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Today in Kuwait's history - Islam Al-Sharaa

Today in Kuwait's history - Islam Al-Sharaa

Kuwait Times2 days ago
KUWAIT: 1985 -- Eleven people were killed and 89 others injured in terrorist explosions at two popular sea-front cafes in Sharq and Samliya areas, State of Kuwait.
1991 -- Fifty-four people, mostly Americans, were injured in a big fire at a weapons depot of the US forces in Doha area.
1994 -- The Public Authority for Youth and Sport allowed every local sporting club to bring two foreign players to their football teams, allocating 20,000 Kuwaiti Dinars (KD) for every club to hire the players.
2000 -- Kuwait Amir Sheikh Jaber Al-Ahmad Al-Sabah issued a law rejecting claims to state property.
2000 -- Kuwait Amir Sheikh Jaber Al-Ahmad Al-Sabah signed a law allowing establishment of private universities or branches of foreign universities. Majority of shares of these institutions, which contribute to higher and applied education, should be owned by Kuwaiti nationals.
2002 -- Kuwait's Khaled Al-Mudhaf won the Trap event at the World shooting Grand Prix in Finland, thus qualified for the 2004 Olympics in Athens, Greece.
2005 -- Murad Yusuf Behbehani, one of the first Kuwaiti businessmen to import air conditioning units, watches and cars in 1940s, passed away at age of 86. Behbehani was the honorary consul of the Switzerland for more than 50 years, and chaired Al-Ahli Bank of Kuwait between 1986-2003.
2018 -- Kuwait Environment Public Authority's (EPA) Environmental Monitoring Information System of Kuwait (eMISK) won the 2018 geographic information systems award, in a conference held in the US.
2019 -- Chinese Tsinghua University selected Kuwait University political sciences professor, Ghanem Al-Najjar, to be member of the higher academic committee of its international studies institute.
2024 -- Jaber Al-Ahmad Al-Sabah Hospital was internationally recognized by Surgical Review Corporation as a distinguished breast surgery center. —KUNA
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Gold In Kuwait Soars To KD 33
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KUWAIT CITY, July 13 : Precious metal prices in the local Kuwaiti market responded strongly to global developments last week, as demand surged amid rising geopolitical and economic uncertainty. The price of 24-karat gold reached approximately KD 33 per gram, while 22-karat gold stood at around KD 30.27 per gram. Silver also saw a notable uptick, with the price of one kilogram hitting KD 421. This local surge mirrored global trends, where gold prices recorded a significant rise, closing at $3,356 per ounce by the end of last week's trading. The increase was largely driven by escalating U.S. trade tensions and heightened geopolitical risks, reinforcing gold's status as a safe-haven asset. According to a report released Sunday by Kuwait's Dar Al-Sabeek company, U.S. President Donald Trump's decision to announce a 35 percent tariff on Canadian imports, set to take effect in early August, along with potential tariffs of 15 percent to 20 percent on other major trade partners, contributed to growing market uncertainty. As a result, investors turned to precious metals for protection. The report also highlighted President Trump's call for a 300-basis-point interest rate cut, which has raised expectations of appointing a more dovish Federal Reserve chair to replace Jerome Powell. Such a move could increase inflationary pressures and enhance gold's appeal as a hedge. Despite a fourth straight week of declining U.S. jobless claims, attention is now focused on upcoming inflation data due this Thursday. Forecasts suggest a year-on-year rise in the Consumer Price Index (CPI) to 2.6 percent for June, which may further drive investors toward gold as a store of value. Gold traded last week within a support range between $3,300 and $3,332 per ounce, with resistance levels noted at $3,376 and $3,400. This positioning gives gold buyers a clear technical advantage and strengthens the likelihood of a continued medium-term upward trend. Silver also witnessed impressive gains, rising three percent both on a daily and weekly basis to reach its highest level in 13 years at $38.30 per ounce. The report noted that silver broke through its previous technical resistance at $37 per ounce, signaling strong short-term buyer control and sustained momentum within a solid upward trend. On the geopolitical front, the report highlighted escalating tensions in the Middle East and Red Sea, particularly due to repeated attacks on commercial vessels. These developments have led investors to seek refuge in safe assets like gold and silver, reinforcing their roles as primary hedging tools during global crises. (KUNA)

Kuwait Amir begins historic France visit
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Kuwait Amir begins historic France visit

PARIS, July 13: His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, accompanied by an official delegation, arrived in France on Sunday for an official visit. His Highness the Amir was received upon arrival at the airport by Minister of Health Dr. Ahmad Al- Awadhi, Kuwait's Ambassador to France Abdullah Al-Shaheen, the head of security and safety of Paris airports, Stephane Daguin, the French Embassy's Military Attache to Kuwait Colonel Francois Dickes, along with the Kuwaiti Embassy staff and heads of affiliated and technical offices accredited in the French capital, Paris. His Highness the Amir is accompanied by an official delegation that includes Minister of Defense Sheikh Abdullah Ali Abdullah Al-Salem Al-Sabah, Minister of Foreign Affairs Abdullah Al-Yahya, and Director General of the Kuwait Direct Investment Promotion Authority (KDIPA) Sheikh Dr. Meshaal Jaber Al-Ahmad Al-Sabah, and several senior state officials. The visit by His Highness the Amir Sheikh Meshal Al- Ahmad Al-Jaber Al-Sabah to France will be of great importance, adding to the illustrious ties linking the two countries, said Kuwait Ambassador to France Abdullah Al-Shaheen on Sunday. Speaking to KUNA, Al-Shaheen affirmed that the visit, upon the invitation of French President Emmanuel Macron, would explore more venues of cooperation, solidifying the six-decade strategic partnership and shared vision of both countries. The visit also comes at a time when France is celebrating its national day on July 14, he added, noting that it would exemplify the strength of ties and eagerness to open new horizons of cooperation. The Kuwaiti diplomat affirmed that commercial and economic relations had expanded, especially within renewable energy, technology, and green economy, domains that were in line with Kuwait's development vision 2035. He also stressed that cultural and scientific exchange had increased within recent years, asserting that the Kuwaiti embassy in France would carry on its missions to bring both countries closer in terms of mutual interests and benefits. Meanwhile, the French Presidential Palace (Elysee) affirmed that His Highness the Amir of the State of Kuwait, Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah's visit to France embodied the deep historical ties and distinguished partnership between the two friendly countries. The Elysee, in a statement obtained by KUNA, said that this visit, the first by His Highness to France since assuming power, came within the framework of strong relations based on trust and mutual respect. The two sides seek to develop their relations in a way that enhances the strategic partnership in various sectors, including diplomacy, defense, the economy, education, health, culture, and scientific research. The Amir's visit also comes as the two countries celebrate the 65th anniversary of their relations in 2026, an occasion that affirms the depth of the historical ties between the two countries. His Highness will visit Paris on Sunday and Monday to attend the official military parade marking France's National Day (Bastille Day) on July 14, alongside French President Emmanuel Macron, and then the two will meet up at the Elysee Palace for a work lunch. France was among the first countries to support Kuwait's independence and actively contributed to its liberation in 1991, strengthening ties of political trust and laying a solid foundation for growing Kuwaiti-French relations. The two countries are keen to strengthen this relationship through high-level meetings and ongoing cooperation in international forums, where their views converge on many issues, particularly respect for international law and support for mediation and dialogue efforts to resolve disputes peacefully. On the economic front, the amount of trade exchange between the two countries reached approximately EUR 2.8 billion in 2023, with France ranking fourth among Kuwait's European trading partners, with French companies active in the fields of infrastructure, energy, and construction. In the cultural field, France continues to support the French language and culture in Kuwait through the French School and the French Institute, with more than 1,000 students benefitting from joint educational programs, while Kuwaiti students participate in academic and university programs in France. Additionally, French medical institutions such as the Gustave Roussy Institute, contribute to supporting the Kuwaiti health sector through technical consultations and specialized projects. Kuwaiti-French relations are an example of a strong partnership and long-standing friendship, which both sides are keen to continuously develop to enhance bilateral cooperation and support stability in the region and the world.(KUNA)

CMA adds a new chapter to Kuwait capital market's growth story
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KUWAIT: The Capital Markets Authority's (CMA) decision No (101) of 2025 regarding the launch of the second part of the third phase of the Capital Market System Development Program (CMSDP) will come into effect, thus opening a new chapter in the development of the Kuwaiti capital market. This phase represents an extension of the previous phases of the program, but what distinguishes it is the depth of changes that fundamentally affect the infrastructure of the capital market, reflecting the CMA's commitment to implement Law No (7) of 2010. Since the issuance of Resolution No (101) of 2025 last June, the CMA has worked to complete all the necessary procedures to launch this phase, including issuing the required licenses. Among the most notable of these procedures is the granting of the license to practice the activity of a central broker to the Kuwait Clearing Company, making it the first entity in the Kuwaiti market to engage in this activity. The granting of this license is an important step in the development of the market, as it reflects the CMA's commitment to implement the provisions of Law No (7) of 2010, especially since this activity is being practiced for the first time despite the fact that it is one of the activities provided for the Clearing Company. In a related context, ten brokerage firms were upgraded to the 'Qualified Broker' model, which enhances their ability to provide a wider range of financial services and products to their clients within the capital market system. The technical systems for offering bonds and sukuk as well as ETF indices, have been developed and tested, and draft amendments to the executive regulations of Law No (7) of 2010 have been prepared in preparation for the launch of these products in the market. It is expected that this approach will contribute to diversifying and expanding the range of financial services and products available on the stock exchange, thus enhancing the attractiveness of the market to investors. Work is also underway to finalize the necessary regulatory rules to enable the concerned authorities to carry out these operations efficiently and effectively. On the supervisory side, this phase included the establishment of sub-account numbers within the consolidated accounts, whether for investment or electronic portfolios, which increases the efficiency of the authority's supervisory work on Boursa Kuwait's trading. Emad Ahmed Tefouni, Chairman of the Board of Commissioners and Chief Executive Officer, said: 'The Capital Markets Authority (CMA), represented by the Board of Commissioners and all its employees, is very pleased to launch the second part of the third phase of the Capital Market System Development Program, which is a new achievement added to the CMA's track record of development initiatives. This program is one of the pivotal strategic projects of the CMA, as it consists of four vital projects that contribute to enhancing the efficiency of the market. The CMA extends its sincere thanks and appreciation to the Central Bank of Kuwait, Kuwait Clearing Company, Boursa Kuwait, brokerage firms, and all stakeholders and teams involved in the implementation of this program inside and outside the CMA, for their sincere efforts and fruitful cooperation that had a great impact in achieving this achievement. Tareq Abdullateef AlShehab, Member of the Board of Commissioners stated the following: 'The completion of the third phase of the Capital Market System Development Program is an achievement to be added to the CMA's track record of development initiatives. This phase is characterized by its outputs that had a significant impact on the market structure, which included the launch of the 'Central Broker' service and the implementation of the 'Qualified Broker' model, in addition to the qualitative changes in the work mechanisms of the relevant authorities, such as the completion of cash settlements through the Central Bank of Kuwait system and settlement banks, and the establishment of the financial collateral chain. 'On this occasion, CMA extends its sincere thanks and appreciation to the Central Bank of Kuwait, Kuwait Clearing Company, Boursa Kuwait, all brokerage firms, custodians, investment firms, and all those working on the program's projects in the various participating entities.' In this context, CMA emphasizes that the launch of this phase does not represent the end of the development process, but rather a launch towards broader horizons and more comprehensive plans aimed at upgrading the capital market system and enhancing its efficiency and robustness, in line with the aspirations of the State of Kuwait in the financial and economic field.'

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