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Stay updated with Kuwait news on GulfInsight360. Explore trends, developments, and insights for the latest Kuwait news & updates.

Kuwait Airways Strategizes to Lease Eight Airbus Jets in a Decade
Kuwait Airways (KA.UL) is charting a course to lease eight Airbus passenger jets over the next 10 years, as confirmed by Chairman Ali Aldokhan on Sunday.
The national carrier, owned by the state, is currently evaluating proposals from various leasing companies. The intended lease duration for these aircraft, all Airbus 321 neo models, is projected to span between eight and 10 years, as unveiled during a news conference by Aldokhan.
This initiative to secure eight leased planes is a supplementary effort to Kuwait Airways’ significant deal with Airbus in 2022. This prior agreement involved the purchase of 31 aircraft, out of which 18 have already been delivered and incorporated into the airline’s fleet.
Despite the severe impact of the COVID-19 pandemic on the global aviation industry, Gulf carriers, including Kuwait Airways, have witnessed a rapid resurgence in passenger demand. These airlines have become pivotal in their respective governments’ initiatives to diversify economic sectors like tourism and boost national economies.
Against a backdrop of rising operational costs, Kuwait Airways has encountered a 38% year-on-year increase in jet fuel expenses since the onset of 2023. Aldokhan acknowledged this challenge, highlighting the need to address this financial burden.
Engagements with Kuwait Petroleum Corporation are underway to negotiate a discounted mechanism, aiming to alleviate the pressure of escalating jet fuel costs for the airline. This endeavor signifies Kuwait Airways’ proactive stance in addressing operational challenges and enhancing cost-efficiency.
As the airline industry continues to navigate fluctuations, Kuwait Airways’ strategic decisions underscore its commitment to sustainable growth and adaptability. The prospective leasing of Airbus aircraft showcases the carrier’s dedication to enhancing its fleet capabilities and providing top-tier services to passengers.
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Evergrande’s Bankruptcy: Unveiling the Ominous Prelude to China’s Real Estate Crisis
August 20, 2023
Expatriate Pair Apprehended for Illegal Sale of Subsidized Diesel in Kuwait
In a significant breakthrough, the collaborative efforts of Kuwait’s criminal security division, led by the Investigation Department of Farwaniya Governorate, have led to the apprehension of an expatriate duo involved in the unauthorized sale of government-subsidized diesel to multiple trucks in the Sabhan and Amghara localities. This successful operation signifies a crucial step towards combating such illicit activities.
Law enforcement authorities demonstrated their commitment to curbing illegal activities by successfully apprehending two expatriates involved in the unauthorized sale of state-subsidized diesel. This illegal operation spanned across various trucks in the Sabhan and Amghara areas. The culprits were found to possess a considerable amount of the pilfered diesel, stored in two tanks, each containing 3000 liters.
The detained individuals are currently undergoing a rigorous investigation to uncover the full extent of their activities and any potential collaborators. Concurrently, legal authorities are taking immediate steps to ensure that appropriate legal measures are enforced against the beneficiary companies that were complicit in these illegal transactions.
This recent operation reflects the dedication and determination of Kuwait’s law enforcement agencies to combat illicit activities that not only undermine the economy but also jeopardize the integrity of subsidized resources. The illicit sale of state-subsidized goods can lead to adverse consequences for the nation’s financial stability and lawful distribution systems.
Government subsidies play a crucial role in supporting the economy and ensuring the well-being of the citizens. Subsidies on essentials like diesel help in maintaining affordable prices for essential services, transport, and industries. The sale of subsidized diesel on the black market disrupts this equilibrium, benefiting a few individuals at the cost of the larger population and the nation’s overall financial health.
This successful operation highlights the importance of coordinated efforts between law enforcement agencies and the Investigation Department of Farwaniya Governorate. Such collaborations are essential to ensuring that those engaged in illegal activities are swiftly brought to justice, and the impact of their actions is mitigated.
Beyond apprehending individuals involved in illegal activities, it is essential to implement preventative measures that deter such actions in the first place. This can involve strengthening monitoring systems, enhancing security measures, and raising public awareness about the consequences of engaging in such illicit practices.
The exposure of individuals involved in the unauthorized sale of subsidized diesel reinforces the significance of maintaining a trustworthy subsidy system. Transparency, accountability, and swift action against those who attempt to exploit such systems are essential to preserving public trust in the government’s efforts to provide essential services at affordable rates.
The apprehension of the expatriate duo engaged in the illicit sale of subsidized diesel marks a notable achievement in Kuwait‘s ongoing efforts to combat illegal activities that undermine the nation’s economic stability and lawful distribution mechanisms. This operation sends a clear message that such actions will not go unnoticed, and the law will be enforced to ensure the integrity of government subsidies and the overall well-being of the nation. As Kuwait continues to strive for a secure and prosperous future, it is imperative that all stakeholders collaborate in upholding the rule of law and safeguarding the nation’s resources.
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Vibrant Celebrations: Żebbuġ Honors the Feast of the Assumption
August 20, 2023
Mastercard collaborates with One Global to unveil Click to Pay in Kuwait
Mastercard’s collaboration with One Global™ has brought the Click to Pay feature to Kuwait, revolutionizing guest checkout transactions by providing a seamless and secure experience. This innovative solution eliminates the need for users to enter their card information repeatedly or store sensitive data with individual merchants. One Global™ has successfully incorporated Click to Pay into their Og Money™ platform, facilitating the purchase of digital gift cards, gaming vouchers, and bill payments. The partnership between Mastercard and One Global™ demonstrates their commitment to delivering cutting-edge payment technologies and enhancing the overall customer experience.
Mastercard has recently launched Click to Pay (C2P) in Kuwait, in collaboration with One Global™, a leading digital transformation and innovation company operating under its Payment Service Provider (PSP) license. This new offering sets a higher standard for guest checkout transactions, providing a seamless, secure, and fast experience for consumers, eliminating the need to enter card credentials or store sensitive information with different merchants. Once users are enrolled, they can effortlessly check out using their stored cards on any merchant that supports the service.
One Global™ has successfully enabled the Click to Pay feature for various digital gift cards and gaming vouchers, including popular brands like Amazon, Apple Cards, PlayStation, and Nintendo. Additionally, the service also supports bill payments through its Og Money™ platform. This mobile financial service acts as a one-stop-shop for gaming vouchers, entertainment cards, bill payments, top-ups, utilities, travel, and other digital services. One Global™ has plans to expand this service into other countries, with a broader adoption across their platform, to support more use cases in the future.
The collaboration between Mastercard and One Global™ started back in 2007, and their most recent project in 2022 aimed to provide tailored financial solutions that allow for the issuance of digital mobile wallets in the Middle East and North Africa. By joining forces, Mastercard and One Global™ strive to offer a wide range of payment technologies to consumers, ensuring seamless and frictionless payment experiences across the markets they serve. Erdem Çakar, the Country Manager of Kuwait and Qatar for Mastercard, expressed his delight in working with One Global™ to deploy Click to Pay in Kuwait and beyond.
One Global™ is a prominent digital transformation and innovation company specializing in fintech, serving 3.2 million customers worldwide. Since its establishment in 2004, the company has built a strong presence in over 20 countries across various regions globally, including MENA, East Africa, South and Southeast Asia, Europe, and North America. With its vertical markets, Og Money™, Og Travel™, Og Business™, and Og Stack™, One Global™ provides a wide range of Mobilized Lifestyle® services to consumers and businesses.
Mohammed Al Rashidi, Founder, and Executive Chairman of One Global™, expressed his excitement about enhancing their holistic digital financial services. The launch of C2P on Og Money™ in Kuwait presents an excellent opportunity to streamline the online checkout experience for their customers. Collaborating with a global payments technology expert like Mastercard enables One Global™ to meet the fast-evolving consumer demands.
Mastercard, a global technology company in the payments industry, has a mission to connect and power an inclusive digital economy that benefits everyone, everywhere. By making transactions safe, simple, smart, and accessible, Mastercard utilizes secure data, networks, partnerships, and innovation to help individuals, financial institutions, governments, and businesses reach their full potential. The company’s decency quotient (DQ) drives its culture, ensuring that every action taken inside and outside the company contributes to building a sustainable world with limitless possibilities.
With its extensive reach across more than 210 countries and territories, Mastercard is determined to create a world where transactions are effortless and secure, unlocking priceless possibilities for all. For more information on Mastercard, please visit their website at www.mastercard.com.
On the other hand, One Global™ is a Digital Transformation and Innovation Company operating as a Payment Service Provider (PSP) under the license of the Central Bank of Bahrain (CBB). Catering to 3.2 million customers worldwide, the company began its journey in 2004 and has established a strong presence in over 20 countries, spanning the GCC, Middle East, North Africa, East Africa, South Asia, Southeast Asia, Europe, the United States, and Canada.
One Global™ is driven by in-house innovation, offering a diverse range of Mobilized Lifestyle® services through its vertical markets such as Og Money™, Og Travel™, Og Business™, and Og Stack™. These services are delivered to consumers and businesses using native cloud and web hosting platforms. For more information about One Global™, please visit their website at www.oneglobal.com.
Mastercard’s collaboration with One Global™ has brought the Click to Pay feature to Kuwait, revolutionizing guest checkout transactions by providing a seamless and secure experience. This innovative solution eliminates the need for users to enter their card information repeatedly or store sensitive data with individual merchants. One Global™ has successfully incorporated Click to Pay into their Og Money™ platform, facilitating the purchase of digital gift cards, gaming vouchers, and bill payments. The partnership between Mastercard and One Global™ demonstrates their commitment to delivering cutting-edge payment technologies and enhancing the overall customer experience.
Tesla Eyes India for Ambitious Electric Vehicle Production and Export Plans
August 4, 2023
Could Sovereign Fund Launch Make Kuwait the Gulf’s Next Football Power?
Football has undergone a dramatic transformation in the Gulf region, with countries such as Saudi Arabia, the UAE, and Qatar emerging as major players in the sport. However, one country that has been left behind is Kuwait. This small but rich Gulf state has a rich football history but has struggled to keep up with its neighbors in recent years. But there are signs that Kuwait may be ready to make a comeback and reclaim its place in the football world.
Kuwait’s football history dates back to the 1982 World Cup when the national team made its tournament debut. The team, led by Trevor Francis, scored England’s only goal in a match against Kuwait. This was a significant moment for the country and it was proud to represent Asia in the tournament. In addition to its World Cup appearance, Kuwait also reached the quarter-finals of the Moscow Olympics in 1980, further highlighting its footballing prowess.
However, in recent years, Kuwait has been overtaken by its Gulf neighbors in terms of footballing success. Saudi Arabia, Qatar, and the UAE have all made significant investments in football, attracting global attention and top talent. These countries have been able to drive their footballing ambitions forward due to their political stability and financial resources. In contrast, Kuwait has struggled with political divisions and a lack of reforms, which has hindered its ability to compete on a global stage.
One of the key challenges that Kuwait has faced is political gridlock. The ruling family of Kuwait and the national assembly have often been at odds, making it difficult to implement reforms and drive forward initiatives. This has been a significant obstacle in the country’s efforts to invest in football and improve its sporting infrastructure. Additionally, the 1990 invasion by Iraq has also had a lasting impact on Kuwait’s willingness to step onto the international stage.
Despite these challenges, there are signs that Kuwait is ready to make a change. The country is considering launching a sovereign fund called the Ciyada Development Fund, which would focus on accelerating economic growth and implementing major development projects. This could potentially include investments in sport and football infrastructure. While it may not yet be ready to compete with the likes of Saudi Arabia and Qatar in terms of bidding for top players, the fund could help raise the profile of Kuwait and improve its sporting facilities.
In recent years, Kuwait’s football scene has suffered setbacks, including a FIFA ban in 2015 due to government interference in the running of the game. This led to a decline in grassroots investment and a further decline in the national team’s performance. However, with the potential financial resources that could be available through the Ciyada Development Fund, Kuwait may be able to turn things around and revitalize its football industry.
For Kuwait, the focus should be on hosting international events and improving the sporting infrastructure rather than acquiring big-name players or overseas clubs. The country has a strong football heritage and with the right investments and reforms, it can regain its place in the football world. There is still work to be done, but with the potential funding available, Kuwait has the opportunity to make its presence felt in a region dominated by its Gulf neighbors.
In conclusion, Kuwait has historically been a significant player in football but has struggled to keep up with its Gulf neighbors in recent years. However, with the potential launch of a sovereign fund focused on development projects, Kuwait has the opportunity to revitalize its football industry and regain its place on the international stage. With the right investments and reforms, Kuwait can once again become a force to be reckoned with in the football world. The country’s rich football history and significant financial resources provide a strong foundation for future success.
How Foreign Funds’ Buying Keeps Qatar Stock Exchange (QSE) Afloat on Positive Trajectory
August 2, 2023
Kuwait Enacts Sweeping Ban on Cryptocurrency, Citing Money Laundering Concerns
In a major regulatory move, Kuwait has implemented a comprehensive ban on the use of cryptocurrency for payments and investments. The decision comes as the country’s Capital Markets Authority (CMA) seeks to address concerns related to money laundering and financial security.
The new regulations, unveiled by the CMA, impose an “absolute prohibition” on the use of digital currencies in making payments. All virtual assets have been declared illegal, and the ban extends to cover digital asset mining as well. Furthermore, Kuwaiti businesses are strictly forbidden from providing any services related to cryptocurrencies.
This move reflects the joint efforts of the Central Bank of Kuwait, the Capital Markets Authority, the Ministry of Commerce and Industry, and the Insurance Regulatory Unit, who have all issued circulars on the issue of virtual assets. The authorities have decided not to recognize cryptocurrency as a decentralized currency, and they caution consumers to refrain from using it for transactions.
The circulars were issued in accordance with the recommendations set forth by the Financial Action Task Force (FATF), which focuses on combating money laundering and terrorist financing. Kuwait’s National Committee for Combating Money Laundering and Financing of Terrorism conducted a study that supported the decision to implement Recommendation No 15 of the FATF’s international requirements.
As a result of these new regulations, it is now illegal to engage in transactions involving virtual currencies as a means of payment or investment within the country’s jurisdiction. Any entity found providing such services to customers will be in violation of the law. The authorities have explicitly stated that no licenses have been issued for providing virtual asset services as a business.
The ban aligns with the CMA’s commitment to bolstering financial security and adhering to international standards. It also comes as part of Kuwait’s broader efforts to safeguard its financial system and maintain compliance with global anti-money laundering measures.
The move has sparked discussions among financial experts, with some expressing concerns over its potential impact on technological innovation and the broader financial landscape. However, the regulatory authorities assert that their primary objective is to protect the interests of citizens and businesses and maintain a stable and secure financial environment.
While the ban prohibits the use of cryptocurrency, the circulars make it clear that securities regulated by the Central Bank of Kuwait and other financial instruments under the purview of the Capital Markets Authority are exempt from this prohibition.
The ban on cryptocurrency and digital asset-related activities is set to take effect immediately, with mobile operators and financial institutions required to ensure compliance with the new regulations. The decision marks a significant milestone in Kuwait’s financial landscape and is expected to have ripple effects on the broader region’s approach to digital currencies and financial security.
In conclusion, Kuwait‘s move to ban cryptocurrency and digital asset-related activities reflects the country’s commitment to safeguarding its financial system from potential money laundering risks. As the global landscape continues to evolve in the digital realm, Kuwait’s regulatory authorities have taken proactive measures to protect its citizens and businesses and maintain compliance with international standards. The ban will undoubtedly shape the future of digital currency adoption and financial security measures in the region and beyond.
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Singapore to Discontinue 3G Services by July 2024: Mobile Operators Take Proactive Measures
July 26, 2023
UCCS Requires Approval for Any Price Rise
According to the Chairperson of the Union of Consumer Cooperative Societies (UCCS) Abdulwahab Al-Faris, the price of any commodity item, which is included in the circulars of the union, has not been increased from the time Al-Faris assumed his duties. No one can impose any increase without following the relevant process on the union’s website and the issuance of a circular to cooperative societies in that regard, reports Al-Anba Daily. In a press statement, Al-Faris explained that the union fine-tuned the matter by not allowing companies to communicate except via the site. Requests for an increase can only be made through the site.
Any request outside the site is directly rejected and is not paid attention to. He assured consumers that the door for increasing prices through the union’s website is completely closed and will not be opened at the present time, stressing that the union has not and will not increase the price of any product in the near future.
Al-Faris went on to explain that one of the responsibilities of consumers is to contribute to controlling violations that occur in some cooperative societies if they occur, by monitoring the same product and verifying its previous and subsequent price, and submitting an official complaint to the Consumer Protection Society to carry out its work, verify the complaint and hold the cooperative society responsible for its violation of the circulars issued in this regard.
The violation can only happen by bypassing the union or through the supplying company. Consumers should pay attention to a very important matter represented in the fact that the product’s features have increased, which may be in weight or components. Some companies increase the weight of their product or make a change in its components that requires an increase in its price. This matter is taken into consideration when reviewing the price.
July 24, 2023
Analyzing Kuwait Managed Security Market Dynamics: Examining Market Forces 2031
Report Ocean recently published a comprehensive intelligence report titled “Kuwait Managed Security Market” that provides insights into the market’s size, share, competitive landscape, technology, updates, and forecasts until 2030. This report examines the insurers, major market sectors, products, and distribution methods within the managed security industry. Managed security primarily focuses on networked access control and device management for buildings and premises. This includes risk monitoring tools like smoke detectors, motion sensors, door locks, surveillance products, and related data storage and transmission services.
According to the report, the Kuwait Managed Security Market is expected to grow at a CAGR of approximately 3.0% from 2022 to 2027. Having a strong IT infrastructure has become essential for Kuwaiti businesses looking to expand their operations, improve productivity, and enhance the customer experience. However, many businesses lack the resources to hire in-house IT teams or manage the complex IT environment. As a result, they are turning to Managed Security Services as an alternative to effectively expand and manage their IT infrastructures. The increasing incidence of organized cyber-attacks in Kuwait, particularly in the BFSI, manufacturing, healthcare, and retail sectors, is driving the demand for managed security services.
An example of the importance of managed security services is the National Bank of Kuwait’s decision to use AEOS by Nedap for centralized access control in its newly constructed headquarters. AEOS has been used by the bank for ten years in various locations, and its adaptability and scalability were crucial in securing its iconic headquarters, bank branches, and data centers. This case demonstrates the need for businesses to outsource their security requirements to reliable providers in order to protect themselves from cyberattacks.
Kuwaiti telecom companies are also collaborating with cloud and IT companies like IBM, Infonet, and Cisco to incorporate digital technologies into their business processes. This investment in IT infrastructure improvement is expected to drive the growth of the managed security market in Kuwait.
In terms of market segmentation, small and medium-sized businesses (SMEs) are expected to be the fastest-growing segment in the Kuwait Managed Security Market. These businesses face increasing security risks and are investing in strengthening their security infrastructure. The flexible pricing models offered by service providers are making it easier for SMEs to utilize managed security services and establish a strong foothold in the market. Moreover, the rising number of cybercrime cases in Kuwait presents a lucrative opportunity for investors.
Cloud-Managed Security Services hold the largest share in the Kuwait Managed Security Market, thanks to their low cost, comprehensive access, pay-per-use model, and improved performance. However, it is crucial for organizations to properly manage and configure their cloud security to prevent cyber threats.
The BFSI (Banking, Financial Services, and Insurance) sector is anticipated to receive the largest revenue share in the Kuwait Managed Security Market. With the government’s push for digital banking and financial platforms, the BFSI sector is moving online, increasing the need for secure banking systems. The deployment of web protection platforms to safeguard customer information is expected to drive the growth of the managed security market in Kuwait.
Recent developments in the Kuwait Managed Security Market include digital service provider Zain Kuwait’s investment in performance analytics and end-user experience solutions, as well as Ooredoo Kuwait’s strategic partnership with Z Services to provide comprehensive cybersecurity solutions.
In conclusion, the Kuwait Managed Security Market is witnessing steady growth due to the increasing need for strong IT infrastructure and the rising incidence of cyberattacks. Managed security services are becoming an attractive alternative for businesses looking to expand and secure their operations. Cloud-Managed Security Services and the BFSI sector are key drivers of market growth. It is crucial for organizations to invest in reliable security providers and properly configure their cloud security to prevent cyber threats.
July 20, 2023
STC Achieves Impressive Financial Results in H1 2023: Revenue Soars to KD174.6m with Net Profit of KD16.1m
Kuwait Telecommunications Company (stc) announced its financial results for the first half of 2023, showcasing notable growth in both financial and operational performance. stc, a global digital leader providing innovative services and platforms, has made significant achievements in its commitment to customer-centric solutions and digital transformation in Kuwait.
Dr. Mahmoud Ahmed Abdulrahman, stc’s Chairman, highlighted the company’s dedication to innovation and excellence in providing integrated offers and digital services to individual and enterprise customers. With a focus on meeting the increasing demand for digital and ICT services, stc has strengthened its position as a leading Telecom and ICT company in Kuwait. Through strategic expansion and technical capabilities, stc aims to enhance its services and customer experience in the rapidly evolving telecommunications sector.
Regarding stc’s financial position as of June 30, 2023, Dr. Abdulrahman stated that total assets reached KD 425.4 mn, with total shareholders’ equity increasing by 2.4% to KD 227.6 mn. stc’s strong solvency position sets it apart from its peers in the Middle East.
In terms of corporate social responsibility (CSR), stc has actively engaged with the local community through partnerships with charitable organizations, government institutions, and private sectors. The company’s CSR program, focusing on education, health, sports, environment, entrepreneurship, and youth empowerment, aims to support Kuwaiti SMEs, start-ups, and innovative concepts through initiatives such as “Weyak” and the “upgrade” educational initiative. stc will continue to build sustainable development partnerships, increase community awareness, and promote social responsibility.
Eng. Maziad Alharbi, stc’s CEO, expressed satisfaction with the company’s results, emphasizing stc’s dedication to providing extraordinary services and driving the digital transformation process. Strong results in both the individual and enterprise sector, achieved through ICT and business solutions subsidiaries, have contributed to stc’s financial and operational performance. The company’s commitment to innovation, network expansion, and value-added services aligns with its future digital transformation strategy, focusing on emerging technologies such as 5G, IoT, Cloud services, and artificial intelligence. These investments aim to expand stc’s presence in both sectors, increase market share, and build a solid customer base.
stc’s financial results for the first half of 2023 demonstrate its ability to meet shareholders’ expectations. Total revenue reached KD 174.6 mn, with a growth rate of 13.5% compared to the same period in 2022. This increase is attributed to stc’s services and smart packages designed to cater to the demands of individual customers, as well as its focus on providing digital services and technical solutions to the enterprise segment. With a growth of 4.7% in EBITDA and a net profit of KD 16.1 million, stc’s customer base reached approximately 2.5 million customers at the end of June 2023.
Going forward, stc remains committed to improving its capabilities, implementing efficient cost optimization processes, and offering a comprehensive range of services. By staying updated on the latest developments in the telecommunications sector, stc aims to enhance profitability, achieve desired financial and operational outcomes, and maintain a good cash flow position.
In conclusion, stc’s financial results for the first half of 2023 reflect its commitment to customer satisfaction, innovation, and digital transformation. With a strong solvency position, strategic partnerships, and a focus on emerging technologies, stc is poised to lead the ICT sector in Kuwait and provide exceptional services to its customers.
July 19, 2023