Gulf Arab oil exporters will have to reform their state spending and make cuts in some areas because of weak oil prices, Kuwaiti Finance Minister Anas al-Saleh said on Saturday.
Kuwait
Kuwait Is Determined To Enhance Communications And IT Sectors
Kuwait is very keen on developing its Communications And IT Sectors. Kuwait is very eager to enhance and upgrade the infrastructure of communications and information technology sectors via replacing the old coaxial cables with new high-speed fiber-optic networks, a Kuwaiti official reiterated Tuesday.
Gulf investor eyes the $1.7 bln stake in Kuwait’s Americana
The Gulf establishment, Adeptio LLC has approached Kuwait's fast-food chain, Americana, for buying out the 66.8% controlling stake held by the Al Kharafi family valued at $1.7 billion. Currently, the investor is conducting the due diligence but the final outcome will be based on the approval of the Americana franchisers.
Oil price may rebound 50% in 2016
The latest forecast indicates 50 percent rebound in oil prices by the end of 2016. The oil price could be higher by $15 per barrel this year taking the New York crude to $46 a barrel by fourth quarter and Brent to $48 during the same period. The drop in US shale output is likely to drive oil price up in the second half of 2016.
Optimistic OPEC secretary-general expects balanced oil market in 2016
By the end of this year and next year, the global oil market will be in a fair and sensible condition. This is according to the expectation of the Organization of the Petroleum Exporting Countries secretary-general on Sunday.
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Kuwait-based holding company Noor Financial Investment Company has decided to sell of its entire stake in Pakistan-based Meezan Bank Limited (MEBL) to Vision Financial Limited for $190 million, according to a notice issued on Wednesday.
St. Martins Group, Kuwait's property investment vehicle in the UK, has paid around GBP1.7 billion to purchase the More London complex which includes Mayor Boris Johnson's headquarters.
The following bids, mergers, acquisitions and disposals were reported on Monday including Greece banking, Fiat, BOFA, Mechel, Saputo, RBS, Lohmann, Carlyle Group, Monte dei Paschi di Siena, Kuwait Airways, Dubai Holding, SunEdison, Blackstone, Greece National Bank, IMG Worldwide, KKR, Babcock, AMR, Orrick, BAC and Fisker Automotive.
Kuwait's Zain blames the decline in the Sudanese pound as well as other foreign exchange factors for the company's fifth straight decline in quarterly profit.
Lulu Hypermarkets chief executive officer Yusuffali M.A. said his company would be entering in expanding in emerging markets and create new ones in the Middle East and Asia.
Kuwaiti Finance Minister Sheikh Salem Abdulaziz al-Sabah said the government is reviewing its subsidies system to its residents and subsidies.
Egypt was able to leverage a longer term to pay back the aid package provided by Kuwait. Kuwait had given Egypt five years to repay a USD2 billion central bank deposit.
The Kuwaiti Investment Authority's property division St Martins is in discussion to purchase the More London complex.
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