KUWAIT: In spite of the global economic tensions witnessed by the world’s largest economies during the past year, Kuwait succeeded in increasing investment income by about 7.1% or 7.98 billion dinars by the end of 2022, compared to 2021, in which investment income recorded about 7.4 billion dinars, reports Al-Anba daily.
The daily has learned the data of the “investment income” item, which includes direct investment, portfolio investments and other investments, within the balance of payments issued quarterly by the Central Bank of Kuwait, showed that investment income in 2022 achieved about 7.9 billion dinars, and Kuwaiti investment income abroad is divided according to the nature of the investment into 3 main types — between direct investment, financial portfolio and other investments, which are detailed as follows:
1- Direct investment: It brought a return of 3 billion dinars, and that investment is concentrated in shares and direct ownership in companies and factories in all economic sectors.
2- Investments of the financial portfolio: It brought a return of about 4.5 billion dinars, and the investment in the financial portfolio is concentrated specifically in bonds and stocks.
3- Other investments: The returns were about 1.6 billion dinars, and that value represents the rest of the indirect investments from partnerships and participation in non-financial projects and investments.
Kuwait invests in more than 125 economies around the world and is managed by more than 125 foreign investment managers and more than 50 investment authorizations. The Kuwait Investment Authority studies the areas in which it intends to invest and examines many financial, economic and regulatory factors and indicators, including the size of the economy, economic growth rates and the ease of doing business index; granted tax facilities and exit strategies from financial markets.
The investments of the Kuwait Investment Authority do not aim to influence the management of the companies in whose shares it invests, so that the share of its investments in the company does not exceed more than 10% of the total, and indirect management is carried out by external investment managers, and the proportion of funds constitutes about 70% of the total.
KUWAIT: Fitch Solutions, a credit ratings agency, stated that the technology company BMI recently determined the value of information and communication technology infrastructure projects in Kuwait at a value of USD 27.6 billion, as part of the bidding stages to implement the “New Kuwait 2035” vision, reports Al-Anba daily. It indicated that the long-term development plan for Kuwait aims at transforming the country into a digital society, and will lead to spending USD 17.6 billion on digital transformation between 2022 and 2027.
In its report, the agency highlighted the importance of integrating advanced information and communication technology, such as the Internet, automation, cloud services, and smart city solutions in infrastructure projects. It stressed the importance of pursuing partnership between the public and private sectors in these areas, indicating that Kuwait hosted major companies in the field of technology, such as Oracle, Microsoft and Google Cloud. The report explained that the “Oracle” project in Kuwait, worth USD 250 million, aims to integrate and maintain the medical information system for military health care in the country, and to enhance medical services in the country.
At the same time, Microsoft obtained approval to provide cloud computing services in Kuwait, which supports the country’s digital transformation agenda. Google Cloud has also formed a strategic alliance with the government to present a roadmap for digital transformation through government entities and major state-owned companies, in addition to investing in opening a modern cloud area in the country.
The Microsoft Summit, held in May 2022 in partnership with the Central Agency for Information Technology, was aimed to communicate with a wide range of private and public companies, and government agencies to accelerate the transformation of Kuwait into a smart government.
The summit presented technologies that work through computing to help the government increase future opportunities and improve electronic services in the public sector. In January 2023, the Public Authority for Roads and Transportation (PART) in Kuwait issued a tender for consulting services for the first phase of the national railway network. This could include advanced technologies, such as the Internet to improve its operations and maintenance.
Also, Aegis announced it will provide project management and consulting services to develop the smart city of Mutlaa area with integrated cloud services, advanced digital applications, and the Internet. Fitch Solutions’ report concluded by stating that the participation of major technology players and significant investments in infrastructure projects in Kuwait underscores the country’s commitment to diversifying its economy and transforming its society into a digital one by strengthening publicprivate partnerships and focusing on digital transformation. Kuwait is well positioned to achieve the ambitious goals set out in the 2035 vision.
KUWAIT: The Public Security Affairs Sector, in collaboration with the General Traffic Department and the General Directorate of Rescue Police, conducted a large-scale and unanticipated security operation in various areas, including Shuwaikh Industrial, Hawally, Khaitan, Mahboula, Qurain Markets, and Jahra Industrial.
The operation resulted in the arrest of 63 expats violating the residency law, 40 expats with expired residency permits, 91 individuals without valid documentation, 23 individuals absconders, and 2 individuals with criminal records.
Additionally, 4 individuals were found in possession of drugs, 1 individual was caught peddling drugs, 2 individuals were caught with alcohol, and 1 individual was apprehended for drunk driving. The authorities also released 423 individuals who had committed minor offenses.
KUWAIT: Amidst ongoing security operations, increased investigations, and expanded patrols, the Criminal Security Sector, through the Investigation Department of Al-Ahmadi Governorate, successfully apprehended two individuals who had entered a school in the Sabah Al-Ahmad area through illegal means by climbing the school gate. The suspects were found to be in possession of one laptop and four projectors. The authorities have taken appropriate legal action against the perpetrators.
KUWAIT: The American forces in Kuwait organized a competition to select the best battalion in the US Central Army. The competition, which included participants from the Arifjan and Buehring camps, was held from May 6 to May 11 in the training field in Adeira area, reports Al-Anba daily.
It included arduous and violent qualitative tests aimed at enhancing the combat efficiency of the soldiers and exploring their capabilities in various military fields, physical fitness rates, and their ability to carry out tactical tasks and solve problems, as well as the use of the latest modern technologies in the battlefield to confront any emergency aggression.
Staff Sergeant Brian Disick of the US Army Central in Kuwait, who was in charge of the competition, praised Kuwait for hosting the American forces.
He expressed his happiness with the facilities provided by Kuwait to the American forces, which he described as complete and excellent.
Staff Sergeant Disick said, “Kuwait is an important strategic and logistical partner, and we are very happy to be in this country. We do not have any difficulties or problems. Everything is going well.”
He spoke about the nature of his mission in Kuwait, which he started three years ago, explaining that, “The objective behind holding such competitions is to spread the spirit of competition between the soldiers and the different battalions in order to achieve the best possible readiness to face any emergency and discover the maximum limits of their capabilities. These competitions challenge their physical and mental capabilities and their ability to work together.”
Staff Sergeant Disick highlighted the importance of ensuring that all battalions participating in the competition pass all difficulties and challenges, and are proficient in using all equipment such as radio and wireless devices, which they must have experience with.
He expressed his happiness that the participating battalions reached the final qualifiers, affirming that such competitions are taking place among the ranks of the American forces only so far, and that the Kuwaiti forces do not participate in them.
Staff Sergeant Disick said, “We hope our Kuwaiti friends will participate in this competition in the future, as they are a strategic partner for us.”.
He indicated that the aim of the competition, other than the aforementioned, is to qualify the winning battalion to participate in the US Army General Command competition to select the best battalion, which will be held in the state of South Carolina in August.
Meanwhile, the Senior Adviser appointed to the US Army Central Chief Sergeant Jacinto Garza said, “The best battalion competition tests the ability of the various battalions in the US army to carry out general military tasks and field exercises by putting them in the face of realistic and difficult scenarios that challenge their capabilities and require double physical effort and require work in the spirit of one team.
The winning battalion in the competition will represent the central command in the main competition organized by the US Army General Command to choose the best battalion next August.”
In a statement issued after announcing the result of the winning battalion in the competition, Chief Sergeant Garza affirmed that the competition for the best military division in Kuwait focuses on building the capabilities of the non-commissioned officer.
He stressed that success in the army depends on the junior commanders who are empowered to make decisions.
Chief Sergeant Garza said if they can share their training model effectively, it will help in making the Kuwaiti army better, adding, “A good team respects each other, cares for each other, and trusts each other.”
Chief Sergeant Garza explained that, “The competition focused on the small teams that fight and win the battles of our country. A total of 14 teams consisting of 70 soldiers were pressed hard both physically and mentally, and were tested on the use of weapons, land navigation, medical first aid, squad tactical proficiency and capabilities (from 5 to 10 soldiers), physical endurance and fitness, and strategic understanding of the army’s role in the Middle East and around the world.”
The winning team was the Charlie Company’s 116-2 Combined Arms Battalion, led by Staff Sergeant Joshua Hutchins.
KUWAIT: As per the directives of His Excellency the First Deputy Prime Minister, Minister of Interior and Acting Minister of Defense Sheikh Talal Al-Khaled Al-Ahmad Al-Jaber Al-Sabah and the instructions of the Undersecretary of the Ministry of Interior, a sudden inspection campaign was conducted in Abdali, Wafra, Jawakhir Kabd, and Baraih Salem regions in Salmiya.
The Joint Tripartite Committee Department under the General Administration of Residence Affairs Investigations, along with the Public Authority for Manpower and the Ministry of Commerce, established checkpoints in these areas resulting in the arrest of 219 violators of the residence and work law in the country. The violators were handed over to the competent authority for necessary legal actions to be taken against them.
KUWAIT: Head of the Judicial Enforcement Team of the Ministry of Electricity, Water and Renewable Energy, Adnan Dashti, announced that power supply to 11 garages in the Fahaheel Industrial Area have been cut off, and fines have been issued against the owners of those garages after discovering the owners of these garages were using direct power supply from the main line without installing the power meters, reports Al-Rai daily.
Dashti told the daily that the team launched a joint campaign with the Ministry of Interior, Kuwait Municipality, the Ministry of Commerce and Industry, and the Public Authority for Industry in Al-Ahmadi Governorate, specifically in the Fahaheel area.