im kinda lost here
Whats this thing about a unified currency
I thought Kuwait just revalued its currencya few days ago and increased its value to the dollar.
Can anyone clarify pls

Koweitien

May 23rd, 2006, 01:27 AM

Im kinda lost here
Whats this thing about a unified currency
I thought Kuwait just revalued its currencya few days ago and increased its value to the dollar.
Can anyone clarify pls

Yeah that is all true but there are plans to unify all GCC currencies by 2010 :)

atcben2004

May 23rd, 2006, 08:35 AM

Yeah that is all true but there are plans to unify all GCC currencies by 2010 :)

But thats not fair, unless the unified currency is as high as the KD
They should first set up a trade zone similar to European Union before they think of unifying the currency
ANyway I dont know hom much it will benefit Kuwait
I think the Kuwaiti govenment should not do anything that could lead to increase in prices, etc.
Oil prizes are high, so they should take advantage of the situation by keeping the currency high.

Koweitien

May 23rd, 2006, 01:27 PM

But thats not fair, unless the unified currency is as high as the KD
They should first set up a trade zone similar to European Union before they think of unifying the currency
ANyway I dont know hom much it will benefit Kuwait
I think the Kuwaiti govenment should not do anything that could lead to increase in prices, etc.
Oil prizes are high, so they should take advantage of the situation by keeping the currency high.

Yeah I know but at least this will increase trade in between gulf nations and therefore that will help the economy eventually. Moreover, they are thinking of making trade zone :)

margog

May 23rd, 2006, 01:48 PM

guys I agree with the GCC unified currency there will be no problem for kuwait ;)

Koweitien

May 23rd, 2006, 02:29 PM

guys I agree with the GCC unified currency there will be no problem for kuwait ;)

I hope so :)

Kuwait4Ever

May 23rd, 2006, 02:38 PM

Stupid shit unifying the currency we want the unique Kuwait Dinar the strongest currency in the world

Koweitien

May 23rd, 2006, 02:56 PM

^^ I know that is what I thought at first but then I saw what the EU did to the economies of the member states and I changed my mind about it. Ireland being the best example, it used to be the second poorest nation in the EU but now it is something like the fourth richest nation in the world :)

Sanchero

May 23rd, 2006, 11:17 PM

Unified currency only helps poor country improve. Rich countries get poorer and poor countries get richer (isn't that case in Europe... Germany and france vs ireland and spain?) I think what happens is that poor nations become favourable countries for investment because of cheap labour and cheap land prices. I dont see how this will work in GCC where most of the labour is imported. I think a unified currency will benefit bahrain and KSA the most. Kuwait and UAE might feel the pinch, with UAE not as much as Kuwait because their econmy is more diversified.

atcben2004

May 24th, 2006, 03:14 AM

Kuwait4Ever

May 24th, 2006, 01:42 PM

Thats why they need to fuck off this unifying currency shit

Kuwait4Ever

May 25th, 2006, 11:50 AM

Commercial Bank of Kuwait has increased its shareholding in the Bank of Bahrain and Kuwait to 20.17% from 6.75%, and is now its biggest shareholder. CBK bought up shares from Al Ahli Bank of Kuwait, Kuwait Finance Investment and Kuwait Investment Company.

http://www.ameinfo.com/86997.html

Kuwait4Ever

May 25th, 2006, 11:51 AM

Kuwait's cabinet has approved a bill that would cut tax on foreign firms' profits to a flat 15% from current levels of up to 55%, reported Reuters. The bill will go before a legal committee before ratification by the Emir.

CrazY

May 25th, 2006, 12:08 PM

OLAAA 55% of profits ,, who made this desicion back in the old days :/

Koweitien

May 25th, 2006, 07:42 PM

OLAAA 55% of profits ,, who made this desicion back in the old days :/

That was a wise decision when it was made back in the old days. As back then foreign companies were the ones who were controlling oil production. So if this tax system was not put into place back then, then we would have not benefited from the oil production.

Kuwait4Ever

May 27th, 2006, 01:56 PM

Statistics released by the Egypt Tourist Board show that, between January and April, there was a 30% increase in the number of visitors to the country from Kuwait. In total, 43,000 holidaymakers came from Kuwait, which is Egypt's second largest GCC market, after Saudi Arabia.

Kuwait4Ever

May 27th, 2006, 02:02 PM

Global Investment House has launched the Global Small Cap Fund, which invests in small capitalisation companies listed on the Kuwait Stock Exchange. Mr. Bader Al Sumait, Executive Vice President at Global, said that the Fund's strategy is to achieve growth by investing no less than 80% of its net assets in small cap companies, with a capital of $174m or less. The Fund is open-ended, with a capital range of $17.4m to $139m.

http://www.ameinfo.com/87123.html

CrazY

May 27th, 2006, 11:54 PM

Reuters-Kuwait: Kuwait's cabinet will study a proposal to introduce income tax for the first time in the country, a finance ministry official and state media said yesterday.

"This is a comprehensive law, it covers every kind of income without regard to the nationality of the tax payer," said a senior finance ministry official.
"So everybody generating income in Kuwait will be taxed a flat rate of 10 per cent," he added.

News agency KUNA said cabinet committees are expected to study the draft law and then refer it to the next parliament term. Parliament has been dissolved but a new assembly, to be elected on June 29, will have the right to vote on bills passed after the dissolution of its predecessor.

Kuwait, a country of about 2.7 million people, including about one million Kuwaitis, does not collect income taxes from citizens or expatriate workers.

Oil sales account for up to 50 per cent of GDP and up to 90 per cent of state revenue. Kuwait is expected to log a budget surplus of some $24 billion in the fiscal year that ended March 31.

Finance Minister Bader Al Humaidhi yesterday sent to the cabinet the comprehensive tax law drafted after economic studies were carried out by a Dutch financial institution in accordance with international criteria and Kuwaiti law, KUNA added.

"Financial and economic reform cannot be achieved without developing the tax system similarly to what is being applied in both industrial and developing countries," Humaidhi told the cabinet in a statement.

The agency said the new draft law "aims to provide a suitable investment climate in Kuwait, restructuring public finances and supporting economic development". It also envisages "establishing social justice ... organising the tax ties between Kuwait and other countries and reforming the current income tax law".

On Wednesday, the cabinet approved a bill that would slash tax on foreign firms to a flat 15 per cent from current levels of up to 55 per cent. The bill will be sent to a legal committee before ratification by the emir.
Gulf News Article (http://www.gulf-news.com/business/General/10043065.html)

Q8Wave

May 28th, 2006, 01:23 AM

welcome to el3ahd eljadeed

Kuwait4Ever

May 28th, 2006, 01:45 PM

Koweitien

May 28th, 2006, 02:25 PM

NOOOOOOOOOOOOO,I read this in the paper today this sucks,why dont they put taxes only for foreigners not Kuwaities

I was thinking the same thing but that would be racist :) But when you think of it this is a good thing overall, as a lot of foreigners work in Kuwait and send their salaries abroad and therefore Kuwait does not benefit at all. But by doing this Kuwait would benefit overall.

Kuwait4Ever

May 28th, 2006, 05:34 PM

Kuwait4Ever

May 28th, 2006, 05:40 PM

The Kuwait Petroleum Corporation's Chief Executive Hani Hussein has told the KUNA that the company's growth strategy would need a capital investment of $66bn in the period running up to 2020. Hussein revealed that expenditure in Kuwait would focus on major activities such as building a fourth refinery, new petrochemicals and aromatics projects, constructing 21 new tankers to enhance the current fleet, upgrading piers and building a new gas train.

Koweitien

May 28th, 2006, 05:40 PM

Kuwait4Ever

May 28th, 2006, 05:44 PM

Seems like shit is gonna stink more in Kuwait for Kuwaities.....and again better for foreigners

atcben2004

May 28th, 2006, 06:07 PM

shino rascist!!!!the foreigners have enough benefits in Kuwait and those that live in Ahmadi are living better than some Kuwaities,KOC pays foreigners childrens expensive private schools,they give them free cars,they give them free internet and much more stuff....And what do Kuwaities get????NOTHING!!

Hi kuwait5eer, I hate to point out that the percentage of foreigners that enjoy these benefits are probably just less than 5 percent
Alot of foreigners work as maids and cleaners earning just around 50KD

SO you see, its just fair that Kuwaitis pay an income tax too.
Isn't that the way it works in all other countries.
In the end when the oil starts running out and the foreigners in the country start to reduce, it will be the Kuwaities that will need to pay income tax so that the government can generate revenue to pay salaries, develop infrastructure

In kuwait and the GCC as a whole, citizens enjoy privliges that no one else enjoys anywhere else in the world.
Interest free loans free housing etc
Even about a year ago, MPs wanted their utilities bill waed off, since the country had a budget surplus, This is really not heard of anywhere else in the whole world.
I must say that Kuwaities should be proud to pay the tax and help build the country

Please dont be angry at me.
If what Ive said is wrong, then please be free to point it out,

And also i must point out that this income tax will really be effective if its applied to everyone, especially some of the Kuwaiti companies.

And I would be saying this evn if I were a kuwaiti

Kuwait4Ever

May 28th, 2006, 08:08 PM

Hi kuwait5eer, I hate to point out that the percentage of foreigners that enjoy these benefits are probably just less than 5 percent
Alot of foreigners work as maids and cleaners earning just around 50KD

SO you see, its just fair that Kuwaitis pay an income tax too.
Isn't that the way it works in all other countries.
In the end when the oil starts running out and the foreigners in the country start to reduce, it will be the Kuwaities that will need to pay income tax so that the government can generate revenue to pay salaries, develop infrastructure

In kuwait and the GCC as a whole, citizens enjoy privliges that no one else enjoys anywhere else in the world.
Interest free loans free housing etc
Even about a year ago, MPs wanted their utilities bill waed off, since the country had a budget surplus, This is really not heard of anywhere else in the whole world.
I must say that Kuwaities should be proud to pay the tax and help build the country

Please dont be angry at me.
If what Ive said is wrong, then please be free to point it out,

And also i must point out that this income tax will really be effective if its applied to everyone, especially some of the Kuwaiti companies.

And I would be saying this evn if I were a kuwaiti

Look atcben2004

I agree with you completely about all what you said but I think that before introducing this tax the government should put the tax only for foreigners for now and improve the life of ALL Kuwaities not some of them.After a while when most of the Kuwaities will get rich and be more equal in terms of wealth and power they can introduce this tax also for Kuwaities.And before introducing this tax for Kuwaities the government should also fuck off the whole idea of wasta if you know what I mean. ;)

But after all this is only my opinion.Other Kuwaities may have different opinions and I dont think that my idea is rascist. :cheers:

And if all the Kuwaities had the money they would be proud to pay the tax and help the government but for now its not like that.

Koweitien

May 28th, 2006, 08:47 PM

Look atcben2004

I agree with you completely about all what you said but I think that before introducing this tax the government should put the tax only for foreigners for now and improve the life of ALL Kuwaities not some of them.After a while when most of the Kuwaities will get rich and be more equal in terms of wealth and power they can introduce this tax also for Kuwaities.And before introducing this tax for Kuwaities the government should also fuck off the whole idea of wasta if you know what I mean. ;)

But after all this is only my opinion.Other Kuwaities may have different opinions and I dont think that my idea is rascist. :cheers:

And if all the Kuwaities had the money they would be proud to pay the tax and help the government but for now its not like that.

Dude, people shouldn't expect the government to give them everything. If you want to become rich you have to work hard for it. Anyway, it's not like any Kuwaitis are starving to death.

Kuwait4Ever

May 28th, 2006, 09:54 PM

Dude, people shouldn't expect the government to give them everything. If you want to become rich you have to work hard for it. Anyway, it's not like any Kuwaitis are starving to death.

LOL!!You made me laugh on that one :rofl:

Koweitien

May 28th, 2006, 10:24 PM

LOL!!You made me laugh on that one :rofl:

Care to explain what made you laugh ?

Kuwait4Ever

May 28th, 2006, 11:00 PM

Never mind

Kuwait4Ever

May 28th, 2006, 11:05 PM

Anyways lets get back to the Kuwaiti economy.I forgot to post this today:

Kuwait revaluation is not a sign of things to come

Kuwait's decision to revalue the dinar within its current band against the USD should not be taken as a sign of things to come elsewhere in the GCC.

Currency reform has once again hit the headlines, albeit from an expected source. In May, the Kuwaiti central bank announced around a 1% revaluation of the dinar against the USD. Avid readers of the Middle East Focus will realise this should not be a surprise. We have been arguing for some time that the dinar would be revalued, although we slightly over-estimated the size of the move. Markets, confused by the move, have been extrapolating this move to the rest of the GCC.

Given our focus on currency reform in the GCC, one might expect us to join these calls. However, we believe such speculation is wide of the mark. To understand our rationale for this view, one needs to put Kuwait's move into context. Before shifting to a currency peg against the USD in January 2003, Kuwait managed its exchange rate on a trade-weighted basis. This model still holds some sway at the central bank. USD weakness has previously resulted in two adjustments in the USD-KWD rate - in September 2003 and in January 2005 - and the recent sharp USD sell-off has clearly raised concerns that the resultant trade-weighted weakness of the KWD (with most of its imports coming from Europe and Asia) will lead to increased inflationary pressures. Therefore, given our USD outlook for the rest of the year, one cannot rule out the risk of Kuwait making a further change this year, although this is not a central scenario for us as the dinar is now trading at the strong end of its band against the USD.

However, extrapolating this to the rest of the region is a different matter altogether. While Kuwait has acted in this manner before, the rest of the GCC has not. Therefore, the mindset is not present to consider a one-off adjustment at this juncture. The Saudi Arabian Monetary Agency, the focus of much of the speculation, has already indicated as much and is the biggest advocate of the new single currency, due in 2010, being pegged to the USD. Therefore, it would be strange for the Saudi government to be one of the first to advocate greater currency flexibility in any shape or form.

Another point that must be highlighted is that a repegging of exchange rates is not currency reform as we define it as it still leaves monetary policy to be delegated to the US Federal Reserve. Our main argument for a move towards floating exchange rates or some form or another - most probably including a monitoring of the trade weighted exchange rates - is the need for the region to seize control of monetary policy. We suspect those suggesting greater flexibility in regional exchange rates are looking at emerging pressure from the West for greater exchange rate flexibility and are likening the situation to that in China 2-3 years ago.

Looking at the international context, the US is clearly concerned that half of its deterioration in the current account deficit has been caused by higher oil prices in recent years. However, a regional currency revaluation would not help significantly as oil is priced in USDs. Indeed, given the need to diversify their economies, the GCC countries need to focus on ensuring that the current account surpluses caused by high oil prices do not result in a currency appreciation that crowds out the private sector. Of course, it can be argued that pegging themselves to a collapsing USD is possibly ensuring this is being avoided by too wide a mark - hence our view that the region should focus on a reference to a trade-weighted basket and not peg itself to the USD.

However, we believe those playing up the chance of revaluations in the GCC are making a similar mistake to that made by many when looking at China - that is attaching too high a weight to international demands and largely ignoring the local context. Therefore, while currency reform is likely to rise on the agenda - as we have argued for over two years now - this will be a gradual process and is unlikely to be a response to an unwarranted call from the West, but more due to a domestic need and capacity to implement reform.

Kuwait4Ever

May 28th, 2006, 11:14 PM

28 May 2006
KUWAIT -- Kuwait National Petroleum Company (KNPC) said winners of a bid for a new refinery project will be announced before the end of this year.

KNPC Chairman Sami Al-Rushaid told reporters Saturday evening, upon participating in the celebration of the success of Shuaiba refinery regular comprehensive maintenance, that the work in the new refinery is going as planned and primary architectural designs are ready as well as the bid's documents.

He added the four bids of the refinery were announced and offers will be received by companies next August.

He expected the work to start after announcing the bid's winners and to finish by the end of 2009, saying the refinery will start operating four months later, in April 2010.

Al-Rushaid pointed out that four pre-tender meetings will be held in the US before the announcement of winners, each of which will take two days to answer questions regarding the bid.

He said local companies will participate by about 20 percent and that 11 contractors have been pre-qualified for the refinery.

It is expected that the production capacity of the new refinery, which will be the largest in the Middle East, will reach 613,000 barrel per day.

© KUNA (Kuwait News Agency) 2006

Zawya

Kuwait4Ever

May 28th, 2006, 11:17 PM

KUWAIT, May 28 (KUNA) -- Kuwait Petroleum Corporation (KPC) chief executive officer Hani Hussein said on Sunday KPC's growth strategy would require a capital investment of KD 19 billion during the coming period up to 2020.

At a seminar organized by the National Bank of Kuwait (NBK) last night, Hussein said a small portion of this money will be spent on ventures outside of Kuwait.

Money allocated for activities inside Kuwait will focus on a number of projects namely building a fourth refinery, new petrochemicals and aromatics projects, building 21 new oil tankers to upgrade the current fleet, construction of new pier and restoration of existing piers, and building a 4th gas train.

The CEO emphasized that measures have been put in place to offset any challenges that may hinder the progress path.

He said KPC strives to construct a major oil refinery with a production capacity of 600,000 million barrels per day, as well as establish a program to renovate other refineries.

The growth strategy also calls for providing an economic and reliable source of transportation for Kuwaiti crude and petroleum products, meet Kuwait's energy demand by providing the appropriate and the optimum economic and environmental fuel and pursue performance improvement and enter into investment opportunities that are commercially viable in refining and marketing outside Kuwait, he added.

KUNA,Zawya

FloodGate

May 29th, 2006, 11:28 AM

The taxes must be %20 at least..oil is at it last 15 to 20 years.

Kuwait4Ever

May 29th, 2006, 02:36 PM

The Chief Executive of the Kuwait Petroleum Corporation, Hani Hussain, has said that the organisation is giving serious consideration to the public floating of a stake in a new $6bn refinery project by its subsidiary, the KNPC, reported Reuters. Discussions are taking place and KNPC's Chairman, Sami Al Rushaid, said that 20% of the refinery would be made available to local investors, with an additional stake possibly available to overseas investors.

http://www.ameinfo.com/87330.html

Kuwait4Ever

May 29th, 2006, 02:37 PM

A prediction by US investment bank Goldman Sachs that oil prices could soar to $105 a barrel in the event of a major supply outage, has been labelled as conservative by its own Managing Director, reported Reuters. Arjun Murti, speaking at an energy forum in Kuwait, said that a problem in a big oil exporting country could see prices rise well above this.

http://www.ameinfo.com/87292.html

Kuwait4Ever

May 29th, 2006, 02:38 PM

The Gulf Investment Corporation has successfully completed its debut euro denominated trade with the issue of a $510m five-year Euro Medium Term Note issue. The issue is the third public tranche of GIC's $2.5bn EMTN programme and the largest euro transaction of its kind originating out of the GCC region. Mr Hisham Abdulrazzaq Al-Razzuqi, CEO and General Manager of the GIC, said that the GIC order book reached almost $670m.

http://www.ameinfo.com/87337.html

Kuwait4Ever

May 29th, 2006, 02:49 PM

KUWAIT -- The International Islamic Trade Finance Corporation (ITFC) will be established with USD3 billion in authorized capital and USD 500 million for subscription, Chairman of the Islamic Development Bank (IDB) Dr. Ahmad Mohammed Ali said Monday.

In a press statement, Ali added that the main aim of the corporation is to attract capital to expand the inter-trade between the IDB member states which is currently estimated at only 13 percent.

According to the chairman, the 10-year plan issued by the Islamic extraordinary Summit held last December in Mekkah proposed increasing the trade exchange between the member states to reach 20 percent.

Meanwhile, Ali said the proposal made by the bank's Board of Executive Directors to double its capital will be discussed during the meeting of the Board of Governors on May 30-31, adding that details of the poverty fund will also be discussed.

Regarding the IDB's financial investments, Ali said there are limited to skouk worth USD 900 million issued during the past two years.

© KUNA (Kuwait News Agency) 2006

http://www.zawya.com/Story.cfm/sidZAWYA20060529121715/SecIndustries/pagIslamic%20Finance/lok121700060529

CrazY

May 30th, 2006, 11:59 AM

KUWAIT, May 29, (KUNA): The terms /conditions for establishing Kuwait’s third mobile company will be ready in a few weeks, said Kuwait’s Communications Minister Dr Ismail Al-Shatti on Monday. Speaking to KUNA on the sidelines of events preceding the 31st annual meeting of the Islamic Development Bank (IDB) to take place during May 30-31, Al-Shatti said “while the government referred the draft law back to the Parliament, the executive committee does not reject the idea of establishing the third mobile firm in principle.”

He said the cabinet formed a specialized committee headed by himself to submit a detailed report regarding the feasibility of establishing the firm, noting that the government rejected the Parliament’s draft law because “it was considered an interference in the executive authority’s jurisdiction.” During last April, Kuwait’s Government approved in principle establishing the third mobile company and granting citizens interest-free loans to purchase the firm’s shares.

Meanwhile, Finance Minister Badr Al-Humaidhi said Monday that the 2006-2007 budget was one of the biggest in Kuwait since its independence as far as public expenditure and revenue were concerned. Speaking to KUNA, he said all government departments were urged to go ahead with new projects in view of the current rise in national income to the level of KD 8.5 billion.

He predicted continued increase in financial growth in view of continuous increase in international oil prices.
He also added that the fact the national assembly had been dissolved by His Highness the Amir Sheikh Sabah Al-Ahmad Al-Sabah had no impact on the passage of the draft budget.
On Sunday, he predicted that the national revenue for the 2006-2007 budget would be KD 8519.7 million including KD 7736.5 from oil sales. He said revenue from oil represented more than 90.8 percent of Kuwait’s national income. The remainder, i.e. KD 783.2 million, or 9.2 percent of the national revenue, came from non-oil sources.Finally, he added that the Cabinet had forecasted the expenditure at about KD 10.966 billion, including 2.270 or 20.9 percent for public sector wages.
kuwait times article (http://www.alseyassah.com/arabtimes/kuwait/Viewdet.asp?ID=8138&cat=a)

Kuwait4Ever

May 30th, 2006, 01:48 PM

Kuwait-based private firm National Real Estate Company will invest $100m in two locations in Aqaba, following an agreement with the Aqaba Development Corporation, the Jordan Times reported. Projects include commercial and real estate developments. The ADC is offering $3bn worth of investment opportunities in real estate and $2bn in the industrial sector.

Kuwait4Ever

May 30th, 2006, 02:10 PM

29 May 2006

KUWAIT CITY: Kuwait's Information Minister Mohammad Al-Sanousi is planning to convert KTV and Kuwait Radio into autonomous establishments as suggested by him over 17 years ago, say sources. "Initially both these organizations will be affiliated to the government but will be subsequently sold to the private sector, which will operate and invest in them," they add. A source close to the minister said "Al-Sanousi has suspended budgets of several departments after discovering some programs, made during the previous elections, offer cash prizes to electoral candidates in arrangement with both the producer and presenter to support campaigns."

Indicating the minister has ordered the suspension of such programs, the source said "Al-Sanousi has given strict instructions programs can only follow-up on election related events supported by comments of political analysts, who reflect public opinion in a neutral manner." "Al-Sanousi has kept in abeyance some three million dinars, which were meant to be given as award for some persons in connection with election-related programs, after he found that these persons were not employees of the Information Ministry and their names were inserted through wasta," the source continued.

He went on to say "as a man with vast experience in media industry and an ex-employee of the Information Ministry Al-Sanousi is leading an aggressive reform campaign and is willing to fight for his ideas in a responsible manner." "The new minister holds intensive meetings daily to prepare his program and plan for action on urgent issues," the source said. "He is not worried about retaining his ministerial position after the elections but is focused on leaving his distinctive mark, putting the ministry on the right track and offering high standard of programs as in developed countries."

Claiming Al-Sanousi makes sure of informing higher authorities about the deficiencies and violations committed at KTV, the source said "the minister wants to go ahead with his reform plan while putting up with all obstacles, influential powers and bureaucratic routine which dominate the work of the ministry." "Al-Sanousi didn't forget to inform his higher authorities that he had already sent notification letters to all the people, who weren't working for the ministry but were set to receive awards, that their awards have been suspended," the source said.

© Arab Times 2006

Koweitien

May 30th, 2006, 02:19 PM

WOW that's great news, I always believed in that man. Thanks kuwait4ever :colgate:

Kuwait4Ever

May 30th, 2006, 04:32 PM

WOW that's great news, I always believed in that man. Thanks kuwait4ever :colgate:

No problem Dubliner and I think that all privatisation news are excellent :)

CrazY

May 30th, 2006, 09:00 PM

Al-Sanousi like cancelled 50 programs from kuwait TV and radio stations :runaway:
they predicted that hes going to be grilled by new parilment members for his action :bash:
the islamists dont like an open minded liberal to take over these kind of ministries, for example ben 6efla, abu hassan , and al rob3y

ahmedjam

May 30th, 2006, 11:36 PM

oh.. really 50 programs this will be the first thing in the Parliament schedule :) and
about the islamists i totally agree with you, hu..

Kuwait4Ever

May 31st, 2006, 01:55 PM

Russia will repay loans worth $1.1bn to Kuwait through cash installments and against the supply of both military and non-military products, according to the Kuwait News Agency. Russia borrowed the funds from Kuwait in 1991 when it was in desperate need of a cash injection.

http://www.ameinfo.com/87581.html

Kuwait4Ever

May 31st, 2006, 01:57 PM

Celtel International, a subsidiary of Kuwait's MTC Group, says it paid more than $1bn for a 65% controlling stake in Nigeria-based Vmobile. Vmobile provides mobile coverage to more than 5m users throughout Nigeria.

http://www.ameinfo.com/87538.html

CrazY

June 1st, 2006, 11:37 AM

KUWAIT CITY, May 31: In its latest economic brief on the oil market and budget developments, National Bank of Kuwait (NBK) notes that oil prices broke all previous records in April on continued tight market fundamentals, both on the supply and demand sides, supported by escalating tensions over Iran’s nuclear program. Disappointing non-Opec supply growth and disruptions in Opec output, mainly in Nigeria, have left inventories at record low levels.

Recent upward revisions in historic consumption figures by the International Energy Agency (IEA) made relative inventory levels seem even lower still relative to demand. Meanwhile, demand remained strong despite high oil prices, supported by robust economic growth. NBK reported that Brent averaged above $70 per barrel in April, its highest level ever, up from $62 in March. Kuwait export crude (KEC) followed world benchmarks higher, breaking record after record before reaching $65 on April 24.

Under these conditions, KEC would hover within the range of $54-$60 for the rest of the year and average $57 for the year as a whole. should this alleviation in supply constraints be accompanied by a further drop in demand growth, even lower prices are possible. The scenarios presented above yield an average price for KEC for fiscal year 2006/07 between $54 and $70 (versus $51 in FY05/06), suggesting a larger budget surplus for Kuwait than what we expect for last fiscal year.

Consistent with our previous forecasts, a recent report released by the Ministry of Finance reveals revenues of KD13.7 billion for FY05/06 which ended in March 2006.
Meanwhile, though final expenditure figures are not yet out, NBK expects expenditures to stand at around KD 6.9 billion, resulting in a budget surplus of KD6.7 billion. If expenditures come in between 94 per cent and 98 per cent of the draft budget for FY06/07, the surplus could fall between KD6.2 billion and KD10.7 billion before the allocation of 10 per cent of revenues to the Reserve Fund for Future Generations (RFFG) and an extraordinary KD2 billion increase in expenditures for full settlement of government dues to the social security fund, instead of contributing with the annual installment scheme that has been pursued so far. The base case scenario, of KEC averaging $60 would see the surplus rise to a record KD8.9 billion.

kuwait times article (http://www.alseyassah.com/arabtimes/business/Viewdet.asp?ID=6418&cat=a)

Kuwait4Ever

June 1st, 2006, 11:47 AM

KUWAIT, May 31, (KUNA): Kuwait Petroleum Corporation reported Kuwaiti export crude oil sold at $62.4 on Tuesday at an increase of six cents per barrel from last Friday’s $62.3 pb. Kuwaiti export crude oil reached an all-time high of $65.49 per barrel Tuesday May 2nd. It had kept an average of over $60 throughout the year amidst soaring prices in the world oil market where prices climbed as high as $70 per barrel.

There had been some fluctuation in prices over the past few days between slight climb and considerable drop as investors are anxious that record prices of crude fuels is the first sign of inflation and high world interest rates. Fears related to weather conditions such as those that hit Mexico Bay and California last year and hurricanes Katrina and Rita that partially suspended flow of energy to US refineries coupled with lower crude oil production also brought prices down within a modest margin.

Meanwhile, Japan’s crude oil imports from Kuwait dropped 7.3 percent in April from a year earlier to 6.51 million barrels, according to the report released Wednesday by the government agency. Overall imports of crude oil rose 14.3 percent to 131.52 million barrels for the third straight month of increase, the Natural Resources and Energy Agency said in a preliminary report. Imports from the Middle East accounted for 89.0 percent of the total, up 0.3 percent from the same month last year, for the first rise in four months.

http://www.alseyassah.com/arabtimes/business/view.asp?msgID=6420

Kuwait4Ever

June 1st, 2006, 11:51 AM

PWR-KUWAIT-MINISTRY-LISTINGS
Oil wealth preservation project could cost up to KD 1.2 million -- official

KUWAIT, May 31 (KUNA) -- Oil Ministry's Assistant Undersecretary for Technical Affairs Ali Bin Sebt on Wednesday said the overall cost of protecting the national oil wealth was KD 1.2 million.

Speaking to the Kuwait News Agency (KUNA), he said the ministry had spent some KD 500,000 so far and would spend a further KD 700,000 on the next stage starting soon.

He said the money would be spent on environmental requirements, which were a must in this sector.

He added that a special committee was in charge of environmental safeguards and that he once headed the committee.

He stressed that the safeguards were a must specifically with regard to the northern oil fields, which were in the process of being developed at large scale.

The modernization project is not "in its last stages." All that remains was an approval from the Planning Ministry and two other approvals from the Accounting Bureau and another from the Fatwa and Legislation Authority. He added that a foreign company, Environment, Health and Safety (EHS) would take charge of the project as soon as all the paperwork was ready.

http://www.kuna.net.kw/home/Story.aspx?Language=en&DSNO=871980

Kuwait4Ever

June 3rd, 2006, 01:53 PM

US firm Colony Capital and Kuwait's National Investment are teaming up to form a new property investment firm, reported Reuters. Mena Capital Holding will have capital of $103.8m and will focus on property related investments in Egypt, Lebanon, Libya, Morocco, Algeria, Turkey and the Gulf. National Investment will own at least 20% of Mena Capital.

http://www.ameinfo.com/87726.html

Kuwait4Ever

June 3rd, 2006, 02:04 PM

KUWAIT, June 3 (KUNA) -- Prices of Kuwaiti crude oil went up 27 cents on Friday reaching 62.42 dollars-per-barrel compared to 62.15 dpb on Thursday, Kuwait Petroleum Corporation said today.

Kuwaiti crude oil hit its record high of 65.49 dpb on May 2, 2006.

Kuwait's oil maintained its prices over the past few months exceeding the 60-dollar psychological barrier while other international oils surpassed 70 dpb in world markets.

http://www.kuna.net.kw/home/Story.aspx?Language=en&DSNO=872647

atcben2004

June 3rd, 2006, 07:25 PM

Now my blood is boiling
Why is Kuwait selling its oil for less thatn the market prize.
I dontthink anybody/s going to be grateful for it
Grrrrrrr

Koweitien

June 3rd, 2006, 07:50 PM

Now my blood is boiling
Why is Kuwait selling its oil for less thatn the market prize.
I dontthink anybody/s going to be grateful for it
Grrrrrrr

They're not selling at below market value. The reason why they are selling it at a lower price is because our oil has a different quality than other types of oil.

Kuwait4Ever

June 3rd, 2006, 07:55 PM

They're not selling at below market value. The reason why they are selling it at a lower price is because our oil has a different quality than other types of oil.

Is it better than the others or what?My geography teacher said that the quality of Kuwaiti oil is one of the best in the world

CrazY

June 3rd, 2006, 10:19 PM

^^i think your teacher meant the oil in the north, that i was told from a PHD dr in the university,, and the oil in the south is like low quality and thick or something like that

Koweitien

June 3rd, 2006, 10:26 PM

Is it better than the others or what?My geography teacher said that the quality of Kuwaiti oil is one of the best in the world

Kuwaiti oil is in the middle in terms of quality, it still is valuable though. The reason why it is placed in the middle is because it is quite thick and therefore when crude oil is exported more work needs to be done to it to extract petrol.

Kuwait4Ever

June 3rd, 2006, 11:01 PM

Thanks for clarifying CrazY and Dubliner

CrazY

June 4th, 2006, 02:32 PM

The Kuwaiti government is waiting on the newly formed Iraqi administration to sign a contract which will allow the Gulf nation to import gas from the war-torn country, reported the KUNA. The two phase project would be worth around $827m to Iraq and would see Kuwait import a total of 238m cubic feet of gas.

http://www.ameinfo.com/87911.html

Kuwait4Ever

June 4th, 2006, 04:27 PM

Kuwaiti investment in Jordan has now almost reached $6bn, reported the KUNA. Speaking at an economic forum in Amman, the head of the Aqaba Special Economic Zone Authority, Nader Al Zahabi, said that a delegation of Kuwaiti industrialists would soon visit Jordan to check out investment potential. Meanwhile, the Chairman of the Aqaba Development Company, Imad Fakhouri, revealed a $62m deal with the Kuwaiti National Real Estate Company.

http://www.ameinfo.com/87904.html

Adel

June 5th, 2006, 07:00 AM

differences75 said,

That is true that dubai will have like a zillion towers, however, what makes kuwait city unique is the nature of its location, dubai is speard all over the place, while kuwait has an oval shape naturally. plus, dubai is trying to become an international city, kuwait is not. so there will be this local touch to kuwait, not just building for the sake of building, and not just to be on the world records for no good reason. Keep in mind that kuwait city is a a historical city, dubai is no longer that way. so in kuwait city you would be able to trace history, not just pure fakeness.

Agree, that goes for Bahrain too :)

Mu9ai3ibun

June 5th, 2006, 03:28 PM

It's really frustrating the way we have billions of Kuwaiti Dinars, but we do not have enough water that we have to bring tankers in Kuwait. Wallah fashla. Il Kuwait chinha 3ain 3athaaree tasgee ilbe3eed wit5alee il greeb.

We have to find a way to distribute more water to the citizens and all the people who live in Kuwait, and I think with the money we have, we can build desalination plants throughout the coast.

Though this has to do little with the Kuwait economy, I just feel frustrated. :(

Adel

June 5th, 2006, 03:33 PM

This may help with drinking water ..........Bagi Al Radu Ala Rutuba Ala Golat Abdulihseen Abdurida in Darb Al Zalaq.

http://en.wikipedia.org/wiki/Atmospheric_water_generator

Kuwait4Ever

June 5th, 2006, 05:07 PM

05 June 2006
Kuwait -- The General Assembly of the International Finance Company decided on Monday to bump its capital by 50 percent or to KD 44.9 Million from KD 29.9 million, by way of allocation of bonus shares at the rate of 50 shares per 100 shares held by the shareholders on record.

The General Assembly also decided today to allocate 93 percent as cash dividends for the financial year 2005 or 20 fils for every share in addition to the purchase of 10 percent of the its own shares.

Board Chairman Jasem Al-Bahar said IFA realized record profits that were up to KD 173 million and IFA's share of this profit was up to KD 153 Million in 2005.

He said the year 2005 witnessed prime growth that was up to KD 404 Million or 83 percent over the year before.

Elaborating he said growth of aggregate assets was up to KD 404 Million or 83 percent and growth of shareholders equity was up to KD 85 Million or 146 percent compared to the year before.

He said profit growth was generated by adoption of two strategies first real estate investments that is hotels, resorts that hinge on geographic distribution and second financial investments relevant to management of assets, funds, portfolios and direct investments.

http://www.zawya.com/Story.cfm/sidZAWYA20060605125426/SecMarkets/pagEquities/lok125400060605

Kuwait4Ever

June 5th, 2006, 05:09 PM

KUWAIT, June 5 (KUNA) -- Kuwait Gazette Monday reported the establishment of three new closed real estate companies at a capital of KD 13 million, one million, and another million.

The first company is Marina-Towers at a KD 13 million capital with 130 million shares worth 100 Fils each, all real shares. The second is Al-Qebla Real Estate Company at capital of KD one million with a million shares worth one KD each, all real shares. The third is Rafco Real Estate International at capital of KD one million as well and with 10 million shares worth 100 Fils each, all real shares.

The gazette said all three companies would operate in ownership and sale of land property and real estate and developing these locally and abroad. They would also operate in sale of shares and bonds for other real companies.

They are also to provide consultations and conduct research and studies in all fields of real estate and hotels, health clubs, touristic utilities, housing units, resorts, and restaurants and the like as well as rent and maintenance of these, whether owned by the same company or other clients.

The new companies would also organize exhibitions and auctions and get involved in laying of infrastructure for residential, commercial, and industrial areas through B.O.T.

The surplus may be used in investment in portfolios managed by specialized bodies or partnerships and cooperation with other bodies operating in the same field where the company is to operate as main body or agent.

http://www.kuna.net.kw/home/Story.aspx?Language=en&DSNO=873316

Kuwait4Ever

June 5th, 2006, 05:12 PM

June 5 (KUNA) -- Kuwait Petroleum Corporation (KPC) has many projects as the nation's body running all oil ventures, said Assistant Undersecretary for Economic Affairs at Kuwait's Energy Ministry Abbas Al-Naqi on Monday.

Speaking to KUNA at after the 76th meeting of the Ministerial Council of the Organization of Arab Petroleum Exporting Countries (OAPEC), Al-Naqi explained that such projects are relevant to petrochemicals, refineries, production and increasing overall capacities.

Regarding the two-day OAPEC meeting, he said it included a meeting of the organization's executive bureau that approved the closing accounts of 2005, endorsed recommendations regarding OAPEC's databank, as well as discussing matters relevant to the UN Framework Convention on Climate Change (UNFCCC) and its Kyoto Protocol.

He added that the council also reviewed the outcome of the Eighth Arab Energy Conference that took place in Jordan during last May and approved the bureau's recommendations regarding the events to be organized by OAPEC's secretariat, which include a seminar in Paris in June in collaboration with the French Petroleum Institute.

The council, he noted, urged member nations to participate in the UNFCCC's upcoming convention in Kenya during November 6-17, 2006.

Kuwait pays a great attention to environmental issues, which led to signing the protocol and establishing the Environment Public Authority (EPA), he said.

Al-Naqi said Kuwait's Energy Minister Sheikh Ahmad Al-Fahad Al-Sabah frequently visits Egypt to further enhance overall bilateral cooperation in energy fields.

http://www.kuna.net.kw/home/Story.aspx?Language=en&DSNO=873456

Kuwait4Ever

June 5th, 2006, 05:14 PM

GENEVA, June 5 (KUNA) -- Kuwait's minister of social affairs and labor Sheikh Ali Al-Jarrah Al-Sabah said here Monday his government was providing all legitimate rights of foreign workforce.

Sheikh Ali was speaking to KUNA on sidelines of the International Labor Organizaiton's (ILO) annual conference, and said the permanent residency was not applied on the imported labor but the expatriates who immigrated to a certain country.

The minister said Kuwait was not a member in the immigrant labors agreement, which rather apply on immigrants in Europe.

Generally speaking, said Sheikh Ali, Kuwait support rights of immigrant labors but they did not apply on the workforce in Kuwait which stay in the Gulf state for a definite period.

He said all human rights and labor rights were guaranteed in Kuwait and the Gulf countries.

http://www.kuna.net.kw/home/Story.aspx?Language=en&DSNO=873480

Kuwait4Ever

June 6th, 2006, 04:26 PM

KUWAIT, June 6 (KUNA) -- Kuwait National Petroleum Corporation (KNPC) re-operated on Tuesday the bitumen production unit at Mina Al-Ahmadi Refinery.

Speaking to KUNA, KNPC's Deputy Managing Director for the refinery, Asaad Ahmad Al-Saad, said the unit was re-operated earlier on Tuesday and it will provide the local markets with its needs of bitumen starting from Wednesday.

Established in the 1970s, the bitumen production unit is one of its kind in Kuwait and provides the local market with 6,000 barrels per day (bpd) of the substance.

Obtained by refining crude oil obtained from oil wells, Bitumen is a general term for the group of oil and tar products used to make roads and pavements.

http://www.kuna.net.kw/home/Story.aspx?Language=en&DSNO=873808

CrazY

June 7th, 2006, 12:46 PM

Kuwait Energy Company (KEC) announced that it bought a strategic share in onshore petroleum fields in Egypt that includes a crude oil refinery.
Dr. Abdulmuhsin Al-Midaij, KEC Chairman singed the purchase agreement in Egypt with Mr. Husam Awadalla, Chairman Gharib Fields in the presence of Kuwait's Ambassador to Egypt Ahmad AlKulaib and officials from both companies.

Dr Al-Midaij said after signing the agreement that KEC bought 37.5% of Gharib field that has exploration and excavation rights to the fields located at the Burg Al-Arab (Arab Towers) area in the Western Desert.

'This is the first project in a series of potential projects we're negotiating. The project is also a part of the company's strategy to build a base for its investments in Egypt.'

From her side, Eng. Sara Akbar, Executive President at KEC affirmed that deal offers a special program to advance field's production and an exploration program in that specific region.

She added that KEC considers Egypt and the Middle East as one of the major regions for oil exploration. The company has presented an offer for another developmental program, and is evaluating three more other projects.

Akbar emphasized that there are many favorable advantages and investment opportunities in Middle East which is expected to generate better return on investment than other investment area, adding that KEC will capitalize on these opportunities.

'The company has strategic plans that will enable it to display an improved performance and achieve exceptional results.' The company has already made considerable gains within a short period since inception, Akabar stated.
........

for full article click here (http://www.ameinfo.com/88198.html)

Kuwait4Ever

June 7th, 2006, 04:09 PM

BEIRUT, June 7 (KUNA) -- Kuwaiti Minister of Planning and Minister of State for Administrative Development Affairs Dr. Masouma Mubarak underlined on Wednesday Kuwait's strong support to United Nations activities.

Speaking in a statement to KUNA following talks here today with United Nations Economic and Social Commssion for Western Asia (ESCWA) Executive Secretary Mervat Tallawy, Mubarak asserted Kuwait's keenness on cooperating with all UN bodies, stressing importance of enhancing the general confidence in the information provided by ESCWA.

Mubarak and Tallawy held their taks at ESCWA's headquarter here two days after the opening of the first and second meetings of the Board of Trustees of the Arab Planning Institute.

Mubarak called on Arab countries to make the utmost use of ESCWA's services and researches which proved to play a pivotal role in servicing the world with statistics and reports.

On here part, Tallawy praised support lended by the State of Kuwait to ESCWA and other UN bodies, describing her talks with Mubarak as very important.

She said the two sides reviewed environment strategies in Kuwait and ESCWA's projects in Kuwait including the future of the regional centre of technology.

She said the centre would help Arab countries become non-technology consuming states and be able of taking control of scientific researching.

http://www.kuna.net.kw/home/Story.aspx?Language=en&DSNO=874272

Kuwait4Ever

June 7th, 2006, 04:24 PM

Kuwait and Gulf Link Ports International signed a $1bn, 40-year concession agreement to build a major container terminal in Damietta, Egypt, AFP reported. The terminal will have capacity to handle 1.5m TEU a year in the first phase, and later, 4m TEU a year. The first phase will be ready in April 2008.

http://www.ameinfo.com/88203.html

CrazY

June 8th, 2006, 10:07 AM

KUWAIT CITY (AFP) - Kuwait expects to start production of natural gas within three years from parts of the offshore Dorra field that are not in dispute with Iran, a senior official said.
"We have already issued two tenders. The first for 3-D and 2-D seismic surveys with foreign companies, and the other with the Kuwaiti navy to clean the area," energy ministry undersecretary Issa al-Oun said.

Seismic surveys are planned to begin in three months and would take six months to complete in the 70 percent of the Dorra field that is not disputed by Iran, Oun told a forum on the natural gas industry in Kuwait.

This part is equally owned by Kuwait and Saudi Arabia and "higher authorities in both nations have given the green light to start development of the field", Oun said.

Iran and Kuwait have been negotiating for several years to demarcate their common maritime borders in what is known as the continental shelf which includes the Dorra field, but with no concrete results.

"We expect to develop the field and start production within two to three years after seismic surveys are completed. We plan to produce about 600 million cubic feet (17 million cubic meters) daily for 35 years," he said.

The production will be divided equally between Kuwait and Saudi Arabia, "but we are trying to purchase the Saudi share", said Oun.

Tehran said in January that any exploration by Kuwait must be carried out only in the undisputed areas.

Recoverable gas reserves from Dorra are estimated at some seven trillion cubic feet (200 billion cubic meters).

Kuwait is rich in oil but needs the Dorra field because it lacks sufficient supplies of natural gas.

The oil-rich emirate announced in March the discovery for the first time of some 35 trillion cubic feet (one trillion cubic meters) of non-associated gas in the north.

Khaled al-Sumaiti, deputy managing director of Kuwait Oil Co (KOC), responsible for exploration and production, said Wednesday that another five trillion cubic feet (14 billion cubic meters) have been added in West Kuwait.

"We expect to start production of free (non-associated) gas in late 2007 or early 2008 at 180 million cubic feet (5.1 million cubic meters) daily. Work is ongoing for more potential discoveries," he said.

Oun said Kuwait was expected to sign a deal with neighbouring Iraq for the import of natural gas, starting with a first phase of 38 million cubic feet (about one million cubic meters) a day.

The second phase of the project costing more than 800 million dollars will raise the quantity to 200 million cubic feet (5.7 millioin cubic meters) daily, Oun said.

article (http://news.yahoo.com/s/afp/20060607/wl_mideast_afp/kuwaitiranbordergas_060607142922)