Latest news with #KD10
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.
Gulf Insider
14-04-2025
- Automotive
- Gulf Insider
Kuwait: KD 10 Fee For Expat Driving Licence Printing
The Kuwaiti government has introduced a new KD10 fee for printing driving licences issued to expatriates, following Ministerial Decision No. 560/2025 issued by First Deputy Prime Minister and Minister of Interior Sheikh Fahad Yousef Saud Al Sabah. The amendment, published in the official gazette Kuwait Al Youm, updates Ministerial Resolution No. 81/1976 by adding Clause No. 59 to Article 204-bis of the executive regulations of the Traffic Law. The decision tasks the Undersecretary of the Ministry of Interior with implementing the new rule, which comes into effect immediately from its publication date. Additionally, Ministry of Interior Undersecretary Lieutenant General Sheikh Salem Al Nawaf highlighted that the General Traffic Department (GTD) is committed to ensuring a balanced and humanitarian enforcement of traffic laws. Speaking at the opening of the 38th Unified Gulf Traffic Week at the Waldorf Astoria Hotel, he emphasised that while traffic violations are taken seriously, measures for reconciliation are available, particularly for non-severe cases. However, he noted that severe violations leading to fatal accidents will incur the highest penalties. 'The goal of the new traffic law is to protect the lives of road users and reduce traffic accidents,' he stated. The new traffic law, set to take effect on April 22, includes measures to increase road safety and promote compliance. This year's Gulf Traffic Week, under the theme 'Driving without a Phone,' aims to enhance public awareness and foster a culture of safe driving across GCC nations.
Arab Times
20-03-2025
- Business
- Arab Times
Expat Files Case Against Kuwaiti Partner Over KD 1.3 Million Dispute
KUWAIT CITY, March 20: An investigator at Taima Police Station has summoned a citizen on charges of breach of trust involving KD 1.3 million. This summons follows a report filed by an expatriate, who provided accounting documents and evidence suggesting that he received less than the amount owed. According to the complainant, he and the defendant had a partnership in a car dealership. At the end of the previous year, the partnership was dissolved, and both parties received approximately KD10 million each. He said 'to ensure everything was in order, I hired a company specializing in accounting and financial auditing to conduct an inventory and audit of the partnership from its inception several years ago until its dissolution. I was informed that I was owed an additional sum, beyond what I already received, totaling more than KD1 million.' When asked why he did not discover the discrepancy earlier, he responded 'I never imagined I would be subjected to such a breach of trust.' A case was registered and the defendant has been scheduled to present his testimony.
Arab Times
20-03-2025
- Arab Times
Guard's Savings Stolen from Tent, Investigation Underway
KUWAIT CITY, March 20: Forensic experts were called to a tent in Mutlaa to collect any potential evidence left behind by thieves who stole KD500 from the tent. The victim, an expatriate born in 1992, disclosed that the stolen money consisted of KD20 and KD10 bills; but refused to point fingers at anyone. The victim works as a guard at a construction site in Mutlaa and resides in a tent near the site. He reported that he had been keeping his savings in a closet inside the tent. Around 11:00 am on the day of the theft, he went to the construction site to take a shower; but upon returning to his tent, he was shocked to find his belongings scattered and the cash missing from the closet. When asked whether anyone knew about the money being stored there, the victim explained that he had kept his salary in the same spot for six months and that no one else was aware of its location. Following this, the Mutlaa Police Station investigator ordered the case to be registered as a misdemeanor under number 51/2025 and instructed detectives to arrest the culprits.
