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Interview

Abdulkarim Taqi, Director-General, Public Authority for Industry (PAI): Interview
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Interview:Abdulkarim Taqi In what ways can the PAI collaborate with the private sector to develop Kuwait’s industrial parks? ABDULKARIM TAQI: Supporting infrastructure for industrial parks is key to enabling a sustainable business environment. This includes building logistics capabilities, utilities, seaports, labour housing, free trade zones, schools and entertainment facilities. The PAI…
Interview

Alok Chugh, Partner, Government and Public Sector Leader MENA, EY: Interview
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Interview:Alok Chugh What steps is Kuwait taking to engage in new international tax regulations and practices? ALOK CHUGH: Tax authorities from various jurisdictions have introduced regulations for customer tax transparency and to curb tax avoidance, such as the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS). FATCA promotes tax compliance by implementing…
Viewpoint

Emir Sheikh Sabah Al Ahmed Al Jaber Al Sabah: Viewpoint
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Viewpoint:Emir Sheikh Sabah Al Ahmed Al Jaber Al Sabah The bitter reality of the region, its dangerous dimensions and consequences, and the developments taking place in the region call upon us to realise the current situation and circumstances, and be cautious and ready to confront them in order to protect the safety and security of our country. This will not be achieved but through cohesion…
Viewpoint

Ahmed Barakat, Managing Partner, ASAR – Al Ruwayeh & Partners: Viewpoint
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Viewpoint:Ahmed Barakat Kuwait is undergoing a substantial overhaul of its legal framework to promote investment in the country, develop local business opportunities and help diversify its economy. This process has gained significant momentum during the last 10 years. To assist with this, antiquated laws are being replaced and updated, such as the Companies Law, the Labour Law, the Tenders Law…
Analysis

Kuwait upgraded to emerging market status, spurring interest in its capital markets

Posted OBG AdminPosted in Uncategorized

The reforms that have been carried out by the authorities to develop Kuwait’s market have been recognised by the international investor community via inclusions in influential emerging market indices. This should be of considerable benefit to the market, encouraging professionalisation and driving performance. New Ranks In the second half of 2018 Kuwait was included in the FTSE Emerging…
Analysis

Strengthening Kuwait’s capital markets presence in regional banking and investment

Posted OBG AdminPosted in Uncategorized

Two major transactions were under way in Kuwait’s financial sector in mid-2019. First, KAMCO Investment Company, the investment banking subsidiary of Kuwaiti conglomerate KIPCO, was merging with Global Investment House (GIH), another local investment firm. Second, Kuwait Finance House (KFH), the country’s largest Islamic bank, was looking to purchase Ahli United Bank (AUB) of Bahrain for…
Analysis

Enhanced cooperation and investment strengthens ties between China and the GCC

Posted OBG AdminPosted in Uncategorized

With both economic diversification plans under way across the region, GCC states are seeking to bolster international trade relations and draw in foreign investment. Regional governments have found a willing partner in China, which is seeking to expand its trade and investment presence on the Eurasian continent, as demonstrated by its Belt and Road Initiative (BRI). In 2014 President Xi Jinping…
Analysis

Privatisation part of Kuwait’s plan to create new economic model with reduced reliance on oil and gas revenue

Posted OBG AdminPosted in Uncategorized

February 2019 saw the government complete its selloff of a 44% stake in Boursa Kuwait, the country’s stock exchange, which is due to be followed by an initial public offering of a further 50% in late 2019. The sale followed a year of promising performance for the exchange, in addition to the June 2018 announcement that the bourse will soon be included in the main emerging markets index of…
Analysis

Financial technology changes Kuwait’s banking landscape with new mediums and accompanying regulations

Posted OBG AdminPosted in Uncategorized

While the digital revolution has swept through many industries, the Kuwaiti banking and finance sectors remain largely unchanged. However, there is a definite sense that digital innovations are gaining ground as banks establish financial technology (fintech) departments in order to guide policy. Technology has the potential to reform the face of banking, and the way in which changes are implemented…
Analysis

Long overdue law brings big changes to Kuwait’s insurance sector

Posted OBG AdminPosted in Uncategorized

A new insurance law was approved by the Kuwaiti Parliament in July 2019 to support the maturation and growth of the sector. While premium are likely to rise in the short term and a gradual consolidation of the sector is expected, a more viable, lower-risk environment is set to emerge in the coming years. Modern Solutions The insurance market in Kuwait was previously governed by a law dating…