Latest news with #KuwaitCity
Zawya
36 minutes ago
- Business
- Zawya
Kuwait government launches full review of public projects and contracts
KUWAIT CITY - In a move to enhance transparency, efficiency, and oversight, the Kuwaiti government has initiated a comprehensive inventory of all ongoing and planned projects and contracts across ministries and public institutions. The initiative aims to closely monitor implementation mechanisms and evaluate the progress of infrastructure and service-related developments. According to informed sources, all government ministries and relevant entities have been instructed to promptly prepare detailed lists of active construction projects — ranging from administrative buildings to public service facilities — as well as their associated contracts. Ministries are also required to submit the latest monthly progress reports for these projects. The directive, described as a key regulatory and oversight measure, includes the preparation of a full register of existing maintenance contracts across all ministries and institutions. Sources noted that this initiative is designed to establish a centralized, accurate database that will support informed decision-making, help assess execution quality, and detect any implementation shortcomings or project delays. In addition to active projects, the government has also asked for comprehensive documentation of upcoming construction projects that ministries and government bodies intend to carry out. These should include proposed timelines and implementation frameworks. Officials stated that the broader goal is to promote inter-agency coordination in order to eliminate duplication, prevent overlapping responsibilities, and ensure effective planning and resource allocation. The review marks a significant step toward bolstering accountability and strategic planning across Kuwait's public sector infrastructure and service initiatives.
Zawya
37 minutes ago
- Business
- Zawya
CMA outlines rules for investment dealings with 'former Kuwaiti citizens'
KUWAIT CITY - The Capital Markets Authority (CMA) has issued Circular No. 20 of 2025, outlining key regulations for dealing with individuals whose Kuwaiti citizenship has been revoked under the "Noble work" clause of Article 5 of Amiri Decree No. 15 of 1959, which governs the Kuwaiti Nationality Law. The circular, addressed to all licensed entities and authorized persons, follows the Ministry of Interior's statement issued on July 10, which detailed the legal status, residency rules, and restricted rights applicable to those affected by this category of citizenship revocation. According to the CMA, the objective of the circular is to ensure full compliance with the legal and regulatory frameworks that govern the treatment of such individuals, particularly within the investment and financial sectors. The Authority emphasized the importance of adjusting internal policies accordingly to avoid violations. Key regulatory measures The circular highlighted main controls that authorized entities must follow: Revoked Individuals Not Considered Kuwaitis: Anyone whose citizenship has been withdrawn under the 'Noble work' clause will no longer be considered a Kuwaiti citizen to implement CMA laws and regulations. Such individuals will also lose eligibility for rights and benefits granted to Kuwaiti citizens once the grace period granted by the Ministry of Interior expires. Verification of Legal Status: All authorized persons must verify the legal status and valid residency of clients affected by the Amiri Decree. This includes examining official documents confirming their status post-citizenship revocation. For decrees issued before July 20, 2025, the four-month grace period begins from that date. For future cases, the grace period will begin from the date of issuance of each new revocation decree. Review and Update of Client Records:: In the case of existing investment transactions or business relationships with affected individuals, their legal status must be reviewed and updated to ensure alignment with current legal and regulatory frameworks during the status adjustment period. Additionally, the CMA advised that if any licensed person seeks official clarification on a client's status, they should contact the Article Eight Affairs Office at the Ministry of Interior, which is the competent authority responsible for determining applicable benefits and procedures in these cases. The Authority stressed the necessity for full adherence to applicable legislation and related decrees concerning citizenship revocation. It urged licensed firms and individuals to revise their internal compliance policies to avoid unauthorized dealings or regulatory breaches. This move reflects Kuwait's broader efforts to ensure legal clarity and institutional alignment in handling sensitive nationality-related cases within the country's financial and investment sectors.
Zawya
2 hours ago
- Business
- Zawya
Boursa Kuwait sees a 61.12% surge in its net profit for first half of 2025
KUWAIT CITY - In a meeting of its Board of Directors on Tuesday, July 29, 2025, Boursa Kuwait announced that it recorded a net profit of KD 15.11 million for the first half of 2025, a 61.12% increase from its total for the corresponding period in 2024, when the company recorded profits of KD9.38 million. The company's remarkable improvement in net profit was largely driven by strong growth in total operating revenues, which reached KD 24.20 million in the first half of 2025, representing a 41.13% increase from the KD 17.15 million recorded in the same period in2024. Operating profit also saw a significant boost, rising 59.53% from KD 11.58 million to KD 18.47 million, while earnings per share increased 61.12% from 46.71fils in the first half of 2024 to 75.27fils for the period ended June 30, 2025. The Group's total assetscame in at KD123.87 million as of June 30, 2025, which is a 9.26% increase over its KD 113.37 million total in 2024, while shareholders' equity attributable to equity holders of the parent company increased from KD 58.75 million as of June 30, 2024, to KD 66.20 million as of June 30, 2025, an increase of 12.68%. Boursa Kuwait's financial results for the first half of 2025 serve as a clear indicator of the company's strong financial position and the effectiveness of its operational strategies. 'These results reaffirm Boursa Kuwait's capacity to navigate the complex geopolitical and economic challenges experienced worldwide while maintaining sustainable growth supported by revenue diversification and enhanced liquidity levels, which strengthens confidence in the exchange's operational efficiency and long-term resilience,' said Boursa Kuwait Chairman Mr. Bader Nasser Al-Kharafi. 'This growth marks a significant milestone in our journey, giving us greater momentum to advance our development plans to modernize market infrastructure, diversify investment instruments and strengthen its appeal to both local and international investors. It also reinforces Boursa Kuwait's position as a key driver of economic growth and a major contributor to the state's vision of becoming a competitive financial and investment hub in the region, capable of attracting strategic and long-term capital from around the world,' he added. To pave the way for Part Two of Phase Three of the Market Development Program, the Kuwaiti capital market apparatus has undertaken major enhancements to restructure its regulatory and operational infrastructure. Officially rolled out earlier this month, the phase reflects the close collaboration between Boursa Kuwait, the Capital Markets Authority, the Central Bank of Kuwait, Kuwait Clearing Company, local banks and investment and brokerage firms as well as their collective efforts to advance the development and sustainability of the Kuwaiti capital market and the national economy. Al-Kharafistressed that this achievement is the direct result of seamless collaboration across the capital market apparatus and a shared determination to create tangible value for investors, stating that Boursa Kuwait remains committed to accelerating growth and delivering transformative milestones that secure the long-term sustainability of the national economy, working closely with all stakeholders in the Kuwaiti capital market apparatus. 'This breakthroughunderscores the private sector's agility and effectiveness in advancing development and forging impactful partnerships with the public sector, further cementing Kuwait's position as a confident and rising regional financial hub,' he said. The Boursa Kuwait Chairman concluded his statement, saying: 'On behalf of the Board of Directors, I would like to express my gratitude to our shareholders for their continued trust in the company and to executive management and employees for their unwavering dedication and commitment to excellence. I would also like to thank the Capital Markets Authority and the Ministry of Commerce and Industry for their ongoing support and collaboration, which have contributed to strengthening market stability and raising its standards. 'My appreciation also goes to the investors, traders and market participants for their sustained confidence in Boursa Kuwait, reaffirming our commitment to deliver a superlative investment experience and working closely with the capital market apparatus to deliver greater milestones in the future,' he said. The Kuwaiti capital market continuedits upward trajectory in the first half of 2025, with traded value soaring by 90.39% from KD 6.63 billion in the first half of 2024to KD 12.63 billion in the corresponding period in 2025, while traded volume rose by 82.95% from 27.03 billion shares to 49.45 billion shares. Meanwhile, average daily traded value increased by 95.31% from KD55.73 million during the period ended June 30, 2024, to KD 108.85 million in the period ended June 30, 2025. Additionally, market capitalization reached KD 50.53 billion, marking a23.20% increase from thetotal of KD 41.02 billion recorded during the first half of 2024. The 'Premier' Market was a key driver of market activity, with value traded increasing 47.09% from its total of KD 4.99 billion in the first half of 2024 to KD 7.34 billion in the first half of 2025, with approximately 20.21 billion shares traded in the first half of 2025, an increase of 40.98% over the 14.34 billion shares traded in the period ended June 30, 2024. Meanwhile, the market capitalization in Boursa Kuwait's flagship market increased by24.45% from KD 33.97 billion to KD 42.27 billion in the period ended June 30, 2025. The 'Main' Market also played a significant role in enhancing overall market liquidity, as traded value increased by 221.36% from KD 1.65 billion to KD 5.29 billion in the first half of 2025, while trading volume increased from 12.69 billion shares in the first half of 2024 to 28.60 billion shares in the first half of 2025, an increase of125.38%. Market capitalization, meanwhile, rose by 17.20% from KD 7.05 billion in the period ended June 30, 2024, to KD 8.27 billion in the period ended June 30, 2025. Boursa Kuwait's Chief Executive Officer Mr. Mohammad Saud Al-Osaimipraised the Kuwaiti capital market's performance during the first half of 2025,emphasizing that these resultsare an indication of the positive response to the operational and regulatory enhancements in the Kuwaiti capital market, noting Boursa Kuwait's commitment to developing a balanced and efficient investment environment that serves investors of all asset classes. 'These positive indicators showcase the robustness of the Kuwaiti capital market's regulatory framework and our continued efforts to enhance infrastructure, diversify products and elevate the investor experience, further strengthening Boursa Kuwait's position as a catalyst for sustainable economic growth that meets the standards of investors across all segments,' he added. 'The segmentation of the market plays a pivotal role in structuring trading activities to meet liquidity needs and accommodate a diverse investor base. The 'Premier' Market has maintained stable trading values, while the 'Main' Market has shown remarkable activity, reflecting heightened interest and interaction with the investment opportunities it offers,' he said. As part of its ongoing efforts to strengthen the Kuwaiti capital market's global presence, Boursa Kuwait organized a series of roadshows and corporate days targeting the international investment community in collaboration with Kuwait Clearing Company. These included a virtual roadshow for asset managers in Asia in collaboration with HSBC, as well as an in-person roadshow in London in collaboration with Jefferies Financial Group. The events showcased Boursa Kuwait's journey since privatization and highlighted the key developments and investment opportunities within the Kuwaiti capital market. Additionally, Boursa Kuwait participated in the fourth GCC Exchanges Conference, organized by HSBC in London, coinciding with its 15th Corporate Day, which featured eight companies listed on the 'Premier' Market. Al-Osaimi noted that Boursa Kuwait continues to attract investors through its series of Corporate Days and Roadshows held in major financial capitals, reflecting the State of Kuwait's vision to emerge as a premier financial and investment hub in the region. He added, 'Through active engagementwith world-renowned investment banks, sovereign wealth funds, pension funds and asset management firms, the exchange has cultivated a robust investor base as institutional investors accounted for 65.08% of total participants, a testament to the Kuwaiti capital market's growing stability, enhanced liquidity, and increasing appeal to both local and international investors.' The Boursa Kuwait CEO concluded his remarks by thanking the Capital Markets Authority, Kuwait Clearing Company and market participants for their continued trust in Boursa Kuwait and its role as a vital contributor to the country's economic development and reaffirmed the company's commitment to expanding its range of products, enhancing market efficiency and accessibility, focusing on strong governance and transparency to further strengthen investor confidence. Since its inception, Boursa Kuwait has worked diligently to create a thriving capital market that attracts local and foreign investors through a broad spectrum of new products and services, infrastructure upgrades, and market reform initiatives, as part of its multi-phase market development plans. The company was fully privatized in 2019, the first government entity in the country to successfully undergo the process, bringing about greater levels of efficiency. Boursa Kuwait also self-listed in September 2020 and has made great strides in sustaining its operations and business continuity in the face of uncertainties and challenges. The company has rolled out numerous market reforms and new initiatives as part of its comprehensive multi-phase market development (MD) plans and showcases some of the standout listed companies and the investment opportunities that reside in the Kuwaiti capital market through its series of Roadshows and Corporate Days, putting these companies in touch with some of the world's leading investment firms and financial institutions and highlighting their financial health and business strategies and outlooks, to help investors gain an in-depth understanding of the benefits and opportunities of investing in Kuwaiti companies.
Zawya
a day ago
- Business
- Zawya
Boursa Kuwait sees a 61.12% surge in its net profit for the first half of 2025
Kuwait City: In a meeting of its Board of Directors on Tuesday, July 29, 2025, Boursa Kuwait announced that it recorded a net profit of KD 15.11 million for the first half of 2025, a 61.12% increase from its total for the corresponding period in 2024, when the company recorded profits of KD 9.38 million. The company's remarkable improvement in net profit was largely driven by strong growth in total operating revenues, which reached KD 24.20 million in the first half of 2025, representing a 41.13% increase from the KD 17.15 million recorded in the same period in 2024. Operating profit also saw a significant boost, rising 59.53% from KD 11.58 million to KD 18.47 million, while earnings per share increased 61.12% from 46.71 fils in the first half of 2024 to 75.27 fils for the period ended June 30, 2025. The Group's total assets came in at KD 123.87 million as of June 30, 2025, which is a 9.26% increase over its KD 113.37 million total in 2024, while shareholders' equity attributable to equity holders of the parent company increased from KD 58.75 million as of June 30, 2024, to KD 66.20 million as of June 30, 2025, an increase of 12.68%. Boursa Kuwait's financial results for the first half of 2025 serve as a clear indicator of the company's strong financial position and the effectiveness of its operational strategies. 'These results reaffirm Boursa Kuwait's capacity to navigate the complex geopolitical and economic challenges experienced worldwide while maintaining sustainable growth supported by revenue diversification and enhanced liquidity levels, which strengthens confidence in the exchange's operational efficiency and long-term resilience,' said Boursa Kuwait Chairman Mr. Bader Nasser Al-Kharafi. 'This growth marks a significant milestone in our journey, giving us greater momentum to advance our development plans to modernize market infrastructure, diversify investment instruments and strengthen its appeal to both local and international investors. It also reinforces Boursa Kuwait's position as a key driver of economic growth and a major contributor to the state's vision of becoming a competitive financial and investment hub in the region, capable of attracting strategic and long-term capital from around the world,' he added. To pave the way for Part Two of Phase Three of the Market Development Program, the Kuwaiti capital market apparatus has undertaken major enhancements to restructure its regulatory and operational infrastructure. Officially rolled out earlier this month, the phase reflects the close collaboration between Boursa Kuwait, the Capital Markets Authority, the Central Bank of Kuwait, Kuwait Clearing Company, local banks and investment and brokerage firms as well as their collective efforts to advance the development and sustainability of the Kuwaiti capital market and the national economy. Al-Kharafi stressed that this achievement is the direct result of seamless collaboration across the capital market apparatus and a shared determination to create tangible value for investors, stating that Boursa Kuwait remains committed to accelerating growth and delivering transformative milestones that secure the long-term sustainability of the national economy, working closely with all stakeholders in the Kuwaiti capital market apparatus. 'This breakthrough underscores the private sector's agility and effectiveness in advancing development and forging impactful partnerships with the public sector, further cementing Kuwait's position as a confident and rising regional financial hub,' he said. The Boursa Kuwait Chairman concluded his statement, saying: 'On behalf of the Board of Directors, I would like to express my gratitude to our shareholders for their continued trust in the company and to executive management and employees for their unwavering dedication and commitment to excellence. I would also like to thank the Capital Markets Authority and the Ministry of Commerce and Industry for their ongoing support and collaboration, which have contributed to strengthening market stability and raising its standards. 'My appreciation also goes to the investors, traders and market participants for their sustained confidence in Boursa Kuwait, reaffirming our commitment to deliver a superlative investment experience and working closely with the capital market apparatus to deliver greater milestones in the future,' he said. The Kuwaiti capital market continued its upward trajectory in the first half of 2025, with traded value soaring by 90.39% from KD 6.63 billion in the first half of 2024 to KD 12.63 billion in the corresponding period in 2025, while traded volume rose by 82.95% from 27.03 billion shares to 49.45 billion shares. Meanwhile, average daily traded value increased by 95.31% from KD 55.73 million during the period ended June 30, 2024, to KD 108.85 million in the period ended June 30, 2025. Additionally, market capitalization reached KD 50.53 billion, marking a 23.20% increase from the total of KD 41.02 billion recorded during the first half of 2024. The 'Premier' Market was a key driver of market activity, with value traded increasing 47.09% from its total of KD 4.99 billion in the first half of 2024 to KD 7.34 billion in the first half of 2025, with approximately 20.21 billion shares traded in the first half of 2025, an increase of 40.98% over the 14.34 billion shares traded in the period ended June 30, 2024. Meanwhile, the market capitalization in Boursa Kuwait's flagship market increased by 24.45% from KD 33.97 billion to KD 42.27 billion in the period ended June 30, 2025. The 'Main' Market also played a significant role in enhancing overall market liquidity, as traded value increased by 221.36% from KD 1.65 billion to KD 5.29 billion in the first half of 2025, while trading volume increased from 12.69 billion shares in the first half of 2024 to 28.60 billion shares in the first half of 2025, an increase of 125.38%. Market capitalization, meanwhile, rose by 17.20% from KD 7.05 billion in the period ended June 30, 2024, to KD 8.27 billion in the period ended June 30, 2025. Boursa Kuwait's Chief Executive Officer Mr. Mohammad Saud Al-Osaimi praised the Kuwaiti capital market's performance during the first half of 2025, emphasizing that these results are an indication of the positive response to the operational and regulatory enhancements in the Kuwaiti capital market, noting Boursa Kuwait's commitment to developing a balanced and efficient investment environment that serves investors of all asset classes. 'These positive indicators showcase the robustness of the Kuwaiti capital market's regulatory framework and our continued efforts to enhance infrastructure, diversify products and elevate the investor experience, further strengthening Boursa Kuwait's position as a catalyst for sustainable economic growth that meets the standards of investors across all segments,' he added. 'The segmentation of the market plays a pivotal role in structuring trading activities to meet liquidity needs and accommodate a diverse investor base. The 'Premier' Market has maintained stable trading values, while the 'Main' Market has shown remarkable activity, reflecting heightened interest and interaction with the investment opportunities it offers,' he said. As part of its ongoing efforts to strengthen the Kuwaiti capital market's global presence, Boursa Kuwait organized a series of roadshows and corporate days targeting the international investment community in collaboration with Kuwait Clearing Company. These included a virtual roadshow for asset managers in Asia in collaboration with HSBC, as well as an in-person roadshow in London in collaboration with Jefferies Financial Group. The events showcased Boursa Kuwait's journey since privatization and highlighted the key developments and investment opportunities within the Kuwaiti capital market. Additionally, Boursa Kuwait participated in the fourth GCC Exchanges Conference, organized by HSBC in London, coinciding with its 15th Corporate Day, which featured eight companies listed on the 'Premier' Market. Al-Osaimi noted that Boursa Kuwait continues to attract investors through its series of Corporate Days and Roadshows held in major financial capitals, reflecting the State of Kuwait's vision to emerge as a premier financial and investment hub in the region. He added, 'Through active engagement with world-renowned investment banks, sovereign wealth funds, pension funds and asset management firms, the exchange has cultivated a robust investor base as institutional investors accounted for 65.08% of total participants, a testament to the Kuwaiti capital market's growing stability, enhanced liquidity, and increasing appeal to both local and international investors.' The Boursa Kuwait CEO concluded his remarks by thanking the Capital Markets Authority, Kuwait Clearing Company and market participants for their continued trust in Boursa Kuwait and its role as a vital contributor to the country's economic development and reaffirmed the company's commitment to expanding its range of products, enhancing market efficiency and accessibility, focusing on strong governance and transparency to further strengthen investor confidence. Since its inception, Boursa Kuwait has worked diligently to create a thriving capital market that attracts local and foreign investors through a broad spectrum of new products and services, infrastructure upgrades, and market reform initiatives, as part of its multi-phase market development plans. The company was fully privatized in 2019, the first government entity in the country to successfully undergo the process, bringing about greater levels of efficiency. Boursa Kuwait also self-listed in September 2020 and has made great strides in sustaining its operations and business continuity in the face of uncertainties and challenges. The company has rolled out numerous market reforms and new initiatives as part of its comprehensive multi-phase market development (MD) plans and showcases some of the standout listed companies and the investment opportunities that reside in the Kuwaiti capital market through its series of Roadshows and Corporate Days, putting these companies in touch with some of the world's leading investment firms and financial institutions and highlighting their financial health and business strategies and outlooks, to help investors gain an in-depth understanding of the benefits and opportunities of investing in Kuwaiti companies. About Boursa Kuwait: The establishment of Boursa Kuwait in 2014 marked the first step in the privatization of the Kuwait Stock Exchange, which was originally founded in 1977 as the first stock exchange in the Gulf Cooperation Council (GCC) region. The Exchange was restructured in 1983 as an independent financial institution. The transitional phase began in 2016, during which Boursa Kuwait officially took over the operations of the Kuwait Stock Exchange under an official license granted the same year, following the successful completion of the transition. This process involved developing the Exchange's infrastructure and aligning its operations with international best practices and standards. A key objective was to establish an advanced, reliable trading platform built on principles of efficiency, credibility, and transparency—serving all asset classes while focusing on the interests of market participants and the broader national economy. Boursa Kuwait has undertaken a series of market reforms as part of its comprehensive strategy to enhance the market in multiple phases. The company successfully introduced innovative investment tools, increased transparency, and restructured the market to boost liquidity and enhance its competitiveness. These efforts are in line with Boursa Kuwait's mission-driven strategy to elevate the market in accordance with global standards. As a result of these developmental and improvement initiatives, Kuwait's capital market was reclassified as an "Emerging Market" by leading global index providers—further reinforcing Kuwait's status as a prominent regional financial hub. In a landmark step for privatization in Kuwait, Boursa Kuwait's privatization process was completed in two phases. The first phase took place in February 2019, when a consortium of Kuwaiti investment companies and an international operator won the privatization bid and acquired a 44% stake in the company. The second phase was completed in December 2019 through a public offering of the Capital Markets Authority's 50% stake in the company, which was allocated exclusively to Kuwaiti citizens. The offering was oversubscribed by more than 850%. Boursa Kuwait is self-listed on the "Premier Market" under the ticker symbol "Boursa". For more information, please contact: Ahmad Rashed Al-Owaish Public Relations and Media Manager – Boursa Kuwait Email: AAlowaish@
Zawya
a day ago
- Business
- Zawya
Kuwait Airways starts self-service check-in at T4 terminal
KUWAIT CITY - Kuwait Airways announced the launch of a self-service check-in system at Terminal 4 (T4) that allows passengers to complete travel procedures independently, including weighing their luggage and printing boarding passes, reports Al-Seyassah daily. Captain Abdulmohsen Al-Faqan, the Board Chairman of Kuwait Airways, explained that this service enables passengers to weigh their luggage and issue boarding passes without staff intervention, thereby speeding up the process. This step is part of Kuwait Airways' ongoing efforts to facilitate the check-in process and reduce congestion, especially during the summer travel season. The company will release an explanatory video to guide passengers on using the new service with ease and convenience. He affirmed Kuwait Airways' commitment to enhancing the travel experience by meeting passengers' needs from the moment they enter the terminal, ensuring smooth procedures, boarding, and access to top-quality services. Captain Al-Faqan stressed that Kuwait Airways spares no effort in providing comfort to its customers by pursuing a strategy focused on achieving the highest service standards and expanding its network with new and diverse destinations and services. It is worth highlighting that Kuwait Airways operates a modern fleet consisting of the latest Boeing and Airbus aircraft models, equipped with advanced technologies that meet the highest international aviation standards. The fleet offers state-of-the-art entertainment systems and ergonomically designed seats to ensure maximum passenger comfort. The company also employs a select team of highly qualified technical specialists, according to the highest industry standards
