Latest news with #NouraAlFassam
Zawya
22-07-2025
- Business
- Zawya
Kuwait mulls $165bln investment firm
Kuwait is considering creating a major investment company with a capital of 50 billion Kuwaiti dinars ($165 billion) to invest in energy, transport and other projects, local press reports said. Finance Minister Noura Al-Fassam has submitted the proposal to the cabinet for approval, the Arabic language daily Alqabas said. The paper quoted ministry sources as saying the government would fund the new company which will invest in 'projects covering energy, transport, infrastructure, smart cities and industrial zones.' 'A study by the ministry has found that this investment entity will have a strong positive effect on the Kuwaiti economy as it will contribute to major projects and ease budget burdens by 30 will also attract private and foreign investment worth nearly KWD10 billion ($33 billion)' the report said. 'A visual demonstration about the new company's structure showed that it will lead to great development of Kuwait's infrastructure and this will boost the country's competitiveness regional and internationally,' it added. Alqabas quoted the sources as saying priority could be given to such projects as solar and wind energy, green hydrogen, new power facilities, tourism island, industrial and economic zones, shopping malls, road expansions and export-oriented projects. The company will have an authorised capital of KWD50 billion to be funded by the government through 'capital call drawdown.' The study is proposing a six-year time schedule for the creation of the new entity, including its structure, capital and project approval. 'In 2028, it will issue bonds and sukuk worth KWD4.5 billion ($15 billion) to finance projects…investments will be expanded in the following two years,' it said. The report did not mention how the government will fund the massive capital but Kuwait has just revived an old law allowing it to borrow up to $100 billion over a period of 50 years to shore up its fiscal deficit and fund infrastructure projects. Kuwait's Investment Authority, the emirate's sovereign wealth fund, is also the world's fifth largest SWF with assets of more than $1 trillion, according to the SWF Institute. The founding OPEC member said this year it is planning new solar energy and conventional electricity projects to tackle a chronic power supply shortage caused by rapid growth in demand and project shortage. (Writing by Nadim Kawach; Editing by Anoop Menon) (
Zawya
08-07-2025
- Business
- Zawya
Kuwait, UK seek to deepen trade and investment relations
KUWAIT CITY - 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 | © Copyright 2024, All Rights Reserved Provided by SyndiGate Media Inc. (
Gulf Insider
02-07-2025
- Business
- Gulf Insider
Kuwait Launches New Tax On Multinational Companies, Overhauls State Property Regulations
Kuwait has rolled out new tax regulations targeting multinational corporations and introduced sweeping reforms to the management of state-owned properties, the Ministry of Finance announced Monday. The measures, which is part of the country's New Kuwait 2035 vision, aim to support the government's efforts to achieve fiscal sustainability, diversify income sources, and align with international tax standards. The newly implemented framework includes the adoption of a Domestic Minimum Top-up Tax (DMTT), a supplementary tax mechanism falling under Pillar Two of the OECD's global tax reform agenda, which seeks to establish a minimum effective tax rate for large multinational corporations worldwide. In a statement released on Monday, the Ministry explained that the executive regulations are intended to clarify the law's provisions, define procedures and implementation mechanisms, and enhance transparency in line with internationally recognized standards. Minister of Finance and Minister of State for Economic Affairs and Investment Noura Al Fassam hailed the regulations as a 'major milestone' in Kuwait's economic reform journey, noting their significance in promoting tax equity and a fairer investment climate. She emphasized that the legislation reflects Kuwait's ongoing efforts to reduce its dependency on oil revenues and establish a more diversified and resilient economic model. Preliminary projections estimate that the new tax could generate approximately KD250 million annually, providing a significant boost to the state's fiscal capabilities. To support implementation, the Ministry of Finance will organize a series of awareness workshops for stakeholders and regulatory authorities in the coming weeks. Dates for these sessions will be announced soon. In a related development, the Ministry also issued Ministerial Resolution No. 54/2025, amending regulations on the use of state-owned properties and service fees initially set under Resolution No. 40/2016. According to Minister Al Fassam, the revised rules aim to strike a balance between public interest and fair access for individuals and institutions using public assets. The amendments cover a range of facilities, including chalets, rest houses, shopping malls, cooperative societies, banks, warehouses, sports clubs, schools, and hospitals. The new regulations include stabilizing agricultural land prices to support food security and boost local agricultural production, a move the Ministry said was based on comprehensive studies of Gulf and international pricing benchmarks. Al Fassam added that the revised fees and valuation models remain lower than GCC averages, reflecting Kuwait's unique social and economic conditions. The goal, she stressed, is to ensure equal opportunities while strengthening the state's non-oil revenue base in a sustainable and transparent manner.
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.
Zawya
01-07-2025
- Business
- Zawya
Kuwait enhances laws to combat money laundering and terror funding
KUWAIT CITY - 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.
