Kuwait capital spending to jump 20% next year
KUWAIT CITY, January 26, 2021 Capital expenditure is expected to see a big boost next fiscal year in Kuwait with planned budget spending of KWD3.5 billion ($11.56 billion) as compared to KWD2.9 billion in 2020/21, a y-o-y increase of 20%. This compares to an increase of 9.6% expected in 2020/21 as compared to final accounts published for the year 2019/20, said a Kamco Invest report. Kuwait’s Ministry of Finance has unveiled the draft budget for 2021/2022 with a 13.8% decline in forecast deficits of KWD12.1 billion ($40 billion) as compared to an expected deficit of KWD14 billion ($46.2 billion) for the current year 2020/2021. Both revenues and expenditures are expected to increase next year with a revenue target of KWD10.9 billion vs expenditure of KWD23 billion.
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KUWAIT CITY, Jan 24: Burgan Bank K.P.S.C. – Kuwait’s second largest conventional bank by asset size – successfully placed US$500 million Subordinated Tier 2 Capital Securities in the international debt capital markets in December last year.
The bonds have an eleven-year tenor and an option for redemption after six years from the date of their issuance (11NC6), and are rated A- by Fitch. The bonds comply with the Basel III regulatory framework, as adopted by the Central Bank of Kuwait. Following the successful issuance, the Bank announced yesterday that it issued a notice of early full redemption of its KD 100 million Subordinated Tier 2 bonds due 9 March 2026 (bonds), in accordance with the terms and conditions of their issuance.
Dubai Shares Drop on Restrictions, Kuwait Banks Rise: Inside EM
Filipe Pacheco, Bloomberg News Investors visit the Dubai Financial Market PJSC (DFM) in Dubai, United Arab Emirates, on Tuesday, March 10, 2020. The Middle Easts travel and business hub called on citizens and residents to avoid travel due to the coronavirus risk. Photographer: Christopher Pike/Bloomberg , Bloomberg
(Bloomberg) Dubaiâs main equities index led losses in the Middle East after a fresh set of restrictions to contain the spread of coronavirus as cases keep rising. Banks in Kuwait advanced on potential dividend resumption.
The DFM General Index fell as much as 1.6% on Sunday, adding to a 2% drop on Thursday. The benchmark in Abu Dhabi, Saudi Arabia and Qatar also traded lower, while the main gauge in Kuwait rose the most.