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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.
Arab Times
24-04-2025
- Politics
- Arab Times
Man Freed After 10-Year Wrongful Conviction in Kuwait Theft Case
KUWAIT CITY, April 23: In what legal experts are calling an unusual court case, a defendant appeared before the Court of Cassation to begin serving a 10-year prison sentence, only for his lawyers to reveal that he was not the intended subject of the conviction. Attorneys Hawra Al-Habib and Abdul Hamid Mirza, representing the accused in a theft case, presented a compelling argument before the court, asserting that their client had been mistakenly identified and wrongfully convicted due to a procedural error. The defendant, who repeatedly maintained his innocence, was convicted in absentia by the Court of First Instance and the Court of Appeals without ever being present or properly notified. According to his legal team, the man was neither seeking to appeal his sentence nor explain his actions, because he did not commit any crime. Instead, the defense requested that the court acknowledge that their client had no connection to the case at all, and that the real suspect was already incarcerated. In a dramatic courtroom moment, the court ordered the defendant to be temporarily detained while it verified the claims. Upon investigation, it was discovered that a clerical error resulted in the wrong civil identification number being associated with the case. The prosecution confirmed the mix-up, and the court promptly ordered the defendant's release, restoring his freedom after confirming his innocence. This case mirrors another incident previously reported in which a man wrongfully served a full 10-year sentence before discovering the mistake. This highlights the critical importance of due process and accurate identification in legal proceedings. Meanwhile, the Criminal Court, presided over by Judge Dr. Khaled Al-Omara, sentenced three Gulf nationals - a father and his two sons - to seven years ' imprisonment and imposed a fine of KD 2.5 million, equivalent to the salaries and benefits they received from the government after obtaining Kuwaiti citizenship through forgery. The case centers on a Gulf citizen who conspired with a Kuwaiti citizen in 1989 to add his children to the Kuwaiti's citizenship file under false names. The defendants submitted false information and documents to the General Department of Nationality and Passport Affairs to obtain Kuwaiti passports and civil ID cards. The investigating officer revealed that the Kuwaiti citizen implicated in the case had passed away. Investigations uncovered 12 cases of citizenship forgery registered against him. The court has ordered the Gulf nationals to repay the salaries and benefits they unlawfully received. Additionally, the Criminal Court ordered the release of a lawyer on bail of KD1 million and a businessman on bail of KD3,000 – both were banned from traveling, while an employee of the Public Authority for Industry remained in custody. The Public Prosecution ordered the detention of the defendants on charges of bribery, forgery of official documents, profiting from industrial plots worth KD120 million, and money laundering worth KD 26 million.
Zawya
05-03-2025
- Business
- Zawya
Kuwait: Fully refurbished Shuwaikh Beach to open in early April
KUWAIT CITY The fully refurbished Shuwaikh Beach, which is affiliated with Kuwait Municipality, will open with its new look in early April, coinciding with the celebration of Eid Al- Fitr. The beach development and beautification project, which extends 1.7 kilometers, was implemented through the KD3 million donation from the National Bank of Kuwait (NBK). It was completed within the specified period of 11 months, starting May 2024. The project covers the area from Al-Watiya Beach to Kuwait Petroleum Corporation (KPC). It consists of four main spots that complement each other to provide everything the beach-goers need for walking, exercising, swimming and recreation; while ensuring sustainability in terms of the design, implementation and materials. The first spot consists of sports fields, recreational areas and a large green space; the second consists of an extended sandy beach area with wooden benches in the middle; the third includes a closed garden with green spaces and dense trees that provide shade; and the fourth includes paths for walking and bicycles with some trees in the middle. Arab Times | © Copyright 2024, All Rights Reserved Provided by SyndiGate Media Inc. ( arabtimes
Arab Times
04-03-2025
- Business
- Arab Times
Fully refurbished Shuwaikh Beach to open in early April
KUWAIT CITY, March 4: The fully refurbished Shuwaikh Beach, which is affiliated with Kuwait Municipality, will open with its new look in early April, coinciding with the celebration of Eid Al- Fitr. The beach development and beautification project, which extends 1.7 kilometers, was implemented through the KD3 million donation from the National Bank of Kuwait (NBK). It was completed within the specified period of 11 months, starting May 2024. The project covers the area from Al-Watiya Beach to Kuwait Petroleum Corporation (KPC). It consists of four main spots that complement each other to provide everything the beach-goers need for walking, exercising, swimming and recreation; while ensuring sustainability in terms of the design, implementation and materials. The first spot consists of sports fields, recreational areas and a large green space; the second consists of an extended sandy beach area with wooden benches in the middle; the third includes a closed garden with green spaces and dense trees that provide shade; and the fourth includes paths for walking and bicycles with some trees in the middle.
Gulf Insider
22-02-2025
- Health
- Gulf Insider
Kuwaiti Jailed For 6 Months Over Hacking Wife's Mobile Phone
A Kuwaiti man has been sentenced to six months in prison on charges of hacking and illegally accessing his wife's mobile phone, according to a media report. The court has also ordered the man to pay a fine of KD3,000 ($9,720), news website Almajilis reported. In a separate case, a Kuwaiti criminal court handed down four years in prison to a citizen for beating his ex-wife with a screwdriver. It was not immediately clear when the incident happened or the nature of the injuries the woman had sustained. Earlier this month, Kuwait unveiled new rules for medical tests that will apply to all people including expatriates planning to get married in the country starting April. The Kuwait Ministry of Health has approved updated executive regulations for the premarital tests as part of efforts to protect public health, reduce rates of genetic and infectious diseases, ascertain a healthy marital life, and ensure that procedures are in line with international medical standards. The update features several amendments, expanding the scope of the medical examination to include all marriage contracts documented in Kuwait, whether both parties are Kuwaitis, one of them is Kuwaiti, or both are non-Kuwaitis. In 2023, Kuwait saw its lowest marriage rate in five years and a significant rise in divorce rates across the country, the country's Central Statistical Bureau reported last May. A total of 11,166 marriages were recorded that year with 83.1% or 9,280 marriages between Kuwaiti men and women. Divorce figures, meanwhile, showed an upward trend, with 5,932 divorces reported in 2023, marking an increase from previous years. The divorce rate was particularly high among university-educated Kuwaitis, with 4,239 such divorces recorded.
