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News Summary Report October 1st, 2018
Domestic Affairs
Kuwait Authorities Nab Key Suspect in Plunder of Public Funds
Kuwait has enlisted the aid of Interpol to arrest a military officer accused of stealing public funds, its interior ministry said on Sunday.
Kuwait’s interior ministry has worked closely with the global police body to repatriate one of the suspects involved in the squander of public funds to ensure that he ultimately stands trial, the ministry said in a statement.
It emphasized that the misuse of public funds is punishable under the rule of law, vowing to pursue and bring to justice anybody involved in such nefarious practices- KUNA
Economy
KFH: KD 548 Million Value of Local Real Estate Transactions Last July
Kuwait Finance House (KFH) said that real estate developments in July amounted to about KD 548 million (some $ 1.8 billion), supported by remarkable activity in all real estate sectors.
“ The number of real estate transactions increased significantly to 744 in July and real estate increased by 93% compared to its value in June”, KFH said in an economic report released on Monday.
The average value of the total deals rose last July to the second-highest level in the past years, registering a 30% monthly increase in July, “ but still below its peak level in early 2014”, it added.
Private housing transactions rose 73%, with the number of transactions increasing by 81%, leading to a small decline in the average value of its deals on a monthly basis by 4%, it noted.
The value of trading in the investment sector rose by 209% in July, increasing the average value of the deal in this sector by 30% from June. KFH pointed out that the value of trading in the commercial sector rose by 189 % on a monthly basis, with the number of transactions in this sector increased by 88% and the average value of the deal rising by 54%.
The average daily value of real estate transactions in July doubled to KD 24 million (about $ 79 million), a remarkable increase of 101% over the average daily turnover of KD 12 million (about $ 39 million) in June, with an increase in the number of days trading to 23 days in July.
Private housing accounted for 26% of the sector’s trading in July, close to its lowest level, accounting for 39% in June- KUNA
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External Affairs Saudi Crown Prince Ends Kuwait’s Visit
Saudi Arabia’s Crown Prince, Deputy Premier and Defense Minister, Mohammad bin Salman bin Abdulaziz Al-Saud and the official delegation accompanying him left the country on Sunday night, ending an official visit.
Prince Mohammad bin Salman was seen off by His Highness the Crown Prince, Sheikh Nawaf Al-Jaber Al-Sabah, National Assembly Speaker, Marzouq Al-Ghanim and Acting Prime Minister and Foreign Minister, Sheikh Sabah Khaled Al-Hamad Al-Sabah.- KUNA Egyptian Official Commends Kuwait’s Amir “important” role at Arab Level
An Egyptian official commended Sunday “important” role of His Highness the Amir of Kuwait, Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah in addressing Arab issues.
Kuwait is an example that we feel proud of, Mufeed Shehab, Chairman of Egyptian International Law Society, told KUNA.
He was speaking to KUNA on sidelines of a seminar about international law for fresh graduates of Kuwait’s Saud Al-Nasser Diplomatic Institute, held at Kuwait’s Embassy in Cairo.
Shehab, a former Minister of Higher Education and Scientific Research, said the young diplomats would “be honored to represent their country in different parts of the world and at international organizations”. Kuwait’s Ambassador to Egypt, Mohmmad Al-Thuwaikh said the new diplomats have a great role to represent their country and serve their fellow citizens.
The new diplomats would be visiting Arab Labor Organization, the Arab League, Ku wait permanent mission to the Arab League, the Egyptian Foreign Ministry’s Diplomatic Studies Institute and Al-Ahran Center for Political and Strategic Studies – KUNA
Saudi Crown Prince’s Visit to Kuwait Aims to Strengthen Distinguished Ties – Envoy The visit of Saudi Crown Prince, Deputy Prime Minister and Minister of Defense, Prince Mohammad bin Salman Al-Saud to Kuwait would strengthen the special relationship between the two brotherly leaderships and peoples, said Saudi Ambassador to Kuwait, Prince Sultan bin Saad bin Khaled Al-Saud Sunday.
In a press statement marking Prince Mohammad bin Salman’s visit to Kuwait, the Ambassador said that the historic relations between Saudi Arabia and Kuwait extend for more than 100 years. During this period, mutual visits between the leaders of the two brotherly countries came to confirm the depth of relationship between the two ruling families and two brotherly peoples as well as the progress and prosperity of this relationship.
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The visit came during a critical stage passing through in the region, he said. It also comes within the framework of continuous communication between the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al-Saud and His Highness, the Amir Sheikh Sabah Al-Ahmad Al- Jaber Al-Sabah to promote the distinguished relations between the two countries.
The Crown Prince of Saudi Arabia has taken the responsibility of transferring the kingdom of Saudi Arabia to the future through the vision of 2030, which is positively reflected on the whole region.
Everyone looks forward to this visit, which reflects distinctive models of cooperation and coordination between the two brotherly countries- KUNA
