Embassy of the Republic of Korea
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News Summary Report EXTERNAL AFFAIRS
H.H. Sent His Congratulations to Macaroon
His Highness Amir Nawaf Al-Ahmad has sent congratulation cable to the French President Emanuel Macaroon, expressing his felicitations on the occasion of the national day of France.
H.H. wished him good health and well-being in addition to progress and prosperity of the relations of the two friendly countries.
Al-Jareeda
Deputy FM Meets Senegalese Ambassador
Deputy Foreign Minister has met with the Senegalese Ambassador in Kuwait Abdou Lahad Mabacke, upon the end of his functions on Wednesday. The Deputy FM wished him success and in his future missions and bid him farewell.
Al-Qabas
Kuwait, Italy Sign Cooperation Agreement Soon
Ambassador of Italy in Kuwait Carlo Baldacci, has decorated General Secretary of National Council of Culture and Arts, Kamal Abdel Jaleel, with medal of cultural merit with a rank of Knight; considering his efforts in strengthening cultural bonds between the two countries.
Carlo Baldocci commended Abdel Jalil’s efforts in the cultural fields, noting the brilliant work that the council is making with the concerned authorities in Italy.
Abdel Jaleel added, in the near future a bilateral cooperation will be renewed in cultural, artistic, architectural fields. In addition to signing a cultural and scientific cooperation memorandum with Sapienza University of Rome in cultural heritage and sustainable tourism major.
Al-Jareeda
ECONOMY
Kuwaiti Oil Price Up 86 cents to USD 75.67 pb
The price of Kuwait oil went up by 86 cents to USD 75.67 per barrel Tuesday after being at USD 74.81 pb the day before, said the Kuwait Petroleum Corporation (KPC) Wednesday.
The price of the Brent crude rose by USD 1.33 to USD 76.49 pb, and the West Texas Intermediate went up by USD 1.15 to USD 75.25 pb.
KUNA
World Bank: FGF’s Increase of Revenues Doesn’t Mean the Country’s Secure
World Bank representative in Kuwait Dr. Ghassan Al-Khoja stated that the performance of Future Generations Funds (FGF) with a 33% growth rate, “doesn’t mean that we rest, but still Kuwait should pursue reforms in public finance; noting that growth achieved this year can’t be necessarily achieved next year. Regarding growth rate of FGF and giving the government permission to postpone the public debits, Al-Koja confirmed that “issues shouldn’t be mixed up,
Embassy of the Republic of Korea
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noting that FGF doesn’t fund the state treasury of public finance that is financially deficit because of oil prices and COVID-19. In addition, the state suffers from structural imbalances that is dealt with through huge cuts in spending and diversifying source of income.
Al-Rai
Markaz: Primary Issuances of Bonds and Sukuk in GCC see value rising 18% year-on-year to reach USD 83.7 billion in first half of 2021
Primary issuances of Bonds and Sukuk amounted to USD 83.7 billion during H1-2021, marking a growth of 18% year-on-year from USD 70.8 billion raised during H1-2020. The implications of Covid-19 have resulted in added strain on regional economies in terms of budget deficits and tightening liquidity. Moreover, the total number of primary issuances during the first half of the year totaled 201, compared to 176 issuances during the same period in the previous year.
Al-Qabas
Zain Group Q2 2021 net profit grows 17% to reach $138 million
Zain Group, a leading telecommunications innovator operating in seven markets across the Middle East and Africa, announces its consolidated financial results for the six months to June 30, 2021. Zain served 48.3 million customers at the end of the period, a 1 percent increase year-on- year (Y-o-Y).
For the first six months of 2021 (H1) Zain Group generated consolidated revenue of KD 750 million ($2.5 billion), a decrease of 3 percent Y-o-Y. EBITDA for the period reached KD 310 million ($1.03 billion), down 6 percent Y-o-Y, reflecting an EBITDA margin of 41 percent. Net income amounted to KD 86 million ($285 million), up 5 percent Y-o-Y, reflecting earnings per share of 20 fils ($0.07).
For H1 2021, foreign currency translation was impacted mainly due to the currency devaluation in Sudan from 55 in January 2021 to 444 (SDG / USD) end of June 2021, and a 19 percent currency devaluation in Iraq from an 1,190 to 1,470 (IQD / USD), cost the Group $378 million in Revenue and $233 million in EBITDA.
Al-Seyassah
Kuwait Seek to supplant Use of Oil for Power
Bloomberg News Agency mention that Kuwait had opened Al-Zour refinery for natural liquefied gas, which is considered the first sustainable plant that imports these strategic goods. Meanwhile, GCC are strengthening their efforts to use a cleaner source of power which natural gas. Al-Anbaa Kuwait, which uses an average of 200,00 to 300,00 barrels of oil and refined products each day to generate power, seeks to increase gas supply through liquefied natural gas imports and associated gas finds, Kuwait Petroleum Corp. Chief Executive Officer Farouq Al-Zanki said. The company aims to produce more gas as oil production rises and to find stand-alone deposits. “Our plan is to use less oil than gas,” he said. “If worst comes to worst, we would continue to use the more expensive fuel.”
Bloomberg
Embassy of the Republic of Korea
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Kuwait Lists 1,623 new COVID-19 Cases, 11 Deaths
Kuwait’s daily corona cases jumped by 1,623 to 380,699 as deaths rose by 11 to 2,158, the health minister said on Wednesday.
Another 1,721 people were cured of the virus, raising the total of those to have overcome the disease to 360,746, ministry spokesperson Dr. Abdallah Al-Sanad said in a statement.
The number of people hospitalized with the virus currently stands at 1,193, with 336 of them in intensive care units, he added, revealing that another 17,795 are receiving regular treatment.
Some 15,312 swab tests were conducted over the last day out of a total of 3,181,021, mentioned the official.
He went on to urge nationals and expatriates alike that abiding by health precautions, mainly, following social distancing rules, is the only way to halt the spread of the virus.
KUNA
KD 2,000 Fee for Expats Aged 60+ to Renew Residency
The Public Authority for Manpower yesterday re-imposed a ban on the transfer of residences to other activities for residents working in certain sectors, a statement said. Meanwhile, local newspapers and news sites reported that the authority has allowed expats over 60 without a university degree to renew their residency, provided they pay an annual fee of KD 2,000. Expats above 60 who hold university degrees were exempt from the ban. The manpower authority will issue an official decision in the next few days.
Al-Anbaa
Embassy of the Republic of Korea
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