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Kuwaiti real estate transactions up 24% in May, hitting KD387 million

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KUWAIT CITY, June 4: Real estate transactions in May recorded a monthly growth in the value of various types of real estate by 24.3 percent or KD 94.384 million; reaching KD387.18 million with a total of 530 transactions, compared to KD292.797 million in April. Meanwhile, the value of real estate transactions decreased year-on-year by 6.24 percent or KD25.803 million, and the number of transactions increased by 19.8 percent or 105 transactions, compared to 425 transactions worth KD412.984 million in May 2024.

The newspaper obtained a copy of the monthly report on real estate transactions from the Documentation and Real Estate Registration Department in the Ministry of Justice. The report confirmed the registration of 530 real estate transactions in May — 390 private transactions, 125 investment transactions, six commercial transactions, five craft transactions, two warehouse transactions, and one transaction each for shops and the coastal strip. Private real estate transactions witnessed a 2.6 percent growth in number and a 21 percent growth in value, with a total of 390 transactions worth KD158.677 million, compared to 380 transactions worth KD125.202 million in April. On an annual basis, private real estate transactions recorded a 24.3 percent growth in number and a 15 percent growth in value compared to May 2024, which had 295 transactions worth KD134.811 million. Investment real estate transactions recorded a monthly growth of 2.5 percent in number and 28.4 percent in value, with a total of 125 transactions worth KD185.847 million, compared to 122 transactions worth KD132.982 million in April.

The value of investment real estate transactions jumped 159 percent year-on-year (to KD114.119 million) and 17.6 percent in number (22 transactions); compared to May 2024 when the number of transactions totaled 103, valued at KD71.728 million. Commercial real estate witnessed a striking contrast between monthly and annual trading activities. While the value of real estate transactions increased by 166 percent every month and 33.3 percent in number, with a total of six transactions worth KD 22.062 million compared to four transactions worth KD8.290 million previously; the volume of transactions decreased by 70 percent year-on-year and 86.6 percent in value, with a total of 20 transactions worth KD164.526 million. Despite the 44.4 percent decrease in the number of commercial real estate transactions in May (four deals) compared to the number of transactions in April, the trading value of commercial transactions jumped by 11.7 percent (KD1.276 million).

The number of commercial transactions in May reached five, worth KD10.945 million; compared to nine deals worth KD9.669 million in April. The craft real estate also witnessed a significant year-on-year increase in the number and value of transactions, increasing by 60 percent and 191 percent respectively, compared to May 2024 which had three deals worth KD3.765 million.

By Marwa Al-Bahrawi Al-Seyassah/Arab Times Staff

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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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Kuwait updates regulations for public properties and service fees

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Kuwait updates regulations for public properties and service fees

Updated regulations aim to boost fair use and revenue from state properties.

KUWAIT CITY, June 30: The Ministry of Finance announced on Sunday the issuance of a new ministerial decision amending the regulations governing the use of state-owned real estate and service fees, in a move aimed at achieving a fair balance between public interest and the needs of individuals and institutions.

In a press statement, the Ministry said the decision comes as part of its broader efforts to regulate the use of government-owned properties and protect national resources. Ministerial Resolution No. 54 of 2025 introduces amendments to the regulations first outlined in Resolution No. 40 of 2016.

Minister of Finance and Minister of State for Economic Affairs and Investment, Eng. Noura Al-Fassam, stated that the amendments are intended to ensure fairness, clarify procedures, and improve transparency in the utilization of state assets.

“These changes aim to establish a fair balance in how state-owned properties are used by citizens and entities, while safeguarding public interests,” Al-Fassam said.

She added that the updated regulations were the result of a comprehensive pricing study comparing Gulf and international markets. The amended prices remain below average rates in Gulf Cooperation Council (GCC) countries, and were developed with Kuwait’s economic and social conditions in mind. The goal, Al-Fassam noted, is to promote equal opportunities and secure sustainable revenue streams for the state.

The amendments cover a wide range of activities involving the use of state-owned property, including chalets, rest houses, commercial complexes, cooperative societies, banks, and warehouses. They also apply to educational institutions, sports clubs, and hospitals.

In support of national food security and the promotion of local production, the Ministry also announced the stabilization of agricultural coupon prices under the new regulations.

The revised framework reflects Kuwait’s continued efforts to modernize its public asset management policies while maintaining a strong emphasis on economic fairness, efficiency, and sustainability.

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