Kuwait's Ministry of Finance is in the process of transferring ownership of land plots worth 2.5 billion Kuwaiti dinars ($8.1 billion) to the state's pension fund for investment as it seeks to improve pensioners' quality of life.
The move is aimed at supporting retirees by “bolstering the fund's financial and economic position, guaranteeing the institution's sustainability and reducing the actuarial deficit recorded in the institution's budget”, the ministry said on Monday.
Work is currently under way to complete the transfer of three land plots spanning 842,000 square metres to the Public Institution for Social Security Fund.
This comes as authorities seek to ensure the “stability and strength of the Public Institution for Social Security Fund” and to meet their obligations towards securing a high quality of life for citizens in general and pensioners in particular, the ministry said.
Last month Kuwait announced plans to establish a new sovereign investment fund to accelerate development, spur the national economy, build strategic partnerships and attract investment.
The Ministry of Finance and the Kuwait Investment Authority will study the Ciyada Development Fund, the government said in July.
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”, it said.
In 2023, Kuwait's economic growth is projected to slip to 0.1 per cent, reflecting agreed Opec+ oil production cuts and slower external demand growth, the International Monetary Fund said in June.
However, non-oil growth in 2023 is projected to remain robust at 3.8 per cent due to fiscal stimulus and a partial rebound in expat employment, the IMF said.
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- Premier League-standard football pitch
- 400m Olympic running track
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- 600-seat auditorium
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- Specialist robotics and science laboratories
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- Disruption Lab and Research Centre for developing entrepreneurial skills
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
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6.30pm: Baniyas (PA) Group 2 Dh195,000 1,400m.
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
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The biog
Age: 59
From: Giza Governorate, Egypt
Family: A daughter, two sons and wife
Favourite tree: Ghaf
Runner up favourite tree: Frankincense
Favourite place on Sir Bani Yas Island: “I love all of Sir Bani Yas. Every spot of Sir Bani Yas, I love it.”
UAE currency: the story behind the money in your pockets
The specs
Engine: 4.0-litre flat-six
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Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
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Sri Lanka-India Test series schedule
- 1st Test India won by 304 runs at Galle
- 2nd Test India won by innings and 53 runs at Colombo
- 3rd Test August 12-16 at Pallekele
What are the influencer academy modules?
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
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- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
TWISTERS
Director: Lee Isaac Chung
Starring: Glen Powell, Daisy Edgar-Jones, Anthony Ramos
Rating: 2.5/5
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
