Latest news with #NouraAlFassam
Arab News
3 hours ago
- Business
- Arab News
Qatar and Kuwait sign tax agreement to boost economic ties
RIYADH: Qatar and Kuwait have signed an agreement to eliminate double taxation and prevent tax evasion and avoidance, aiming to enhance economic coordination and commercial ties. The accord seeks to establish a legal framework to eliminate all forms of double taxation on income and to reinforce bilateral cooperation in tax matters by aligning with international standards, the Qatar News Agency reported. The deal was signed by Qatari Minister of Finance Ali bin Ahmed Al-Kuwari and Kuwaiti Minister of Finance and Minister of State for Economic Affairs and Investment Noura Sulaiman Al-Fassam. The countries currently do not impose personal income tax on individuals, but both levy corporate tax on foreign entities. Qatar enforces a flat 10 percent corporate income tax, while Kuwait applies a 15 percent tax on profits earned by foreign companies operating in the country. 'This agreement will contribute to supporting international standards of transparency through the exchange of verified financial information, as part of both countries' commitment to strengthening coordination and cooperation in tax matters and economic relations,' Al-Kuwari said during the signing, as quoted by QNA. The agreement also aims to enhance commercial cooperation, broaden investment opportunities for government entities and individuals, combat tax evasion, and support neutrality and fairness in the treatment of taxpayers. In addition, Kuwaiti Minister Al-Fassam signed a memorandum of understanding with Saudi Arabia's Minister of Finance, Mohammed Al-Jadaan, who led a Saudi delegation participating in the 123rd meeting of the Financial and Economic Cooperation Committee of the GCC in Kuwait. 'During the meeting, participants discussed several topics related to enhancing financial and economic cooperation among GCC member states in a way that contributes to further joint Gulf cooperation,' Al-Jadaan said in a post on X. The deal, signed on the sidelines of the meeting between Saudi Arabia and Kuwait, aims to enhance cooperation in the financial sector. 'The MoU will deepen bilateral ties and foster enhanced cooperation in the financial sector, advancing the shared strategic interests of both brotherly nations,' Al-Jadaan added. The deal seeks to develop and strengthen ties between the two ministries and increase collaboration in support of shared interests between the two countries.
Zawya
3 days ago
- Business
- Zawya
Kuwait taps Google for smart finance overhaul
KUWAIT CITY - Kuwait's Finance Minister Noura Al-Fassam held talks on Wednesday with Google Cloud's Vice President of Customer Engineering for the Middle East, Africa and Europe Chris Lindsay, focusing on efforts to push forward a national digital drive. The digital transformation, including a transition into a cloud-based financial system that guarantees more 'flexibility and transparency,' represents the focal point of economic reforms in Kuwait, according to a finance ministry statement. Kuwait's finance ministry will be among the first state bodies to make the transition into a digital system, which is a testament to its 'commitment' to employ cutting-edge technology, such as Artificial Intelligence tools, in a bid to improve the quality of its services, the statement underlined. The talks come as part of the 'strategic partnership' agreement between Kuwait and the US tech giant, which aims to develop advanced digital infrastructure across all state bodies, added the statement. It went on to espouse the merits of a full-fledged digital transformation, citing streamlined processes, data-driven decision-making and greater efficiency as chief among those benefits. Arab Times | © Copyright 2024, All Rights Reserved Provided by SyndiGate Media Inc. (
Zawya
4 days ago
- Business
- Zawya
Kuwait, Google Cloud to accelerate digital drive
KUWAIT -- Kuwait's Finance Minister Noura Al-Fassam held talks on Wednesday with Google Cloud's Vice President of Customer Engineering for the Middle East, Africa and Europe Chris Lindsay, focusing on efforts to push forward a national digital drive. The digital transformation, including a transition into a cloud-based financial system that guarantees more "flexibility and transparency," represents the focal point of economic reforms in Kuwait, according to a finance ministry statement. Kuwait's finance ministry will be among the first state bodies to make the transition into a digital system, which is a testament to its "commitment" to employ cutting-edge technology, such as Artificial Intelligence tools, in a bid to improve the quality of its services, the statement underlined. The talks come as part of the "strategic partnership" agreement between Kuwait and the US tech giant, which aims to develop advanced digital infrastructure across all state bodies, added the statement. It went on to espouse the merits of a full-fledged digital transformation, citing streamlined processes, data-driven decision-making and greater efficiency as chief among those benefits. All KUNA right are reserved © 2022. Provided by SyndiGate Media Inc. (
Zawya
22-05-2025
- Business
- Zawya
MiN. Al-Fassam: Kuwait financed IsDB projects worth over $980mln
ALGIERS -- Kuwaiti Minister of Finance, Minister of State for Economic Affairs and Investments Eng. Noura Sulaiman Al-Fassam revealed at Islamic Development Bank (IsDB) meeting on Wednesday that Kuwait provided over USD 980 million in contributions to 63 project since joining the bank. The Kuwaiti minister led her country's delegation to the 50th annual ministerial meeting of the Board of Governors of IsDB held in Algeria, told KUNA that "Kuwait's participation is very effective in the dialogue sessions on empowering youth and entrepreneurs and enhancing economic diversity." Al-Fassam emphasized that this year's IsDB meetings highlighted the importance of building resilient and inclusive economies capable of adapting to global changes, by strengthening the role of multilateral institutions and expanding areas of cooperation between them. She added that youth constitute approximately 18 percent of the total population of OIC countries and represent approximately 30 percent of the world's youth population, making their empowerment an urgent development and economic necessity. Kuwait is proud of its founding membership of the IsDB since August 12, 1974, which reflects its ongoing commitment to supporting Islamic economic cooperation and achieving integration among member states, Al-Fassam noted. In addition, today's meeting is a series of interactive sessions that included diverse discussions on empowering entrepreneurs, harnessing the energy of youth, and equipping them with future skills, reflecting a collective aspiration to build a more inclusive and sustainable future. The meeting also included several key items, most notably the adoption of the 49th Annual Report for fiscal year 2024, ratification of the final accounts of affiliated institutions, the election of the Chairman and Vice-Chairmen of the Board of Governors for the 2026 session, and the formation of the Procedures Committee for the next meeting, she added. Meanwhile, the meetings concluded with the setting of the date and venue for the 51st Annual Meeting of the Board of Governors in 2026.(end) Kuwaiti Minister of Finance Eng. Noura Al-Fassam during Islamic Development Bank (IsDB) meeting Kuwaiti Minister of Finance Eng. Noura Al-Fassam during Islamic Development Bank (IsDB) meeting
Zawya
22-05-2025
- Business
- Zawya
Kuwait's mortgage law in final stages: Minister
A planned mortgage law in Kuwait has advanced to final stages and will save the state a massive amount of funds, a Kuwaiti Minister has said. Minister of Economic Affairs and Investment Noura Al-Fassam said there is a need to issue that law after the accumulation of housing applications to more than 100,000. She told a local mortgage seminar this week that in the absence of the mortgage law, applications could increase the cost on the state to 29 billion Kuwaiti dinars ($95 billion) after five years. 'The mortgage law is now in its final stages…there are consultations among decision-makers and experts in this respect,' she said in comments published on Thursday by the Arabic language daily Alanba. 'The government's target now is to direct the budget to priority projects, covering infrastructure, renewable energy and other feasible projects…citizens will be able to get the help of the banking sector through the new law to obtain appropriate financing through flexible conditions and long-term periods without imposing additional burdens on them,' she said. Earlier this month, Kuwait-headquartered NBK said in a report that the housing finance law is nearing approval and will result in much stronger residential investment over time. (Writing by Nadim Kawach; Editing by Anoop Menon) (
