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Wed 14 Nov 2018 10:50 AM

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Bad weather forces closure of Kuwaiti stock market, government ministries

Kuwait's Minister of Public Works resigned on Friday following heavy damage to property and infrastructure

Bad weather forces closure of Kuwaiti stock market, government ministries
Strong winds and heavy rains are expected to continue in Kuwait through at least Friday.

Kuwait’s stock market has closed amid ongoing inclement weather that has also forced the closure of schools and many businesses in the Gulf country.

In a statement posted to its website on Tuesday, the Kuwaiti bourse said that “in accordance to the instructions of the Capital Market Authority, and due to bad weather conditions, Boursa Kuwait suspends its work one day, Wednesday November 14.”

Additionally, the state-owned Kuwait Petroleum Corporation (KPC) suspended operations at all of its companies, including the Kuwait Oil Company and the Kuwait National Petroleum Company (KNPC).

The moves follow a government decision that work at all ministries, state institutions, universities and schools – both public and private – will stop throughout Wednesday as a precautionary measure in the face on ongoing rain and unstable weather.

Other closures included the Kuwait Banking Association, which suspended work in all its banks including the National Bank of Kuwait, Gulf Bank, Ahli Untied Bank and Kuwait International Bank.

Kuwaiti Minister of Public Works resigns amid flooding fallout

Hossam Al-Roumi has expressed 'deep regret' for damages to property and infrastructure during the deadly floods

On Friday, Minister of Public Works and Minister of State for Municipal Affairs Hossam Al-Roumi resigned following intense flooding across Kuwait that left at least one person death.

According to Kuwait’s state-run KUNA news agency, Al-Roumi expressed “deep regret” in his resignation for damages to property and infrastructure that took place during the flooding.

In his resignation, Al-Roumi also said that he “exerted every effort to carry out my responsibilities in developing work, protecting public funds, combating corruption and working with my colleagues.”

Strong winds and heavy rains are expected to continue in Kuwait through at least Friday.