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Arab Times
04-08-2025
- Business
- Arab Times
Nod to clear debts of batch 2 Kuwaitis
KUWAIT CITY, Aug 4: Acting Undersecretary of the Ministry of Social Affairs and Chairman of the Debtors Committee Dr. Khaled Al-Ajmi has announced the approval to settle the debts of the second batch of citizens, whose debts range between KD5,000 and KD10,000. In a press statement Monday, Al- Ajmi stated that the total number of indebted citizens reached 767; stressing they met the conditions and criteria approved for the third national campaign. He said the Supreme Committee, in coordination with the participating entities, submitted the names of the beneficiaries to the Enforcement General Department at the Ministry of Justice, in preparation for completing the settlement procedures according to the legal and administrative procedures. He asserted that this is an advanced stage of the campaign, which is based on a humanitarian vision for alleviating the financial burdens of struggling groups. He confirmed that the technical and legal committees emanating from the Supreme Committee; which includes representatives from the Ministry of Interior, Ministry of Justice (Civil Execution Department), Ministry of Islamic Affairs, Zakat House, Secretariat General of Awqaf, and Ministry of Social Affairs; conducted a thorough review of the applicants' files and verified that they met the basic conditions. These conditions include that the beneficiary be a Kuwaiti citizen, that they have not benefited from previous campaigns in 2023 and 2024, that the debt is due for enforcement, and that they have an existing enforcement file with the Ministry of Justice. Al-Ajmi disclosed that the committee has started reviewing the files of the third batch of debtors -- whose debts do not exceed KD 15,000 -- in preparation for moving to new phases that cover all eligible cases according to available resources. He added that the total number of beneficiaries from the first and second batches reached 1,178 – a manifestation of the extent of the work accomplished and the institutional commitment to deliver aid to those who deserve it, in a manner that achieves social justice. He said the committee has been keen to facilitate communication with beneficiaries through the 'Sahel' application, which allows inquiries and monitoring of the status of applications with complete transparency. He explained that debtors whose debts have been approved for repayment will receive an official notification via the application indicating the completion of repayment. He asserted that the third national campaign to pay debts embodies the State of Kuwait's commitment to the values of compassion, responsibility and solidarity
Gulf Insider
30-06-2025
- Business
- Gulf Insider
Kuwait Rolls Out Tiered Expert‑Service Court Fees From July 2025, Repealing 2017 Rule
Kuwait will implement a new schedule of judicial fees for expert services beginning July 1, following a decision issued by the Ministry of Justice aimed at aligning compensation with the complexity and value of court assignments. The updated fee structure covers six categories and applies to services provided by the General Department of Experts. Fees will be assessed based on the time, effort and financial scale of each case. The initiative replaces Resolution No. 232/2017. Under the decision, KD30 ($98) will be charged for inspection sessions conducted at dispute sites or when reviewing documents offsite, while KD 20 will apply for expert appearances in court. Sessions held at the department's headquarters or branches are set at KD10, and procedural sessions without the presence of litigants will carry a KD5 fee. Additional charges include KD 20 for filing expert reports and KD 15 to cover travel expenses. The decision also outlines case-type-specific fees: · KD100 for cases related to private residences or standard residential units (Category A), · KD 250 for residential or commercial complexes (Category B), * KD 200 for industrial, agricultural, or investment-use plots (Category C). Significantly, all fees will be doubled if the value of the report's subject exceeds KD500,000. For assignments requiring external specialized expertise, the matter will be referred to the court to determine appropriate compensation, as noted in Article 4. The Ministry of Justice has tasked the Undersecretary with overseeing implementation.
Arab Times
02-06-2025
- Politics
- Arab Times
Negligence in Amiri Aircraft Deal: Jail Time Suspended for 3 Diwan advisors
KUWAIT CITY, June 2: The Misdemeanor Section in the Appeals Court suspended the prison sentence imposed on three former Amiri Diwan advisors accused of causing significant damage (estimated at $180 million of public funds) by withholding information from Kuwait Airways regarding a contract to equip an Amiri aircraft with an American company. The Misdemeanor Court had earlier sentenced them to three years in prison, fined them KD10,000 and dismissed them from their jobs on charges of negligence of their duties, breach of their duties, and abuse of power in and outside the country. Case files indicate they neglected and failed to fulfill their duties in supervising the implementation of a contract to equip, furnish and receive an Amiri aircraft and caused significant damage to public funds amounting to $180 million by withholding information from Kuwait Airways regarding the contract to equip the Amiri aircraft with an American company.
Arab Times
20-05-2025
- Business
- Arab Times
New Public Debt Law aims to boost financing and liquidity
KUWAIT CITY, May 20: Undersecretary of the Ministry of Finance Aseel Al-Munifi has emphasized the core objectives of the newly issued Public Debt Law -- Financing and Liquidity, highlighting its role in providing the State with diversified financial resources, both locally and internationally, to support development projects. In a media briefing on Monday, Al-Munifi explained that the law is designed to strengthen domestic financial markets, stimulate the banking sector, and reflect the State's capacity to borrow responsibly. She stressed that access to liquidity will enhance the financial reserves of the country, helping it to meet obligations amid evolving global economic conditions. Al-Munifi stated that the Public Debt Law will play a pivotal role in advancing numerous development initiatives, ultimately driving economic growth and supporting Kuwait's vision of becoming a regional financial hub. 'Among the key projects to be financed under this law are strategic initiatives in infrastructure, housing and health cities, which form a cornerstone of the national development agenda,' she revealed. She added that the law provides flexible and sustainable financial instruments, reinforcing the government's commitment to diversifying funding sources. In this context, Al-Munifi revealed that a sukuk issuance law will soon follow, pending final procedures. She affirmed that the law is sovereign, with the Ministry of Finance authorized to mandate the Central Bank or Kuwait Investment Authority to act on its behalf in securing financing. The ministry, she added, remains committed to developing a robust legislative framework to enhance the country's fiscal environment. Faisal Al-Muzaini, Director of the Public Debt Department at the ministry, confirmed that borrowing from both domestic and international sources is incorporated into the 2025/2026 budget, with estimated borrowing expected to range between KD3 and KD6 billion. He pointed out major differences between the current and previous debt laws, indicating the new legislation raises the borrowing ceiling from KD10 billion to KD30 billion; and extends the borrowing term from 10 to 50 years. 'It also introduces specific expenditure guidelines, a new element compared to the earlier framework,' he stated. He stressed the importance of leveraging local markets alongside global ones, explaining that the new debt law will positively influence Kuwait's credit rating by showcasing its fiscal discipline and ability to manage development financing effectively. He described the law as 'one of the most significant financial reforms in Kuwait's history.' He also revealed that a flexible financing strategy has been developed to engage confidently with global markets, focusing on minimizing borrowing costs and diversifying the investor base across regions and institutions. He said the main goal is to develop a local debt market by establishing a reliable yield curve, which will serve as a benchmark for domestic investors. He added Kuwait's debt-to-GDP ratio stands at just 2.9 percent, significantly lower than international benchmarks, where this ratio often exceeds 50 percent or 60 percent. He confirmed this low ratio positions Kuwait advantageously to enter capital markets after an eight-year hiatus. Asked whether public debt could be used to repay existing obligations, he confirmed that the law does not prohibit such use and that it will be considered within the broader financing strategy. Although no specific timeline has been set for the initial borrowing, he stated that preparations are underway and that the ministry is nearing the final stages before entering the markets. Regarding borrowing models, he clarified that Kuwait will follow a strategy tailored to its unique fiscal position, leveraging its sovereign reserves and national standards rather than adopting any predefined international model.
Gulf Insider
19-05-2025
- Business
- Gulf Insider
Kuwait: Man Jailed For $855,000 Royal Court Scam; Promised Fake Gift And Marriage
Kuwait's top appeals court has handed down a four-year jail term to a defendant convicted of posing as an employee at the royal court and defrauding a woman of money, according to a media report. The Court of Cassation also ordered the convict pay a fine of KD263,000 (around $855,520), equivalent to the money he had seized from the Kuwaiti woman after he had duped her into believing he would provide her with a house and chalet as a gift from the royal court. The defendant later spent the money on wild parties outside Kuwait, while also promising the victim of marriage, added the Media court, a Kuwaiti news portal reporting about legal affairs. The court's ruling is final. In recent years, Kuwait has stepped up anti-corruption efforts and issued varying jail sentences to defendants in high-profile cases. Last week, three former advisors at Kuwait's royal court and a business agent were sentenced to three years in prison each on charges of squandering $180 million in a separate case. The Misdeamour Court also ordered each defendant pay a fine of KD10,000. They were convicted of causing significant damage to the royal court funds in an aircraft deal. The court also ordered their dismissal from their positions after they were proven to have committed serious violations, including negligence, dereliction of duties, and abuse of power inside and outside the country while overseeing the implementation of a contract to equip, furnish, and receive a royal plane. The charges included withholding essential information from the national carrier Kuwait Airways in the contract that was concluded with a US company, which resulted in damage to public money.
