Kuwait transfers pricing cmte to Ministry of Commerce under new agreement
In a joint statement, both ministries said the agreement included creating a legal framework to transfer all electronic systems and pricing records to the ministry of commerce. This move came in line with Cabinet directive to shift the pricing committee's responsibilities to the ministry of commerce, in accordance with existing laws, while safeguarding the legal rights and obligations of all involved parties, the statement added.
All three parties agreed to form joint teams to monitor prices, protect consumers, and promote market stability.
All KUNA right are reserved © 2022. Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Business
an hour ago
- Arabian Business
Kuwait introduces tax rules, expects $820m in revenue
The Kuwait Ministry of Finance has issued a landmark decree introducing executive regulations for taxing multinational enterprise (MNE) groups — marking a major step in the country's economic reform agenda and commitment to diversifying income beyond oil revenues. The decree (No. 55 of 2025) implements Law No. 157 of 2024, which brings Kuwait in line with the OECD's Pillar Two global minimum tax framework through the introduction of a Domestic Minimum Top-up Tax (DMTT). According to the Ministry, the new regulation clarifies legal provisions, outlines implementation mechanisms, and enhances transparency in accordance with international best practices. New Kuwait tax rules The Ministry said the move aligns with Kuwait Vision 2035, which aims to build a more diversified and resilient economy. Finance Minister and Minister of State for Economic and Investment Affairs, Eng. Nora AlFusam, said the regulation is pivotal for creating a fair investment environment and enhancing tax justice. She added that expected annual revenues from the tax could reach around KD250m ($820m), helping build a resilient and sustainable economy. The Ministry of Finance will organise a series of awareness workshops to help explain the new tax law and its executive regulations to relevant stakeholders, ensuring smooth implementation and full compliance. The tax applies specifically to large multinational groups operating in Kuwait, in accordance with global tax fairness principles outlined by the Organisation for Economic Cooperation and Development (OECD).
Arabian Business
an hour ago
- Arabian Business
Dubai Airshow 2025 opens registration with new night events, runway networking, and focus on innovation
Dubai Airshow has officially opened registration for its 19th edition, set to take place from November 17 to 21 at Dubai World Central. The event is set to be the most innovative and future-focused yet, featuring first-of-its-kind experiences including night-time programming, runway networking events, and a strengthened focus on sustainability and talent development. According to the International Air Transport Association (IATA), the aviation sector currently contributes $92bn to the UAE's GDP — equivalent to 18.2 per cent — with the Middle East's commercial aircraft fleet expected to grow at a rate of 5.1 per cent annually over the next decade. Dubai Airshow 2025 Major General Dr. Mubarak Saeed bin Ghafan Al Jabri, Executive Director of the Military Committee organising Dubai Airshow, said the event offers a platform to highlight the UAE's growing leadership in the aviation and defence sectors. He said: 'With the industry evolving rapidly, the Ministry of Defence remains committed to advancing innovation and building the capabilities that will define the future of the military sector. Supporting and empowering the next generation of talent is central to this vision, ensuring the UAE remains at the forefront of global progress'. Key new features include: Runway networking event at SkyDive Dubai: A first-of-its-kind gathering of top aviation figures, featuring drone shows, skydiving performances, live music, and premium hospitality Night-time programming: For the first time, the show will extend into the evening on Day 2, with activities continuing until 9pm, including aircraft viewing, receptions, and drone displays under the stars Sustainability focus: Demonstrating industry-wide commitment to environmentally efficient technologies and greener aviation solutions Dubai Airshow 2025 will continue to showcase global aviation, aerospace, and defence innovation through a series of dedicated platforms, including: VISTA: The region's leading hub for aviation and space start-ups NextGen Leaders programme: Aimed at inspiring and mentoring emerging aviation talent The Academy: A newly launched initiative to equip youth with skills for future industry careers Aerospace Executive Club: Private discussions among senior industry decision-makers AI-powered matchmaking system: Streamlining networking across thousands of delegates through the official app Timothy Hawes, Managing Director of Informa Markets, said: 'Dubai Airshow has always been centred on driving the aviation and defence sectors forward. He noted that the 2025 edition will be the most comprehensive and future-focused to date, bringing global industry players together through purposeful and unprecedented events that create more room for networking, showcasing pioneering technologies, and supporting the region's ambitious growth strategies.' Skyview, the only platform of its kind in the UAE, will return for the 2025 edition, offering more than 15,000 public visitors exclusive access to live flying displays, interactive activities, and family-friendly entertainment over the five-day event. The Airshow will once again be co-hosted by the UAE Ministry of Defence, Dubai Civil Aviation Authority, and the Government of Dubai, reinforcing its global reputation as a premier platform for aerospace collaboration.
The National
an hour ago
- The National
Marco Rubio defends USAID closure as uncertainty surrounds future help to poorer countries
US Secretary of State Marco Rubio has defended the closure of the US Agency for International Development, which officially shut its doors on Tuesday after more than six decades of assistance to poorer countries. Five months after Elon Musk called USAID a 'criminal organisation' and said he had fed it into a 'wood chipper', the agency started by president John F Kennedy and credited with saving millions of lives around the globe no longer exists. Its remaining functions have been absorbed into the State Department, which will oversee a new 'America First' approach to international aid. In a statement, Mr Rubio gave parts of the Middle East and North Africa as examples of places that have received US aid but held a negative view of America. Since 1991, 'more than $89 billion invested in the Middle East and North Africa left the US with lower favourability ratings than China in every nation but Morocco", Mr Rubio said. 'The agency's expenditure of $9.3 billion in Gaza and the West Bank since 1991, whose beneficiaries included allies of Hamas, has produced grievances rather than gratitude towards the United States.' Beyond creating a globe-spanning 'NGO industrial complex' at taxpayer expense, USAID has little to show since the end of the Cold War, he said. 'Development objectives have rarely been met, instability has often worsened and anti-American sentiment has only grown.' Mr Rubio said Americans should not pay taxes to fund failed governments far from the US. 'Moving forward, our assistance will be targeted and time-limited.' USAID was known globally for providing life-saving help to poorer countries, including medicine to combat HIV and Aids. Its termination comes amid several new reports projecting that cuts to US aid could lead to millions of preventable deaths. The Lancet, which analysed data from 133 low and middle-income countries from 2001 to 2023, estimates that USAID-funded programmes helped to prevent more than 91 million deaths over the past two decades, including 30 million among children. If the cuts continue, researchers project 1.8 million excess deaths in 2025 alone, with a total of 14 million by 2030 – including 4.5 million children under the age of five. 'US aid cuts, along with the probable ripple effects on other international donors, threaten to abruptly halt and reverse one of the most important periods of progress in human development,' the study said. Mr Rubio said USAID had marketed its programmes as a charity, rather than instruments of American foreign policy intended to advance US interests Former presidents Barack Obama and George W Bush, and Irish singer Bono, on Tuesday questioned the Trump administration's closure of USAID, including funding cuts to a popular Aids and HIV programme known as Pepfar (the President's Emergency Plan for Aids Relief). Mr Obama called the dismantling of USAID 'inexplicable' and 'a colossal mistake.' Washington has been the world's largest humanitarian aid donor, amounting to at least 38 per cent of all contributions recorded by the UN. It disbursed $61 billion in foreign assistance last year, just over half of that through USAID, according to government data. The State Department denied criticism, saying countries want investment opportunities, not handouts. 'We think that the best thing we can do, from a moral perspective, to lead to development and a betterment of life all around the world, is to invest in the peace and prosperity of those countries,' a senior State Department official told reporters. 'Which means trade, investment, sort of growing our bilateral connection that way so that's the administration's view at least.' The official also said reports that Pepfar funding will not continue are inaccurate. 'The Secretary said, many, many times, Pepfar will continue, will become more efficient and we believe, more impactful,' the official said.
