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No financial impact on Jazeera Airways from the ‘Balloon’ ruling

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Marwan Boodai

KUWAIT CITY, March 12: Jazeera Airways Chairman Marwan Boodai explained that the $236 million ruling in favor of the Ministry of Defense in the balloon case will not financially impact Jazeera Airways due to the comprehensive insurance coverage and full provisions in place for such incidents. Boodai told Al-Arabiya and CNBC Arabia that airlines are constantly exposed to incidents and accidents, indicating Jazeera Airways is not an exception. The Directorate General of Civil Aviation (DGCA) investigated the 2017 accident, when a Jazeera Airways airplane collided with a cable of a tethered balloon. The investigation uncovered several intertwined reasons between parties in the DGCA, air traffic control, Jazeera Airways, the pilot and his assistant, and the Ministry of Defense. This led to the initial ruling.

Boodai emphasized that Jazeera Airways has established full allocations for this case. “Insurance companies will cover any accident, while airlines receive premium allocations and other benefits according to the agreement with the insurance companies. The percentage that Jazeera Airways will pay under the terms of its insurance contracts has yet to be determined, but it will be a very modest sum. Jazeera Airways has full insurance coverage for this case from international insurance companies until a final ruling is issued,” he clarified. In another development, Jazeera Airways announced its efforts to enhance its operational processes by providing self-service ground handling services for its fleet at Kuwait International Airport.

This strategic step supports the company’s ongoing transformation journey to increase operational efficiency, enhance customer experience, and reduce operating costs. Jazeera Airways continues to achieve significant milestones in its growth journey as it approaches the 20th anniversary of its first flight. It now operates a fleet of 24 Airbus A320 aircraft, carrying approximately five million passengers annually. It also holds a 31 percent share of passenger traffic at Kuwait International Airport and operates more than 18,000 flights annually.

The airline stated that it is preparing for a significant growth phase with the delivery of new aircraft starting in 2027 as part of an order valued at more than $3.4 billion. This includes 26 new aircraft — 18 Airbus A320s and eight Airbus A321s. Boodai disclosed that “following our success at Jazeera Airways, in cooperation and under the supervision of the DGCA, in establishing specialized departments for aircraft maintenance, flight training, and continued airworthiness management (CAMO); we are now seeking to expand our operations to provide autonomous ground handling services as a pivotal achievement within our long-term strategy to improve operational efficiency and enhance the passenger experience, in coordination with the concerned authorities.” He added “as we continue to expand and prepare to receive new aircraft, this strategic step will enable us to improve operational execution time, deliver superior service quality and reduce costs; ensuring that our prices remain competitive and affordable for our customers.”

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CMA launches regulatory framework for emerging companies on KSE

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CMA launches regulatory framework for emerging companies on KSE

Kuwait enhances Stock Exchange access for emerging firms with amendments to listing rules.

KUWAIT CITY, July 1: Kuwait’s Capital Markets Authority (CMA) has officially launched a new regulatory environment to support the listing and trading of emerging companies on the Kuwait Stock Exchange (KSE), in cooperation with Boursa Kuwait. The initiative includes the creation of a dedicated platform for these companies, alongside key amendments to existing listing rules.

In a statement released on Tuesday, the CMA confirmed that the move is part of broader efforts to adopt international best practices, promote capital market development, diversify investment tools, and enhance both market competitiveness and transparency — all aimed at bolstering investor protection.

The approved amendments focus on strengthening listing standards by requiring companies to maintain certain conditions, including minimum thresholds for free float shares and their market value. These measures are designed to improve liquidity and ensure sustained compliance with regulatory obligations.

The Authority emphasized that supporting emerging companies is crucial to driving economic growth and aligns with Kuwait’s broader strategic vision. The newly launched market will offer an attractive financing environment for smaller and growing enterprises while providing investors with fresh opportunities governed by high transparency standards.

The regulatory framework is the result of a comprehensive study conducted by the CMA, which formed the basis for drafting specific rules to govern the emerging companies market. The platform is intended to serve as both a support system for these businesses and a dynamic investment space in line with global benchmarks.

The CMA also underscored the importance of continuously evolving the rules that govern listing conditions. This includes safeguarding investor interests by removing companies that fail to meet their obligations and ensuring adequate liquidity by enforcing minimum requirements for free float shares in both the primary and secondary market segments.

Additionally, the Authority reaffirmed its commitment to enhancing executive regulations that protect investors and empower small shareholders to actively participate in corporate decision-making processes.

This latest move is seen as a significant step toward further modernizing Kuwait’s financial sector and creating a more inclusive and diversified capital market landscape.

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Second phase of merging Kuwait oil companies underway

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KUWAIT CITY, June 30: In preparation for the second phase of merging the subsidiaries of the Kuwait Petroleum Corporation (KPC), informed sources revealed that the executive phase of merging Gulf Oil Company with Kuwait Oil Company (KOC) has begun through the transfer of the corporation’s shares in the capital of the Gulf Oil Company to KOC. They highlighted a meeting held recently between the two companies’ CEOs to start making administrative decisions regarding this matter. The sources explained that the second phase, following the initial merger of KIPIC with the Kuwait National Petroleum Company, is part of KPC’s strategy to restructure the oil sector. This phase commenced with a meeting between KOC’s CEO Ahmed Al-Eidan, acting CEO of Gulf Oil Company Bader Al-Munaifi, and representatives from the oil sector’s leadership and workforce. The meeting also discussed the implications of Decision No. 60/2024, issued on May 5, 2024, concerning the transfer of KPC’s ownership of shares. ‘

Al-Eidan affirmed the importance of job stability and preserving all benefits of Gulf Oil employees. It was decided that the legal and administrative status of Gulf Oil Company will remain unchanged at this stage, including the company’s name, logo, and operational sites at its headquarters and joint operations in Khafji and Al-Wafra. The sources clarified that Al-Eidan indicated the change is limited solely to the transfer of share ownership, with KOC becoming the owning entity instead of KPC. Consequently, the highest authority will be the Board of Directors of KOC, without affecting daily operations or the current institutional structure.

By Najeh Bilal
Al-Seyassah/Arab Times Staff 

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Kuwait enhances laws to combat money laundering and terror funding

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Kuwait enhances laws to combat money laundering and terror funding

The Kuwait government approves tougher measures to tackle financial crimes.

KUWAIT CITY, June 30: Kuwait is intensifying efforts to combat money laundering and terrorist financing by enhancing its legislative framework, announced Minister of Finance and Minister of State for Economic Affairs and Investment Noura Al-Fassam on Monday.

The minister spoke in a statement issued by the Ministry of Finance following the publication of Decree Law No. (76) of 2025 in the official gazette, Kuwait Today. This decree introduces important amendments to Law No. (106) of 2013, reflecting Kuwait’s integrated government efforts to strengthen measures against financial crimes.

During the Cabinet meeting on June 17, the draft of the amended decree law was approved, underlining Kuwait’s commitment to raising the effectiveness of the national response to money laundering and terrorism financing. The amendments align with the requirements of the Financial Action Task Force (FATF) and relevant international standards.

The new decree law includes two significant amendments:

  • Article One replaces Article (25) of Law No. (106) of 2013, empowering the Council of Ministers, upon the recommendation of the Minister of Foreign Affairs, to issue necessary decisions to implement United Nations Security Council resolutions related to terrorism, terrorism financing, and the proliferation of weapons of mass destruction under Chapter VII of the UN Charter. These decisions will take effect immediately upon issuance, consistent with Security Council Resolution No. 1373 of 2001. The executive regulations will define the rules for publishing these decisions, appealing them, authorizing the release of frozen funds for essential living expenses, and managing such assets.n
  • Article Two adds a new Article (33 bis) to Law No. (106) of 2013, stating that any violation of decisions issued under Article (25) will result in fines ranging from 10,000 to 500,000 Kuwaiti dinars per violation. This penalty complements any additional sanctions imposed by regulatory authorities on financial institutions or designated non-financial businesses.n

The Ministry emphasized that these amendments support the National Committee for Combating Money Laundering and Terrorism Financing by broadening its powers to apply targeted financial sanctions in compliance with FATF standards. This includes the mandatory freezing of assets belonging to individuals and entities listed locally as terrorists, effective immediately upon decision issuance.

Furthermore, the amendments enable the Committee to impose fines on violators and require publishing the national list of designated terrorists on the Committee’s official website, enhancing transparency and meeting international obligations.

Minister Al-Fassam concluded that the updated legislative measures reaffirm Kuwait’s strong commitment to fighting financial crimes, safeguarding national security and stability, and fulfilling its global responsibilities.

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