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Arab Times
14-07-2025
- Business
- Arab Times
Boursa Kuwait to launch sukuk, bond trading in 2025
KUWAIT CITY, July 14: Chief Executive Officer (CEO) of Boursa Kuwait Mohammad Al-Osaimi said the timeline for debt instrument trading is proceeding as planned, indicating that sukuk and bonds will be traded in 2025. He affirmed that all technical tests for index funds and the bond and sukuk market have been completed, and the regulatory rules are currently being prepared and will be announced within the next few months. Al-Osaimi announced on the sidelines of the launch of the second part of the third phase of the Capital Market Development Program, which is a major milestone that reflects the market system's commitment to continue development per international best practices. Regarding the expected volume of debt instrument trading on the stock exchange, Al-Osaimi explained, 'The current value of commercial debt instruments does not exceed KD2 billion, but after the approval of the Debt Law, we aspire to list government bonds and sukuk'. He pointed out that the stock exchange has a development program extending over three or four years to introduce major updates to its trading system. He revealed 'we will begin testing the new trading system in the second half of 2026.' He stated that the stock exchange is cooperating with the Capital Markets Authority (CMA) to review several products to better present them, stressing that the introduction of the CCP and the Central Broker will help the stock exchange offer financial derivatives soon. He explained that these developments will lead to attracting foreign investments, coinciding with increased investor confidence. About amending the listing requirements on the main market, Al-Osaimi confirmed that 'when the reduction of listing requirements on the main market was approved by reducing the company's capital limit from KD15 million to KD5 million, we received numerous communications from subscription managers in this regard.' He anticipates listings shortly. He disclosed that two family companies are currently negotiating with the stock exchange for listing, explaining that the stock exchange intends to attract companies in various sectors, including commercial, government, and family businesses. He said the listing procedures and requirements are not easy, as companies are being reorganized and prepared for this step, which may require a period that may extend to several years. He clarified that there is currently no intention to list oil sector companies, disclosing that there have been discussions with the Public-Private Partnership Authority to list a government company such as North Al-Zour next year. He added, 'The launching of the second part of the third phase of the Capital Market Development Program -- the main station -- reflects the market system's commitment to continue development following international best practices.' He emphasized that 'this achievement is a qualitative shift in the development process of the market and it is the result of the concerted efforts of CMA, Central Bank of Kuwait, Kuwait Clearing Company, Boursa Kuwait, and our partners from banks, investment companies and financial brokerage companies.' He confirmed that this phase witnessed a comprehensive development of the operational and technical infrastructure, including strengthening the clearing and settlement system, upgrading and modernizing trading systems, and improving the market structure through the implementation of the 'Qualified Broker' model and the application of more accurate and transparent mechanisms for account management. He explained that this achievement affirms the readiness of the market for more advanced stages in the future, and a shared vision for an efficient and flexible financial market capable of supporting economic development and attracting investments. He confirmed Boursa Kuwait's commitment to continue this journey, in partnership with all stakeholders, to ensure sustainable development and enhance the position of Kuwait as an advanced regional financial center. On the other hand, Director of the Trading Department at CMA Khaled Al-Sahli stated that the second part of the third phase of the Capital Market System Development Program includes the provision of financial products. 'Trading and post-trading have been activated through the applicable systems, in addition to preparing the structure of the articles, executive regulations and the stock exchange rules,' he disclosed. Al-Sahli indicated that work is underway to approve the executive regulations after the completion of the rules and regulations for settlement and litigation in the Central Depository, which will happen soon. He asserted, 'This development step contributes to boosting confidence among foreign investors and increasing foreign inflows, especially with the implementation of the CPP.' He asserted that such steps taken by the Kuwaiti market open new horizons for brokerage firms. Abdul Karim Al-Yaqout – Director of Strategy and Product Development at Kuwait Clearing Company – pointed out that the third phase is the cornerstone in the process of developing the infrastructure for post-trade operations, led by CMA and implemented by Kuwait Clearing Company, in cooperation with Boursa Kuwait and the Central Bank of Kuwait. Al-Yaqout added that Kuwait Clearing Company plays a vital role in the areas of clearing, settlement, depository, collateral management and risk mitigation; thereby, contributing to the alignment of the Kuwaiti capital market with international standards, such as IOACO and PFMI. He affirmed that there is a reconciliation period extending six months from the start of the phase, in addition to another phase for transferring client funds to brokerage firms after obtaining their approval. He said a date has been set for this phase and July 17 is the deadline for this step
Arab Times
09-07-2025
- Arab Times
Kuwait Boots Out 6,300 Expats In 60 Days
KUWAIT CITY, July 9: The Deportation and Detention Department at the Correctional Institutions Sector in the Interior Ministry has completed the deportation procedures for around 6,300 expatriates in May and June 2025. This is part of the ongoing efforts of the department to expedite the deportation of expatriate violators to their home countries. Sources affirmed that the department continues to work hard to deport expatriates referred by various sectors in the ministry for violating the Residency and Labor laws, some of whom are subject to judicial rulings. Sources said the department remains committed to speeding up the completion of deportation procedures, while providing humanitarian support and meeting all other needs of violators during their temporary detention until the procedures are completed. Sources added the field sectors in the ministry refer violators of the Residency and Labor laws, who are arrested in the ongoing security campaigns throughout the country, including illegal workers. In other news, since the implementation of the new traffic law on April 22 -- about three months ago-- areas once frequented by reckless drivers, such as Kabad, Wafra, Abdally and Subiya roads, are now empty of such drivers. These areas, which used to be venues for nighttime gatherings for car races promoted on social media, are now largely deserted, marking a new era of road safety. The law introduced sweeping changes, including increased fines, tougher penalties, and stricter enforcement. These measures have led to a visible shift in driving behavior, particularly among reckless drivers. Previously, some of the abovementioned areas hosted illegal, high-risk races that resulted in fatal accidents (both among drivers and spectators), often under the cover of darkness and away from law enforcement. Under the new regulations, penalties for reckless or negligent driving and racing have significantly increased. Offenders now face fines of up to KD150 for minor violations upon settlement; and in severe cases, imprisonment of one to three years and fines ranging from KD 600 to 1,000 or any of these two penalties. Individuals who film themselves committing traffic offenses like reckless or negligent driving now face fines ranging from KD1,000 to KD2,000. The Ministry of Interior reported a substantial drop in traffic violations and accidents since the law took effect. According to the General Traffic Department, traffic camera data showed 28,464 violations recorded in May 2025; compared to 168,208 in May 2024 -- 83 percent decrease. These violations included speeding and running a red light. Violations related to not wearing seatbelts or using mobile phones while driving dropped by 75 percent -- 22,574 violations recorded in the first month of implementing the new law compared to 89,153 in the previous month. The most important development is that traffic-related deaths fell by 55 percent; with only 10 fatalities reported in May 2025, compared to 22 in the same month of the previous year.
Arab Times
28-06-2025
- Business
- Arab Times
Silver steals gold's spotlight in Kuwait
KUWAIT CITY, June 28: Despite the luster of gold even in times of crises, this appeal extends to all precious metals, including silver. A number of precious metal traders in Mubarakiya Market said they expected a silver price hike due to the Israeli-Iranian war. Silver jewelry sellers in the market disclosed that the price per gram now ranges from 360 to 400 fils, excluding the 'workmanship' fee -- an increase of about 11 percent compared to the previous prices. They added that if the 'workmanship' fee is included, the price ranges from KD1.5 to KD2. They attributed the recent increase in the price of 'white metal' to the remarkable increase in demand among citizens due to the regional developments. They stated that some people buy silver as an alternative to gold, whose price has increased dramatically. Furthermore, a group of investors prefers to store silver, along with gold, to benefit from a small profit margin or as a guarantee against the decline in paper currencies, amid price increase expectations due to the escalation of tension in the region. Amir Franji, a silver shop manager, told the newspaper that silver prices have increased from 360 to 400 fils per gram last month, with expectations of further price increases in the coming days due to the ongoing tensions between Iran and Israel. He confirmed the high demand for silver, especially since it is an alternative to gold for middle-income earners. 'Purchasing gold jewelry is currently beyond the means of the not-so-well-off, with the price of a 21-karat reaching nearly KD30 per gram. Nevertheless, investing in silver is completely different from investing in gold, as anyone who sells silver jewelry loses 30 to 50 percent, unlike gold, which is bought and sold based on the price ceiling set by the Ministry of Commerce and Industry,' he explained. Silver merchant Hussein Ali agreed, saying, 'Indeed, there has been a noticeable increase in silver sales during this period; particularly after the rise in gold prices as a result of the Iran-Israel war, because gold is considered a safe haven for investors amid political fluctuations.' He disclosed that Kuwait imports silver from Switzerland, the United Arab Emirates (UAE) and Italy. He said Swiss silver is the best type and most preferred by customers; hence, the price is around 15 fils higher than other types of silver. In a related development, Ahmed Abdul Redha, a gold trader, pointed out that silver -- like other commodities -- is vulnerable to political tensions sweeping the world. However, he believes that investing in silver is profitable in the long term, as those who buy a kilogram of silver will not receive a profitable return for at least five years. He cited the fact that a kilogram of silver 20 years ago was worth a little more than KD50, while the current price per kilogram is KD417. Gold trader Hamad Al-Saeedi stated that silver jewelry sales have been active since the outbreak of the war, with sales increasing by approximately 15 percent; but there has been no significant price increase, as the price of a gram of silver increased by around 15 fils. He revealed that the price of silver three months ago was less than 290 fils per gram and rose to 360 fils during Eid Al-Adha. Despite this, some traders sell one gram of silver at 410 fils, he added. He mentioned the multiple uses of silver in technology industries, tablets, solar panels, nuclear reactors and nuclear medicine. He thinks the price of silver will rise dramatically over the next five years with the proliferation of silver-related industries, considering the world is on the cusp of the Fourth Industrial Revolution, which relies heavily on silver. He said a group of investors prefers to store silver with gold to benefit from a profit margin, even if small, or as a guarantee in the event of a decline in paper currencies, especially since the value of the dollar is affected by international political events. Gold trader Bou Yaacoub noticed the revival of the silver market, as some consider silver an alternative to gold, whose price rises based on global political and financial events. He explained that the price of a gram of a crafted silver could reach KD1.500; while the price of a silver bar depends on its weight, as it is sold without the 'workmanship' fee and this is different from silver jewelry, whose price includes the 'workmanship' fee, so the price of a gram could range from KD1.500 to KD2 depending on the work method. He indicated that the best types of silver in the local market are 925 karat and 999 karat.
Gulf Insider
15-05-2025
- Business
- Gulf Insider
Over 400 Illegal Residents Rounded Up in 9-day Kuwait Crackdown
Kuwait has rounded up more than 400 expatriates for violating the country's residency and labour laws as part of an inexorable nationwide clampdown on illegal foreigners. The arrests were made by the Kuwaiti residency affairs police during a massive security crackdown across the country's six governorates conducted in coordination with relevant authorities over nine days resulting in detaining 440 violators. The raids covered residential areas, farms, and engineering companies operating in uninhabited areas across the country, a security source has disclosed. The Kuwaiti Ministry of Interior said the April 30-May 9 campaigns were part of an integrated security plan aimed at controlling irregular workers and exposing illegal residents. The ministry renewed a warning that its crackdown on illegals is ongoing across the country, and emphasized that violators and their employers will be held accountable. Kuwait, a country of an overall population of 4.9 million people mostly foreigners, is seeking to redress its demographic imbalance and regulate the labour market. Authorities there have recently mounted a nationwide crackdown on illegal foreign residents, who failed to take advantage of a three-month grace period to rectify their status. Thousands have since been rounded up. The amnesty, which commenced in March last year, allowed illegal expatriates to readjust their residency status or leave willingly the country without paying fines. During the grace period, irregular expatriates, who had no passports, were able to leave Kuwait without having to pay a fine and are allowed to re-enter the country. A new residency law, which went into effect in Kuwait in January incorporating reconciliation and payment of fines by violators, does not apply to expatriates who failed to heed the amnesty deadline. The new law licenses foreigners for regular residency for a period not exceeding five years, 10 years for real estate owners, and 15 years for investors. The code also sets a foreigner's temporary stay at three months with possible extension for a period not exceeding one year. Violating the temporary or regular residency or iqama rules is punishable by one year imprisonment and a fine of up to KD 1,200 (around $3,900). Violating the visit residency rules is punishable by one year in prison and a maximum fine of KD2,000 dinars. Also read: Kuwait Convicts Nine In One Of Its Deadliest Labour Tragedies
Arab Times
14-05-2025
- Business
- Arab Times
Nursery licensing fees will increase to KD5,000
KUWAIT CITY, May 14: The Ministry of Social Affairs is currently reviewing a proposal to increase the licensing fees for nurseries from KD2,000 -- payable for five years -- to KD5,000 at a new rate of KD1,000 annually. According to sources, the ministry is conducting a comprehensive review of all its services to identify those requiring price adjustments to better reflect actual costs. This move complies with the directives of the Council of Ministers and is based on the recommendations of the Ministerial Committee for Economic Affairs, which instructed government agencies to coordinate with the Ministry of Finance to reassess the pricing of their services. Sources said the ministry, through its relevant sectors, is evaluating the financial criteria for issuing operating licenses for around 400 nurseries in the country. They revealed that the proposed changes will lead to a licensing fee rise to KD 5,000 distributed evenly over five years. Sources also confirmed that this review is in line with the efforts of the ministry to transform from being solely a provider of financial aid to a revenue-generating entity. 'The goal is to alleviate pressure on the State budget by rationalizing expenditures and boosting income,' sources explained. Sources added that Minister of Social Affairs Dr. Amthal Al-Huwailah is committed to implementing Decree-Law No. 1/2025 on fees and costs for the use of public facilities and services
