Author: Al Mijh

Kuwait: Oxford Business Group (OBG) is pleased to announce the release of a report on financial services in Kuwait. This dedicated content provides insights into the trends, opportunities and challenges in the financial services sector and the broader the economy, and serves as a preview to the forthcoming The Report: Kuwait 2023. Kuwait’s banking industry stands as one of the region’s largest and most resilient. The sector has demonstrated adaptability, rebounding from the challenges posed by the global Covid-19 pandemic. The trajectory of Kuwait’s banks has been marked by asset growth, with 2022 witnessing the highest credit growth since 2015. This…

Kuwait’s health authorities will soon launch a new centre for carrying out medical tests for expat workers in an attempt to end overcrowding at such facilities in the country, according to a media report. The new centre, located in the area of Hawally, south of the Kuwait City, will be handed over to the Health Ministry that is expected to launch it into service soon, Al Rai newspaper reported, quoting what it termed as well-informed sources. “The ministry is coordinating with the agencies concerned to agree on the use of other premises with the aim of finding a radical solution…

Elaborating, the diplomatic attache Al-Menaifi warned against ramifications of mushrooming crises on the world stage, affecting the livelihood of millions of people who are coerced to bear multiple social and humanitarian hardships — particularly suffered by millions of children. The State of Kuwait, she said, appeals to the international community and agencies and the civil society to provide protection for civilians, particularly the children. “And we call on parties of conflicts in any spot of the world to allow delivery of humanitarian aid to the civilians,” said Al-Menaifi. She affirmed the State of Kuwait’s keenness to support people who suffer…

Dubai: The German Ambassador to Kuwait, Hans-Christian Freiherr von Reibnitz, announced that Germany has started issuing five-year Schengen visas to Kuwaiti citizens. This follows close on the heels of a similar announcement by the Consul General of Egypt in Kuwait, Heba Zaki, regarding the issuance of five-year multiple-entry visas to Kuwaitis travelling to Egypt. The German Ambassador’s statement came during a celebration marking German Unity Day. During the event, he noted that the new visa policy was in recognition of the strong diplomatic ties between Germany and Kuwait and the latter’s significant investment within German borders. Germany’s new visa policy…

The United Arab Emirates is one of the most competitive nations in the world. In IMD’s latest world competitiveness ranking, the UAE made it to the global top 10 when compared with 64 economies along 336 competitiveness criteria. During the past 25 years, I have witnessed the UAE’s extraordinary transformation up close through my advisory roles and teaching assignments, working directly with the nation’s public and private sectors. Since it is already a leading destination for international companies of all sizes, it is not my place here to offer tips to business leaders. I aim to describe the mindset that has…

Oxford Business Group signs first-time MoU with Kuwait Banking Association The key role earmarked for Kuwait’s banks in driving forward the country’s economic development plans will be explored in a forthcoming report by the global research and advisory company Oxford Business Group (OBG). The Report: Kuwait 2023 will shine a spotlight on efforts under way to transform the country into a knowledge-led, digitalised economy, in line with the targets laid out in Vision 2035, the national roadmap for diversification. Kuwait’s plans to carve a niche as an international financial centre will be a focal point, with in-depth analysis provided of topical…

Gold prices fell in UAE and globally on Thursday morning as investors expect more interest rate hikes by the US Federal Reserve. The Dubai Jewellery Group data showed 24K trading at Dh238.0 per gram at the opening of the markets on Thursday, down from Dh238.75 per gram at the close of the markets on Wednesday. The other variants of the precious also opened lower as 22K was trading at Dh220.25, 21K at Dh213.25 and 18K at Dh182.75 per gram on Thursday morning Globally, spot gold was trading at $1,964.41 per ounce at 9.10 am UAE time, down by 0.11 per…

The US continues to seek international partnerships to promote a global cyberspace, where countries are expected to be rewarded for their responsible behavior Following his recent meeting with the Head of the National Center for Cybersecurity Major General Eng. Mohamed Bouarki and their discussion regarding ways to enhance joint cooperation in the field of cybersecurity in the future, the Charge d’Affaires of the U.S. Embassy in Kuwait James Holtsnider said, “The United States and Kuwait are strategic allies that enjoy close cooperation in many areas”, reports Aljarida daily. He affirmed that the US embassy in Kuwait is looking forward to…

Israeli occupation forces on Friday night shot dead a Palestinian youth in Al-Aqsa Mosque while he was trying to re-enter the holy site after being removed. This came after Israeli occupation forces stormed Al-Aqsa Mosque and evacuated most of the Palestinian worshippers remaining inside. At the same site of the killing, eyewitnesses stated they saw the Israeli occupation police assaulting a Palestinian woman who was also attempting to re-enter the mosque. Local Palestinian media reported that the young man, identified as Mohammed Elasibi, a 26-year-old resident of the Bedouin town of Hura in Al-Naqab, attempted to protect the woman assaulted…

After a lacklustre performance since 2019, due to the Covid-19 pandemic and depressed global oil prices, Kuwait’s economy grew strongly in 2022 on the back of a rebound in both prices and production. After contracting by 8.9% in 2020 — the biggest decrease in the Arabian Gulf — the country’s economic growth rebounded to 1.3% in 2021 and 8.7% in 2022, according to International Monetary Fund (IMF) data. Growth is likely to be slower in 2023, however, reflecting slowing external demand and oil production cuts under the agreement with OPEC+ (a group comprising the Organization of the Petroleum Exporting Countries, along with 10…