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GCC inflation rate increases by 1.7% in December 2024

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GCC inflation rate increases by 1.7% in December 2024

GCC-Stat reports 1.7% inflation growth in 2024, with housing costs leading the surge.

MUSCAT, May 18: The GCC-Stat announced on Sunday that consumer price data indicated a 1.7 percent increase in the general inflation rate across the GCC countries by the end of December 2024, compared to the same month in 2023.

According to a report from the center, the rise in inflation was primarily driven by increases in several key categories. The housing group saw a notable rise of 5.9 percent, while the goods and services group rose by 2.8 percent. Other contributing sectors included culture and entertainment (up by 1.8 percent), restaurants and hotels (1.1 percent), and health (0.1 percent). Additionally, both food and beverages and education groups experienced a 1.2 percent increase in prices.

The report also highlighted that these inflationary pressures were partly offset by decreases in other categories. Specifically, transportation costs fell by 2.7 percent, furniture and household equipment prices dropped by 1.7 percent, tobacco prices decreased by 1.1 percent, the communications group saw a reduction of 0.9 percent, and clothing and footwear prices dropped by 0.2 percent.

Despite these fluctuations, the overall Gulf inflation rate remained lower than that of the European Union, which recorded a 2.7 percent inflation rate. It also stood lower than many of the GCC’s key trading partners. Brazil, for instance, recorded the highest inflation rate in December 2024 at 4.8 percent, compared to the same month in the previous year. Japan followed with an inflation rate of 3.6 percent, while India and the United Kingdom each saw a 3.5 percent increase. The United States’ inflation rate stood at 2.9 percent, Germany at 2.6 percent, South Korea at 1.9 percent, and both France and Italy at 1.3 percent each. China had the lowest inflation rate among these countries, with only a 0.1 percent rise.

The GCC-Stat, the Statistical Center for the Cooperation Council for the Arab States of the Gulf, is based in Oman and serves as the official body for data, information, and statistics related to the GCC countries. It also works to enhance the statistical capabilities of national centers and planning agencies across the Gulf region.

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LuLu Hypermarket felicitates winners of LuLu World Food Festival

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KUWAIT CITY, May 18: LuLu Hypermarket, the regional retail heavyweight, held a heart-warming prize-‎distribution ceremony at their Al-Rai outlet on 15 May, to congratulate and ‎present prizes to winners of the LuLu World Food Festival competitions.‎

The competitions were held during the two-week long LuLu World Food Food ‎Festival that was launched on 30 April across all outlets of LuLu Hypermarket in ‎Kuwait. The cookery contests were held for different ages and skill levels and ‎spanned Indian, Arabic, Continental and Filipino cuisines, as well as a separate ‎dessert competition for those with a sweet touch.‎

The culinary contests pitted young ‘wanna-be chefs’ showing off their skills in ‎imaginatively titled competitions, such as Wow the Master Chef, Mom & Me ‎healthy salad-making contest, and the spirited Master Junior Chef, Other ‎competitions included the Barista Competition, the Cake Challenge, Biryani Battles, ‎and the mysterious Blindfold Food Taste challenge, ‎

The first prize winners of each competition received gift vouchers worth KD100, ‎while the second and third prizes winners were awarded KD75 and KD50 worth of ‎gift coupons respectively. The prizes were handed over to the winners by LuLu ‎Kuwait management.‎

Interestingly, none of the competitors had to walk away bare-handed, all the ‎participants in the contests were presented with valuable consolation prizes, ‎highlighting the fact that everyone is a winner at LuLu Hypermarket. ‎

As the prize-distribution ceremony came to a close, the participants and winners ‎conveyed their gratitude to LuLu Hypermarket for providing them with a platform ‎to showcase their culinary and creative skills, and expressed their thanks for the ‎valuable prizes provided to them.‎

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Zain recognized for empowering national talent in the private sector

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KUWAIT CITY, May 18: Zain received a recognition from the American University of the Middle East (AUM) in ‎appreciation of its ongoing efforts to empower the local job market with skilled national talent ‎capable of leading Kuwait’s digital future. The recognition was presented during the university’s ‎annual Excellence Awards ceremony honoring leading companies, held at the Cultural Center ‎on its Egaila campus.‎

During the event, Tareq Al-Othman, Chairman of HumanSoft Holding, presented the award to ‎Hamad Al-Musaibeeh, Corporate Relations Department Manager at Zain Kuwait, in recognition ‎of the company’s continuous support of the AUM Career Expo. Zain recently sponsored the ‎expo’s 11th edition, which was also attended by AUM President, Prof. Dr. Georges Yahchouchi.‎

The award highlights the strength of the long-standing partnership between Zain and AUM, and ‎Zain’s strategic role in consistently attracting and developing national talent for the private ‎sector. This contribution helps strengthen the presence of local competencies in the job market, ‎especially in skillsets related to STEM.‎

Zain expressed its gratitude to AUM for this recognition, viewing it as a meaningful ‎acknowledgment from one of the country’s leading academic institutions of the company’s role ‎in supporting the development of both education and human capital, two key pillars for ‎advancing Kuwait’s economy.‎

Zain recently participated in the 11th AUM Career Expo, organized by the university’s Career ‎Development and Placement Center (Tawteen), under the theme “We Believe in Talents, We ‎Create Opportunities”. The event stands as one of the largest and most prominent career fairs ‎in Kuwait, with participation from over 55 local and international organizations offering more ‎than 300 job opportunities for graduates and job seekers.‎

At its dedicated booth, Zain showcased its recruitment policy and available career ‎opportunities, while also introducing university students to its Future University Network (FUN) ‎internship program, aimed at providing hands-on experience from the actual workplace ‎environment.‎

Through such initiatives, Zain aims to energize the local labor market, foster the exchange of ‎knowledge and expertise, and enable young people to find career paths that match their ‎ambitions and capabilities, ultimately contributing to the national economy and boosting ‎national talent participation in Kuwait’s private sector.‎

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Burgan Bank Reiterates Commitment to Women ‎Empowerment at Kuwait Women’s Day Forum

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KUWAIT CITY, May 18: As part of its unwavering dedication to employee empowerment, gender equity, and sustainable ‎development, Burgan Bank recently participated in a forum celebrating Kuwait Women’s Day. ‎Representing the Bank at the event, titled “Strategies to Empower Kuwaiti Women in ‎Accordance with the Fifth Goal of the Sustainable Development Goals (SDG 5)” and held under ‎the patronage and in the presence of H.E. Dr. Amthal Al-Huwailah, Minister of Social Affairs, ‎Family and Childhood Affairs, was Ms. Danah Faisal Al Jasem – General Manager of Corporate ‎Communications and a group of female leaders at Burgan Bank. Al Jasem took part in a focused ‎session along side distinguished female figures to discuss the private sector’s role in empowering ‎women, while exploring strategies to help women over come challenges and barriers in the ‎workplace.‎

Reflecting on her participation in the forum, Al Jasem said: “It was a privilege to join a dialogue ‎that reflects the growing momentum around women empowerment in Kuwait, and to contribute ‎to a conversation that aligns so closely with Burgan Bank’s core values and Kuwait’s Vision ‎‎2035.”‎

She also highlighted Burgan’s ongoing commitment to gender equity and employee ‎empowerment, saying: “At Burgan Bank, fostering a diverse, equitable, and inclusive workplace ‎is not just a moral imperative but also a strategic necessity for long-term success. Driven by our ‎overall ESG strategy, we believe that true equity provides a work environment with equal ‎opportunities and adheres to fulfilling the employees’ needs. Accordingly, Burgan Bank actively ‎supports women in the workplace by expanding opportunities for skill development, career ‎advancement, and financial independence, empowering them to grow on a personal level, ‎support their families, and positively impact the wider economy. This commitment is reflectedin ‎equal benefits for women and men, flexible working hours, work-life balance initiatives, and ‎additional self-care leave.”‎

Ms. AlJasem also underscored the importance of translating strategy into measurable progress, ‎highlighting Burgan’s achievements in female representation and inclusive workplace practices, ‎noting: “We view female empowerment as a collaborative effort, shaped by contribution from ‎relevant stakeholders. Within the workplace, we are committed to fostering an environment ‎where women have equal opportunities to thrive and lead. Across society, we actively support ‎initiatives that promote gender equality and provide women with the resources and support they ‎need to overcome barriers and achieve their full potential. Women currently represent46% of the ‎Bank’s employeesand 34% of leadership positions, making Burgan Bank a leading financial ‎institution in the local Kuwaiti market. Our current position aligns with the national vision for ‎boosting female representation in public and private sectors.”‎

It is worth mentioning that Burgan Bank continues to invest in initiatives that support the growth ‎of female employees at all levels. In 2024, employees received an average of 33 hours of ‎training, delivered through both digital and in-person platforms. Programs like Empower Her and ‎Lean-In Circle for Women Empowerment provide dedicated mentorship, professional skills, and ‎networking opportunities to help women work toward their goals. Burgan Bank remains ‎committed to enabling more women to pursue leadership positions and guide younger ‎generations of women professionals to follow their lead. ‎

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