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Kuwait injects $60.5 million into Egypt’s gas sector

The Kuwaiti government, represented by the Kuwait Fund for Arab Economic Development (KFAED), has a signed a deal to loan 17 million Kuwaiti Dinars ( $60 million) to aid the expansion and development of the Egyptian natural gas distribution grid. In the presence of Prime Minister Hesham Qandil, the Minister of Planning and International Cooperation …

Islam Serour

Huge tire fire causes Kuwait ‘catastrophe’

By AFP KUWAIT CITY: Hundreds of Kuwaiti firemen on Tuesday fought to contain a massive fire in a dump for used tires, with some members of parliament calling the blaze an environmental catastrophe. Firemen from the national guard, the army and the oil sector joined efforts to extinguish the fire that was still raging 10 …


INTERVIEW: Kuwait’s KFIC restructures debt

By Ahmed Hagagy / Reuters KUWAIT: Kuwait’s Finance & Investment Co. has completed a restructuring to partially deal with the 158 million dinar ($567.22 million) debt it had built up by the end of last year, its chief executive said in an interview. The company suffered net losses of more than 75 percent of its capital …


Kuwait eyes 13 pct budget rise amid industrial unrest

By Sylvia Westall / Reuters KUWAIT: Kuwait’s state budget for next fiscal year envisages a spending increase of about 13 percent from the current year’s plan, state news agency KUNA reported on Monday as the oil-rich state grappled with a wave of industrial unrest. The budget for the 2012/2013 fiscal year, which starts on April 1, …


Kuwait cabinet may be key to ending political gridlock

KUWAIT: Facing a bigger and bolder opposition swept into parliament by voters frustrated with Kuwait’s dysfunctional politics, the country’s rulers are under pressure to appoint a cabinet that can survive long enough to deliver much-needed reforms. Opposition candidates won a solid majority in the 50-seat assembly last week, tapping into a surge of anger over …


Kuwait interim government resigns

DUBAI: Kuwait’s interim government tendered its resignation on Sunday, state television said, making way for the formation of a new cabinet following a snap parliamentary election on Thursday. Under the constitution, a new cabinet must be formed before the new parliament’s first session, which is held two weeks after the vote. The outgoing cabinet was …


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