Latest news with #KD30
Gulf Insider
30-06-2025
- Business
- Gulf Insider
Kuwait Rolls Out Tiered Expert‑Service Court Fees From July 2025, Repealing 2017 Rule
Kuwait will implement a new schedule of judicial fees for expert services beginning July 1, following a decision issued by the Ministry of Justice aimed at aligning compensation with the complexity and value of court assignments. The updated fee structure covers six categories and applies to services provided by the General Department of Experts. Fees will be assessed based on the time, effort and financial scale of each case. The initiative replaces Resolution No. 232/2017. Under the decision, KD30 ($98) will be charged for inspection sessions conducted at dispute sites or when reviewing documents offsite, while KD 20 will apply for expert appearances in court. Sessions held at the department's headquarters or branches are set at KD10, and procedural sessions without the presence of litigants will carry a KD5 fee. Additional charges include KD 20 for filing expert reports and KD 15 to cover travel expenses. The decision also outlines case-type-specific fees: · KD100 for cases related to private residences or standard residential units (Category A), · KD 250 for residential or commercial complexes (Category B), * KD 200 for industrial, agricultural, or investment-use plots (Category C). Significantly, all fees will be doubled if the value of the report's subject exceeds KD500,000. For assignments requiring external specialized expertise, the matter will be referred to the court to determine appropriate compensation, as noted in Article 4. The Ministry of Justice has tasked the Undersecretary with overseeing implementation.
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.
Arab Times
05-06-2025
- Business
- Arab Times
Lawsuits in Kuwait get a fee-lift
KUWAIT CITY, June 5: His Highness the Prime Minister Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah presided over the weekly meeting of the Cabinet, during which a decree-law amending certain provisions of Judicial Fees Law No. 17/1973 was approved. This amendment is the first in more than five decades. It aims to limit the growing number of vexatious cases, ensure the seriousness of the right to litigation, and promote alternative dispute resolution methods like arbitration and conciliation. The amendment includes the increase of fees and rates imposed on lawsuits with a specified or unspecified claim value. It stipulates a five percent rate if the claim value is up to KD30,000; 3.5 percent if the claim value exceeds KD30,000 up to KD150,000; 2.5 percent if the value ranges between KD150,000 and KD500,000; 1.5 percent if the claim value ranges between KD500,000 and KD5million; and one percent if the claim value exceeds KD5 million. It raised the fees for orders on petitions and requests from KD5 to KD10; KD50 for urgent lawsuits and enforcement issues — up from KD3; court lawsuit fees increased to KD100, including the request to appoint an expert; KD150 for enforcement issues — up from KD30; KD100 for requests to dismiss a judge, expert and arbitrator; KD500 for a request to refer a property to a sales judge; the fee for warnings for each party increased from 500 fils to KD5; cost of stamp duty increased from 500 fils to KD1; and requests to expedite lawsuits, suspension and cancellation are subject to a fee of KD5. Article One of the Decree-Law stipulates the replacement of a number of articles of the Judicial Fees Law with new texts. Article Two states that if the lawsuit includes multiple claims of known value — whether original or reserve, and arising from a single legal cause; the assessment shall be based on their total value. However, if they arise from different legal causes, the assessment shall be based on the value of each one separately. Article Five states that if it is impossible to estimate a claim, it shall be deemed unvalued. The following claims, in particular, shall be deemed unvalued: claims for the authenticity of a signature, claims and objections submitted to the judge of urgent matters, original forgery claims, requests for enforcement of arbitrators' rulings and appeals against such orders, requests for orders to implement foreign court rulings, requests to dismiss judges, experts and arbitrators, requests and orders on petitions submitted to the Execution Department and appeals against them, claims for easements, claims for interpretation and correction of rulings, claims for review of endowments, claims for entitlement to residency in endowment sites or their eviction, and claims for eviction of rented premises. It also stipulates that if a claim includes multiple original claims or original and reserve claims — all of which are unvalued — a fee shall be imposed on each of them separately. If these claims are related, a single fee shall be imposed on them. Under the decree, a fixed fee is imposed on the following lawsuits: personal status lawsuits of all types, partition lawsuits between partners, appeals against orders on petitions, and the list of fees and expenses. Fees are also collected for each lawsuit that has been in effect for one year from the date of its cancellation and has not been renewed from the date of cancellation, or from the date of the expiration of the penal or consensual stay and has not been resumed. A fee of KD5 is imposed for a request to renew a lawsuit from cancellation, shorten its hearing date, or expedite it from the penal or consensual stay. The applicant is obligated to pay this fee regardless of the outcome of the lawsuit. A new fee of 10 percent of the value of the fee due is collected for the lawsuit when it is re-filed within three months from the date of the judgment, as if it never existed, or by abandoning it; provided that the subject of the lawsuit or its litigants do not change. The exemption request shall be submitted to the Clerks Department of the Court of First Instance, accompanied by the supporting documents or a copy thereof. The Clerks Department shall notify the Judicial Fees Department of the request and its documents, so that it may submit its report. A committee of three judges shall be formed to decide on the request in the absence of the parties and without pleading unless the committee deems it necessary to attend. The committee shall have a secretary who will attend its sessions and record its minutes. The committee's decision shall be issued by a majority vote of its members, including the reasons for the decision and the basis upon which the exemption was based. The exemption from fees shall be personal and shall not extend to the heirs of the exempted person or their replacement. The committee referred to in the previous article may, during the course of the case or after judgment therein, based on a request from the Judicial Fees Department or the opposing party in the case, annul the exemption decision if it is proven that the justified incapacity has ceased. The Court Clerks Department shall notify the circuit hearing the case of the annulment decision. If the fee-exempt opponent is required to pay the fees, he must first be requested to pay them. If it is impossible to collect the fees from him, it is permissible to recover them from the concerned party if the state of his inability is no longer in accordance with the previous article. A fee of KD5 is imposed on warnings and notifications — other than notification of the statement of claim, judgment and other notifications related to the progress of a dispute before the court — for each person notified. A fee of 500 fils is collected for each page of the copy of the judgment requested from non-litigants. The same fee is imposed for each page requested by the litigants after they obtained the first copy. A fee of KD1 is imposed on certificates and copies of the lawsuit papers requested by the litigants or others regarding the progress of the lawsuit or the judgment therein. It also stipulates that the courts shall adjudicate in lawsuits and requests for which the fee is paid in advance, or for which a temporary exemption is established. No lawsuit or request may be initiated before this fee is paid. If it is found that it has not been paid, the court shall grant the plaintiff an appropriate period for payment. If he does not pay within that period without an acceptable excuse, the lawsuit is deemed null and void. The provisions of Article 123 of the Civil and Commercial Procedures Law shall apply to orders to assess fees and the appeals against them. Without prejudice to the rules of exemption from court fees, the plaintiff is obligated to pay the fee until a final judgment is issued against the other party. The explanatory memorandum states that Law No. 17/1973 regarding judicial fees was issued more than 50 years ago; and it has not been amended despite the economic and social changes in recent years, including the rise in inflation rate and the level of per capita income, which led to an increase in the prices of goods and services. It added that the increasing level of public culture and trust in the judiciary have encouraged citizens to resort to the courts as a safe haven for resolving their disputes. This has led to a steady increase in the number of cases brought before them; hence, litigants have to endure the pain of waiting for resolution.
Zawya
07-04-2025
- Business
- Zawya
Kuwait equities deliver positive performance in Q1
Kuwait equity market has been the top performer among GCC markets in the first quarter, gaining 9.7% for the quarter, according to Kuwait Financial Centre (Markaz). However, Kuwait markets were slightly negative in March 2025 following five consecutive months of positive performance, stated Markaz in its Monthly Market Review report. Kuwait's All Share Index declined by 0.3%, with mixed performance across sectors. Healthcare and insurance were the top gainers, rising by 9.9% and 3.3% respectively. The banking sector index gained 0.7% for the month. Among banking stocks, Burgan Bank and Commercial Bank of Kuwait were the top gainers, with a monthly return of 6.2% and 5.3% respectively. Commercial Bank of Kuwait's net profit for FY 2024 increased by 41.4% y/y due to higher loan loss recoveries, increase in net interest income and fee income. Among Premier market stocks, Integrated Holding Company and Jazeera Airways were the top gainers, rising by 8.6% and 6.9% respectively for the month. Integrated Holding recorded a net profit of KD6.88 million for FY 2024, an increase of 67.7% y/y. Steady increase in demand for equipment services and reversal of provision for doubtful debt due to realization had contributed to the rise in profit. Kuwait has passed the long-awaited public debt law, which would enable the country to raise debt in the international markets. The new law sets the ceiling for public debt at KD30 billion ($97.4 billion) and the ceiling for maturities of issued financial instruments at 50 years. In its budget for FY 2025/26, in the light of lower oil prices (estimated at $68/barrel) and Opec+ production cuts, the country has estimated a budget deficit of KD6.3 billion. With the earlier debt law expiring in 2017, the country has been drawing from its General Reserve Fund to fund its deficit. The new law would enable it to finance the deficit by raising debt from international markets. Kuwait's CPI rose by 2.49% y/y in February 2025, remaining steady compared to 2.5% y/y increase in January 2025. The food and beverages segment continued to be the major driver, rising by 5.23% y/y. The S&P GCC Composite index declined by 1.1% in March 2025 with all GCC markets in red weighed by trade war concerns and geopolitical tensions. Saudi equity index declined by 0.7% during the month. Acwa Power and Saudi Aramco had declined by 7.6% and 1.3% respectively for the month. Saudi Aramco's net profit for FY 2024 declined by 12.4% y/y to $106.2 billion on the back of lower oil prices. Saudi Aramco's net profit for FY 2024 declined by 12.4% y/y to $106.2 billion on the back of lower oil prices. Saudi Capital Market Authority has approved the listing of flynas, Saudi Arabia's budget airline, making it the third such listing from an airline company in GCC, after Air Arabia (UAE) and Jazeera Airways (Kuwait). Abu Dhabi's equity index declined 2.0% in March 2025, amid broad-based declines. Dubai's equity index declined by 4.2% for the month. Emirates NBD and Dubai Islamic Bank declined by 8.6% and 7.2% respectively for the month. Qatar's equity markets lost 2.0% for the month, despite positive corporate earnings and a 7.4% rise in natural gas prices during the month. Qatar's listed companies' net earnings increased by 8.7% y/y in 2024. -TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
06-04-2025
- Business
- Trade Arabia
Kuwait equities deliver positive performance in Q1
Kuwait equity market has been the top performer among GCC markets in the first quarter, gaining 9.7% for the quarter, according to Kuwait Financial Centre (Markaz). However, Kuwait markets were slightly negative in March 2025 following five consecutive months of positive performance, stated Markaz in its Monthly Market Review report. Kuwait's All Share Index declined by 0.3%, with mixed performance across sectors. Healthcare and insurance were the top gainers, rising by 9.9% and 3.3% respectively. The banking sector index gained 0.7% for the month. Among banking stocks, Burgan Bank and Commercial Bank of Kuwait were the top gainers, with a monthly return of 6.2% and 5.3% respectively. Commercial Bank of Kuwait's net profit for FY 2024 increased by 41.4% y/y due to higher loan loss recoveries, increase in net interest income and fee income. Among Premier market stocks, Integrated Holding Company and Jazeera Airways were the top gainers, rising by 8.6% and 6.9% respectively for the month. Integrated Holding recorded a net profit of KD6.88 million for FY 2024, an increase of 67.7% y/y. Steady increase in demand for equipment services and reversal of provision for doubtful debt due to realization had contributed to the rise in profit. Kuwait has passed the long-awaited public debt law, which would enable the country to raise debt in the international markets. The new law sets the ceiling for public debt at KD30 billion ($97.4 billion) and the ceiling for maturities of issued financial instruments at 50 years. In its budget for FY 2025/26, in the light of lower oil prices (estimated at $68/barrel) and Opec+ production cuts, the country has estimated a budget deficit of KD6.3 billion. With the earlier debt law expiring in 2017, the country has been drawing from its General Reserve Fund to fund its deficit. The new law would enable it to finance the deficit by raising debt from international markets. Kuwait's CPI rose by 2.49% y/y in February 2025, remaining steady compared to 2.5% y/y increase in January 2025. The food and beverages segment continued to be the major driver, rising by 5.23% y/y. The S&P GCC Composite index declined by 1.1% in March 2025 with all GCC markets in red weighed by trade war concerns and geopolitical tensions. Saudi equity index declined by 0.7% during the month. Acwa Power and Saudi Aramco had declined by 7.6% and 1.3% respectively for the month. Saudi Aramco's net profit for FY 2024 declined by 12.4% y/y to $106.2 billion on the back of lower oil prices. Saudi Aramco's net profit for FY 2024 declined by 12.4% y/y to $106.2 billion on the back of lower oil prices. Saudi Capital Market Authority has approved the listing of flynas, Saudi Arabia's budget airline, making it the third such listing from an airline company in GCC, after Air Arabia (UAE) and Jazeera Airways (Kuwait). Abu Dhabi's equity index declined 2.0% in March 2025, amid broad-based declines. Dubai's equity index declined by 4.2% for the month. Emirates NBD and Dubai Islamic Bank declined by 8.6% and 7.2% respectively for the month.
