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Today in Kuwait’s history | Kuwait Times Newspaper

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KUWAIT: 1962 — Kuwait Amir Sheikh Abdullah Al-Salem Al-Sabah decrees forming Kuwait Public Transport Company (KPTC), with a KD one million (USD 3.2 million) capital.

1991 — Kuwait and the United States of America sign a 10-year defense treaty stipulating the defense of Kuwait against external aggression, promotion of peace and stability in the Gulf states.

1994 — Kuwait signs the Convention on Nuclear Safety (CNS) for maximum safety at nuclear reactors.

2000 — The Kuwaiti shooter Fehaid Al-Daihani wins the first Olympic medal for Kuwait, ranking third in the double trap competition of the 27th Olympic tournament held in Sidney, Australia.

2001 — The International Atomic Energy Agency (IAEA) elects Kuwait member of the IAEA Board of Governors.

2002 — The Ministry of Communications slashes rates of international calls reaching 70 percent with some countries.

2010 — Kuwait and Russia sign a memorandum of cooperation in the realm of peaceful usage of nuclear energy.

2010 — Kuwait Fund for Arab Economic Development (KFAED) lends Kenya KD 5.9 million (USD 19.3 million) to overhaul the transports sector.

2018 — KFAED signs an accord with Jordan to reschedule debts estimated at USD 300.7 million.

2021 — Kuwait chairs the IAEA 65th session for the first time since joining the agency five decades back.

2022 — The seismological center reports a 3.3. degree quake on the Richter Scale near Al-Abdali.

2023 — The ministry of oil declares winning four sears in the executive committees of the World Petroleum Council between 2023 and 2026. — KUNA

 

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Kuwait bolsters efforts, boosts regional partnerships against anti-money laundering

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 KUWAIT:  The State of Kuwait continues its steady efforts against money laundering, bolstering measures in this domain cooperation with regional and international partners. Such efforts coincide with the State of Kuwait’s plans to become a regional anti-money laundering and terror financing center. The judicial system saw a qualitative leap with the introduction of Decree No. 76/2025, amending some items within law No. 106/2013 concerning money laundering and combating terrorism financing.

The amendments enabled the Kuwaiti cabinet to enact decisions, which abide by international rules and regulations in this domain. The law included decisions to list and freeze assets and finances as well as bar dealings with suspicious individuals.

To reinforce cabinet decisions on the matter, the laws issued would be enacted on the date of issuance, including penal verdicts and fines ranging from KD 10,000 to KD 500,000 for each violation. The articles of the law took measures to execute UNSC resolutions on the matter within a legal framework balancing international obligations and constitutional duties, which gave individuals rights to submit formal grievance, view records, and asking for permission to cover necessary expenses.

This legislative step is part of the National Committee to Combat Money laundering and Terrorism Financing, which is assigned by the cabinet to reinforce cooperation with other state institutions to achieve international standards and boost Kuwait’s reputation in this field.

The committee comprises of several institutions and ministries including the Kuwait Financial Intelligence Unit (KwFIU), the Central Bank of Kuwait (CBK), the Ministry of Commerce and Industry to name a few.Last July, the two MoUs were signed by state entities to reinforce cooperation within combating money laundering and terrorism financing.

The MoU signed between the Kuwait customs and Interior Ministry boosted cooperation in combating financial crimes in line with Financial Action Task Force (FATF), a policy-making body that works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas.

The other MoU, signed between the Capital Markets Authority (CMA) and the Kuwait Financial Intelligence Unit (KwFIU), ensured the exchange of information between the two sides within the field.

Meanwhile, the Ministry of Commerce and Industry prepared a guide to counter money laundering and terror financing in the gold, valuable minerals and gemstones sector in 2025. The guide set the parameters for trade in such sector and included measures warning against trading online and recommending traditional means for payment in addition to other preventative steps.

On another level, the CBK approved an updated methodology on penal action and also the Central Bank notified banks to use the KwFIU guideline to report any suspicious transactions.In addition to internal efforts, Kuwait hosted a workshop to prepare the unified GCC anti-money laundering strategy, which concluded its meetings on September 11.

A report issued by FATF last October said that the State of Kuwait has the required main framework to combat money laundering and terrorism financing through the country’s stable political, institutional, and governmental sectors. The report affirmed that Kuwait has boosted its legal capabilities and penal action to prevent such crimes from occurring. — KUNA

 

 

 

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Kuwait Amir Rep. heads to US to lead delegation at UNGA

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 KUWAIT: On behalf of His Highness the Amir of Kuwait Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, His Highness the Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah departed Kuwait on Friday for the US to lead Kuwait’s delegation at the 80th session of the United Nations General Assembly (UNGA), marking the 80th anniversary of the UN’s founding in New York City.

At the airport, His Highness the Crown Prince was seen off by His Highness the Prime Minister Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah, First Deputy Prime Minister and Minister of Interior Sheikh Fahad Yusuf Saud Al-Sabah, Kuwait National Guard (KNG) Chief Sheikh Mubarak Humoud Al-Jaber Al-Sabah, Minister of Amiri Diwan Affairs Sheikh Hamad Jaber Al-Ali Al-Sabah, Head of the Crown Prince’s Diwan Sheikh Thamer Jaber Al-Ahmad Al-Sabah, along with other senior state officials.

Accompanying His Highness is an official delegation including Foreign Minister Abdullah Al-Yahya, Director General of the Kuwait Direct Investment Promotion Authority Sheikh Dr. Meshaal Jaber Al-Ahmad Al-Sabah, as well as other senior officials.

His Highness the Crown Prince is scheduled to chair Kuwait’s participation in high-level meetings and discussions as part of the UNGA’s 80th session, reaffirming Kuwait’s commitment to multilateral cooperation and international peace. — KUNA

 

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Kuwait unlocks Mitribah riches | Kuwait Times Newspaper

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Commercial oil and gas production begins at field • Oil minister sees demand boost

KUWAIT: Kuwait Oil Company (KOC) officially launched commercial oil and gas production at the Mitribah field in the country’s northwest on Thursday, marking a milestone in the company’s operational strategy and reinforcing Kuwait’s position on the global oil map. KOC Chief Executive Officer Ahmed Al-Aidan said during a ceremony in Ahmadi, held under the patronage of Oil Minister Tareq Al-Roumi, that the achievement was more than the completion of a successful project.

“Mitribah has long been considered a major challenge, and today it has become a true success story, demonstrating what can be achieved when ambitious vision meets firm determination and effective execution,” he said. Al-Aidan noted that the field is now part of the company’s productive assets, providing a significant boost to its strategic plans. “This step supports Kuwait in achieving its strategy to reach an oil production capacity of 4 million bpd by 2035,” he added.

Al-Aidan recalled his personal connection to the site, having followed its progress as a geologist since the late 1990s. He added that the launch comes at a pivotal moment for KOC, which recently underwent a major restructuring aimed at greater efficiency and clearer direction. One outcome of the reorganization was the creation of the New Exploration Group, established to accelerate exploration-to-production cycles, particularly in unconventional and complex reservoirs. Mitribah, he said, stands as the first major achievement under this new framework.

Al-Aidan praised the work of geologists, engineers, planners, operators and technical support teams who overcame infrastructure challenges and deployed advanced technologies with high efficiency. He also commended the role of partners and contractors, stressing that their collaboration was vital to success.

Commercial production at Mitribah officially began on June 15, 2025, after several wells were connected to KOC’s production facilities. The field covers more than 230 sq km in a previously undeveloped area lacking infrastructure. Light crude with commercial potential was first discovered there in 2009, but the presence of high concentrations of hydrogen sulfide gas — up to 40 percent — delayed production.

Oil Minister Al-Roumi described the achievement as an important milestone for KOC, the result of nearly two decades of persistent effort. “The Mitribah well was by no means easy — it represented a real challenge to the company,” he said, expressing confidence that Kuwait’s oil companies would continue to deliver similar successes in line with the leadership’s directives. Al-Roumi also commented on global oil market trends following the US Federal Reserve’s recent interest rate cut, noting that while prices remain at suitable levels, forecasting remains difficult. He anticipated demand growth, particularly in Asia.

Eight OPEC+ members agreed on Sept 7 to raise output by 137,000 bpd in October, an extension of the group’s policy since April of increasing production after years of cuts to support the oil market. Despite the agreement to raise output, “prices are more than good”, Al-Roumi said. “We had expected the worst but things are fine,” he added. “The oil market is puzzling and very difficult to predict.”

Kuwait Petroleum Corporation (KPC) CEO Sheikh Nawaf Saud Al-Sabah hailed the launch as a “new breakthrough” for the oil sector under the leadership of HH the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah. He noted that Mitribah is among the most complex fields in Kuwait due to its high sulfur content and that KOC had partnered with international firms to apply, for the first time, an integrated production management system. Sheikh Nawaf also underlined that the project contributes to KPC’s long-term strategic goal of reaching and sustaining a production capacity of 4 million barrels per day by 2035. – Agencies

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