Kuwait intends to establish a new sovereign investment fund to accelerate development, spur the national economy, build strategic partnerships and attract investment.
The country's Ministry of Finance and the Kuwait Investment Authority will study the Ciyada Development Fund, according to the government's four-year work programme for 2023-2027.
The KIA is the oldest sovereign wealth fund in the world with about $800 billion in assets under management, according to both the Sovereign Wealth Fund Institute and Global SWF that track state-owned Investors.
The proposed Ciyada fund aims to "accelerate the growth of the Kuwaiti economy, improve the quality of life and bolster transformation and progress in the various fields of development, through strategic planning and effective implementation of major development projects", according to a government document.
The 62-page document, submitted to the national assembly on Sunday, lays out a four-year programme covering the economic, social, entertainment and human resources fields through to 2027.
The new fund will seek partnerships with leaders in industry and advanced technology within the private sector domestically and globally, operating within "a framework of governance and transparency to achieve progress and prosperity".
The fund will be the government's developmental arm for managing major projects and a platform for partnership with the private sector, the document said.
It will localise technology through global partnerships, create opportunities and attract investments in high value-add sectors, lead and implement economic planning and strategy, and motivate changes in productivity culture.
The current KIA manages the state’s General Reserve Fund, the Future Generations Fund and any other funds entrusted to it by the Minister of Finance, according to its website.
Gulf sovereign wealth funds are expected to become more active and play an even bigger role in global markets this year, as they receive large capital injections derived from higher oil revenue, Global SWF said in January in its annual industry report.
The feasibility study for Ciyada, which means sovereign in Arabic, will be finished within a year. The government’s work programme is issued with the formation of a new cabinet.
The government submitted its four-year work programme on Sunday to the national assembly. This included 107 major projects covering economic, social, entertainment and human capital areas, which are scheduled to be completed by 2027.
"Since we see in the government's work programme as a document of co-operation and partnership between the executive and legislative authorities, we also present it as a partnership programme with all components of society, including the private sector, which must play its role in achieving sustainable growth and creating productive jobs," Sheikh Ahmad Nawaf Al Ahmad Al Sabah, Prime Minister of Kuwait, said in the document.
"The private sector must be enabled to fulfil its role under effective state regulation that can direct the sector towards sustainable development projects and remove its distortions and address its deficiencies.
"The state at the same time must establish an environment of confidence and reassurance to encourage domestic investment and attract foreign capital."
Under the work programme, the government has pledged to run several megaprojects in various sectors.
In the aviation, transport and logistics sector, it plans to open the new T2 terminal of Kuwait International Airport in the third year of the programme and increase the country's air transport volume from 240,000 flights to 650,000 by developing three runways.
It will also inaugurate part of the Gulf Railway project and prepare train stations in Nuwaiseeb And Shaddadiyah in the fourth year of the programme.
The government plans to open Kuwait Air Cargo City in partnership with a global operator in the fourth year, it said, without disclosing details.
Other projects include opening an amusement park in Doha, west of Kuwait City, scheduled for the fourth year.
It will also open Failaka Island, home to relics from the Bronze Age, Dilmun and the Hellenistic periods, as a tourist and cultural attraction.
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- DLD registration fee can be paid through banks or credit cards at zero interest rates
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Four tips to secure IoT networks
Mohammed Abukhater, vice president at FireEye in the Middle East, said:
- Keep device software up-to-date. Most come with basic operating system, so users should ensure that they always have the latest version
- Besides a strong password, use two-step authentication. There should be a second log-in step like adding a code sent to your mobile number
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Simon Nadim has completed 7,000 dives.
The hardest dive in the UAE is the German U-boat 110m down off the Fujairah coast.
As a child, he loved the documentaries of Jacques Cousteau
He also led a team that discovered the long-lost portion of the Ines oil tanker.
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Other ways to buy used products in the UAE
UAE insurance firm Al Wathba National Insurance Company (AWNIC) last year launched an e-commerce website with a facility enabling users to buy car wrecks.
Bidders and potential buyers register on the online salvage car auction portal to view vehicles, review condition reports, or arrange physical surveys, and then start bidding for motors they plan to restore or harvest for parts.
Physical salvage car auctions are a common method for insurers around the world to move on heavily damaged vehicles, but AWNIC is one of the few UAE insurers to offer such services online.
For cars and less sizeable items such as bicycles and furniture, Dubizzle is arguably the best-known marketplace for pre-loved.
Founded in 2005, in recent years it has been joined by a plethora of Facebook community pages for shifting used goods, including Abu Dhabi Marketplace, Flea Market UAE and Arabian Ranches Souq Market while sites such as The Luxury Closet and Riot deal largely in second-hand fashion.
At the high-end of the pre-used spectrum, resellers such as Timepiece360.ae, WatchBox Middle East and Watches Market Dubai deal in authenticated second-hand luxury timepieces from brands such as Rolex, Hublot and Tag Heuer, with a warranty.
Global state-owned investor ranking by size
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China
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UAE
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Canada
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Should late investors consider cryptocurrencies?
Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.
They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.
“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.
He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.
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