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TEC begins work to develop major Jahra entertainment project

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KUWAIT: The Touristic Enterprises Company (TEC) has signed a contract with the Kuwait Financial Centre (Markaz) to develop a major new entertainment and tourism project in Jahra, signaling a key step in enhancing the area’s infrastructure and visitor experience. According to a press release issued Thursday, the project aims to become a vibrant destination that contributes to Kuwait’s broader tourism development goals. Markaz will bring its investment and development expertise to ensure the project’s financial and operational sustainability. The statement didn’t provide further details about the nature of the project.

Jahra has emerged as a key area of interest for entertainment investments in recent years. This includes the Jahra Waterfront Project, also known as “Al-Corniche,” which was approved by the Municipal Council in October 2024. The waterfront development spans approximately 5,794 square meters and is expected to generate around 25,000 job opportunities, making it one of the most ambitious tourism infrastructure initiatives in the country.

Acting CEO of TEC, Abdullah Al-Jaafar, stated that this collaboration is a strategic move within the company’s ongoing efforts to establish impactful partnerships with leading institutions. “(The project) strengthens TEC’s position as a leader in the tourism and entertainment sector in Kuwait,” he said. Al-Jaafar expressed hope that the agreement would deliver added value that positively reflects on the company’s services, entertainment facilities, and visitor experience.

Abdullatif Al-Nusif, Managing Director of Wealth Management and Business Development at Markaz, said that this cooperation aims to provide innovative investment solutions that contribute to the development of Kuwait’s entertainment infrastructure in line with the state’s vision to support the national economy. Al-Nusif added that this step is part of TEC’s broader approach to leverage private sector expertise in developing and managing its projects according to the highest global standards. It also aligns with TEC’s goals of diversifying revenue sources and offering high-quality experiences to visitors. — Agencies

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Deputy PM, Armenian envoy discuss security cooperation

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KUWAIT: First Deputy Prime Minister and Minister of Interior Sheikh Fahad Al-Yousef Saud Al-Sabah met on Monday with Armenian Ambassador to Kuwait Dr Arsen Arakelian to discuss issues of mutual interest and explore ways to boost bilateral security cooperation and efforts to combat crime. In a statement issued by the General Department of Public Relations and Security Media, the ministry said the meeting, held at the Ministry of Interior headquarters, reflects Kuwait’s commitment to strengthening international cooperation in the field of security.

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Sheikh Fahad praised the strong ties between Kuwait and Armenia, affirming Kuwait’s eagerness to deepen bilateral collaboration, particularly in areas related to law enforcement and public safety. Ambassador Arakelian expressed his gratitude for the warm reception and reiterated Armenia’s interest in enhancing cooperation with Kuwait across various sectors. Both sides emphasized the importance of continuing coordination to further solidify the longstanding relations between the two friendly nations and advance shared interests. — KUNA

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China, Kuwait discuss expanding defense ties

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KUWAIT: Deputy Chief of Staff of the Kuwaiti Army, Air Vice Marshal Sabah Jaber Al-Ahmad Al-Sabah held talks on Sunday with the Defense Attache of the Chinese Embassy in Kuwait to boost bilateral defense ties and military cooperation. The is meeting aimed at reinforcing regional stability, exchanging expertise as well as supporting the development of sustainable defense industries aligned with both countries’ national interests. In the meeting, both sides reaffirmed their firm belief in the role of defense diplomacy for building long-term strategic partnerships that contribute to regional security, stability, and a future based on cooperation and peace. — KUNA

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Kuwait targets financial crimes | Kuwait Times Newspaper

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MoI and customs, CMA and FIU sign MoUs to combat money laundering, terror financing

KUWAIT: The interior ministry’s department for combating money laundering and terrorism funding and the customs department on Sunday signed a memorandum of understanding to enhance cooperation in fighting financial crimes, the customs department said. The accord aims to strengthen mutual cooperation and the exchange of information in accordance with international standards set by the UN Financial Action Task Force (FATF).

The customs department said in a statement that the MoU comes within the framework of boosting collaboration between state establishments in fighting money laundering and terrorism financing. It also aims at intensifying regulatory procedures to support the national system in reducing financial crimes and boost Kuwait’s commitment to relevant international standards, the statement added.

Separately, the Capital Markets Authority (CMA) also signed an MoU on Sunday with the Financial Intelligence Unit (FIU) regarding cooperation and exchange of information in the field of combating money laundering, related predicate offenses and terrorism financing. The agreement aims to establish a framework for collaboration and coordination between the two entities in this domain.

In a press release, the CMA stated that the MoU covers several aspects, including the scope of information that the FIU may provide to the CMA and vice versa. It also outlines the mechanism for exchanging information between the two parties and defines the scope of use for the shared information, ensuring full adherence to confidentiality standards.

The memorandum also specifies areas of cooperation, which include holding regular meetings to strengthen joint efforts, coordinating preventive and control measures, exchanging information and expertise, preparing training programs and development plans for personnel of both entities and participating in each other’s training sessions related to

Last month, the Kuwaiti government issued a new law that enhances the country’s legal framework in combating money laundering and terrorism financing. The legislation made two key amendments to a 2013 law on fighting money laundering and financing of terrorism to allow the Cabinet to issue decisions to implement resolutions passed by the UN Security Council regarding financing terrorism and freezing assets, and to impose hefty fines on violators.

In a June 3 report, FATF said Kuwait has solid legislation to impose financial penalties against terrorist financing and the spread of weapons of mass destruction. However, gaps in the legal system make it hard to freeze assets of these activities effectively, FATF said.

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