KUWAIT, Feb 10 (Reuters) – Kuwait’s policymakers face the
uphill challenge of convincing citizens that despite hefty oil
revenues, one of the world’s richest countries per capita needs
to reduce spending to avoid a potential damaging budget deficit
later this decade.
Long a topic of debate, the task has now fallen to new
Finance Minister Anas al-Saleh, who said shortly after his
appointment in January that a plan to review the lavish subsidy
system should be ready later this year.
KUWAIT, Jan 23 (Reuters) – Kuwait plans to raise its budget
spending by 3.2 percent next fiscal year compared to this year’s
plan, a cabinet statement said on Thursday, a much slower rise
than the past decade’s double-digit average.
The major oil producer expects to spend 21.86 billion dinars
($77.3 billion) in its draft budget for the fiscal year starting
in April, up by 681.9 million dinars from the 2013/14 plan,
according to projections discussed in a cabinet meeting.
DUBAI/KUWAIT, Jan 19 (Reuters) – Veteran banker Isam
al-Sager is the most likely candidate to become the new group
chief executive of National Bank of Kuwait, succeeding Ibrahim
Dabdoub who is retiring from the post after three decades,
sources with knowledge of the matter said.
Dabdoub, who has close ties with policy makers in Kuwait and
around the Gulf, transformed NBK from a local lender
into one of the Middle East’s biggest financial institutions, as
well as the largest bank in Kuwait.
KUWAIT (Reuters) – Western and Gulf Arab nations pledged more than $2.4 billion (1.4 billion pounds) on Wednesday for U.N. aid efforts in Syria, where a near three-year civil war has left millions of people hungry, ailing or displaced.
The pledge arose from a U.N. appeal for $6.5 billion in 2014, which was launched last month and is the largest in the organisation’s history.
KUWAIT (Reuters) – Western and Gulf Arab nations pledged $1.4 billion (£852 million) on Wednesday for United Nations aid efforts in Syria, where an almost three-year-old civil war has left millions of people hungry, ailing or displaced.
The pledge arose from an appeal for $6.5 billion launched last month that is the largest in U.N. history. The world body estimates that the conflict has reversed development gains in Syria by 35 years, with half its people now living in poverty.
KUWAIT (Reuters) – Donors including the United States and wealthy Gulf Arab countries pledged $1 billion on Wednesday for U.N. humanitarian efforts in Syria, devastated by almost three years of civil war.
Kuwait’s emir, Sheikh Sabah al-Ahmed al-Sabah, promised $500 million in fresh assistance, while the United States announced a contribution of $380 million. Qatar and Saudi Arabia pledged $60 million each.
KUWAIT (Reuters) – Kuwait’s emir promised $500 million on Wednesday for U.N. humanitarian efforts in Syria, devastated by almost three years of civil war.
Sheikh Sabah al-Ahmed al-Sabah made the pledge at an international donor conference intended to help the world body reach a $6.5 billion aid target for the crisis in 2014.
KUWAIT, Jan 6 (Reuters) – Major oil producer Kuwait
appointed an Islamist lawmaker as oil minister on Monday as part
of a government reshuffle triggered by political tensions,
although the move is unlikely to affect energy policy.
Ali Saleh al-Omair, who replaces Mustapha al-Shamali as oil
minister, is part of a group of Salafi Islamist politicians who
are generally cooperative with the government. He was elected as
a member of parliament in July.
KUWAIT, Jan 5 (Reuters) – Kuwait’s budget surplus narrowed
in the first six months of its fiscal year as spending soared
over 50 percent, partly thanks to increased outlays on public
sector wages, while oil revenues fell, figures from the Finance
The budget surplus for April to September was 10.72 billion
Kuwaiti dinars ($37.9 billion), a Reuters calculation based on
official data showed. That was down 15 percent from 12.65
billion dinars during the same period a year earlier.
KUWAIT, Dec 18 (Reuters) – Ibrahim Dabdoub, one of the
longest-serving bank executives in the world, will retire from
National Bank of Kuwait next year after leading the
Gulf Arab state’s largest commercial lender for three decades.
Dabdoub, who guided the bank through Iraq’s invasion of
Kuwait in 1990-1 as well as a number of local and global
financial crises, leaves the institution as one of the biggest
and most respected lenders in the Middle East.