Latest news with #NouraAl-Fassam
Kuwait Times
2 days ago
- Business
- Kuwait Times
Kuwait, Egypt conclude joint naval exercise to bolster maritime security
KUWAIT: The Ministry of Defense announced on Monday the successful conclusion of the joint naval exercise KWT-EGY-2 between the Kuwaiti and Egyptian navies, held at the Mohammad Al-Ahmad Naval Base. In a press statement, the ministry highlighted that the exercise, conducted from July 13 to 17, aimed to strengthen coordination in securing maritime borders and territorial waters, as well as protecting vital installations. The drills included field training and specialized workshops designed to enhance combat readiness and unify operational tactics within joint maritime environments. The ministry emphasized that the exercise reflects the Kuwaiti Naval Force's commitment to developing the capabilities of its personnel and fostering cooperation with friendly nations, reinforcing security partnerships and promoting stability across the region. Boosting economic ties In another development, Minister of Finance and Minister of State for Economic Affairs and Investment, Noura Al-Fassam, held discussions with Egyptian Deputy Prime Minister for Industrial Development and Minister of Transport and Industry, Kamel Al-Wazir, focusing on ways to enhance economic, investment, and development cooperation between Kuwait and Egypt. According to a press statement from the Ministry of Finance on Monday, the meeting—held during Al-Fassam's official visit to Kuwait—explored available opportunities across various priority sectors of mutual interest. The session was attended by Sheikh Saud Al-Sabah, Managing Director of the Kuwait Investment Authority (KIA), Egyptian Ambassador to Kuwait Osama Shaltout, alongside senior officials from the KIA and the Ministry of Finance.- KUNA
Arab Times
07-07-2025
- Business
- Arab Times
Kuwait, UK seek to deepen trade and investment relations
KUWAIT CITY, July 7: Kuwait's Minister of Finance and Minister of State for Economic and Investment Affairs, Noura Al-Fassam, met on Sunday with the UK Secretary of State for Foreign, Commonwealth, and Development Affairs, David Lammy, to discuss ways of increasing bilateral trade and advancing investment cooperation between the two nations. According to a statement issued by the Ministry of Finance, the meeting reviewed the outcomes of the recent historic visits of His Highness the Amir of Kuwait, Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, to the United Kingdom. Both sides affirmed their commitment to further developing the strategic investment partnership between Kuwait and the UK. As the current president of the Gulf Cooperation Council (GCC), Kuwait emphasized its intention to accelerate negotiations on a free trade agreement between the GCC and the UK. Minister Al-Fassam conveyed this position during her discussions with the British official. Also present at the meeting was Sheikh Saud Salem Abdulaziz Al-Sabah, Managing Director of the Kuwait Investment Authority (KIA), who reiterated the Authority's interest in reinforcing investment relations with the UK. He highlighted the Kuwait Investment Office (KIO) in London, established over 70 years ago, as a key player in managing Kuwaiti assets across various sectors, laying a solid foundation for further expansion. Minister Lammy expressed the UK's readiness to support Kuwait's development goals and contribute to major infrastructure and economic projects through British investment. The talks were also attended by Undersecretary of the Ministry of Finance Aseel Al-Mneify, Kuwait's Ambassador to the UK Bader Al-Munayekh, and the UK's Ambassador to Kuwait Belinda Lewis.
Arab Times
05-07-2025
- Business
- Arab Times
They objected to the increase in chalet fees, but didn't argue about the revocation of their mothers' citizenships!
Although it affects only a small segment of citizens, the increase in state property fees, particularly for marine properties, has sparked a huge uproar. There are far more pressing issues that deserve such public outcry, given their widespread negative impact on a larger portion of the population. These issues could have achieved the same objective, particularly concerning chalets, while also correcting several important problems that impact citizens' lives. Vast stretches of Kuwait's seafront have indeed been so heavily exploited that the public can no longer enjoy them as people do in many other countries. Perhaps the fee increase is a step toward clearing and redeveloping these areas into public recreational spaces accessible to all. However, that is not the topic for today. What matters here is the power of public opinion, the media's role in highlighting the concerns of citizens, and how journalism, especially the press, can help identify the root causes of problems and propose meaningful solutions. Before addressing that, it is important to set the record straight. Minister of Finance Noura Al-Fassam is not personally responsible for the decision to increase fees. She is simply carrying out the duties assigned to her. Al-Fassam is widely known for her commitment to serving the public interest, and therefore, she was not behind this decision. In reality, it stems from the direction of the policy set by the Council of Ministers as a whole. More importantly, why hasn't there been a similar public outcry over far more critical issues, such as food security and the urgent need to reduce our complete dependence on imported food? The COVID-19 pandemic highlighted the risks of relying entirely on imported goods, with huge losses and supply disruptions that affected everyone. There hasn't been a major public uproar over the lack of industrial security, which continues to cost Kuwait's budget substantial amounts, despite the country's vast land resources that could be harnessed to develop a strong industrial base and position Kuwait as a regional economic power. Indeed, when the Cabinet faced widespread criticism, many observed its efforts to revise and correct its course. This response should not be seen as a sign of disregard for the law, but rather as a demonstration of the Cabinet's flexibility and its willingness to reverse measures that prove ineffective. The truth is that raising fees on the use of state property will not significantly improve the general budget, as the amounts collected are relatively modest. Far greater savings could be achieved by addressing the issue of arbitrary and excessive subsidies granted to those who do not qualify. These subsidies amount to KD 7 billion, approximately $24 billion, representing nearly one-third of the total public budget of KD 24 billion. Reorganizing and reforming the subsidy system deserves far more attention. Why, then, did we not witness a similar outcry over the revocation of citizenship from Kuwaiti mothers, who were granted citizenship legally under Article 8 of the applicable law? If there were any violations in the procedures for granting citizenship, then accountability should lie with the authority that issued them, not with the women. Most of these mothers breastfed their children with milk infused with love and loyalty to the nation. They worked tirelessly to educate and raise them to become valuable contributors to Kuwait. Many of their children have gone on to serve the country as ambassadors, doctors, university professors, undersecretaries, officers, and in many other roles that make Kuwait proud. So, isn't it only fair that their case receives the same level of attention as the uproar over the chalet fee hike? Are we now measuring the importance of issues based on private interests rather than the public good? Let me be clear: anyone who obtained citizenship through deception, whether by lying, forgery, fraud, false declarations, or dishonest means, deserves to be held accountable, including the revocation of citizenship. However, those who were granted citizenship by dependency should not be included in the punishment. I say this with firm conviction in the importance of preserving the integrity of national identity, which is a fundamental pillar of state policy, something no one should oppose. Nevertheless, I see no reason to stifle open discussion about certain decisions, especially given Kuwait's long-standing tradition of a vibrant and active media, which predates its independence. I also recall the repeated assurances from Kuwait's leadership that no one will be wronged in this era. What is surprising is that the public uproar has been limited to the increase in chalet fees, while other state-owned properties, such as industrial, agricultural, and service zones, are more severely affected by this decision, despite the vital contributions these sectors make to the gross domestic product. Don't service and entertainment projects also deserve support and increased investment, given their substantial economic and social benefits? These and other questions remain open for the government to reflect upon. Decisions must be thoroughly reviewed before being issued to prevent the need for reversals. The government must carefully consider the potential repercussions of its decisions and how best to manage them to avoid the public backlash they may provoke. I would like to express my sincere gratitude to the government and His Highness the Prime Minister for proving that they listen to the voices of the people and respond to their demands. At the same time, I wonder if the government has a solution for the issue of Kuwaiti mothers whose citizenships were revoked and who are still awaiting a decision from the Grievances Committee. We hope the government will uphold the directives of the leader of the new era, ensuring that no one is wronged in Kuwait. I am surprised that the owners of a small number of chalets have become enraged over the fee increase, while a much more serious issue, the revocation of citizenship from Kuwaiti mothers, is being ignored, leaving these women to live in uncertainty. Where are they supposed to turn to? So why haven't they called on the First Deputy Prime Minister and Minister of Interior to show mercy toward these women, just as they demanded leniency by pushing for reduced fees on chalets that mar the waterfront view?
Arab Times
30-06-2025
- Business
- Arab Times
Kuwait rolls out MNE top-up tax
KUWAIT CITY, June 30: 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
30-06-2025
- Business
- Arab Times
Kuwait enhances laws to combat money laundering and terror funding
KUWAIT CITY, June 30: Kuwait is intensifying efforts to combat money laundering and terrorist financing by enhancing its legislative framework, announced Minister of Finance and Minister of State for Economic Affairs and Investment Noura Al-Fassam on Monday. The minister spoke in a statement issued by the Ministry of Finance following the publication of Decree Law No. (76) of 2025 in the official gazette, Kuwait Today. This decree introduces important amendments to Law No. (106) of 2013, reflecting Kuwait's integrated government efforts to strengthen measures against financial crimes. During the Cabinet meeting on June 17, the draft of the amended decree law was approved, underlining Kuwait's commitment to raising the effectiveness of the national response to money laundering and terrorism financing. The amendments align with the requirements of the Financial Action Task Force (FATF) and relevant international standards. The new decree law includes two significant amendments: Article One replaces Article (25) of Law No. (106) of 2013, empowering the Council of Ministers, upon the recommendation of the Minister of Foreign Affairs, to issue necessary decisions to implement United Nations Security Council resolutions related to terrorism, terrorism financing, and the proliferation of weapons of mass destruction under Chapter VII of the UN Charter. These decisions will take effect immediately upon issuance, consistent with Security Council Resolution No. 1373 of 2001. The executive regulations will define the rules for publishing these decisions, appealing them, authorizing the release of frozen funds for essential living expenses, and managing such assets.n Article Two adds a new Article (33 bis) to Law No. (106) of 2013, stating that any violation of decisions issued under Article (25) will result in fines ranging from 10,000 to 500,000 Kuwaiti dinars per violation. This penalty complements any additional sanctions imposed by regulatory authorities on financial institutions or designated non-financial businesses.n The Ministry emphasized that these amendments support the National Committee for Combating Money Laundering and Terrorism Financing by broadening its powers to apply targeted financial sanctions in compliance with FATF standards. This includes the mandatory freezing of assets belonging to individuals and entities listed locally as terrorists, effective immediately upon decision issuance. Furthermore, the amendments enable the Committee to impose fines on violators and require publishing the national list of designated terrorists on the Committee's official website, enhancing transparency and meeting international obligations. Minister Al-Fassam concluded that the updated legislative measures reaffirm Kuwait's strong commitment to fighting financial crimes, safeguarding national security and stability, and fulfilling its global responsibilities.
