New financing law to boost investment and strengthen economy
KUWAIT: Undersecretary of the Ministry of Finance Aseel Al-Munifi affirmed on Monday that the recently enacted Law No 60 of 2025 on financing and liquidity aims to stimulate the economic environment, attract foreign investments and enhance developmental and economic returns for the state. The law, which came into effect on March 27, also seeks to bolster the banking sector and improve fiscal stability.
Speaking at an introductory conference on the new decree-law, Al-Munifi explained that the legislation equips the government with modern financial tools, enabling access to both local and international financial markets. These tools, she said, will help secure funding for key development projects. 'The law will support the restructuring of government financing, reduce borrowing costs, and strengthen Kuwait's credit rating,' she said. 'It reflects positively on the state's borrowing capabilities under competitive conditions and helps build up financial reserves to meet commitments amid evolving economic circumstances.'
Al-Munifi noted that the new law will serve as an essential mechanism for financing major national projects, particularly in infrastructure, housing, education, and healthcare — sectors included in the government's general budget for the next five years. She also revealed that preparations for the issuance of the long-anticipated Sukuk Law have been finalized. 'The draft has been completed by the Ministry and is currently under discussion in relevant Cabinet committees. It will soon proceed through the constitutional procedures for final approval,' she said.
Meanwhile, Director of the Public Debt Department at the Ministry of Finance, Faisal Al-Muzaini, announced that Kuwait is returning to the financial markets — both domestic and international — for borrowing in the 2025/2026 fiscal year. He described the move as the largest financial market entry in over eight years, implemented under Decree-Law No. 60 of 2025.
Al-Muzaini hailed the law as a landmark in public finance reform, stating it provides the government with a robust legal framework for managing public debt. The framework allows for debt maturities of up to 50 years and sets a borrowing ceiling of KD 30 billion (approximately $92 billion).
He added that the Ministry of Finance has outlined a flexible strategy to engage confidently with financial markets while prioritizing competitive financing costs and diversifying the investor base both geographically and institutionally. One key focus, he said, is developing the local debt market by establishing a yield curve that will serve as a benchmark for future issuances.
'This law sends a strong message of fiscal discipline and credibility to global markets,' Al-Muzaini said. 'It is expected to contribute to enhancing Kuwait's credit profile, drawing wider investor interest, and advancing the country's transition toward a diversified economy.' The Public Debt Management Committee, established in 2016, plays a central role in overseeing this strategy. Reporting directly to the Minister of Finance, the committee includes representatives from the Ministry of Finance, the Central Bank of Kuwait, and the Kuwait Investment Authority. It is tasked with approving the annual financing strategy and advising the Minister on public debt matters. - KUNA
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Kuwait Times
a day ago
- Kuwait Times
How people in Kuwait are offering Eid Al-Adha sacrifices in 2025
Ministry steps up inspections to prevent price manipulation in livestock markets KUWAIT: Eid Al-Adha sacrifices are taking many forms this year in Kuwait. Some residents spend on premium local breeds, others are opting for more affordable sheep, and many are choosing to send their offerings abroad, driven by the urge to support Muslims in need in crisis-hit regions. For many, the value of the act outweighs the cost of the animal. At one of the most popular livestock markets, Waleed Ahmed, a Pakistani expat, stood holding his receipt after purchasing Arabic Naeimi sheep, among the most expensive breeds available. 'It's not about the price,' he told Kuwait Times. 'This is a sacrifice. You choose the best you can afford because it's for Allah.' The Naeimi local breed, known for its rich flavor and tender meat, continues to be the top choice among many customers, especially Kuwaitis. 'The Arab Naeimi is between KD 170 to 180,' said Abdulaziz, a vendor at the market. 'It's always in demand. Kuwaitis prefer it because the meat is the best.' Waleed, though an expat, said he grew up with the love for its taste. 'The meat is rich and flavorful. I was born and raised in Kuwait, and this is the flavor I have always known.' Nearby, Jordanian customer Ehab Abu Obaid echoed the same sentiment. Vendors wait for customers at the livestock market. Sheep and goats are seen at the market. Sheep and goats are seen at the market. A man inspects sheep before buying it. Online sacrifice 'I only eat Arab meat,' he said firmly while negotiating with a vendor. 'It's what I was raised on. The seller won't budge below KD 170, but I'm buying it anyway.' Still, he acknowledged a shift in how many are giving: 'I know people who no longer sacrifice here because they just can't afford it. They donate online instead, especially to places like Gaza, where they feel the meat is more urgently needed.' Hashem is one of them. 'This year, I donated through Zakat House to Somalia. It cost me KD 40,' he said. 'They're facing famine, that's real need. In Kuwait, it's harder to find families who genuinely cannot afford meat.' Egyptian resident Saeed offered a similar perspective. 'I do the sacrifice in Egypt, where families are truly in need. In Kuwait, most people are better off and already have support,' he said. Indian resident Shakir has found a middle ground, sacrificing in India where prices are lower, while also doing one locally, as it's important for him to keep the tradition alive here too around his family. At your doorstep Adding to the range of options this year, a new service has emerged, some delivery apps are now offering home-delivery of sacrificial animals. Customers can order, pay, and receive their sheep right at their doorstep, adding a layer of convenience. At the market, Abdulaziz listed the price ranges for other lambs' options. 'If you want something cheaper, you go for the Somali at KD 60, or the Australian around KD 70 to 75,' he said. 'The Iranian or Shifali types are mid-range, around KD 115 to 120.' Due the wide price differences, he highlighted, 'Whoever wants something will find it for the price they're looking for. It just depends on the type and weight.' Vendor Abu Mustafa said prices typically peak in the days leading up to Eid, but drop slightly by the second day. Jordanian shopper Abo Ebeed was trying to beat the rush. 'I came early before the best sheep run out,' he said. Abu Mustafa noted a clear divide in preferences: 'Arab sheep are mostly bought by Kuwaitis, while Somali and Australian ones are more popular among expats.' For the Australian, he noted it is only sold by the AlMawashi slaughterhouse and through an early booking system. Inflated prices A source who preferred to stay anonymous, revealed to Kuwait Times rising buyers' frustration, noting that some sellers inflate prices or pass off lower-quality sheep as premium breeds. He stressed the importance of buyers educating themselves about the different livestock types, their distinguishing features, and fair pricing before making a purchase. In response to such concerns, the Ministry of Commerce and Industry announced on Tuesday that it has intensified inspection campaigns in livestock markets ahead of Eid Al-Adha. According to Faisal Al-Ansari, Director of the Commercial Control Department, inspection teams are conducting daily tours to monitor market activity, ensure price stability, and confirm that enough sacrificial livestock (Adahi) are available to meet demand. These campaigns are coordinated in advance with sheep importers to secure sufficient quantities and prevent price hikes, Al-Ansari told Kuwait News Agency (KUNA). He emphasized that the ministry is closely monitoring complaints, urging the public to report any violations. Their goal is to protect consumers, ensure transparency, and support both citizens and residents during the Eid season, he added.
Arab Times
a day ago
- Arab Times
Lawsuits in Kuwait get a fee-lift
KUWAIT CITY, June 5: His Highness the Prime Minister Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah presided over the weekly meeting of the Cabinet, during which a decree-law amending certain provisions of Judicial Fees Law No. 17/1973 was approved. This amendment is the first in more than five decades. It aims to limit the growing number of vexatious cases, ensure the seriousness of the right to litigation, and promote alternative dispute resolution methods like arbitration and conciliation. The amendment includes the increase of fees and rates imposed on lawsuits with a specified or unspecified claim value. It stipulates a five percent rate if the claim value is up to KD30,000; 3.5 percent if the claim value exceeds KD30,000 up to KD150,000; 2.5 percent if the value ranges between KD150,000 and KD500,000; 1.5 percent if the claim value ranges between KD500,000 and KD5million; and one percent if the claim value exceeds KD5 million. It raised the fees for orders on petitions and requests from KD5 to KD10; KD50 for urgent lawsuits and enforcement issues — up from KD3; court lawsuit fees increased to KD100, including the request to appoint an expert; KD150 for enforcement issues — up from KD30; KD100 for requests to dismiss a judge, expert and arbitrator; KD500 for a request to refer a property to a sales judge; the fee for warnings for each party increased from 500 fils to KD5; cost of stamp duty increased from 500 fils to KD1; and requests to expedite lawsuits, suspension and cancellation are subject to a fee of KD5. Article One of the Decree-Law stipulates the replacement of a number of articles of the Judicial Fees Law with new texts. Article Two states that if the lawsuit includes multiple claims of known value — whether original or reserve, and arising from a single legal cause; the assessment shall be based on their total value. However, if they arise from different legal causes, the assessment shall be based on the value of each one separately. Article Five states that if it is impossible to estimate a claim, it shall be deemed unvalued. The following claims, in particular, shall be deemed unvalued: claims for the authenticity of a signature, claims and objections submitted to the judge of urgent matters, original forgery claims, requests for enforcement of arbitrators' rulings and appeals against such orders, requests for orders to implement foreign court rulings, requests to dismiss judges, experts and arbitrators, requests and orders on petitions submitted to the Execution Department and appeals against them, claims for easements, claims for interpretation and correction of rulings, claims for review of endowments, claims for entitlement to residency in endowment sites or their eviction, and claims for eviction of rented premises. It also stipulates that if a claim includes multiple original claims or original and reserve claims — all of which are unvalued — a fee shall be imposed on each of them separately. If these claims are related, a single fee shall be imposed on them. Under the decree, a fixed fee is imposed on the following lawsuits: personal status lawsuits of all types, partition lawsuits between partners, appeals against orders on petitions, and the list of fees and expenses. Fees are also collected for each lawsuit that has been in effect for one year from the date of its cancellation and has not been renewed from the date of cancellation, or from the date of the expiration of the penal or consensual stay and has not been resumed. A fee of KD5 is imposed for a request to renew a lawsuit from cancellation, shorten its hearing date, or expedite it from the penal or consensual stay. The applicant is obligated to pay this fee regardless of the outcome of the lawsuit. A new fee of 10 percent of the value of the fee due is collected for the lawsuit when it is re-filed within three months from the date of the judgment, as if it never existed, or by abandoning it; provided that the subject of the lawsuit or its litigants do not change. The exemption request shall be submitted to the Clerks Department of the Court of First Instance, accompanied by the supporting documents or a copy thereof. The Clerks Department shall notify the Judicial Fees Department of the request and its documents, so that it may submit its report. A committee of three judges shall be formed to decide on the request in the absence of the parties and without pleading unless the committee deems it necessary to attend. The committee shall have a secretary who will attend its sessions and record its minutes. The committee's decision shall be issued by a majority vote of its members, including the reasons for the decision and the basis upon which the exemption was based. The exemption from fees shall be personal and shall not extend to the heirs of the exempted person or their replacement. The committee referred to in the previous article may, during the course of the case or after judgment therein, based on a request from the Judicial Fees Department or the opposing party in the case, annul the exemption decision if it is proven that the justified incapacity has ceased. The Court Clerks Department shall notify the circuit hearing the case of the annulment decision. If the fee-exempt opponent is required to pay the fees, he must first be requested to pay them. If it is impossible to collect the fees from him, it is permissible to recover them from the concerned party if the state of his inability is no longer in accordance with the previous article. A fee of KD5 is imposed on warnings and notifications — other than notification of the statement of claim, judgment and other notifications related to the progress of a dispute before the court — for each person notified. A fee of 500 fils is collected for each page of the copy of the judgment requested from non-litigants. The same fee is imposed for each page requested by the litigants after they obtained the first copy. A fee of KD1 is imposed on certificates and copies of the lawsuit papers requested by the litigants or others regarding the progress of the lawsuit or the judgment therein. It also stipulates that the courts shall adjudicate in lawsuits and requests for which the fee is paid in advance, or for which a temporary exemption is established. No lawsuit or request may be initiated before this fee is paid. If it is found that it has not been paid, the court shall grant the plaintiff an appropriate period for payment. If he does not pay within that period without an acceptable excuse, the lawsuit is deemed null and void. The provisions of Article 123 of the Civil and Commercial Procedures Law shall apply to orders to assess fees and the appeals against them. Without prejudice to the rules of exemption from court fees, the plaintiff is obligated to pay the fee until a final judgment is issued against the other party. The explanatory memorandum states that Law No. 17/1973 regarding judicial fees was issued more than 50 years ago; and it has not been amended despite the economic and social changes in recent years, including the rise in inflation rate and the level of per capita income, which led to an increase in the prices of goods and services. It added that the increasing level of public culture and trust in the judiciary have encouraged citizens to resort to the courts as a safe haven for resolving their disputes. This has led to a steady increase in the number of cases brought before them; hence, litigants have to endure the pain of waiting for resolution.
Kuwait Times
2 days ago
- Kuwait Times
Style or security? How culture shapes gold buying habits in Kuwait
Every community has its go-to gold, affected by tradition, resale value, aesthetics KUWAIT: As Eid approaches, it's easy to notice how different gold markets draw in people with different nationalities. According to local jewelers, one key factor drives these preferences: karat - the measure of gold's purity mixed with other metals. The availability of certain karats across shops not only impacts price, but also influences the jewelry's color, strength and the styles favored by each community. 'Each country tends to have its own distinct preference for gold karat,' said Ahmad Gad, a jeweler at Al-Mubarakiya Gold Souq, one of the most popular markets among diverse nationalities in Kuwait. He broke down the three most common karats in Kuwait and who typically prefers each: 'Indians usually go for the rich yellow of 22K gold. Arabs lean toward 21K for its shine. As for 18K, which has a softer glow, it's often chosen by people who like European styles — Filipinos, for example.' Ahmad Gad, a jeweler in Kuwait. A vendor shows a gold necklace to a customer at the gold exhibition. The Indian favorite Indian buyers are especially drawn to 22K gold, valuing both its high purity and cultural significance. 'For Indians, what matters most is purity. If it were practical, they'd choose 24K - but it's too soft for jewelry,' said Ayoub, an Indian gold salesman who has worked in Kuwait for seven years. Pure 24-karat gold, considered 100 percent gold, is typically reserved for bars and coins, as its softness makes it unsuitable for wearable, intricately designed jewelry. To increase durability, gold is alloyed with other metals, resulting in lower karats: 22K gold contains 91.7 percent pure gold, and is ideal for the ornate, heavily detailed pieces typical in Indian culture. 'Our classic Indian pieces can only be made with 22K,' said Naresh Kumar, a jeweler at Souq Al Wataniya in Kuwait City, which mainly serves Indian and Bengali customers. 'It's also the standard karat in India, so it's easier to resell there.' Gad added, 'Every community prefers gold that can be resold easily in their home country.' Smart investment Despite its cultural significance, 22K gold is less commonly stocked in Kuwait compared to 21K. You'll find 21K gold widely available in popular markets like Al-Mubarakiya, Hawally, Salmiya and Farwaniya. According to jewelers, 21K is the most sought-after karat among Arabs. With 87.5% purity, it offers a sweet spot between visual beauty and long-term value. '21K is ideal for those who want a beautiful ornament that also holds its value,' said Gad. 'It has a higher resale price compared to lower karats, especially if it's locally made Kuwaiti gold, free of decorative cloves.' Kuwait is known for its high-quality 21K gold, thanks in part to strong trade ties with the UAE, home to some of the Gulf's most skilled goldsmiths. This partnership enables Kuwait to import a wide variety of 21K designs in large quantities. Elegant, but less valuable By contrast, 18K gold is found in smaller quantities across Kuwait, mostly in the Salmiya Gold Souq, which caters largely to Filipino buyers. While 18K contains 75 percent pure gold and is often used for dainty, European-style pieces, jewelers say it carries the highest making charges and offers weaker resale value, making it less appealing to investment-focused shoppers. 'The lower the gold's karat, the harder it is to mold,' explained Kumar. 'Working with low karats like 18K takes more time and precision, which increases labor costs.' That added labor is reflected in the making charge — a markup applied to the price of gold per gram for craftsmanship, which doesn't contribute to the resale value. Still, 18K remains the go-to for many Filipino shoppers and others who prioritize aesthetics over return value. 'I prefer 18K because it's simpler and more elegant,' said Rachel, a Filipino customer. 'The higher-karat designs are too loud - too madame. Unlike 18K pieces which I can easily stack and wear daily without feeling it's too much. For many, gold is more than a fashion statement - it's financial security. 'Gold is the most affordable investment for me right now. Instead of wasting money, I buy gold. It's like my money is still there, just preserved in a different form,' said Nada Dawod, an Egyptian gold enthusiast. 'When I was younger, I loved 18K gold,' she said. 'But once I started buying gold with my own money, I switched to 21K. It has better resale value and comes with a lower making charge. Even if I like a design in 18K, I try to find a similar one in 21K.'
