Kuwait has introduced a new tax for multinational enterprises and expects to raise around %800m from 300 companies
Kuwait economy
Latest in Kuwait economy
Corporate tax
Kuwait begins 2025 with a 15% tax on MNCs in economic diversification bid
The new tax is part of the country’s broader effort to promote economic development and ensure financial sustainability
FDI
Kuwait looks to boost $675m foreign investment inflow
Kuwait is actively looking to increase foreign direct investment inflows into the country
Bahrain
In detail: World Bank forecasts 2023 economy growth for UAE, Saudi, Qatar, Bahrain, Oman and Kuwait
World Bank gives detailed breakdown of economies of UAE, Saudi and all GCC countries
Central Agency for Public Tenders
Kuwait records 235 tenders worth $5.9 billion in 2021 with renewables and utilities claiming the lion’s share
The Kuwait Ministry of Electricity, Water, and Renewable Energy, awarded 50 contracts valued at $353.7 million in 2021
banking
How will the Kuwaiti banking sector perform in 2022?
Earnings in the banking sector are expected to fully recover in 2022, supported by higher margins, higher oil prices, and rising interest rates, according to S&P Global Ratings
Kuwait economy
Kuwait’s MPs ‘strongly refuse’ imposing taxes to address budget deficit
MPs affirmed the need to allow the oil sector to rely on other oil-related substances to create a multi-income sources
CEOs
Kuwait’s $33bn holding company appoints female CEO
Kuwait Projects Co’s appointment of Sheikha Dana Nasser Sabah Al Ahmad is latest senior role for a woman in the Gulf
Construction
Kuwait seeks foreign investors to create new business, leisure hubs
Part of its Vision 2035, plans are revealed to develop Sheikh Jaber Al-Ahmad Al-Sabah Causeway’s southern and northern banks and two artificial islands
Kuwait economy
Kuwait cabinet quits in step toward ending political impasse
Resignation, received by Emir Sheikh Nawaf Al-Ahmed Al-Sabah, had been expected after several rounds of talks between feuding government officials and opposition lawmakers
Emir of Kuwait
Kuwaiti ruler makes unprecedented call for dialogue amid impasse
Emir’s initiative follows years of political tensions that have stymied efforts to diversify the country’s oil-reliant economy and promote foreign investment
foreign direct investment
Tech firms set up shop in Kuwait as Gulf country streamlines regulation
Incentives, including waived taxes and priority in government bids, have been given to technology companies by KDIPA, the government arm responsible for promoting foreign companies
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budget deficit
Kuwaiti ministries to limit public spending amid steps to address budget deficit
Call to contain costs of local and internationally-held functions and exhibitions, travel expenses relating to overseas training, foreign missions and medical treatment for nationals
Future Generations Fund
Kuwait names new wealth fund board after three-month delay
The conflict had complicated the Kuwait Investment Authority’s ability to make major decisions, even though the finance minister – as its chairman – can decide on important issues
budget deficit
Kuwait posts record $36 billion deficit on oil price drop, Covid-19
The OPEC member has been battling to reduce its deficit due to its dependence on oil revenues, and high spending on civil servant wages and subsidies
Kuwait economy
Kuwait allocates $65bn for projects across sectors
The projects include 14 major public projects with a total value of approximately $59bn and four partnership projects worth nearly $3.2bn
credit ratings
Kuwait’s credit rating cut for second time in two years by S&P
Ratings agency says fall in oil revenue and increased spending has pressured the Gulf nation’s fiscal outlook