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Monday , November 19 2018


Sharp increase seen in Kuwaiti deposits in Iranian banks

Move tied to about 20 pc interest rate compared to that offered by local banks KUWAIT CITY, Aug 1: There has been a sharp increase in Kuwaiti deposits at Iranian banks lately due to low interest rates offered by Kuwaiti banks compared to those of their Iranian counterparts, reports Al-Qabas …

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Zain H1 net profit rises 5% to KD 86.4 mn

Data revenue up 10%; customer base grows 5% to reach 47.4 million KUWAIT CITY, July 31: Zain Group, a leading mobile innovator with operations in eight markets across the Middle East and Africa, announces its consolidated financial results for the six months to 30 June 2018. Zain served 47.4 million …

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KOC to award contracts

KUWAIT CITY, July 31: Kuwait Oil Company (KOC) has decided to award three contracts valued at KD 23 million ($100 million) covering maintenance of some buildings north of Kuwait and establishment of roads leading to Ratqa oil fields, reports Al-Anba daily. Sources said KOC will award the first contract worth …

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Kuwait said will not waver in executing economic reform

Relatively improved global oil prices help cut budget deficit KUWAIT CITY, July 31: Kuwait will not waver in executing the economic and financial reform initiated three years ago through activation of economic reform document submitted by the Ministry of Finance, which has become the national program for economic and financial …

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Kuwait’s Kufpec signs $1.1 bln finance deal

KUWAIT, July 31 (Reuters) – Kuwait Foreign Petroleum Exploration Company (Kufpec) has signed a $1.1 billion finance deal with a number of banks to help it expand its oil and gas operations, the company’s chief executive said on Tuesday. Japan’s Sumitomo Mitsui Banking Corporation (SMBC), First Abu Dhabi Bank, Societe …

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Red Sea strait ‘unrest’ barely to affect crude prices: expert

Top consumers calling on OPEC to boost output KUWAIT CITY, July 30, (KUNA): In the wake of Saudi Arabia’s decision to suspend oil shipments through the Red Sea’s strategic Bab-el-Mandeb strait, the repercussions of the move on oil prices remain subtle, according to an analyst. Countries bearing the brunt of …

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MoCI to review laws on establishing realty cos

Gulf investors in sector targeted KUWAIT CITY, July 30: Legal Affairs Department in the Ministry of Commerce and Industry is reviewing laws that oblige Gulf investors who are geared up to establish real estate companies in Kuwait to mortgage properties they own in their home countries to make it possible …

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Finance places revival of budget transformation as its ‘top priority’

Work of drafting new law finalised KUWAIT CITY, July 30: Minister of Finance Nayef Al-Hajraf disclosed that the ministry has placed on top of its priorities the revival of budget transformation from bonds and clauses to programs and performance, especially as the current method of preparing budget constitutes an impediment …

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KAMCO issues KD 40m bond with 5-year tenure

Acts as joint lead manager and arranger with Gulf Bank KUWAIT CITY, July 29: KAMCO Investment Company, a leading investment firm with one of the largest AUMs in the region, issued a KD 40 million, five-year tenure bond, with KAMCO and Gulf Bank as Joint Lead Managers and Arrangers for …

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Aramco to buy Sabic petrochemical?

SAUDI ARAMCO last week announced its intention to buy a major share in the Saudi petrochemical company Sabic, which is the fourth largest company in the world with market value close to $100 billion. It has appointed two major American financial consultants to assess and evaluate Sabic assets. This could …

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