Latest news with #KuwaitiDinars
Arab Times
21-04-2025
- Arab Times
Two African Expats Arrested in Kuwait for Circulating Fake USD Bills
KUWAIT CITY, April 21: The Ministry of Interior announced on Monday that it have arrested two African nationals involved in fraudulent activities. In a press statement, the ministry stated that investigations revealed the suspects were offering counterfeit USD 100 bills at half their actual value, exploiting victims by promoting the idea that these fake bills could be exchanged for Kuwaiti Dinars to gain fictitious profits. It added that a well-planned operation led to the suspects being caught red-handed, in possession of evidence proving their involvement. Legal procedures are currently being completed in preparation for referring them to the competent authorities. The Ministry affirmed its continued pursuit of anyone attempting to undermine security and urged everyone to remain vigilant and not fall victim to fraudulent schemes aimed at achieving illegal gains. (KUNA)
Arab Times
06-03-2025
- Business
- Arab Times
Pakistan Discovers Gold Reserves in Indus River, Valued at 2.65 Billion Kuwaiti Dinars
ISLAMABAD, Mar 6: Pakistan has made a significant discovery of gold deposits in the Indus River, with estimated reserves valued at approximately 2.65 billion Kuwaiti Dinars (KWD). The find, located in the Attock district of Punjab province, was revealed during a government-commissioned survey and is being hailed as a potential game-changer for the country's mining sector. With Pakistan facing economic challenges, this discovery presents an opportunity to boost domestic gold production and reduce reliance on imports. Government Plans and Mining Prospects The exploration and future extraction of these reserves are being spearheaded by the state-owned National Engineering Services Pakistan (NESPAK) in collaboration with the Punjab Mines and Minerals Department. Zargham Eshaq Khan, Managing Director of NESPAK, confirmed that the consultancy has signed a contract for "Consultancy Services for Preparing Bidding Documents and Transaction Advisory Services for Nine (09) Placer Gold Blocks along River Indus in District Attock" (Dawn News). This marks a critical step towards formalizing commercial gold mining in the region. Geologists believe that the Indus River carries gold deposits from the Himalayas, which accumulate in Pakistan in the form of placer gold—small gold particles or nuggets that are rounded due to the river's natural movement. The Indus Valley region has historically been known for its mineral wealth, and this latest find reinforces its potential as a valuable resource hub. Pakistan's Gold Reserves and Economic Potential Pakistan has historically maintained low gold reserves compared to other South Asian nations. As per the State Bank of Pakistan, the country's official gold reserves were valued at $5.43 billion as of December 2024 (The Express Tribune). The discovery in Attock could contribute to expanding these reserves and provide a much-needed boost to the national economy. The government envisions the Attock Placer Gold Project as a step toward reducing dependence on foreign gold imports, strengthening Pakistan's mining sector, and attracting foreign and local investors to support large-scale extraction operations. If successfully managed, the project could provide economic relief at a time when the country faces a struggling economy, dwindling foreign exchange reserves, and a depreciating currency. Challenges of Illegal Mining and Government Intervention The possibility of gold deposits in the Indus River had already led to increased illegal mining activity earlier this year, particularly in the foothills near Nowshera in Khyber Pakhtunkhwa province. Reports of potential gold discoveries circulated on social media, prompting an influx of local mining contractors attempting unauthorized extraction. In response, the Punjab provincial government imposed strict restrictions to prevent illegal mining and unauthorized exploitation of resources (The News International). For Pakistan to capitalize on this discovery effectively, it will need to implement a robust regulatory framework, ensure transparency in the bidding process, and adopt modern mining technologies to maximize extraction efficiency while minimizing environmental impact. Strategic Importance and Future Prospects While the discovery is promising, its long-term economic impact will depend on how efficiently the government and private sector collaborate to develop mining infrastructure, attract investments, and ensure compliance with international mining standards. If executed successfully, Pakistan could establish itself as a key player in the regional gold mining industry. As the country moves forward with its extraction plans, the coming months will be crucial in determining whether this discovery translates into tangible economic gains or remains an untapped resource.
Zawya
23-02-2025
- Business
- Zawya
Watani Investment Company launches NBK Invest and NBK Brokerage
Al-Bader: The launch of NBK Invest was driven by the belief that investment opportunities should be easily accessible to everyone NBK Invest seeks to empower clients with a wide selection of investment solutions through its comprehensive financial platform The platform offers an array of services suitable for a range of financial goals and risk appetites Account registration is available to all The platform's intuitive design ensures easy access to investment solutions Watani Investment Company K.S.C.C., a subsidiary of NBK Group, has announced the launch of its comprehensive investment platform, NBK Invest, and the renaming of Watani Brokerage to NBK Brokerage. This initiative aims to unify the identity of the investment products and services provided by Watani Investment Company for clients under the NBK brand, bridging the gap between clients and new investment opportunities. Accordingly, Watani Investment Company has launched the NBK Invest mobile application to provide a range of investment solutions that meet the diverse needs of clients. The platform includes a digital financial advisory service and a selection of mutual funds, all accessible through a user-friendly interface designed for both beginner and experienced investors. Through the digital advisory service, clients can access globally diversified investment plans, tailored to their needs and risk tolerance. The service also offers conventional and Shariah-compliant investment options, with the flexibility to customize investment plans according to individual financial goals. Additionally, the application provides access to a diverse range of mutual funds with a long and established track record managed by Watani Investment Company. These include seven funds covering equities, bonds and money markets, allowing investors to diversify their investments easily. The equity and bond funds provide broad diversification across regional equities and fixed-income. Meanwhile, the money market funds offer low-risk, highly liquid investments, available in both Kuwaiti Dinars and US Dollars, with both conventional and Shariah-compliant options. Clients can open an account entirely digitally through the application, eliminating the need for paperwork or branch visits, ensuring a seamless and efficient investment experience. Meanwhile, NBK Brokerage continues to provide access to trading services in local, regional, and US markets, as well as offering Sharia-compliant options. Through its innovative online platforms, NBK Brokerage aims to provide quick fund transfers and swift execution capabilities. The platforms feature advanced tools, including real-time prices and detailed account analysis. Users can also view their transaction history, access statements, and benefit from mobile trading features for a seamless experience in tracking, buying, and selling investments. NBK Brokerage operates across three separate platforms, each tailored to specific markets and services: NBK Brokerage – Regional, NBK Brokerage – US, and NBK Brokerage – Sharia. Operating separately from NBK Invest, NBK Brokerage offers a more active trading experience with seamless trading services, empowering clients with direct digital control over their trades through a user-friendly mobile app and website. A Comprehensive Investment Platform Commenting on this significant development, Deputy CEO of Watani Investment Company, Mr. Fahad Al-Rushaid Al-Bader, stated, "Guided by its vision of inclusivity and social responsibility, Watani Investment Company seeks to deliver sustainable investment solutions to all its clients.' He elaborated, stating that the enhanced platforms address a wide range of investment and savings needs, offering distinctive investment services across various instruments and asset classes in global markets. 'These digital investment platforms offer investment opportunities tailored to the investor's goals, financial aspirations, and risk tolerance, making long-term investing accessible,' he concluded. Watani Investment Company, a leading investment firm in the region, was established in 2005. It is setting the standard in growth-focused innovative financial products and services with a customer-centric approach, addressing the specific needs of investors. Watani Investment Company combines local and regional expertise with the resources and global network of National Bank of Kuwait, one of the largest and oldest financial institutions in the region, to consistently deliver integrated solutions, innovative products and objective research with excellence in service. With over 139 investment professionals, Watani Investment Company prides itself in a leading regional presence and a global reach and scale. Disclaimer: The Content is provided for general circulation and promotional purposes only. Watani Investment Company K.S.C.C. undertakes that no necessary information about the investment subject of this content has been omitted. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. Before investing, consider your investment objectives and Watani Investment Company's charges and expenses. Past performance does not guarantee future results, and the likelihood of investment outcomes are hypothetical in nature. For more about these services' features and risks, please visit
Jordan Times
17-02-2025
- Business
- Jordan Times
Jordan, Kuwait Fund ink agreements for education, infrastructure projects
Minister of Planning and International Cooperation Zeina Toukan and Director General of the Kuwait Fund for Arab Economic Development Waleed Shumlan Al Bahr, sign on Monday two agreements to finance the third phase of the General Education Infrastructure Project and the Roads and Bridges Rehabilitation Project (Petra photo) AMMAN — Minister of Planning and International Cooperation Zeina Toukan and Director General of the Kuwait Fund for Arab Economic Development Waleed Shumlan Al Bahr, on Monday signed two agreements to finance the third phase of the General Education Infrastructure Project and the Roads and Bridges Rehabilitation Project. Each project is valued at JD10 million Kuwaiti Dinars, approximately $32.6 million. The signing ceremony was attended by the Minister of Public Works and Housing Maher Abu Samhan, Minister of Education and Minister of Higher Education and Scientific Research Azmi Mahafzah, and the Kuwaiti Ambassador to Jordan Hamad Rashid Al Marri. The agreements are part of Kuwait's commitment at the 2018 Makkah Summit to provide Jordan with a concessional loan programme totalling $500 million, meant to support the Kingdom's key development priorities and improve essential public services in various sectors. The General Education Infrastructure Project will address the need for vocational education facilities through the construction of five technical and vocational schools in Irbid, Amman, Ajloun, Karak and Zarqa. With a total of 108 classrooms, these schools will provide expanded opportunities for technical and vocational education and training for students in grades 10 to 12. The new facilities will also help alleviate overcrowding in existing schools. The Roads and Bridges Rehabilitation Project, which aims to improve traffic flow and road safety throughout the Kingdom, includes the rehabilitation of approximately 2,528 kilometres of roads and the maintenance of several bridges in the northern, central and southern regions of Jordan. The project will also upgrade water drainage systems and implement road safety improvements. Toukan thanked Kuwait for its continued support, highlighting the strong bilateral relations and fruitful partnership with the Kuwait Fund for Arab Economic Development. Since 1962, the Fund has contributed some $2.1 billion to Jordan's development, including $1.33 billion in grants and $778 million in concessional loans. For his part, Bahr reaffirmed Kuwait's commitment to supporting Jordan's development goals, stressing the continued cooperation between the Kuwait Fund and the Jordanian government to help implement the Kingdom's economic and development plans and ensure the delivery of essential services to its citizens.
