KFAED allocates USD 11.4 billion for 540 development projects in Africa
KUWAIT CITY, June 10: Acting Director General of the Kuwait Fund for Arab Economic Development (KFAED) Waleed Al-Bahar said Tuesday, the fund financed 540 development projects in more than 50 African countries at a value exceeding USD 11.4 billion. This came as Al-Bahar participated in the Africa Day celebration held at the invitation of the ambassadors and heads of African diplomatic missions accredited to Kuwait to commemorate the founding of the African Union.
The fund's operations in Africa and its projects represent approximately 57 percent of its total global activity and have contributed to a qualitative shift in the economies of African countries and improved people's living, said Al-Bahar in a statement. He expressed pride in KFAED's relations with African countries, stressing his commitment to strengthening bilateral relations and achieving greater progress, prosperity, and development for the peoples of the continent through ongoing cooperation.
Regarding the Africa Day celebration, Al-Bahar said that the fund is participating for the ninth consecutive year with a special pavilion highlighting its development and humanitarian efforts on the African continent. This year's celebration saw the participation of more than 30 African Union embassies, displaying their cultural and historical heritage through exhibits, collectibles, and craft tools that reflect the diverse professions and activities of each country, he added. KFAED was established in 1961 as the first development institution in the Arab region, before expanding its scope of activities to include developing countries starting in 1974, with its contributions reaching 105 countries to date. (KUNA)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arab Times
15 hours ago
- Arab Times
Expat exit permit based on worker's choice
KUWAIT CITY, June 12: Director of the Public Authority for Manpower (PAM) Marzouq Al-Otaibi confirmed that the departure permit granted to expatriate workers in the private sector (Article 18) is determined based on the wishes of the workers, as they have the right to choose the start and end dates of the permit upon submitting the application. In a statement to the newspaper, Al-Otaibi explained that the departure permit is used only to document the worker's departure date from the country and does not entail any commitment to a specific return date. He emphasized that this permit does not restrict the worker to a specific return date. He pointed out that this measure is part of a series of services offered by the authority to provide the necessary flexibility for workers and employers; enabling them to arrange travel procedures in line with their specific circumstances, while simultaneously maintaining the organization of the labor market and ensuring compliance with applicable laws. 'This is under the directives of First Deputy Prime Minister and Minister of Interior Sheikh Fahad Yousef Saud Al-Sabah,' he added. In a related development, PAM announced Thursday the launching of two online services -- Requesting an Exit Permit for Workers under Article 18 Visa on the unified government application for electronic services (Sahel) and Approving the Request through the unified government application for employers (Sahel Business). In a press statement, the authority disclosed that the service launched through the Sahel application allows workers to submit an electronic exit permit request to their employer, while the other service through the Sahel Business application enables employers to review and approve exit permit requests submitted by their employees. It added that the launching of the two services is in compliance with the circular issued by Sheikh Fahad Al-Yousef earlier; obligating expatriate workers in the private sector to obtain an 'exit permit' from their employers before leaving the country, starting from July 1.
Arab Times
18 hours ago
- Arab Times
More than 3,000 companies fined for missing beneficial owner registration
KUWAIT CITY, June 12: The Ministry of Commerce and Industry announced on Thursday that 98 percent of commercial entities in Kuwait have completed registration of their beneficial owners (BEN) following the ministry's deadline on Wednesday. This high registration rate reflects strong compliance with regulatory requirements aimed at enhancing transparency and combating money laundering. The ministry's spokesperson, Abdullah Al-Harz, informed Kuwait News Agency (KUNA) that a total of 3,007 commercial entities failed to disclose their beneficial owners by the deadline and will face financial penalties estimated at KD 3 million (approximately USD 9.8 million). Fines start at KD 1,000 and can escalate to KD 10,000 for continued non-compliance. Al-Harz detailed that 148,108 out of 151,115 active commercial entities completed the beneficial owner registration during the allotted period. Among these, 111,838 out of 114,339 active personal companies registered, achieving a 97.8 percent registration rate. Sole proprietorships numbered 35,066, with 34,701 registered, representing a 98.9 percent compliance rate. Joint-stock companies accounted for 1,710 active entities, with 1,569 registered, reflecting a 91.7 percent rate. He emphasized that the 3,007 companies that did not meet the registration deadline will be penalized according to applicable legislation. The spokesperson also highlighted the ongoing importance of adhering to transparency controls and regulations to improve Kuwait's business environment in line with international standards. Earlier this month, the Ministry of Commerce and Industry set a final 10-day deadline for institutions and companies to disclose the identity of their beneficial owners — defined as the individuals exercising ultimate control over the companies — to avoid legal actions and fines. This initiative is part of Kuwait's broader commitment to strengthening transparency and complying with global standards against money laundering and terrorist financing. The ministry stressed that disclosure reflects companies' seriousness in maintaining organized data and enhancing their credibility.
Arab Times
2 days ago
- Arab Times
Boursa Kuwait's general index climbs 51.51 points
KUWAIT CITY, June 11: Boursa Kuwait ended Wednesday's session on a positive note, with the general index climbing 51.51 points, or 0.63 percent, to close at 8,268.50 points. The day saw a total of 408.11 million shares traded through 21,279 cash transactions, with a total value of KD 94.7 million (approximately USD 289.7 million). The Main Market Index advanced 34.51 points (0.49 percent) to settle at 7,042.38 points, as 201.6 million shares changed hands via 10,107 transactions, generating KD 21 million (around USD 64.2 million) in turnover. Meanwhile, the Premier Market Index posted a gain of 58.29 points, or 0.65 percent, to reach 8,982.89 points. Trading volume reached 206.4 million shares through 11,172 transactions, with a total value of KD 73.7 million (about USD 225.5 million). In parallel, the Major 50 Index also edged higher, adding 16.74 points (0.23 percent) to finish at 7,212.92 points. A total of 163.3 million shares were traded via 6,413 cash transactions, amounting to KD 15.5 million (roughly USD 47.4 million). (KUNA)
