Latest news with #Kuwait2035
Zawya
01-07-2025
- Business
- Zawya
Kuwait rolls out MNE top-up tax
KUWAIT CITY - In line with the New Kuwait 2035 vision to diversify the sources of income and achieve financial sustainability, the Ministry of Finance announced the issuance of Ministerial Resolution No. 55/2025 on the executive regulations of Decree-Law No. 157/2024 concerning the Multinational Entity Group (MNEs) Tax. This includes the implementation of a supplementary Domestic Minimum Top-up Tax (DMTT), under the requirements of the second pillar of the Organization for Economic Co-operation and Development (OECD). In a press release issued by the Ministry of Finance, it stated that the new regulations aim to clarify and interpret the law's provisions, define procedures and implementation mechanisms, enhance transparency, and provide stakeholders with a clear understanding, in line with international policies and standards in this field. In this regard, Minister of Finance and Minister of State for Economic Affairs and Investment Noura Al-Fassam affirmed that the issuance of these regulations marks a major milestone in Kuwait's economic reform journey, highlighting their role in providing a fair investment environment and promoting tax equity. She emphasized that the new legislation reflects Kuwait's commitment to achieving fiscal balance and diversifying revenue sources away from reliance on the oil sector. Minister Al-Fassam stressed that preliminary estimates suggest the tax could generate approximately KD 250 million annually, thus strengthening the state's capacity to build a resilient and sustainable economy capable of withstanding future challenges. She announced that the ministry plans to hold a series of awareness workshops in the coming period to support the law's implementation and clarify the details of the executive regulations for relevant authorities and specialists, with dates to be announced in due course. In other news, the Ministry of Finance issued Ministerial Resolution No. 54/2025 that amends the regulations governing the use of stateowned properties and service fees specified in Resolution No. 40/2016, reports Al-Seyassah daily. Minister of Finance and Minister of State for Economic Affairs and Investment Noura Al-Fassam explained that the new amendments aim to achieve a fair balance between the use of such properties by individuals and entities and the public interest, ensuring clear procedures and enhancing transparency in transactions. The amended regulations cover the use of various activities, including chalets, rest houses, shopping malls, cooperative societies, banks, warehouses, as well as sports clubs, schools, and hospitals. The resolution includes stabilizing agricultural plot prices to support food security and encourage local production. She said the amendments were based on an extensive study of pricing trends at both Gulf and international levels. Minister Al-Fassam explained that the revised prices are lower than the average prices in GCC countries, taking into account Kuwait's economic and social conditions. The aim is to ensure equal opportunities for all as well as enhance state revenues on a sustainable basis.
Arab Times
19-05-2025
- Politics
- Arab Times
Kuwait unveils 3-point plan for school reform
KUWAIT CITY, May 19: Education Minister Jalal Al-Tabtabai announced three Gulf educational initiatives during the opening of the ninth meeting of the Committee of Ministers of Education in Gulf Cooperation Council (GCC) countries on Monday. In his speech, Al-Tabtabai affirmed the commitment of Kuwait to support joint Gulf education; indicating that the meeting reflects the depth of partnership and integration among the GCC states in the field of education. He said the three Gulf educational initiatives include the Gulf Youth Sports Initiative to promote physical activity and mental health among students, Unification of Academic Ladders among GCC States to enhance educational harmony and facilitate student mobility, and the Initiative to Promote a Common Gulf Identity in Educational Curricula. He disclosed that these initiatives are in line with the Kuwait 2035 vision, the sustainable development goals and the Gulf Education Vision 2030. He confirmed the importance of adapting to contemporary challenges, specifically digital transformation and artificial intelligence. He pointed out that the meeting is a manifestation of the depth of Gulf ties and shared destiny, affirming the unity of path and the integration of aspirations toward an educational future that witnesses advanced coordination in the area of educational cooperation. 'This future is based on an effective partnership that draws its strength from a cultural heritage and an ambitious strategic vision, which responds to the priorities of sustainable development and the aspirations of our Gulf societies,' he added. He stated that 'the meeting is being held amidst rapid global changes that require us to strengthen Gulf coordination and intensify efforts to formulate strategic visions for the educational future of our children, especially in light of the successive developments in the field of artificial intelligence and digital transformation. We have to expand educational paths and develop flexible educational models aimed at empowering students with the tools to innovate and adapt to the latest developments.' He asserted 'we believe in the importance of developing the educational system to keep pace with 21st century standards, strengthening the common Gulf identity, and providing flexible and inspiring educational environments that develop students' creative thinking and innovation skills. We also confirm our strategic partnership with international institutions, and our commitment to the Sustainable Development Goals and the Joint Gulf Vision for Education 2030, which contribute to building a competitive and effective educational system at the regional and international levels.' On the other hand, Jassim Al-Budaiwi, GCC Secretary General, emphasized in a statement on the sidelines of the meeting the importance of the ministerial meetings held at the level of the ministers of Education, Higher Education and Scientific Research as they are related to the future of GCC countries. Al-Budaiwi stated that items in the agendas of both meetings are extremely important, considering their direct impact on joint Gulf action regarding public and higher education. He added one of the important recommendations approved in the meeting is the unified Gulf strategy to combat drugs -- the great scourge that is devastating people. 'It was agreed that the curricula in the GCC countries should include some elements of this strategy to educate our students about the dangers of drugs. The State of Kuwait presented three initiatives on youth sports and unifying the educational ladder; and the Kingdom of Saudi Arabia put forward an important initiative related to the participation of the GCC countries in its approved strategy for education and how countries can develop their educational systems,' he elaborated. He went on to affirm that the agenda of the meeting of the Ministers of Higher Education and Scientific Research included many topics; as the GCC countries give importance to scientific research and GCC leaders always recommend this issue. He pointed out that the GCC Charter consists of articles on the need to support scientific research, strengthen cooperation in this field, integration of young men and women in Gulf universities, admission process, and encouraging them to study in other Gulf countries. He also expressed his pride in the achievements of the GCC countries in the fields of public and higher education. He added 'the GCC countries' indicators are a testament to the strength of these countries. Our academic institutions have become prestigious, keeping pace with the times and providing outstanding academic outputs.'
Arab Times
30-01-2025
- Business
- Arab Times
Gulf Forum for Gifted Students concludes in Kuwait with focus on innovation and cooperation
KUWAIT CITY, Jan 30: The Sabah Al-Ahmad Center for Giftedness and Creativity concluded the second Gulf Forum for Gifted Students on Wednesday, which began on January 26. In his speech at the closing ceremony held at the Joint Talent Academy Theater, Minister of Education Sayed Jalal Al-Tabtabaei emphasized that the distinguished event brought together promising young minds from the Gulf Cooperation Council (GCC) countries, providing an environment that stimulates creativity and strengthens cooperation among the people of the Arabian Gulf. He highlighted the importance of nurturing talent and innovation at all levels. Minister Al-Tabtabaei stated that societies that invest in creative minds and empower individuals with innovative ideas are the ones that lead the future. He noted that the Ministry of Education is working tirelessly to create an environment that supports gifted students, enhancing programs and initiatives designed to develop their potential and prepare them to become future pioneers and leaders of change. He emphasized that this approach aligns with the vision of "Kuwait 2035," which places creative human capital at the forefront of its priorities. This vision aims to build a knowledge-based economy by developing educational policies, promoting innovation, and empowering talented students to contribute to preparing a generation capable of leading the future and achieving Kuwait's development ambitions. The Director General of the Center, Nada Al-Daihani, also spoke at the event, describing the forum as part of a comprehensive strategic plan for 2025, which began in 2023 to support talented students in Kuwait. She expressed hope that the participating Gulf delegations would bring their experiences from Kuwait back to their home countries. The forum's activities included several workshops, training courses, and competitions. At the closing ceremony, the Gulf delegations that participated in the event were honored.
