Business

High public investment underpins growth

Relatively high public investment will continue to underpin Qatari economic growth, especially in the non-hydrocarbon sector. Coupled with output gains in the hydrocarbon sector related to the launch of the Barzan gas production facility in 2016, economic activity is expected to remain rather buoyant. In an effort to control public …

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KSE retreats 25.83 pts as profit taking weighs – NBK drops 20 fils; Americana soars

KUWAIT CITY, June 20: Kuwait stocks retreated on Monday as profit taking kicked in after the strong rally in the previous session. The price index dropped 25.83 pts to 5,431.68 pts in slightly volatile trading even as Americana continued to soar on the stake sale deal clinched during the weekend. …

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Iran reaches deal to buy 100 Boeing planes – Sale must be approved by US government

TEHRAN, June 19, (AFP): Iran said Sunday it has reached an agreement with American aerospace giant Boeing to purchase 100 aircraft to renew its ageing fleet, though the deal must still be approved by the US government. The Islamic republic has ordered about 200 planes from three Western manufacturers since …

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Food major Americana re-traded at KSE – Move follows conclusion of stake sale deal

KUWAIT CITY, June 19, (KUNA): Nutrition giant Americana’s shares returned to trading on Sunday after the company’s clarification about a sales deal between Al Khair National for Stocks Real Estate Company and UAE’s ADEPTO Company. The company’s shares received offers worth KD 2,200, but no offers and transactions were made. …

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Kuwait index rallies on Americana stake deal – Ooredoo vaults 40 fils; Zain stagnates

KUWAIT CITY, June 19: Kuwait stocks saw solid rebound on Sunday after see sawing in the previous session. The price index rallied 62.67 pts to 5,457.51 pts in a broad buying spurred by Kharafi Group owned Americana’s stake deal. The KSX 15 gauge jumped 15.75 pts to 8,22.75 points paring …

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Qatar warns of cost overruns, delays in projects – Govt predicts at least 3 years of budget deficit

DOHA, June 19, (Agencies): A $200 billion infrastructure programme launched by Qatar could see higher costs and delays because of the slump in oil prices, the government of the 2022 football World Cup host warned Sunday. A study from the Ministry of Development Planning and Statistics (MDPS) said that “continued …

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Dubai group pays $2.4 bln for control of Kuwait’s Americana – Deal appears to end one of region’s longest running acquisition sagas

DUBAI, June 18, (RTRS): An investment group led by prominent Dubai businessman Mohamed Alabbar has agreed to buy a majority stake in Kuwait Food Co (Americana) from the Kharafis, a wealthy Kuwaiti merchant family, for about $2.4 billion. Under a legally binding agreement with Al Khair National for Stocks and …

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Commercial companies face payment ‘delays’ from govt – Low oil price bites oil-producing countries

According to some local media reports, commercial companies are facing delays of up to 180 days and even a year in some cases in receiving payments from the government sector following the completion of their projects. This is becoming a usual phenomenon in almost all oil-producing countries, more apparently in …

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Kuwait bourse ends down as volume soars – Market cap slides 0.81% to KD 22.94bn

Kuwait Stock Exchange (KSE) ended last week in the red zone. The Price Index closed at 5,394.84 points, down by 0.29% from the week before closing, the Weighted Index decreased by 0.91% after closing at 351.69 points, whereas the KSX-15 Index closed at 806.94 points down by 0.95%. Furthermore, last …

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Omar Alghanim wins prestigious CEO Award – Receives Knowledge and Education Development CEO Award

KUWAIT CITY, June 18: Alghanim Industries CEO Omar Kutayba Alghanim has received the Knowledge and Education Development CEO Excellence Award from the Middle East Excellence Awards Institute, which recognizes business leaders who have contributed to growth and development of the Gulf region and greater global economy. The award was conferred …

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