Business

‘KPC and its subsidiaries to start paying incentive bonus on June 3’

Latest technology used in 3 mosques KUWAIT CITY, May 24: The payment of incentive bonus to employees in Kuwait Petroleum Corporation (KPC) and its subsidiaries will start on June 3, reports Al-Anba daily quoting a reliable source from the oil sector. The source revealed that the maximum amount of incentive …

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GCC banking in a very strong spot: Al Fulaij

Outlook reflects credit ratings and confirms the success of regulatory measures Salah Al-Fulaij, CEO- Kuwait at National Bank of Kuwait said in an interview with MEED Magazine that the impact of subdued credit growth and rising NPLs in recent years, mainly the lower oil price years, has been very-well dealt …

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Al Mawashi looking beyond Australia for sheep imports

KUWAIT CITY, May 23, (RTRS): Kuwait’s Livestock Transport and Trading (Al Mawashi) is in talks with possible new livestock suppliers after an Australian lawmaker proposed legislation to ban the export of live sheep, its chief executive said on Wednesday. The proposal followed an outcry in Australia after footage emerged showing …

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CTC approves KNPC tender for third extension of cleaning company

KOC’s request to float limited catering related tender approved KUWAIT CITY, May 23: The Central Tenders Committee (CTC) has approved the request of the Kuwait National Petroleum Company (KNPC) for the third extension of the tender for cleaning services of the company’s refineries and the local marketing contract with Abdul …

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Kuwait inflation edges up in April

Food prices fall 0.4% KUWAIT CITY, May 22, (RTRS): Kuwait’s statistics office reported the following April consumer price data on Tuesday. Kuwait Consumer Infl ation 04/18 03/18 pct change month/month 0.1 -0.4 pct change year/year 0.7 0.6 Note: Starting with June 2017 data, the statistics office changed the base year …

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Shamal Az-Zour logs 1 mln man-hours without Lost Time Accident

Milestone equivalent to 10 individuals working safely for 50 years KUWAIT CITY, May 22: Shamal Az-Zour Al-Oula KSC, the owner and operator of the Az-Zour North One Power and Water Plant, announced today that the company has reached 1,000,000 man-hours at the plant without a Lost Time Accident, the equivalent …

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ABK, FAB and Noor Bank sign loan deal for Dubai Aerospace

KUWAIT CITY, May 21: Al Ahli Bank of Kuwait (ABK), First Abu Dhabi Bank (FAB) and Noor Bank have announced the signing of a landmark financing facility for Dubai Aerospace Enterprise (DAE) for an initial amount of $480 million, expandable to $800 million. The facility has a four year tenor …

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UAE announces ownership, visa reforms – Move to lure foreign investors

ABU DHABI, May 21, (AFP): The United Arab Emirates has announced plans to allow 100 percent ownership and visa incentives to foreigners, in a bid to attract investors to boost its slowing national economy. The decision, taken by the UAE cabinet Sunday night, aims to lure “international investments and exceptional …

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Kuwaiti investor in ‘date’ with Iraq

SOUTHERN BADIA, Iraq, May 21, (RTRS): On a former battlefield of the 1991 Gulf War, deep in Iraq’s southern desert, a Kuwaiti investor is looking to grow 100,000 date palms and build a nature reserve complete with ostriches and deer. Few Kuwaiti firms have returned to do business in Iraq …

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Burgan Bank marks ‘International Awareness Month of Internal Audit’

Validating a niche role in running of a successful business KUWAIT CITY, May 20: Burgan Bank, a dynamic financial institution, recently celebrated the role of the Internal Audit department to raise awareness about the profession and reward outstanding personnel. As part of its many positive initiatives to support internal growth …

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