Kuwait has announced new executive regulations for its tax on multinational entities, expecting the new levy to generate 250 million Kuwaiti dinars (approximately $819 million) in annual revenue. The Ministry of Finance stated that these regulations provide clarity on the introduction of a supplementary domestic minimum tax (DMTT) within the framework of the multinational entities...
A Kuwaiti oil company listed on the local bourse, Energyhouse, has received an offer to sell its controlling share in its UAE subsidiary. The company is currently evaluating the proposal for its 92.5 percent stake in this subsidiary. Energyhouse confirmed in a bourse disclosure statement that it has received a preliminary, non-binding offer. The statement...
Kuwait has announced a new regulation that will require foreign workers in the private sector to obtain an exit permit from their employer before leaving the country, effective July 1, 2025. This decision has raised significant concerns regarding the erosion of workers’ freedoms and aligns Kuwait with other Gulf nations such as Saudi Arabia, Qatar,...
Saudi Arabia and Kuwait have revealed a notable oil discovery in the neutral zone between the two countries. The North Wafra Wara-Burgan field is reported to have an output exceeding 500 barrels per day. This discovery is being described as “highly significant” by both nations, highlighting its potential impact on their energy sectors. The announcement...
Kuwait’s Ambassador to the US, Sheikha Al-Zain Al-Sabah, along with Sheikh Nawaf Saud Al-Nasser Al-Sabah, the CEO and Deputy Chairman of the Kuwait Petroleum Corporation (KPC), held a significant meeting with US Interior Secretary Doug Burgum. The meeting, as reported by Kuwait’s Embassy, focused on enhancing strategic relations between the two nations, particularly in the...
Belgium is set to rekindle its economic relationship with Kuwait through an Economic Mission scheduled for April 29–30, 2025. This marks the first visit of its kind since 2002, signaling a significant milestone in the ties between the two nations. The mission, led by the Economic and Commercial Counsellor at the Belgian Embassy in Kuwait,...
Kuwait-listed Agility Public Warehousing Company has successfully refinanced a portion of its existing credit facilities, raising the amount from $233 million to $280 million. The company announced on Monday that this refinancing comes with a renewed tenure of five years. The move to refinance is part of Agility’s strategy to support growth and manage its...
Saudi Arabia’s integrated utility company, ACWA Power, has signed a share purchase agreement (SPA) with the regional subsidiary of French utility developer ENGIE to acquire assets valued at $693 million. This acquisition marks ACWA Power’s entry into the Kuwaiti market. The deal includes significant operating capacities, comprising 4.61 gigawatts (GW) of gas-fired power generation and...