Kuwait strengthens economic ties with UK and Airbus leader
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Kuwait Times
an hour ago
- Kuwait Times
Finance Minister Fassam resigns
Mukhaizeem becomes acting Finance Minister • Gaza fundraising campaign nets KD 2m KUWAIT: An Amiri decree was issued on Monday accepting the resignation of Finance Minister Noura Al-Fassam and appointing Minister of Electricity and Water Dr Sabeeh Al-Mukhaizeem as Acting Finance Minister. Fassam was appointed as minister of finance and minister of state for economic affairs and investment in August 2024, replacing Anwar Al-Mudhaf who had also resigned. No reason was given for her sudden resignation. Before her appointment in the Cabinet, Fassam had experience of more than two decades in official and private economic posts including stints with the Kuwait Investment Authority, National Bank of Kuwait and Boubyan Bank. Under her short tenure, Kuwait issued its first public debt law in several years allowing the state to borrow KD 30 billion over the next half century. Also, under Fassam, Kuwait issued a law imposing a 15 percent tax on profits of multinational enterprises which envisages to collect some KD 250 million of taxes annually. Also, several months ago, a decree was issued allowing the government to raise charges on public services, replacing a law that was issued in 1992 banning the government from raising public charges without the prior approval of the national assembly. Kuwait has posted a budget deficit almost every year since 2015 because of the sharp drop in the price of oil, whose income contributes to about 90 percent of Kuwait's public revenues. In the meantime, another Amiri decree was issued Monday appointing five members to KIA board of directors which is headed by the finance minister. KIA, is Kuwait's sovereign wealth fund, and manages hundreds of billions of dollars of state surplus in overseas holdings. Unofficial reports put Kuwait's foreign assets at well over $1 trillion. In another development, an official campaign to raise funds for assisting Gaza has netted close to KD 2 million in its second day, official figures showed. The campaign ends on Tuesday. Since the start of the Zionist aggression on Gaza in October 2023, Kuwait has dispatched dozens of tons of material aid to Palestinians.
Kuwait Times
14 hours ago
- Kuwait Times
KFH launches salary transfer campaign
KUWAIT: Kuwait Finance House (KFH) has launched (You deserve the you transfer your salary) campaign, encouraging Kuwaiti customers to transfer their salaries and enjoy exclusive benefits, rewards, and competitive offers. The campaign, which runs until the end of the year, affirms KFH's ongoing commitment to providing the best advantages, exclusive offers, while adding value to its products and services, and keeping pace with customers' aspirations. Through this initiative, Kuwaiti customers, working in the public or private sector, will receive a cash gift of up to KD 500 when transferring their salary of KD 400 or more to Al-Rabeh account. They also have the chance to earn up to 100,000 KFH Rewards bonus points redeemable for purchases at popular brands. Additionally, customers can receive a KD 500 cash gift for referring new Kuwaiti customers, with a KD 100 for every successful referral they make and a maximum of five referrals per month. The campaign boasts the Emergency Cash service, allowing customers to withdraw a portion of their salaries in advance directly through the KFH app without fees. This service is subject to terms and conditions, based on salary tiers, and requires the customer's salary to have been consistently credited to the account for the preceding three months. Among the many other benefits is the opportunity to obtain a financing of up to KD 95,000 under KFH's housing and consumer financing offerings subject to terms and conditions. These benefits reflect KFH's commitment to providing the best services and products to customers across all segments. They also align with the Bank's continuous efforts to uphold the highest standards of excellence and quality, focus on customers and meet their aspirations. KFH remains committed to enhancing its suite of banking services and products in line with customers' needs, aiming to provide them with modern innovative solutions that drive their satisfaction. It is worth mentioning that KFH has achieved milestones in the quality of its services, capitalizing on the latest technologies and market demands in addition to tailoring its offerings to fit each segment of customers.
Arab Times
14 hours ago
- Arab Times
Nod to clear debts of batch 2 Kuwaitis
KUWAIT CITY, Aug 4: Acting Undersecretary of the Ministry of Social Affairs and Chairman of the Debtors Committee Dr. Khaled Al-Ajmi has announced the approval to settle the debts of the second batch of citizens, whose debts range between KD5,000 and KD10,000. In a press statement Monday, Al- Ajmi stated that the total number of indebted citizens reached 767; stressing they met the conditions and criteria approved for the third national campaign. He said the Supreme Committee, in coordination with the participating entities, submitted the names of the beneficiaries to the Enforcement General Department at the Ministry of Justice, in preparation for completing the settlement procedures according to the legal and administrative procedures. He asserted that this is an advanced stage of the campaign, which is based on a humanitarian vision for alleviating the financial burdens of struggling groups. He confirmed that the technical and legal committees emanating from the Supreme Committee; which includes representatives from the Ministry of Interior, Ministry of Justice (Civil Execution Department), Ministry of Islamic Affairs, Zakat House, Secretariat General of Awqaf, and Ministry of Social Affairs; conducted a thorough review of the applicants' files and verified that they met the basic conditions. These conditions include that the beneficiary be a Kuwaiti citizen, that they have not benefited from previous campaigns in 2023 and 2024, that the debt is due for enforcement, and that they have an existing enforcement file with the Ministry of Justice. Al-Ajmi disclosed that the committee has started reviewing the files of the third batch of debtors -- whose debts do not exceed KD 15,000 -- in preparation for moving to new phases that cover all eligible cases according to available resources. He added that the total number of beneficiaries from the first and second batches reached 1,178 – a manifestation of the extent of the work accomplished and the institutional commitment to deliver aid to those who deserve it, in a manner that achieves social justice. He said the committee has been keen to facilitate communication with beneficiaries through the 'Sahel' application, which allows inquiries and monitoring of the status of applications with complete transparency. He explained that debtors whose debts have been approved for repayment will receive an official notification via the application indicating the completion of repayment. He asserted that the third national campaign to pay debts embodies the State of Kuwait's commitment to the values of compassion, responsibility and solidarity
