Business

Saudi January inflation jumps to 3.0 pct on VAT, gasoline price hike

DUBAI, Feb 25 (Reuters) – Saudi Arabia’s annual consumer price inflation rate jumped to 3.0 percent in January after the government introduced a 5 percent value-added tax and hiked domestic gasoline prices, official data showed on Sunday. The statistics agency changed the base year for the consumer price index to …

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Airbus freezes sale of 4 Airbus A321 worth 440 million euros for Syrian National Airlines Company

Political pressure and US sanctions effect the deal Kuwait City, Feb 22: French company Airbus has suspended the sale of four Airbus A321 aircraft for the Syrian Businessman which is costing for more then 440 million euros for six months. Sources reported that the deal attributed the freeze is due …

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Limak signs KD 249.2mn credit deal with NBK and KFH – National Bank of Kuwait pleased to be selected as lead arranger of transaction: Al Sayer

KUWAIT CITY, Feb 21: Limak İnşaat, one of world’s leading contractors currently constructing the new passenger terminal at Kuwait International Airport, and Kuwait’s two largest banks, the National Bank of Kuwait SAKP (NBK) and Kuwait Finance House KSCP (KFH), today signed a KD 249.2 million Syndicated Credit Agreement to partly …

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Kuwait current account surplus improves in Q3 – Strong import growth weighs on trade balance

KUWAIT CITY, Feb 21: Kuwait’s current account surplus improved in 3Q17, as easing remittances and resilient exports countered a larger deficit in services. The surplus rose to KD 0.42 billion, versus KD 0.26 billion in 2Q17, reaching an annualized 4.8% of GDP. Overall, the preliminary current account figures for the …

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Saudi terminates Jeddah airport concession deal

DUBAI, Feb 21, (RTRS): Saudi Arabia’s aviation authority has terminated a concession agreement with Singapore’s Changi Airports International and its local Saudi partner to operate the King Abdulaziz International Airport in Jeddah, it said in a statement on Wednesday. The General Authority of Civil Aviation (GACA) awarded the contract last …

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KIPCO continues collaboration with Tmkeen – Co seeks to support young entrepreneurs

KUWAIT CITY, Feb 20: KIPCO — the Kuwait Projects Company (Holding) — continues to support young Kuwaiti entrepreneurs through its collaboration with the Youth Empowerment Symposium (Tmkeen) on the KIPCO Tmkeen Award for Young Entrepreneurs. Running its third year, this year’s winner of the award — worth $100,000 in services …

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Zain awarded ‘Best Mobile Operator’ – Co named ‘Best Internet Service Provider’ in Kuwait for 2017

KUWAIT CITY, Feb 20: For the sixth time, Zain, the leading telecommunication company in Kuwait, was awarded ‘Best Mobile Operator’ and ‘Best Internet Service Provider’ in Kuwait for the year 2017 from Service Hero, the creators of Kuwait’s only customer satisfaction index. The company ranked first among the telecommunications sector …

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Indian jeweller denies fraud allegations – ‘There is nothing, there is nothing in it’

NEW DELHI/MUMBAI, Feb 20, (RTRS): Indian billionaire jeweller Nirav Modi, one of the prime accused in the country’s largest ever bank fraud, denies allegations levelled against him by Punjab National Bank (PNB), his lawyer said on Tuesday. “There is nothing, there is nothing in it,” Vijay Aggarwal, a lawyer representing …

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Bank reserves rise to KD 5 bln in Dec – Credit growth slows to 3.2%; money supply growth increases

KUWAIT CITY, Feb 19: Bank credit contracted for the third consecutive month in December, with growth slowing to 3.2% y/y. Outstanding credit declined by KD 65 million, despite the usual end-of-quarter spike in lending for the purchase of securities. Business credit was particularly weak, registering its largest monthly decline in …

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VAT may delay over year

KUWAIT CITY, Feb 18: “Kuwait, Qatar, Bahrain and Oman will need more time than expected for implementing the GCC agreement to introduce Value Added Tax, even though Saudi Arabia and the United Arab Emirates have already implemented the tax”, says the Deputy Director of Financial Affairs Department at International Monetary …

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