Latest news with #KD30
Arab Times
5 days ago
- Business
- 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.
Zawya
07-04-2025
- Business
- Zawya
Kuwait equities deliver positive performance in Q1
Kuwait equity market has been the top performer among GCC markets in the first quarter, gaining 9.7% for the quarter, according to Kuwait Financial Centre (Markaz). However, Kuwait markets were slightly negative in March 2025 following five consecutive months of positive performance, stated Markaz in its Monthly Market Review report. Kuwait's All Share Index declined by 0.3%, with mixed performance across sectors. Healthcare and insurance were the top gainers, rising by 9.9% and 3.3% respectively. The banking sector index gained 0.7% for the month. Among banking stocks, Burgan Bank and Commercial Bank of Kuwait were the top gainers, with a monthly return of 6.2% and 5.3% respectively. Commercial Bank of Kuwait's net profit for FY 2024 increased by 41.4% y/y due to higher loan loss recoveries, increase in net interest income and fee income. Among Premier market stocks, Integrated Holding Company and Jazeera Airways were the top gainers, rising by 8.6% and 6.9% respectively for the month. Integrated Holding recorded a net profit of KD6.88 million for FY 2024, an increase of 67.7% y/y. Steady increase in demand for equipment services and reversal of provision for doubtful debt due to realization had contributed to the rise in profit. Kuwait has passed the long-awaited public debt law, which would enable the country to raise debt in the international markets. The new law sets the ceiling for public debt at KD30 billion ($97.4 billion) and the ceiling for maturities of issued financial instruments at 50 years. In its budget for FY 2025/26, in the light of lower oil prices (estimated at $68/barrel) and Opec+ production cuts, the country has estimated a budget deficit of KD6.3 billion. With the earlier debt law expiring in 2017, the country has been drawing from its General Reserve Fund to fund its deficit. The new law would enable it to finance the deficit by raising debt from international markets. Kuwait's CPI rose by 2.49% y/y in February 2025, remaining steady compared to 2.5% y/y increase in January 2025. The food and beverages segment continued to be the major driver, rising by 5.23% y/y. The S&P GCC Composite index declined by 1.1% in March 2025 with all GCC markets in red weighed by trade war concerns and geopolitical tensions. Saudi equity index declined by 0.7% during the month. Acwa Power and Saudi Aramco had declined by 7.6% and 1.3% respectively for the month. Saudi Aramco's net profit for FY 2024 declined by 12.4% y/y to $106.2 billion on the back of lower oil prices. Saudi Aramco's net profit for FY 2024 declined by 12.4% y/y to $106.2 billion on the back of lower oil prices. Saudi Capital Market Authority has approved the listing of flynas, Saudi Arabia's budget airline, making it the third such listing from an airline company in GCC, after Air Arabia (UAE) and Jazeera Airways (Kuwait). Abu Dhabi's equity index declined 2.0% in March 2025, amid broad-based declines. Dubai's equity index declined by 4.2% for the month. Emirates NBD and Dubai Islamic Bank declined by 8.6% and 7.2% respectively for the month. Qatar's equity markets lost 2.0% for the month, despite positive corporate earnings and a 7.4% rise in natural gas prices during the month. Qatar's listed companies' net earnings increased by 8.7% y/y in 2024. -TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
06-04-2025
- Business
- Trade Arabia
Kuwait equities deliver positive performance in Q1
Kuwait equity market has been the top performer among GCC markets in the first quarter, gaining 9.7% for the quarter, according to Kuwait Financial Centre (Markaz). However, Kuwait markets were slightly negative in March 2025 following five consecutive months of positive performance, stated Markaz in its Monthly Market Review report. Kuwait's All Share Index declined by 0.3%, with mixed performance across sectors. Healthcare and insurance were the top gainers, rising by 9.9% and 3.3% respectively. The banking sector index gained 0.7% for the month. Among banking stocks, Burgan Bank and Commercial Bank of Kuwait were the top gainers, with a monthly return of 6.2% and 5.3% respectively. Commercial Bank of Kuwait's net profit for FY 2024 increased by 41.4% y/y due to higher loan loss recoveries, increase in net interest income and fee income. Among Premier market stocks, Integrated Holding Company and Jazeera Airways were the top gainers, rising by 8.6% and 6.9% respectively for the month. Integrated Holding recorded a net profit of KD6.88 million for FY 2024, an increase of 67.7% y/y. Steady increase in demand for equipment services and reversal of provision for doubtful debt due to realization had contributed to the rise in profit. Kuwait has passed the long-awaited public debt law, which would enable the country to raise debt in the international markets. The new law sets the ceiling for public debt at KD30 billion ($97.4 billion) and the ceiling for maturities of issued financial instruments at 50 years. In its budget for FY 2025/26, in the light of lower oil prices (estimated at $68/barrel) and Opec+ production cuts, the country has estimated a budget deficit of KD6.3 billion. With the earlier debt law expiring in 2017, the country has been drawing from its General Reserve Fund to fund its deficit. The new law would enable it to finance the deficit by raising debt from international markets. Kuwait's CPI rose by 2.49% y/y in February 2025, remaining steady compared to 2.5% y/y increase in January 2025. The food and beverages segment continued to be the major driver, rising by 5.23% y/y. The S&P GCC Composite index declined by 1.1% in March 2025 with all GCC markets in red weighed by trade war concerns and geopolitical tensions. Saudi equity index declined by 0.7% during the month. Acwa Power and Saudi Aramco had declined by 7.6% and 1.3% respectively for the month. Saudi Aramco's net profit for FY 2024 declined by 12.4% y/y to $106.2 billion on the back of lower oil prices. Saudi Aramco's net profit for FY 2024 declined by 12.4% y/y to $106.2 billion on the back of lower oil prices. Saudi Capital Market Authority has approved the listing of flynas, Saudi Arabia's budget airline, making it the third such listing from an airline company in GCC, after Air Arabia (UAE) and Jazeera Airways (Kuwait). Abu Dhabi's equity index declined 2.0% in March 2025, amid broad-based declines. Dubai's equity index declined by 4.2% for the month. Emirates NBD and Dubai Islamic Bank declined by 8.6% and 7.2% respectively for the month.
Arab Times
18-03-2025
- Business
- Arab Times
Businesswoman acquitted of real estate fraud & money laundering
KUWAIT CITY, March 18: The Court of Cassation acquitted a businesswoman of real estate fraud and money laundering in a case involving the sale of fake chalets in Khairan. The Court of Appeals had earlier sentenced the accused to five years in prison, and ordered her to pay KD30 million compensation. Attorney Ali Al-Wawan, lawyer for one of the appellants, appeared in court. He reaffirmed his defense argument in both the appeal memorandum and the Court of Cassation, stressing that the elements of fraud crime were not established in the incident. Al-Wawan also pointed out that the elements of money laundering crime were not established, because there was no underlying crime from which the funds were obtained. He said the dispute was civil and it was governed by the terms of the contracts between the parties. He stated that the Court of Cassation's ruling was based on the 'illuminating truth,' which established the absence of a fraudulent operation and that the incident did not constitute, in any way, a crime of fraud or theft of another's property. In its ruling, the Court of Cassation considered the incident a civil dispute governed by the terms of the contracts between the seller and buyer. 'Although there were some contractual obligations that the seller failed to fulfill in these contracts, the buyer had the right to file a civil suit against the seller, requesting rescission, refund of the amount paid and compensation, if justified,' the court explained. It added 'this led to the denial of the crime of money laundering, since the first crime, fraud, was not established, since the construction of chalets and offering them for sale are considered a real and natural project.'
Gulf Insider
21-02-2025
- Automotive
- Gulf Insider
Kuwait To Impound Noisy Cars To Curb Reckless Driving
Kuwait has warned motorists of temporarily impounding noise-making vehicles as part of a new stringent traffic law aimed to boost road safety and curb reckless driving in the country. The Kuwaiti Interior Ministry said it will take strict measures against vehicles that violate security and durability requirements, and emit disturbing noises. The ministry added that any such vehicle will be impounded for 60 days while legal measures will be taken against its driver. Kuwait, a country of 4.9 million people, records between 200 and 300 traffic accidents per day, resulting in 28 to 30 injuries. Some 90% of accidents are caused by inattention while driving. Traffic accidents in Kuwait resulted last year in 284 deaths against 296 in 2023, according to official figures. The fatalities included 11 children under the age of 14. Kuwait is set to enforce in April a new traffic law that incorporates tough penalties and hefty fines, replacing a traffic law that went into effect in 1976. Under the new law, the fine for using a mobile phone while driving increases from KD5 ($16.2) to KD75, while the penalty for not wearing a seat belt triples to KD30. The fine for reckless driving has raised significantly from KD30 to KD150. The penalty for driving past a red light is toughened from a misdemeanor to a felony. This offence is punishable by up to three years in prison and a maximum fine of KD1,000. Officials have repeatedly emphasized that the new traffic law is necessary to reduce serious violations, as traffic accidents are considered the second major cause of death in Kuwait after heart disease.
