Spain’s Economy Minister Carlos Cuerpo speaks during an interview with The Associated Press at the Economy Ministry in Madrid, Spain on June 10. (AP)

MADRID, June 11, (AP): Spain’s economy minister says the millions of tourists who visit the country every year present a challenge for Spain’s residents that the government can no longer afford to ignore. Last year, Spain received a record 94 million international visitors, making it one of the most visited countries in the world. It could receive as many as 100 million tourists this year, according to some projections.

“It’s important to understand that these record numbers in terms of tourism also pose challenges,” Economy Minister Carlos Cuerpo said in an interview Tuesday with The Associated Press. “And we need to deal with those challenges also for our own population.” Tourism is a key sector for the Southern European nation’s economy, which grew faster than any major advanced economy last year at 3.2%, and is projected to grow at 2.4% this year, according to the Bank of Spain, well ahead of the expected eurozone average of 0.9%.

But a stubborn housing crisis in which home and rental costs have skyrocketed in cities such as Madrid, Barcelona and elsewhere has led to growing frustration about one aspect tied to tourism in particular: the proliferation of short-term rental apartments in city centers. The country has seen several large protests that have drawn tens of thousands of people to demand more government action on housing. Signs at demonstrations with slogans such as “Get Airbnb out of our neighborhoods” point to the growing anger.

In response, the government recently announced it was cracking down on Airbnb listings that it said were operating in the country illegally, a decision that the company is appealing. “We are a 49 million-inhabitants country,” Cuerpo said. The record numbers of tourists illustrate the “attractiveness of our country, but also of the challenge that we have in terms of dealing and providing for a good experience for tourists, but at the same time avoiding overcharging (for) our own services and our own housing,” he said.

The Bank of Spain recently said the country has a deficit of 450,000 homes. Building more public housing is critical to solve the problem, Cuerpo said. Spain has a lower stock of public housing than many other major European Union countries. “This is the key challenge for this term,” the minister said of the country’s housing woes.  

KUWAIT CITY, June 10: Boursa Kuwait ended Tuesday’s session on a positive note, with the general index climbing 57.36 points, or 0.70 percent, to close at 8,216.99. Trading activity was robust, as 369.9 million shares changed hands through 21,325 transactions, generating a total value of KD 101.9 million (approximately $311.8 million). The Premier Market Index led the gains, advancing 70.37 points, or 0.79 percent, to finish at 8,924.60. Trading volume on the Premier Market reached 222.5 million shares across 12,829 transactions, with a turnover of KD 84.5 million (about $258.5 million). Meanwhile, the Main Market Index edged up by 16.50 points, or 0.24 percent, settling at 7,007.87. Investors traded 147.4 million shares in 8,496 deals, with a total value of KD 17.4 million (roughly $53.2 million). The Main 50 Index also posted gains, rising 14.72 points, or 0.20 percent, to close at 7,196.18. A total of 128.2 million shares were traded through 5,931 transactions, amounting to KD 13.8 million ($42.2 million).(KUNA)

KUWAIT CITY, June 10: Acting Director General of the Kuwait Fund for Arab Economic Development (KFAED) Waleed Al-Bahar said Tuesday, the fund financed 540 development projects in more than 50 African countries at a value exceeding USD 11.4 billion. This came as Al-Bahar participated in the Africa Day celebration held at the invitation of the ambassadors and heads of African diplomatic missions accredited to Kuwait to commemorate the founding of the African Union.

The fund’s operations in Africa and its projects represent approximately 57 percent of its total global activity and have contributed to a qualitative shift in the economies of African countries and improved people’s living, said Al-Bahar in a statement. He expressed pride in KFAED’s relations with African countries, stressing his commitment to strengthening bilateral relations and achieving greater progress, prosperity, and development for the peoples of the continent through ongoing cooperation.

Regarding the Africa Day celebration, Al-Bahar said that the fund is participating for the ninth consecutive year with a special pavilion highlighting its development and humanitarian efforts on the African continent. This year’s celebration saw the participation of more than 30 African Union embassies, displaying their cultural and historical heritage through exhibits, collectibles, and craft tools that reflect the diverse professions and activities of each country, he added. KFAED was established in 1961 as the first development institution in the Arab region, before expanding its scope of activities to include developing countries starting in 1974, with its contributions reaching 105 countries to date. (KUNA)