Latest news with #KuwaitCity
Zawya
9 hours ago
- Business
- Zawya
Kuwait's cost of living up 2.25% compared to last year
KUWAIT CITY - The Central Statistical Administration (CSA) announced on Thursday that Kuwait's consumer price index (CPI) increased by 2.25 percent compared to May of last year. The inflation rate showed a monthly rise of 0.15 percent in May compared to April, according to the CSA. The data revealed that in April, the CPI had risen by 4.72 percent year-on-year. Breaking down the figures by category, the CPI for the cigarettes and tobacco group remained stable, while the clothing group saw a rise of 4.09 percent. Housing services prices increased by 0.74 percent, and home furnishings rose by 3.38 percent. The health sector recorded a 3.79 percent increase in prices. Conversely, transportation costs decreased by 1.05 percent compared to May 2024. The communications category experienced a modest price rise of 0.64 percent annually, while entertainment and culture prices increased by 1.92 percent. Education costs also rose by 0.87 percent. In April, prices for restaurants and hotels increased by 1.50 percent year-on-year, and miscellaneous goods and services rose by 4.9 percent. Excluding the food and beverages group, the overall inflation rate in Kuwait rose by 1.69 percent annually in May and by 0.08 percent compared to the previous month. Arab Times | © Copyright 2024, All Rights Reserved Provided by SyndiGate Media Inc. (
Zawya
a day ago
- Business
- Zawya
Kuwait Direct Investment Promotion Authority hosts high-level energy roundtable
Kuwait City — Kuwait Direct Investment Promotion Authority (KDIPA), in cooperation with The Business Year (TBY), organized The Thought Leadership Circle: Empowering Energy Transformation took place today at the Chairman's Club, KIPCO Tower, bringing together senior decision-makers from Kuwait's energy and finance sectors, global companies, and international partners to shape the country's energy future. This Thought Leadership Circle series featured keynote contributions from His Excellency Sheikh Dr. Meshaal Jaber Al-Ahmad Al-Sabah, Director General of Kuwait Direct Investment Promotion Authority (KDIPA), highlighted the strategic importance of the energy sector in supporting Kuwait's path toward sustainable development and energy diversification. Hamad Al-Marzouq, Chief Enterprise Business Officer at Zain Kuwait stated: 'As a trusted and key partner to Kuwait's digital transformation journey, Zain is committed to enabling the energy sector's evolution through cutting-edge technology and meaningful collaboration. The future of energy lies in how we harness innovation to drive sustainability, resilience, and long- term economic growth, and we're proud to contribute to that transformation.' Shell Kuwait, represented by Anwar Al-Mutlaq, contributed with insights on upstream advancements and the role of international expertise in achieving Kuwait's 2035 and 2040 production goals. The Kuwait Banking Association (KBA), a strategic sponsor, underscored the financial sector's role in enabling the energy transition and mobilizing capital for green infrastructure. The discussion explored Kuwait's roadmap to net-zero emissions by 2050, the role of innovation and foreign direct investment in the sector, and the country's recent upstream discoveries, including the Al-Nokhatha, Al-Julaiah, and North Wafra fields. Attendees exchanged views on how these developments can drive economic diversification and position Kuwait as a hub for energy innovation and cross-border partnerships. Prominent figures participating in the roundtable included Sheikh Ahmed Duaij Jaber Al-Sabah, Chairman of the Commercial Bank of Kuwait, Bader Ebrahim Al-Attar, Managing Director of Planning & Finance at Kuwait Petroleum Corporation (KPC), Anwar Al-Mutlaq, Vice President Upstream and Country Chair of Shell Kuwait, Meshal S. Esbaitah, Vice Chairman of IMKAN International Company, António Azevedo Campos, Co-founder and CEO of Hub2Energy, moderated by Alexander Krunic, Senior Advisor to the Chairman, Commercial Bank of Kuwait. The event was supported by an outstanding group of sponsors, including Shell Kuwait and Zain as Executive Sponsors, Kuwait Banking Association and IMKAN International as Strategic Sponsors, Chairman's Club as Main Partner, and ITL World as Event Partner. The event offered a platform for deep dialogue and collaboration aimed at advancing Kuwait's energy transformation and investment attractiveness.
Zawya
a day ago
- Business
- Zawya
Incheon, TAV advance in race to run Kuwait's Terminal Four
KUWAIT CITY - The Central Agency for Public Tenders (CAPT) has confirmed that South Korean company Incheon International Airport Corporation and Turkish company TAV passed the technical evaluation for the operation and management of Terminal Four (T4) at Kuwait International Airport. Sources told the newspaper that this evaluation was part of a comprehensive assessment conducted by the Directorate General of Civil Aviation (DGCA) in a bid to enhance the operation, management, and overall service quality at Terminal Four. Sources disclosed that the scope of work includes training, maintenance, and development initiatives. Sources added that CAPT reviewed the file in its latest meeting and reconsidered the request of the DGCA to examine the results of the technical evaluation submitted by the bidding companies. According to the sources, CAPT reviewed a letter from the DGCA dated May 5, which included Incheon's written acknowledgment of full compliance with all contract terms. 'This was in reference to Resolution No. 27, issued during Meeting No. 45/2025 of the CAPT Board of Directors. Based on this, the board approved the technical evaluation results and authorized the opening of financial bids from companies that met the technical specifications. Incheon got an evaluation score of 87.5 percent, while TAV followed closely with 87 percent, sources narrated. Sources pointed out that this development is considered a major leap in the competitive tendering process for the strategic management of Terminal Four, an important facility at the airport. Arab Times | © Copyright 2024, All Rights Reserved Provided by SyndiGate Media Inc. (
Zawya
a day ago
- Business
- Zawya
KIB Invest plays key role in Boubyan's $3bln sukuk issuance
Kuwait International Bank (KIB) Group has announced that its investment arm, KIB Invest, played a key role as a joint lead manager in the issuance of senior unsecured US dollar-denominated sukuk with a five-year maturity, issued by Boubyan Sukuk on behalf of Boubyan Bank. The issuance, structured according to Wakala and Murabaha principles and valued at $500 million, is part of Boubyan Bank's $3 billion Trust Certificate Issuance Program. It garnered strong interest from both regional and international investors, reflecting solid confidence in Kuwait's Islamic financial and banking institutions. The issuance is supported by Boubyan Bank's strong credit ratings from leading global agencies, including an 'A2' rating from Moody's and an 'A' rating from both Standard & Poor's (S&P) and Fitch. Commenting on the occasion, CEO Jamal Al Barrak said: "KIB Invest is pleased to have participated in this successful joint issuance. Our involvement reflects the market's confidence in the sharia-compliant investment instruments, as well as the trust placed in us by investors and stakeholders across both regional and global markets." Al Barrak also highlighted that KIB Invest is strategically advancing its regional and international expansion by actively participating in high-profile transactions. He affirmed the company's commitment to delivering Sharia-compliant investment solutions through a growing platform, supported by a team of experts and aligned with international standards in Islamic finance. Ma'ab Mohammed Al Qassem, the General Manager of International Banking and Financial Institutions at KIB, expressed her appreciation to Boubyan Bank for their confidence in the capabilities and expertise of KIB Invest's team. "The selection of KIB's investment arm for this landmark issuance underscores the strength of relationships among local banks and sets the stage for deeper partnerships within Kuwait's Islamic banking sector," she stated. "This transaction also highlights KIB's ongoing support for local banks and its role in empowering regional financial institutions through strategic partnerships that enhance access to capital markets," she added. Al Qassem further reaffirmed KIB's commitment to fostering the growth of capital markets through innovative, Sharia-compliant solutions designed to deliver strong long-term investment value. The sukuk issuance was jointly arranged by HSBC, Standard Chartered, and Citibank as global coordinators. In addition to KIB Invest, a number of prominent regional financial institutions also participated in managing the issuance, including Arab Banking Corporation, Boubyan Capital Investment Company, KFH Capital Investment Company, Warba Bank, Dubai Islamic Bank, SMBC Bank International, and the Islamic Corporation for the Development of the Private Sector. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Arabian Business
2 days ago
- Politics
- Arabian Business
Kuwait announces Islamic New Year holiday
The Kuwaiti Cabinet has declared Thursday, June 26 as a public holiday on the occasion of the Islamic New Year (Hijri New Year). All ministries and state bodies in the country will suspend work on that day and resume work on Sunday, June 29. The decision was made by the Cabinet during its weekly meeting, presided over by Prime Minister Sheikh Ahmad Abdullah Al Ahmad Al Sabah. Islamic New Year in Kuwait The Cabinet congratulated Amir Sheikh Meshal Al Ahmad Al-Jaber Al Sabah, Crown Prince Sheikh Sabah Khaled Al-Hamad Al Sabah and the national citizens on the Islamic New Year.
