Connect with us

Business

Kuwait-China renewable energy deal lauded

Published

on

Kuwait-China renewable energy deal lauded

H.E. Zhang Jianwei
Ambassador of the People’s Republic of China to the State of Kuwait

KUWAIT CITY, March 18: Chinese Ambassador to Kuwait Zhang Jianwei has affirmed that the framework agreement for technical arrangements signed by the governments of Kuwait and China on Monday, which includes all the technical details for cooperation in the field of renewable energy, is good news and very important for strengthening cooperation in the field of renewable energy between the two countries. Jianwei made this statement during a Ghabqa he hosted in honor of the members of the Chinese Muslim community in Kuwait, with several citizens in attendance. He revealed the agreement was signed during the ceremony held in Beijing on the Kuwaiti side by Undersecretary of the Ministry of Electricity, Water and Renewable Energy Adel Al-Zamel and Samih Jawhar Hayat, and on the Chinese side by Deputy Director of the National Energy Administration Ren Jingdong. He said it is also an important step towards implementing the seven agreements between the governments of China and Kuwait, which were concluded on the sidelines of the visit of His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al- Sabah in September 2023, and in light of the lofty directives of the country’s top political leadership to accelerate the implementation of major development projects with Beijing. He added this framework agreement is the second of its kind, following the signing of an agreement last February for the Mubarak Port project.

“The coming period will witness an acceleration of work between our two countries to implement agreements in the fields of sanitation and housing. A new Chinese company will soon arrive in Kuwait to consult with officials on strengthening cooperation in the sanitation sector. A Kuwaiti delegation will also travel to China to explore cooperation in the field of free trade. Through this close cooperation, we can witness more business and collaboration between us. This type of work will protect the common interests of our two countries,” he elaborated. He affirmed that his country has entered an important phase of modernization and development, providing economic opportunities for other countries, including Kuwait.

“China will become more open and attractive to foreign investment. We welcome investments from Kuwait. We welcome more Kuwaiti friends for tourism and trade. I believe these opportunities will strengthen cooperation between us and protect the common interests of our peoples. We are optimistic about the future of this cooperation, especially under the patronage and leadership of Chinese President Xi Jinping and His Highness the Amir Sheikh Meshal Al-Ahmad,” he added. He disclosed that the number of Chinese companies operating in Kuwait exceeds 60, and that they have been here since the late 1970s. “They have contributed significantly to the development of the Kuwaiti economy and the improvement of the living standards of the Kuwaiti people, given their capabilities, experience and good reputation. China is the second country to invest in Kuwait. Chinese companies are interested in Kuwaitizing labor and jobs, and have brought many Kuwaitis to the country,” he asserted. He stated that “the coming period will witness the presence of many Chinese delegations at various high levels in Kuwait. We will also witness the presence of Kuwaiti delegations in Beijing shortly.”

By Fares Al-Abdan
Al-Seyassah/Arab Times Staff 

Business

CMA launches regulatory framework for emerging companies on KSE

Published

on

By

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.

Continue Reading

Business

Second phase of merging Kuwait oil companies underway

Published

on

By

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 

Continue Reading

Business

Kuwait enhances laws to combat money laundering and terror funding

Published

on

By

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.

Continue Reading

Trending

Copyright © 2025 SKUWAIT.COM .