Business
‘Kuwait-China inked MoUs, projects on steady track’
Assistant Foreign Minister for Asian Affairs Ambassador Samih Johar Hayat and Chinese ambassador at the cake-cutting ceremony
KUWAIT CITY, June 3: Assistant Foreign Minister for Asian Affairs Ambassador Samih Johar Hayat confirmed that the implementation of the agreements and memoranda of understanding signed by Kuwait and China is proceeding steadily. Hayat made the statement to reporters on the sidelines of an official farewell ceremony to mark the end of the tenure of Chinese Ambassador to Kuwait Zhang Jianwei. Several senior officials, ambassadors and diplomats; including Minister of State for Economic Affairs and Investment Noura Al- Fassam and Undersecretary of the Ministry of Defense Sheikh Dr. Abdullah Al-Sabah attended the event. Hayat disclosed that cooperation, consultation and coordination between the governments of the two countries continue on a daily basis — both with the Chinese leadership and the Chinese ambassador to Kuwait — and that things are progressing well.
Mega Projects
He revealed there are six major development projects called the ‘Mega Projects,’ which are being implemented jointly by the government and the Chinese companies. “These are government-to-government projects. We are moving forward to implement all the agreements signed with China,” he confirmed. He said His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, His Highness the Crown Prince Sheikh Sabah Al-Khaled Al-Sabah, His Highness the Prime Minister Sheikh Ahmad Abdullah Al-Ahmad and the concerned ministers fully support these projects. He added that daily reports regarding any step taken with China are submitted to the leadership. On the possibility of Kuwait reciprocating China’s one-year visa waiver for Kuwaitis, he asserted, “this is not new. We signed an agreement with China in 2014, exempting holders of Chinese diplomatic, special, official and service passports from visa requirements, while Kuwaitis hold diplomatic and special passports.”
Assistant Foreign Minister for Asian Affairs Ambassador Samih Johar Hayat presents a memento to the outgoing Chinese ambassador.
He disclosed that His Highness the Crown Prince was informed about the new Chinese initiative during his meeting with the Chinese Premier on the sidelines of the GCC-ASEANChina Summit. He stated that His Highness met with the heads of delegations at the summit, where the Chinese Premier told His Highness: “Given the daily growth of our strategic relations, we would like to offer this exemption to Kuwaitis for a trial period of one year.” He said Kuwait is studying this matter to have a memorandum of understanding to regulate the exemption for ordinary Kuwaiti and Chinese passports. Regarding His Highness the Crown Prince’s visit to Japan, Hayat stressed, “it was a historic visit that embodied the mutual trust between the leaderships and governments of the two countries. During this visit, bilateral relations were elevated to the level of comprehensive strategic relations.” He believes this will open the door for the two governments to develop their relations and implement the five agreements signed on the sidelines of the visit. He disclosed there are more than 30 memoranda of understanding signed with Japan that will be implemented soon. Addressing those present at the event, Hayat said “we bid farewell to the Chinese Ambassador after a busy period in serving the bilateral relations between the two countries. I am honored to convey the greetings of Minister of Foreign Affairs Abdullah Al-Yahya, whom I represent at this ceremony, as well as the greetings of Deputy Foreign Minister Ambassador Sheikh Jarrah Al-Jaber Al-Sabah, the assistant foreign ministers, and all the Ministry of Foreign Affairs staff.”
Progress
On the other hand, Jianwei stated “over the past three years, bilateral relations with Kuwait have made tangible progress, especially in the implementation of agreements. We will work with the Kuwaiti side to implement these agreements, especially since we have noted with pleasure that some projects, such as Mubarak Al-Kabeer Port, have made significant progress and are now well underway, thanks to the close cooperation between China and Kuwait.” On whether construction has resumed at Mubarak Al-Kabeer Port, he disclosed “the Mubarak Al-Kabeer Port has entered the design and construction phase, and work will continue, because this is a very large project that requires a feasibility study. The designs are precise. Now, the first phase of the designs has begun. We are optimistic about the future of our cooperation on projects and in other sectors.” About the timing of the Mubarak Al-Kabeer Port project, he pointed out “major projects take time and years to implement. I believe that through close cooperation between the two countries, the project will proceed smoothly.” He also expressed his happiness over China’s recent decision to exempt Kuwaiti citizens from entry visas, describing it as good news that refl ects the strength of the relationship.
By Fares Ghaleb
Al-Seyassah/Arab Times Staff
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.
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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