Kuwait

The third donors conference in Kuwait aimed at raising billions of dollars aid for Syria

As many as 78 nations and 40 international organisations will attend the third donors conference aimed at raising billions of dollars for war-torn Syria, host country Kuwait said Monday. The March 31 gathering at foreign ministers level will be opened by Emir Sheikh Sabah al-Ahmad Al-Sabah and UN Secretary General Ban Ki-moon, a foreign ministry official told the KUNA news ...

Kuwait’s Burgan Bank plans $74m rights issue

Burgan Bank, Kuwait’s third-largest lender by assets, will launch a KD21.6 million ($74.8 million) rights issue by the end of 2014 pending regulatory approvals, it said in a bourse filing on Sunday. Burgan said it plans to issue 216 million new shares and that the rights issue will raise its paid-up capital to KD197.18 million. This would indicate that shares ...

Kuwait’s stateless offered Comoros citizenship

Tens of thousands of stateless people in Kuwait will be offered citizenship of the impoverished African nation of Comoros to end their decades-old problem, the government said Sunday. The stateless people – known as bidoons – would be granted “special applications for Comoros’ economic citizenship,” Kuwait’s interior ministry assistant undersecretary Major-General Mazen Al Jarrah told Al Jarida daily. Those who ...

Kuwait 5-year residency cap on foreigners has been cleared

A bill calling for the imposition of a five-year residency cap on foreigners in Kuwait and a ban on bringing their families into the country has been cleared by the parliament’s legal and legislative committee. The bill, submitted by MP Abdullah Al Tamimi, also limits the size of any expatriate community to less than 10 per cent of the Kuwaiti ...

KNPC plans to spend $40 billion on a new refinery and a clean fuels project

Kuwait National Petroleum Co (KNPC) plans to spend $40 billion in the period to 2022 on projects including a new refinery and a clean fuels project, its chief executive said on Monday. Mohammed Ghazi al-Mutairi said in a speech at a conference in Kuwait city that the Clean Fuels Project would also include the expansion and modernising of the Mina ...

At least $50m will be invested to establish a campus in Kuwait

Waltham-based Raytheon Co. is planning to invest at least $50 million over the next seven years to establish a campus in Kuwait for the University of Massachusetts Lowell, officials said. The defense contractor called the arrangement a unique way to meet its contractual commitments to invest in Kuwait, one of its foreign customers, in return for the Arab nation’s purchase ...

The oil price will hover around $65 until the world economic recovery

Oil prices are likely to remain around $65 a barrel for the next six to seven months, the head of Kuwait’s state oil company said on Monday. “I think oil prices will remain at these levels for six to seven months, around $65 a barrel, until world economic recovery is clear or if there were any political crises or OPEC ...

Kuwait cut 2015/16 budget for the plunge in oil prices

Kuwait has cut spending in its 2015/16 budget by almost a fifth to account for the plunge in oil prices. The country’s development program won’t be affected, Finance Minister Anas Al-Saleh told reporters Monday in Kuwait City. The budget deficit for the fiscal year starting April 1 will be 7.02 billion dinars ($23.8 billion), on projected outlays of 19.1 billion ...