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New financing law to boost investment and strengthen economy

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KUWAIT: Undersecretary of the Ministry of Finance Aseel Al-Munifi affirmed on Monday that the recently enacted Law No 60 of 2025 on financing and liquidity aims to stimulate the economic environment, attract foreign investments and enhance developmental and economic returns for the state. The law, which came into effect on March 27, also seeks to bolster the banking sector and improve fiscal stability.

Speaking at an introductory conference on the new decree-law, Al-Munifi explained that the legislation equips the government with modern financial tools, enabling access to both local and international financial markets. These tools, she said, will help secure funding for key development projects. “The law will support the restructuring of government financing, reduce borrowing costs, and strengthen Kuwait’s credit rating,” she said. “It reflects positively on the state’s borrowing capabilities under competitive conditions and helps build up financial reserves to meet commitments amid evolving economic circumstances.”

Al-Munifi noted that the new law will serve as an essential mechanism for financing major national projects, particularly in infrastructure, housing, education, and healthcare — sectors included in the government’s general budget for the next five years. She also revealed that preparations for the issuance of the long-anticipated Sukuk Law have been finalized. “The draft has been completed by the Ministry and is currently under discussion in relevant Cabinet committees. It will soon proceed through the constitutional procedures for final approval,” she said.

Meanwhile, Director of the Public Debt Department at the Ministry of Finance, Faisal Al-Muzaini, announced that Kuwait is returning to the financial markets — both domestic and international — for borrowing in the 2025/2026 fiscal year. He described the move as the largest financial market entry in over eight years, implemented under Decree-Law No. 60 of 2025.

Al-Muzaini hailed the law as a landmark in public finance reform, stating it provides the government with a robust legal framework for managing public debt. The framework allows for debt maturities of up to 50 years and sets a borrowing ceiling of KD 30 billion (approximately $92 billion).

He added that the Ministry of Finance has outlined a flexible strategy to engage confidently with financial markets while prioritizing competitive financing costs and diversifying the investor base both geographically and institutionally. One key focus, he said, is developing the local debt market by establishing a yield curve that will serve as a benchmark for future issuances. 

“This law sends a strong message of fiscal discipline and credibility to global markets,” Al-Muzaini said. “It is expected to contribute to enhancing Kuwait’s credit profile, drawing wider investor interest, and advancing the country’s transition toward a diversified economy.” The Public Debt Management Committee, established in 2016, plays a central role in overseeing this strategy. Reporting directly to the Minister of Finance, the committee includes representatives from the Ministry of Finance, the Central Bank of Kuwait, and the Kuwait Investment Authority. It is tasked with approving the annual financing strategy and advising the Minister on public debt matters. – KUNA

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KIPCO Group companies organize blood donation drive on World Donor Day

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KUWAIT: For the second consecutive year, Kuwait Projects Company (Holding) – KIPCO, Kamco Invest, United Real Estate Company (URC), and United Facilities Management (UFM) came together to organize a blood donation drive in collaboration with the Kuwait Central Blood Bank, under the theme “Be the Reason”. The campaign reflects a powerful message that by choosing to donate blood, each individual has the power to be the reason someone heals, survives, or finds renewed hope. This initiative was held in occasion of World Blood Donor Day, which takes place annually on June 14. Building on the success of last year’s campaign, this initiative reflects the group’s continued dedication to corporate social responsibility and collective action that delivers sustainable community impact.

Hosted at the Chairman’s Club on the 54th floor of KIPCO Tower, the drive witnessed strong engagement from employees across all participating companies, reinforcing a shared culture of collaboration and social solidarity. The initiative aligns with the strategic direction of KIPCO Group companies in integrating Environmental, Social, and Governance (ESG) principles into their operations. By actively supporting public health through meaningful initiatives, the group demonstrates its ongoing commitment to sustainability and community well-being. This campaign reaffirms the power of unified efforts between sister companies and healthcare partners in driving real, lasting change.

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NBK organizes blood donation campaign for its employees

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KUWAIT: In line with World Blood Donor Day and as part of its social responsibility and community service, National Bank of Kuwait organized a successful blood donation campaign for its employees at the bank’s headquarters where employees from different departments and sectors showed strong participation and desire to contribute to this noble act, further highlighting NBK’s belief that such campaigns play an effective role in providing support for the ill and in need.

Such campaigns are part and parcel of NBK’s strategy, as it aims to raise society’s awareness about the importance of donating blood, as well as highlight how this act can save many lives and further enhance Kuwait’s blood bank inventory. Moreover, NBK strives to instill acts of social responsibility at the core of its strategy, as it stands as an effective partner in social development through its various campaigns as well as the educational, environmental and healthcare initiatives that have become a true embodiment of the bank’s deep commitment towards serving all society’s segments.

On their part, the Blood Bank team commended this benevolent initiative and applauded NBK’s humanitarian endeavors that have always strived to serve the nation and society in the best way possible. NBK has always organized blood donations in support of Kuwait’s Blood Bank and as an expression of social solidarity. Furthermore, NBK is committed to providing support for all healthcare institutions by organizing relevant events and campaigns to raise awareness and promote healthy lifestyles. It should be noted that NBK’s record is filled with pioneering social and humanitarian initiatives across different sectors, including health awareness and illness prevention campaigns. At the forefront of these campaigns comes breast cancer awareness and early detection, diabetes, prostate cancer and many others.

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Kuwait, Russia celebrate growing tourism, plan energy investment talks

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KUWAIT: Assistant Foreign Minister for European Affairs Ambassador Sadiq Marafi reaffirmed the strength of Kuwaiti-Russian relations, which were formally established in 1963, and expressed hope for expanded cooperation in the years ahead.

Speaking to the press on the sidelines of the Russian Federation’s National Day celebration, held Thursday at the Russian Embassy in Kuwait, Marafi noted a significant increase in Kuwaiti tourism to Russia, especially to emerging travel destinations within the country.

On the economic front, Marafi announced that a joint committee is set to convene during the upcoming Energy Summit to explore mutual investment opportunities.

During the event, Russian Ambassador to Kuwait Vladimir Zheltov lauded Kuwait as a longstanding and trusted partner, recalling the historic visit of Russian naval vessels to Kuwait during the reign of His Highness the late Amir of Kuwait Sheikh Mubarak Al-Sabah, known as Mubarak the Great. He also emphasized that Kuwait was the first Gulf state to establish diplomatic relations with Russia in 1963.

“We value the wisdom and pragmatism of Kuwait’s leadership. Despite global political shifts, our cooperation continues across trade, economy, energy, military-technical sectors, and humanitarian areas,” he said. The ambassador also celebrated the rapid growth of tourism between the two nations.

Marking Russia’s National Day, Zheltov paid tribute to Russia’s history and cultural legacy. “We are proud of our ancestors, who built a unique civilization and a great Russian culture across the vast Eurasian landscape.” He spoke of Russia’s resilience in the face of historic and modern challenges. “Russia continues to champion a fair and multipolar world based on equality and indivisible security,” he said.

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