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Mobile firm Viva Kuwait full-year profit jumps six-fold

Reuters – Viva Kuwait reported a more than six-fold rise in annual profit on Monday as the mobile telecommunications operator increased its customer base by a third. The Saudi Telecom Co (STC) affiliate made a net profit of KWD 24.25m ($86m) in 2013, up from KWD 3.87m a year earlier, according to its website. Viva, which competes with Zain and …

Daily News Egypt

Government considering forming Egyptian-Kuwaiti economic committee to settle disputes and increase investment

By Mohamed Ayyad The government is considering a proposal from Kuwaiti Ambassador to Cairo Salem Al-Zamanan to form an Egyptian-Kuwaiti economic committee to increase investments and settle outstanding disputes. This suggestion came yesterday during a morning meeting between Prime Minister Ibrahim Mehleb, the Kuwaiti ambassador to Cairo, and the Minister of Industry, Foreign Trade, and …

Daily News Egypt

Kuwait’s Zain says sued for $4.5bn over Iraq Telco buy

Reuters – Zain is being sued for $4.5bn over its 2007 acquisition of an Iraqi telecom operator, the Kuwaiti firm said in a bourse statement on Sunday. Zain bought Iraqna for $1.2bn from Orascom Telecom in December 2007 after the Egyptian firm dropped out of the running for a long-term mobile licence in Iraq. The …

Daily News Egypt

UAE’s Air Arabia bets on Ras Al Khaimah hub

The Sharjah-based budget carrier, which currently operates out of three hubs in the Gulf and North Africa region, signed an agreement with the RAK government in February declaring it the official carrier for the emirate and RAK airport as its new hub.

Daily News Egypt

Kuwait signs oil and diesel supply deals with Egypt

Reuters – Kuwait’s national oil group will provide Egypt with 85,000 barrels of crude oil per day under a new contract which boosts supply from the Gulf Arab state by 31%, state news agency KUNA reported on Tuesday. Kuwait Petroleum Corporation (KPC) will also increase its supply of diesel and jet fuel to 1.5m tonnes …

Daily News Egypt

Qatar buys helicopters, missiles in $23bn arms deals

Reuters – Qatar announced contracts worth about $23bn on Thursday to buy attack helicopters, guided missiles, tankers and other weapons from Boeing Co, Airbus and other arms makers as the Gulf state accelerates its military build-up. The world’s top liquefied natural gas (LNG) exporter announced deals with about 20 global companies, including firms from the …

Daily News Egypt

Egypt’s Naeem Holding to cross-list on Abu Dhabi exchange

Reuters – Naeem Holding for Investments has received approval from the United Arab Emirate’s financial regulator to list on the Abu Dhabi exchange, the firm said, a further sign of closer economic ties between Egypt and the Gulf. “Coordination is ongoing with the Abu Dhabi market and the necessary measures for receiving the approval of …

Daily News Egypt

Kuwait moves closer to creating independent telecoms watchdog

Reuters – Kuwait’s parliament has approved the first reading of a bill to create the country’s first independent telecoms watchdog, according to the assembly’s website, a move that could lead to further liberalisation of the sector. The Ministry of Communications is the de facto regulator in the absence of a separate watchdog and also ultimately …

Daily News Egypt

Kuwait’s Zain says finalises $800m, five-year loan facility

Reuters – Kuwait’s Zain has finalised an $800m, five-year loan facility from 11 banks, the telecommunications operator said on Tuesday. Zain, which has operations in eight countries in the Middle East and Africa including Sudan, Iraq and Saudi Arabia, said it originally planned to raise $600m, but increased the facility’s size because of what it …

Daily News Egypt

Kuwait fines Ahli Bank chairman $5.3m over insider trade

Reuters – A Kuwaiti court has fined the chairman of Al Ahli Bank, the country’s eighth largest bank by market capitalisation, KWD 1.5m ($5.3m) over alleged insider trading in the bank’s shares. The Court of First Instance fined Ahmed Yousef Behbehani, a member of a powerful Kuwaiti business family, after a complaint by the Capital …

Daily News Egypt

Dubai’s Arabtec in talks to buy Kuwaiti firm

Reuters – Arabtec Holding, Dubai’s largest listed construction firm, is in the advanced stages of talks to fully acquire a construction company in Kuwait’s Kharafi Group, two sources aware of the discussions said. The Dubai firm is in talks with Kharafi National, a Kuwait-based contractor and facilities management firm which has operations in several Middle …

Daily News Egypt