close

News

News

Kuwait’s property market recovery pegged to oil price rise

Kuwaiti-City(3)
Residential property deals in Kuwait declined by 42 percent in April compared to March due to sluggish market activity, with recovery depending on oil price rise, Kuwait International Bank said on Tuesday.

A total of 305 deals worth KD89 million [$293.15m] were registered in April, compared to 528 deals, valued at KD51 million, in March. Average deal value fell by 27 percent compared to last month, reaching KD291,000 per deal, the bank said.

Sales in investment sector fell by 42 percent quarter-on-quarter and 51 percent compared to the previous year, reaching KD42m. The sector registered 60 deals compared to 81 deals the month prior, with average deal value falling to KD706,000 per deal. On the other hand, the commercial sector witnessed only four deals worth KD13m.

“Although moving at a slow pace, prices continued to decline, as a result of economic uncertainty, and demand/supply levels in the market,” the report said.

It added that over the next couple of months, Kuwait real estate market is expected to stand at levels similar to those observed in April, unless the market witnesses positive developments in crude oil prices or economic developments, both locally and globally.

Source: Arabian Business

@http://www.timeskuwait.com/Times_Kuwait-s-property-market-recovery-pegged-to-oil-price-rise

read more
News

New visa ban puts families in serious crisis

no thumb

The recent decision announced by the Ministry of Interior banning the renewal of family visa for parents, siblings and other relatives of expatriate workers, except children and spouses, has caused serious crisis among expatriate families.

The problem is more overwhelming on some expatriates who served Kuwait diligently for several decades before retirement, and later transferred their residence on children who were born and bred in the country.

He said the decision, which was issued last Thursday and became effective the following Sunday, led to congestion at various residency departments in all six governorates.

@http://www.timeskuwait.com/Times_-New-visa-ban-puts-families-in-serious-crisis

read more
BanksNews

Local banks are safe from any form of hacking, assures CBK

CBK

As the spate of global hacking continues unabated at government websites, hospitals and big companies — with the most recent of such deadly viruses being Ransomeware, the Central Bank of Kuwait has allayed fears of the general public saying information systems of the local banks are safe from any form of hacking, reports Al-Nahar daily.

According to the Central Bank of Kuwait, only one local bank experienced a minor anonymous attempt of illegitimate access, but it was not considered to be hacking of automation system A team of representatives from the Central Bank of Kuwait and other local banks has taken necessary preventive measures to avert further expansion of illegitimate incursion and made sure the action is of no effect.

The systems have been declared safe and strong enough to protect the electronic network. In the meantime, the local banks have been instructed to liaise with Online Banking Services Company (K-net) to implement further procedures by sending SMS containing unstable password to each customer to make it impossible for any intruder to operate a banking transaction in any account.

Meanwhile, Ministry of Social Affairs and Labor Undersecretary Dr Matar Al-Mutairi issued administrative Decision No. A/2291/2017 to form a committee which will review the basic systems of officially recognized societies according to Law No. 24/196, reports Al- Jareda daily.

The daily obtained a copy of the decision stating that the committee will work for one year under the leadership of the assistant undersecretary for legal affairs with the assistant undersecretary for social development, director of Charitable Societies Department and a number of ministry employees as members.

The target of the committee is to ensure that the basic systems follow related laws, Cabinet and administrative decisions. It must submit a memorandum to the undersecretary; mentioning names of societies whose basic systems violate such laws and decisions, suggestions to rectify violations and address the erring societies.

The committee is required to submit a report to the undersecretary every three months and it is authorized to ask for the help experts who will attend its meetings but they will not participate in the voting process.

 

@http://www.timeskuwait.com/Times_Local-banks-are-safe-from-any-form-of-hacking-assures-CBK

read more
InformationNews

Number of empty apartments increases from 20,000 to 37,000

juman-2-700×300

With the fast-approaching summer and holiday seasons, the number of empty investment apartments in most parts of the country has been skyrocketing.

Statistics reveal that this number, since the beginning of the year, has increased by 17,000 and many new buildings will enter the market shortly. According to sources, the number of empty apartments increased from 20,000 to 37,000 after a huge number of expatriate workers decided to send their families back to their countries.

Many residential buildings are hunting for tenants, as owners are losing revenues. One of the main reasons behind this problem is the supply of residential apartments is much higher than the demand.

The monthly rent of a normal apartment does not cost less than KD 300, a cost not befitting the pockets of majority of expatriates currently.

The sources revealed that the investment sector witnessed a rapid growth in the past two years. According to data from PACI, there are more than 13,000 investment residential buildings in Kuwait, a number that is deemed big in the local market.

The sources indicated that they are expecting more 10,000 residential apartments throughout the country to enter the market during the second half of the year.

Source: Arab Times @http://www.timeskuwait.com/Times_Number-of-empty-apartments-increases-from-20-000-to-37-000

read more
MINISTRYNews

Cabinet welcomes Moody’s rating

Cabinet(25)

The Kuwaiti cabinet on Monday welcomed the recent rating of Moody’s Investors’ Service which changed the outlook on Kuwait to stable from negative.

The cabinet said in a statement following its customary weekly meeting chaired by His Highness Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah that the fresh rating reflected the agency’s satisfaction with the Kuwaiti government’s commitment to the economic reform program.

The cabinet, in this context, reaffirmed keenness on promoting reform efforts and maintaining national economic sustainability.
 The cabinet also asked the Ministry of Public Works to coordinate with the Central Agency for Public Tenders and other concerned state bodies to take swift measures to speed up the implementation of the new terminal at Kuwait International Airport.

Afterwards, Minister of Educating and Higher Education Mohammad Al-Fares briefed the cabinet on the results of high school exams for this year.
 The ministers, in this regard, discussed preparations and arrangements by Kuwait University and Public Authority for Applied Education and Training, Ministry of Higher Education and other relevant bodies for receiving new students.

Afterwards, Minister of Social Affairs and Labor and Minister of State for Economic Affairs Hind Al-Sabeeh elaborated on the country’s strategic political, economic, social and environment development blueprints.

The cabinet, in the meantime, tasked the General Authority for Food and Nutrition with rapidly taking the necessary steps to conduct the lab tests on the local, and imported fresh vegetables and fruits, said the Minister of State for Cabinet Affairs and Acting Minister of Information Sheikh Mohammad Al-Abdullah Al-Mubarak Al-Sabah.

The authority will coordinate in this regard with the Ministry of Social Affairs and Labor, the Interior Ministry, the Health Ministry, the Kuwait Municipality, the Public Authority for Agriculture and Fish Resources (PAAF), the Kuwait General Administration of Customs and the other relevant bodies.

Then the cabinet reviewed the topics on the National Assembly agenda.
 Meanwhile, the ministers condemned the armed terrorist attack that recently targeted a bus in Upper Egypt’s Minya Governorate, leaving scores of the innocent people killed or wounded.

The cabinet offered condolences to President Abdul-Fattah Al-Sisi, the Egyptian Government and people, reiterating Kuwait’s unwavering rejection of all forms of terrorism targeting the country’s security and stability.
It also voiced support to all measures Egypt might take to counter such acts of terrorism that seek to incite sedition and hatred among the Egyptian people.

The ministers expressed confidence in the Egyptian people and their ability to demonstrate unity against whosoever seeks evil for them.
By the same token, the cabinet condemned the criminal terrorist attack in Manchester, UK, last week leaving many people killed or wounded.

It reaffirmed Kuwait’s firm stance rejecting such acts of terrorism that go contrary to all faiths and human values and norms, expressing condolences and sympathy to the British Government and the victims’ families, wishing the wounded a speedy recovery.

Source: KUNA

@http://www.timeskuwait.com/Times_Cabinet-welcomes-Moody-s-rating

read more
BanksNews

Kuwait and other GCC countries confirm introduction of VAT

VAT(1)

Kuwait and other GCC countries have confirmed the introduction of the unified Value Added Tax (VAT) framework and selective tax policy with adoption of the domestic legislation, reports Al- Shahed daily.

Saudi Arabia has since published the text of the GCC VAT Framework in its Official Gazette, which will be enforced 15 days after the date of publishing.

Sources added the executive decrees will define activation of the law and specify the type of commodities that will be a focus for taxation. They noted the Gulf countries will enforce two types of tax under the executive legislation, citing VAT and selective tax — the latter will be imposed on harmful commodities such as tobacco and fizzy drinks.

The Gulf countries have agreed that 200 percent tax should be imposed on the importers of tobacco at the borders and calculation will be done according to the cost of import.

Sources explained the initial agreement was to introduce selective tax on fizzy drinks and at least 5 percent VAT on other commodities and services by 2018.

Source http://www.timeskuwait.com/Times_Kuwait-and-other-GCC-countries-confirm-introduction-of-VAT

read more
News

MoCI monitoring prices & fighting commercial fraud

fruits

Minister of Commerce and Industry Khaled Al-Roudan Saturday stressed that the ministry is monitoring prices of all goods and combating commercial fraud against consumers. While inspecting some cooperative societies, Al-Roudan, also Acting Minister of State for Youth Affairs, said in a press statement that the ministry is keen on implementing laws and decisions as part of policies aiming to maintain market stability and protect consumers.

The ministry is also launching intensive campaigns at cooperative societies, central markets and commercial shops, and companies producing foodstuffs, meat, vegetables and fruits across the country for the same purpose, he empathized. Today’s campaign aims to monitor prices at markets and protect consumers from any exploitations, he noted. He affirmed the ministry’s determination to combat any commercial fraud legally.

Meanwhile, Ministry of Health is investigating a contract worth millions of dinars signed with a private sector company to make travel arrangements for Kuwaiti citizens who are referred for overseas treatments, and to play the role of mediator between the patients and the hospitals they are sent to, reports Al-Shahed daily quoting informed sources.

They said the abovementioned contract, which was part of the points in the interpellation filed against the former minister of Health Ali Al-Obeidi, was referred to the Fatwa and Legislation Department along with the relevant documents including receipts and medical bills.

Source: http://www.timeskuwait.com/Times_MoCI-monitoring-prices-fighting-commercial-fraud

read more
News

Kuwait Supreme Family Council members discuss domestic social developments

kuwait-tower-city(8)

Members of the Supreme Family Council met on Saturday to discuss formation of teams aimed at addressing domestic violence and social changes in the Kuwaiti society.

Minister of Education and Minister of Higher Education Dr. Mohammad Al-Fares said in a statement a team would be tasked with monitoring medical and social developments of the society and how they were related to objectives of the supreme council.

A second team will be preparing and establishing a center to house those subjected to domestic violence, he said. The family guidance team, he added, briefed the council about awareness campaigns to address domestic violence.

Al-Fares noted that Dr. Amthal Al-Huwaila, head of the social observatory team, briefed the council about mechanisms of monitoring and documenting changes in the society in order to address all negative impacts.

The council meeting was chaired by Minister of Social Affairs and Labor, and Minister of state for Economic Affairs Hind Al-Sabeeh.

read more
News

Interesting facts about Kuwait

Kuwait is a historical country in Western Asia. The country ranks pretty high amongst other countries that surround it and with press freedom and a liberal lifestyle this country is living proof and on its way up. There is so much beauty in this country with interesting architecture and the beautiful desert. Click here to read more about Kuwait and its lush and interesting history. This country has endured trials but seems to have made it out. Here are a few interesting facts you might not have known about Kuwait.

  • The oil reserves were discovered in Kuwait in 1934 and are one of the largest in the world, quite impressive.
  • Kuwait identifies the time period between 1946 and 1982 as the Golden Era. This is the time where this country became the most prosperous.
  • Kuwait achieved independence in 1961.
  • As the first gulf country to obtain independence and with a constitution and a parliament.
  • The currency in Kuwait is known as the Kuwaiti Dinar is the highest valued currency in the world, a great chip on the shoulder.
  • There is very little pollution in Kuwait but if you are considering moving to this prosperous country you can invest in one of the best ranked humidifiers to keep the air clear and to get the most out of your breathing experience.
  • Sheikh Abdullah Al- Salim Al- Sabah became the very first Emir of Kuwait and succession is limited to his descendants. Read more about this influential man.
  • The 15th tallest sculpted tower in the world is in Kuwait, it has 80 floors and is 414 meters tall and is called the Al Hamra Tower. It is located in the city and actually took six years to complete.
  • The main export products in Kuwait are petroleum based and fertilizers. The economy is thriving because as previously mentioned it has incredibly large oil reserves.
  • Iraq invaded Kuwait in August 1990 which created quite a stir.
  • Kuwait possesses the oldest wealth fund called the KIA and Kuwait is known as the largest Arab investor on the gulf.
  • The history of this country started as an unnamed coastal locality on the gulf before 1716.
  • Various clans from the Aniza tribe migrated from the desert where the country was later called Kuwait.
  • The name Kuwait comes from the word kut which means fort.
  • Kuwait was regularly invaded by pirates until the British intervened and made sure that the country was safe which helped with prosperity as the pirates did quite a bit of damage to the economic condition.
  • The legal system in this thriving country is mostly secular.
  • More than 60% of this influential country’s oil is exported to Asian Countries. The production of oil in Kuwait is the lowest in the world.
read more
1 2
Page 1 of 2