KUWAIT CITY, Aug 10: The Ministry of Commerce and Industry has announced a sweeping proposal to introduce fees for nearly 67 services that were previously offered free of charge. In addition, the ministry plans to significantly increase the prices of existing services, with some fees rising by as much as 17 times their current rates.

This move is in response to a directive from the Cabinet, which requires government agencies to coordinate with the Ministry of Finance to review and adjust their service charges in line with operational costs.

Among the most notable changes is the imposition of a KD 20 fee for all company formation applications—previously free—regardless of the company’s nature, including non-profit organizations. Other services that will transition from free to paid include applications to amend the fiscal year of personal companies, write-offs of mortgages and commercial agencies, and brokerage services related to fish, fodder, livestock, vegetables, fruits, and birds.

One of the sharpest fee hikes involves temporary commercial licenses. The cost for such licenses—previously KD 30 — will surge to KD 500 for events like real estate exhibitions or temporary jewelry fairs, representing an increase of approximately 17 times the original fee.

The proposal also recommends a 25 percent increase in fees for key company-related services, including capital amendments, share adjustments, partner additions or removals, company dissolution or liquidation, changes to management clauses, and trade name amendments. Furthermore, the license fee for practicing accounting is set to rise from KD 150 to KD 200.

Other adjustments include a 25 percent hike in fees for renewing company licenses and issuing board member certificates. The attendance fee for Ministry of Commerce representatives at general assemblies will increase from KD 100 to KD 125. In contrast, the fee for issuing and renewing ration cards will double from KD 5 to KD 10.

Officials behind the proposal justified the fee revision by highlighting the disparity between current charges and the actual costs borne by the Ministry of Commerce and Industry. A comparative study of similar fees across Gulf countries, along with the fact that some fees have remained unchanged for as long as 53 years, further supports the need for adjustment.

The proposed regulations are expected to set new benchmarks for trade-related service fees, reflecting both economic realities and regional standards. Stakeholders and affected parties await formal approval and implementation timelines as the ministry moves forward with these significant changes.

Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between US dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea on Aug 7. (AP)

MANILA, Philippines, Aug 7, (AP): Asian shares mostly advanced and financial markets appeared to show scant if any reaction to higher tariffs on exports to the United States that took effect early Thursday. Japan’s benchmark Nikkei 225 added 0.6% to 41,059.15. Hong Kong’s Hang Seng climbed 0.6% to 25,058.22 and the Shanghai Composite added 0.2% to 3,639.67. China reported that its exports picked up in July, helped by a flurry of shipments by businesses taking advantage of a pause in USPresident Donald Trump’s tariff war with Beijing.

South Korea’s Kospi rose 0.9% to 3,227.68, while the S&P/ASX 200 in Australia shed 0.1% to 8,831.40. India’s Sensex gave up 0.5% after Trump ordered tariffs on imports from the world’s most populous nation to rise to 50%, citing its crude oil imports from Russia. Trump also declared 100% tariffs on computer chips with an exemption for US investments.

Apple’s shares rose 5.1% on Wednesday ahead of a White House event where it announced an increase to its US investments of an additional $100 billion over the next four years. Mizuho Bank, in a commentary, said the Trump’s exemption from 100% tariffs on semiconductors for those with investments in U.S. production means some US trading partners may be able to use their investments in the U.S. as a bargaining chip.

Taiwan’s Taiex jumped 2.4% as shares in market heavyweight Taiwan Semiconductor Manufacturing Corp. surged 4.9%. TSMC is the world’s largest contract maker of computer chips and it has been ramping up its investments in US factory capacity, helping to alleviate the impact from higher tariffs. South Korean chipmakers also saw strong gains, with Samsung Electronics jumping 2.1% after the government said its products would also be subject to the exemption.

On Wednesday, a rally for Apple led Wall Street higher, with U.S. stocks reclaiming more of their sharp losses from last week. The S&P 500 rose 0.7% to 6,345.06. The Dow Jones Industrial Average added 0.2% to 44,193.12, and the Nasdaq composite climbed 1.2% to 21,169.42. Apple alone accounted for more than a third of the S&P 500’s gain.

Trading elsewhere on Wall Street was mixed following a jumble of profit reports. McDonald’s and Shopify rose following their latest updates, while Super Micro Computer tumbled after its earnings and revenue came in below analysts’ expectations. The Walt Disney Co. fell after its earnings beat forecasts but its revenue fell short  

KUWAIT CITY, Aug 06: Kuwait Credit Information Network Company (CINET) participated in the 19th meeting of the Arab Committee on Credit Information, organized by the Arab Monetary Fund. The event brought together leaders in the credit information industry across the region to discuss current challenges and best practices in credit reporting and scoring services. CINET’s participation highlighted how it utilizes data science and artificial intelligence in credit evaluation and risk management, offering valuable insights into the role of data analytics in enhancing institutional decision-making.

Representing CINET at the event were Mrs. Mai Bader Al-Owaish, Chief Executive Officer, and Mr. Fouzan Y.  Al-Sumait, Senior Manager of Data and Artificial Intelligence. They delivered a specialized presentation outlining CINET’s experience in data science and analytics, showcasing innovative products that embed advanced analytics into credit information services and demonstrating their impact on financial decision-making and credit stability.

CINET is the first credit company in the region to apply this integrated model, underscoring its leadership in leveraging technology to enhance the efficiency of the financial market. The company continues its efforts to deliver advanced solutions, including the recent launch of its new mobile application, which enables individuals to access their full credit facilities—including loans and credit cards, and more—in a transparent, fast, and user-friendly manner, empowering individuals and businesses with smarter financial decision-making tools and more effective risk management.

Commenting on the participation, Mrs. Mai B. Al-Owaish said:“Our participation in this meeting reaffirms CINET’s commitment to supporting the development of cutting-edge data solutions that address the evolving needs of financial institutions and provide both individuals and organizations with practical tools for accurate and smarter financial decision-making. This platform enables us to share experiences with our peers in the Arab region, highlight our success stories, and explore advanced tools that pave the way for a more data-driven and inclusive credit ecosystem”.

Mr. Fouzan Y. Al-Sumait added:“At CINET, we are keen to design data analytics tools that enable financial institutions to understand customer behavior and assess risks accurately, leveraging data science capabilities for strategic growth. We provide precise insights into creditworthiness, credit patterns, and risk exposure. From our experience with financial institutions in Kuwait that use CINET’s credit analytics products, it has become clear that effective data strategies is a critical factor in mitigating risks, enhancing financial stability, and achieving sustainable growth”.

The Arab Committee on Credit Information, whose secretariat is overseen by the Arab Monetary Fund, operates under the Arab Central Banks and Monetary Authorities’ Governors. It includes directors and officials from credit information units within Arab central banks and monetary authorities, along with executives from licensed national credit information companies.

CINET’s participation reflects its ongoing commitment to innovation and excellence and its vision to reshape the future of credit services in Kuwait and the region through actionable analytics, precision, and cutting-edge innovation.