Kuwait suspends 75 companies over ‘fake employees’.

Seventy-five companies have been suspended from operating in Kuwait for breaching nationalization rules.The companies claimed a total of 500 fake Kuwaiti employees to avoid sanctions for not meeting minimum quotas, local media reported.

Kuwaitis make up only 5 percent of workers in the private sector, with the majority of locals working in the country’s significantly bloated public sector.

The government, along with other GCC states, has implemented minimum quotas for the hiring of Kuwaitis in a bid to encourage more to move to the private sector. However, attractive perks and salaries in government jobs has seen few switch.

No.of Reads (134)

Kuwait Airways has announced to buy 10 Boeing aircraft worth $3.3bn.

Boeing Co. said Kuwait Airways has announced its plan to purchase 10 777-300ER (Extended Range) airplanes worth $3.3 billion at current list prices, according to RTT News.

Marty Bentrott, vice president of Sales for Middle East, Russia and Central Asia, Boeing Commercial Airplanes, said: “We appreciate the start of a new partnership with Kuwait Airways.

Boeing looks forward to an enduring relationship with Kuwait Airways and we are excited to see that the 777-300ER airplane, which is the preferred long-haul carrier for so many airlines around the world, will now play an important role in the airline’s fleet strategy and expansion.”

No.of Reads (420)

Participants at Cityscape Kuwait Showcase Latest Unique Projects & Services-A report.

Cityscape Kuwait, the premier real estate investment and development event in the State of Kuwait, will be opening its doors on December 7 – 9 at the Kuwait International Fairgrounds in Meshref. With less than one month until the opening, the exhibitor numbers have now exceeded 50 exhibitors from the domestic, regional and international markets. Participants are anticipating a premier platform to showcase their latest projects to an audience of investors and real estate professionals, and to network with the industry in a dynamic business environment.
 
 
Further to bringing the local real estate market to global attention, Cityscape Kuwait will also help develop the Kuwaiti market towards a new era of creativity and development, with a view of positioning Kuwait as a forward-thinking property market on a regional level.Parallel to the Cityscape Kuwait exhibition, the Kuwait Real Estate Summit will be held on 7 – 8 December, and is the key networking event for developers, government officials, investors and financiers shaping the real estate industry to share insight, discuss important issues and network with the industry.
Participants at Cityscape Kuwait shared their expectations and revealed exclusive products they will showcase at the exhibition.
 

URC

Ranimah Al Mattar, United Real Estate CO. (URC) Executive Vice President, said that participating in such a reputable and internationally well-known exhibition such as Cityscape Kuwait enables the opportunity to position United Real Estate Company (URC) as a leading real estate developer in the MENA region, especially since it is the first time the exhibition is held in Kuwait. Additionally, it is a platform to showcase URC projects in an arena which hosts real estate companies and professionals as well as end users, potential customers and investors, all in one location.
“Real estate is one of the strongest and most competitive sectors in Kuwait, and thus an immense area for discussion of the latest trends, role of government, laws and regulations. Cityscape’s impact lies in the seminars and panel discussions, which will take place, in addition to networking opportunities and a chance to obtain real feedback from visitors”.
URC will be showcasing its latest developments in the region which include ‘Aswar Residences’, a 75 unit residential community comprised of three-story villas, in the emerging area of New Cairo in Egypt. ‘Raouche View at 1090’ is URC’s prestigious and private residential building located in Beirut and situated directly across from the famous Raouche rocks. Another development showcased at Cityscape will be ‘Abdali Mall’, a design-led, energy efficient mall, situated in the new downtown district of Abdali in Amman, Jordan.
 

KUWADICO

On the other hand, KUWADICO CEO/ Deputy Chairman, Khalil Al Abdullah stressed on Cityscape’s importance in developing the real estate industry, and was keen to participate in the inaugural Cityscape Kuwait event due to the positive experiences from previous events such as Dubai, Abu Dhabi and Cairo.
 
He said: “Cityscape Kuwait provides a unique marketing opportunity. Cityscape is well recognized for its reputation and has become a yearly forum for investors from all around the world as well as for individuals looking for residential products”.Al Abdullah elaborated that at Cityscape Kuwait, KUWADICO will provide visitors with the opportunity to benefit from the last chance of the “payments’ facilities” service.
This is related to the potential increase in financial indexes of real estate in Egypt due to the state of the political stability expected post parliamentary elections.
He confirmed that KUWADICO offers distinguished and exclusive real estate products, he said: “we have managed to sell all units of Grand Heights/ part one, two and three and will soon accomplish the selling of all of part four and five”.

Capital Lands

Commenting on this event, Sami Khaled Al Amer, Chairman of Capital Lands Real Estate Development, said: “Our company is one of the pioneers and leading specialists in real estate development and marketing. The company has engaged on strengthening its position by marketing and managing real estate projects and investments with great prices, and leasing services to the owner after the purchase”.
Al Amer further emphasized that all units have been completely sold out in Jawharat Salalah 1 and Jawharat Salalah and currently the company is now working on marketing Jawharat Salalah 3 and Jawharat Muscat which will be at Cityscape Kuwait. The company is also marketing other projects in Oman..
“Our company provides credit facilities in Istanbul. With future upcoming projects in Turkey: Sapanca villa and in Sharjah; investment units with ownership and promising profits”, he ended.
 
 

Projacs International

Sameer Abu Shanab, Sr.V.P. & Area Manager of Projacs International Kuwait, Iraq & Jordan said: “Cityscape Kuwait plays a key role in shedding light on real estate leaders in Kuwait. The exhibition is set to have a pioneering role in both developing and supporting the industry”.
Abu Shanab added that the company will have new products on display at the exhibition and expects a great turnover due to the golden opportunity the exhibition provides to meet prospects and potential investors from Kuwait and the region.

Alarjowan

Ehsan Abu Nefisah, CEO and partner of Alarjowan Real Estate said that the company always play a key role in all real estate exhibitions participation, and will play the same role at Cityscape Kuwait at which the company will provide and launch new real estate products, and will put the facility to be accessible to everyone while securing a convenient return on investment.Abu Nefisah elaborated that the Cityscape Kuwait event will be very significant for the State of Kuwait , because it has become customary in Dubai yearly, and to be in Kuwait, this in itself a unique success.
“We expect Cityscape Kuwait to be the most successful real estate exhibition in the region considering the high individual purchasing capabilities of Kuwaiti investors. In fact the Cityscape Kuwait exhibition is expected to achieve great success and will have a bigger echo in the Gulf region”
At Cityscape Kuwait, Alarjowan Real Estate will showcase current and new real estate projects.
 

Mazaya Holding

Engineer Ibrahm Al Saqabi, CEO of Mazaya Holding said: “At Cityscape Kuwait, the opportunities are extensive. Al Mazaya is one of the Middle East’s leading real estate companies and Cityscape Kuwait is the largest real estate exhibition in the country. Clearly it is an outstanding forum to network with our peers, to ascertain trends in the sector and discuss new innovations. It is also an excellent opportunity to reach our audience, to identify the real estate needs of investors from both the region and from all over the world, and to explore which markets are in demand. Reciprocally, investors can take the opportunity to learn about Al Mazaya’s goals and aspirations, ethos, current developments and future plans”.
He added: “One of the major strengths of Cityscape Kuwait is that it manages to bring together a great number of the country’s most influential real estate players. It will no doubt shed a greater light on market trends and local demand in Kuwait’s real estate sectors – both commercial and residential”
 
 
Al Saqabi confirmed that with the industry’s continued resurgence as market conditions improve, it is very possible that exhibitors will project their collective confidence onto investors, providing reassurance about the market’s health and generating excitement about impending opportunities – which would bode very well for the future of real estate in Kuwait over the short and medium run.
 Al Mazaya is continually working to identify, analyse and evaluate a broad variety of opportunities within the local and regional markets. Future plans will be announced at the appropriate stage, but comprehensive and detailed information about our current developments will be available at our Cityscape exhibition.
 Al Mazaya is committed to providing the market, shareholders and customers with the best, as well as unique developments and solutions within the real estate sector.
That is why we have built a strongly established reputation for thinking big and creating value, all the while growing and maintaining the trust of large-scale investors, both in the Kuwaiti market and abroad.
 Al Mazaya is planning to showcase in the exhibition the current projects at hand for sale & rent and will shed light on the projects in the pipeline.
 
 
Via: Cityscape Kuwait
 
 

No.of Reads (127)

Sheikh Jaber Al Ahmad Causeway Project- Kuwait update.

Kuwait Cuase Way Project-1

 

Kuwait’s Sheikh Jaber Al Ahmad Causeway Project is on track for completion in 2018. The bridge – also known as the Sheikh Jaber Bridge or Subiya Causeway – is one of the largest infrastructure projects in the GCC region.

The project involves construction of 2 sea bridges, one linked to Subbiyah and the other linked to Doha. The first bridge that will be linked to Subbiyah – considered as the main bridge – will stretch 37.5 km, starting from the Ghazali Street intersection and ending at the Subbiyah highway. The second bridge which will be linked to Doha will be 16 km and will pass through the Kuwait Bay area towards the west.

Kuwait Cuase Way Project-2

The project will also include 2 man-made islands of 30 hectares; one on the northern side and the other on the southern side of the bridge which will house maintenance and traffic emergency buildings, fueling stations and boat docks. The aim of the 35km structure is to reduce travel time between the capital and the new city .

 

Thanks to : Kuwait Upto Date

 

  No.of Reads (180)

Kuwait to sell Dow Chemical’s petchem venture shares to public.

Kuwait plans to offer to the public the shares in Kuwaiti joint ventures which U.S. petrochemicals giant Dow Chemical Co plans to sell off, state news agency KUNA quoted a senior Kuwaiti executive as saying.

Dow Chemical announced last week that as part of a $7-$8.5 billion divestiture plan, it would reduce its equity positions in all of its Kuwaiti ventures, in order to release capital for other strategic purposes. It did not give details.

The U.S. company’s investments in Kuwait include a stake in EQUATE, a tie-up with the Kuwaiti government’s Petrochemical Industries Co (PIC) and two other local partners, Boubyan Petrochemical Co and Qurain Petrochemical Industries Company . EQUATE produces over 5 million tonnes of petrochemical products annually.

KUNA quoted PIC’s chief executive Asaad al-Saad as telling a news conference that the shares which Dow Chemical divested would be offered to Kuwaiti citizens in initial public offers.

He did not elaborate on how these offers would work or when they would occur. Consultants will be hired to assess the size of Dow Chemical’s assets in Kuwait, and the U.S. firm will remain a strategic partner of PIC, he said.

Dow Chemical’s other joint ventures in the country include Kuwait Olefins Co, which owns an ethane cracker and an ethylene glycol production unit, and Kuwait Styrene Co, which makes styrene monomer.

In the last several months, Kuwait’s government has shown renewed interest in offering shares in state-controlled assets to the public, as a way to share the country’s oil wealth with its citizens and impose market more discipline on companies.

Last month sovereign wealth fund Kuwait Investment Authority said it had decided to resume selling stakes in big local firms to the public, aiming to offer its stake in Kuwait Investment Co in the first half of 2015.

Dow Chemical has had a sometimes rocky relationship with PIC; last year it received $2.2 billion in damages from PIC after an international arbitrator ruled against the Kuwaiti firm for pulling out of a planned plastics joint venture in 2008.

Via : KUNA

No.of Reads (188)

The World’s 100 Most Powerful Arab Women of 2014.

For the fourth year running, HE Sheikha Lubna Al Qassimi tops the CEO Middle East list of the Arab world’s most powerful women.
Sheikha Lubna was promoted to her current role as Minister of International Development last year.

As the UAE’s first ever female minister, Sheikha Lubna has long been a trailblazer and mentor to Arab women the world over.Haifa Al Mansour, the Saudi film director, was placed second. Her film, Wadjda, was the first Saudi film to be nominated for the Academy Awards last year.

The highest new entry was third-placed Reem Al Hashimy, the UAE’s Minister of State and managing director of Dubai’s victorious Expo 2020 bid team.

Other entries in the top ten included Samia Halaby, the Palestinian contemporary artist based in New York, and Baynan Mahmoud Al Zahran, Saudi Arabia’s first practising female lawyer, who opened the country’s first all-female legal practice earlier this year.

There were a record 33 new entries in this year’s list. Included in the new names are the Jordanian molecular biologist who is aiming to put a library in every neighbourhood in the Arab world, the journalist bringing media to Egypt’s masses and the Lebanese tech entrepreneur whose inventions are wowing the US.

The UAE plays host to the most entries on the list, with 23 names based in the country. However, Lebanon has produced the highest number of entries, with 19 women claiming it as their country of origin. Saudi Arabia and Lebanon both have 15 names.

 The CEO Middle East list examined the influence of Arab women across the globe in all sectors, including business, academia, science and entertainment.
Via: Arabian Business

No.of Reads (206)

Ooredoo appoints new CEO for Wataniya Palestine

Qatar’s Ooredoo has announced today the approval of a new CEO-level appointment at Wataniya Palestine, one of its international operations, according to Ooredoo’s statement published on the Qatar Exchange.

The new CEO is Dr. Durgham Maraee, formerly the Chief Investment Officer of the Palestine Investment Fund (PIF).

“With today’s announcement, Ooredoo is demonstrating its commitment to our customers in Palestine, and our ambitions to provide them with a world-class network and superlative customer experience,” declared the Chairman of Ooredoo Group Sheikh Abdullah bin Mohammed bin Saud Al Thani.

He added that “Dr. Durgham Maraee has extensive experience in business management, private equity and investment, and will provide strong, resolute leadership for this important market.”

Dr. Maraee had held a senior role at Palestine’s pioneer institutional investor with above $800 million worth of assets under management.

According to the statement, earlier in his career, he worked as a consultant at the Boston Consulting Group. Dr. Maraee holds a Doctorate degree in International Law from Harvard University.

No.of Reads (158)

KNPC delays fifth gas pipeline project to June 2015

Kuwait National Petroleum Co. (KNPC) will launch the construction works of the fifth gas pipeline project in May after finalizing the project awarding and signing the contracts with the winning company, according to sources.

The total cost of this project exceeds KWD 300 million.Sources said KNPC approved extending the tender period six weeks until mid-January 2015. No.of Reads (172)

New Madinah airport to be ready by 2015.

Madina Airport

Madinah Gov. Prince Faisal bin Salman reiterated the importance of completing expansion works on the Prince Muhammad bin Abdulaziz International Airport on time during his latest inspection visit, where he was briefed on the progress made thus far.

Prince Faisal also inspected a prototype model of the project and was keyed in on pivotal aspects of the project by Muhammad Al-Fadel, the airport’s general director.Al-Fadel said that 83 percent of construction has so far been completed. “The first phase of the project will be completed in early January 2015,” he said.

The said the airport would accommodate nearly eight million travelers annually once it operates. Madinah receives an estimated 11 million visitors per year. Aviation traffic is slated to increase by 27 percent with the new expansion.

“Upcoming phases include increasing airport capacity to 14 million passengers a year, while the third phase will see the premises accommodate almost 27 million people,” he said.Prince Faisal bin Salman also discussed technical aspects of the project with engineers.The new airport is poised to drastically enhance the city’s economy, increasing commercial trade to more than SR400 million.

The new airport also will accommodate major airliners, including Turkish Airlines, Flynas and Emirates Airlines. Madinah Airport is considered the third most important gateway to the Kingdom and the second most important airport during the Haj and Umrah pilgrimage seasons.

Construction and expansion efforts are made under the direct supervision of the chairman of the General Authority of Civil Aviation (GACA).

 

  No.of Reads (182)

Kharafi National consortium wins bid for Kuwait airport terminal-2 contract.

A consortium of Kuwait’s Kharafi National and Turkey’s Limak Holding have submitted the lowest bid for a 1.386 billion dinar ($4.78 billion) contract to build a new terminal at Kuwait’s international airport, the tender committee said in a statement on Monday.

The bids have been referred to the Ministry of Public Works to study and make a final recommendation, the statement said. The lowest bidder is usually likely to win the contract but the statement did not specify whether the contract has been awarded yet.Other bidders for the contract included China State Construction Engineering Corporation and Dubai-based Arabtec .

Gulf countries are using their oil wealth to expand infrastructure and housing facilities. Qatar opened its new international airport earlier this year that cost over $17 billion. Abu Dhabi is also building a new mid-field terminal airport. ($1 = 0.2901 Kuwaiti dinar)

No.of Reads (253)

Former Goldman Sachs partner receives $1.5bln from Kuwait investment Authority(KIA).

Kuwait Investment Authority –KIA, sovereign wealth fund, whose holdings include the mayor of London’s headquarters, has handed a former Goldman Sachs partner $1.5 billion of cornerstone capital for his new property investment firm.

With appetite for real estate investment strong and prime commercial property in London in particular demand, Ed Siskind has launched a UK limited-liability partnership called Cale Street Partners.

The firm, according to the agenda for a Harvard University property conference last month, is a “Europe-focused real estate finance firm that provides senior and mezzanine debt as well as equity capital in partnership with best-in-class developers, operators and institutions”.It was “seeded with approximately $1.5 billion from a sovereign wealth investor”, according to the agenda.

The investor is the Kuwait Investment Authority, which was formed in 1953 and has some $548 billion in assets, according to data from the Sovereign Wealth Fund Institute. Its assets include the More London complex in central London, which includes City Hall and was acquired early this year, according to press reports on the GBP1.7 billion purchase at the time.

No.of Reads (152)

Kuwait Petroleum Refinery appoints HBSC to advice on refinery sale in Rotterdam.

Kuwait Petroleum Refinery, a subsidiary of state run Kuwait Petroleum Corporation, has hired British investment bank HSBC to supervise the sale, said Egbert Schellenberg, Director of FNV.

The source mentions that mainly Russian parties are interested in Kuwait Petroleum Refinery (KPE), reported Tank Terminals.

A spokesperson from KPE did not provide any comments at this moment on the news issue. “We are currently investigating several options for the future of the refinery.”

Schellenberg said that the bidding process is now in full swing. The director of FNV also is very concerned about the future of KPE. If there will be no buyer found, around 800 jobs will be at a risk. These are permanent employees, who provide services to KPE. “The social packages in that case should be developed and prepared.”

Oil and gas expert at TNO, Cyril Widdershoven is not surprised that KPE wants to divest the Rotterdam refinery. “The refining market in Europe is under pressure, there is no growth anymore and will not be for the coming years.” Widdershoven considers it very likely that KPE will be taken over by a Russian party. Sources in the energy sector are talking about far-reaching interest from a number of Russian companies.

No.of Reads (185)

Qatar fund set to buy Canary Wharf tower for $1.7bn.

Qatar’s sovereign wealth fund is believed to have moved ahead of Chinese bidders to buy HSBC’s global headquarters in London’s Canary Wharf for $1.7 billion.

In what would be one of the biggest property deals in the UK, Qatar Investment Authority has reportedly agreed to buy London’s biggest and most expensive office building, a 656 foot tower with 45 storeys in the heart of the city’s docklands area.

The building was put on the market in April this year by Korea’s National Pension Service (NPS), who are looking to cash in on London’s booming property market.

The property has changed hands a number of times since it was officially opening in 2003. Spanish property firm Metrovacesa bought the building for £1.09 billion ($1.75 billion) in 2006.

HSBC bought the building back in 2008 at a lower price, after the Spanish firm got into financial difficulties. The building was again sold in 2009 to Korea’s NPS for £772.5 million.HSBC has a 13-year lease on the building, with a commitment to upward-only, inflation-linked rent reviews.

No.of Reads (121)

Alafco to spend $600m in buying 15 new aircraft.

Kuwait’s Aviation Lease & Finance Co (Alafco), a unit of Kuwait Finance House (KFH), plans to spend about $600 million buying 15 new aircraft over the next two years to cover a gap before it receives already-ordered planes in 2017, Arab Times reported.
Alafco expects to receive 117 new aircrafts, which it previously bought for $12.5 billion, between 2017 and 2022, chief executive Ahmad al-Zabin said in an interview.
“Currently we are doing our best to bridge the gap with 15 aircraft and by getting aircraft that are leased to airlines so they generate income from day one.” Zabin did not specify the types of plane which Alafco might buy.

The company, owned 53.7 % by KFH and 11.47 % by state-run Kuwait Airways Corp, will finance a third of the $600 million from its own resources and the remainder via local and international banks. Zabin said Alafco was “seriously thinking” about partnering with other firms in funds that owned aircrafts it would manage the funds and perhaps own parts of them, making profits from the management and from selling some of its aircraft to the funds.

Alafco currently operates a 50-aircraft fleet, three of them owned by KFH, the country’s largest Islamic lender; it plans to double its fleet in coming years. “It’s high time for Alafco to use its experience in fleet management and to manage others’ fleets to enhance its revenue stream, whether through funds or other investment means,” said deputy chief executive Adel Al-Banwan.
Alafco initially planned to float 30 % of its shares on the London Stock Exchange, but it was told the listing might not be attractive as the float was too small. The company will now discuss the matter at its next shareholder meeting.

Via : Arab Times

No.of Reads (138)