KUWAIT CITY, July 16: Advertisements on converting loans to cash and assisting in banking transactions have been sweeping through social media lately, targeting citizens and expatriates who desire to obtain loans or reschedule debts. A reliable source said some managers of specific bank branches deal secretly with usurers to accomplish new transactions and to boost the sale of credit cards and loans.
Al-Seyassah daily interviewed a number of specialists to figure out the ensuing danger of such acts, and former Head of Kuwait Banks Association Mansour Ashour stated some banks are aware of the activities of employees but have declined to take any action against them until the issue is made public.
He pointed out that some banks overlook the issue so as to allow the employee achieve his target set by the bank. He stressed that an individual employee cannot accomplish the process of converting loans into cash without the help of top officials due to commitment of the banks to the sequence of jobs.
He called on the Ministry of Commerce and Industry to take relevant action to put an end to the widespread negative phenomenon. He added such acts encourage citizens to misuse public funds by inviting them to cash in on funds allotted for the national personnel employed in private sector by facilitating the approval of loans. He added some deceive clients to get their lifted names from black lists, including insolvent debtors facing legal action.
Economic expert Thamer Al- Naqib also stated the tsunami of converting loans into cash is sweeping through all local banks due to lack of monitoring of the employees having become mediators to receive commissions, regardless of the consequent losses.
He said the issue is too complicated. On one side, the client tries to get his problem solved by converting his loans into cash, and on the other hand, the bank tries to keep the loan system working to keep away from the circle of bad debts resulting from the withdrawals. Banking expert Musa Darweesh is of the view that some processes of converting loans into cash constitute money laundering, which is punishable according to Kuwaiti laws. He added the banks’ policy on providing loans is conventional due to the fear of new crises.
Also, chairman of the Board of Directors of Al-Arabi Shareholding Group Hamed Al- Bassam pointed to the danger of converting loans into cash through advertisements pulled off by some bank employees in cooperation of usurers. He stated the importance of reviewing the appointment of new employees to ensure they have good reputation and relevant qualifications.
By Rabab Al-Jawhari Al-Seyassah Staff
Source: Arab Times
KUWAIT CITY, July 16: Amid warnings against wastage and the belt-tightening policy, several massive buildings that cost the government millions of dinars are deserted without internal or external activities. Those buildings are still waiting for employees and visitors to open their doors before they become dilapidated or a technical report declares them unfit for use, reports Al-Rai daily.
Al-Rai Newspaper moved around some government buildings and facilities at various locations in the country and found out that many of the buildings are lying fallow without use, regardless of the huge sums spent in constructing them.
Investigation revealed that the buildings have not been used following suspension of the handing over procedures for some reasons, while many of them have been deserted for several years in a way that exposes them to vandalism and looting. One of the buildings is a multi-storey car park constructed for employees of the Government and Manpower Restructuring Project.
The structure sitting on 8,295 square/meters area can conveniently accommodate 1,300 cars and serve 600 employees plus 300 visitors. The park is so expansive that it can serve a nearby school as well. Another building belonging to Farwaniya Residence Affairs Department next to the Government and Manpower Restructuring Project’s car park was constructed to serve the Ministry of Interior. The project was executed in 2016 but it remains under lock and key until now, while visitors are forced to carry out their transactions at Dhajeej where citizens and expatriates face a hard time conducting transactions due to congestion, in spite of the new building having been furnished and ready for use.
The third building, which was completed in 2013, belongs to the Food and Nutrition Department affiliated to the Ministry of Health at Sabah Health Region. The edifice, which cost KD 6 million, has yet to be connected to power. Untouched for five years, the building has lost its essence and remains secluded. One of the buildings within the premises of South Jleeb Al-Shuyoukh Clinic was meant to serve pregnant women but officials declared it unsuitable for pregnant women after the furnishing, because it has staircase.
The structure, which cost the government over KD 3 million has since been abandoned and wearing down to the point of destruction. The abandoned structures include the General Customs Administration building that has been forsaken for 33 years and stands among other structures in Shuwaikh like a ghost.
The government decided to construct a separate building for the General Customs Administration in 1985 and contract was duly awarded in that regard. The administration took delivery of the project after execution, but a report submitted by Kuwait Institute of Scientific Research with affirmation by the Ministry of Public Works and Kuwait University declared it ‘unfit for use and prone to collapse’.
source: Arab Times
Luxury Turkish products now less expensive
KUWAIT CITY, Aug 16: An unprecedented turnout of Kuwaitis – both individuals and traders – who thronged the exchange markets to benefit from the sharp drop in the value of Turkish lira was witnessed on Wednesday, Aug 15, reports Al-Nahar daily.
The decline in the value of Turkish lira has invoked interests for travel, tourism and import of various types of Turkish products especially luxury products which have now become less expensive. A number of money changers said they are expecting the value to reach record levels of up to KD 90 per 1,000 lira from the pre-crisis value of KD 85 per 1,000 lira.
They highlighted the measures taken by the Turkish government which recently managed to mobilize a large turnout for the purchase of lira to the extent that the trading price reached the ceiling of KD 61 per 1,000 lira up from the lowest price on the trading screens at KD 43 per 1,000 lira. On the other hand, some bankers said what happened in Turkey is the beginning of a crisis and not the end.
However, others feel the impact would be great for the assets relying on lira, indicating that there are large Gulf exposures to Turkey because of the huge investments there and showed the dollar assets will be the least harmful.
Meanwhile, Turkish statistics reveal Kuwaitis are in fifth place after Iraqis, Iranians, Saudis and Russians in terms of foreigners buying real estate in Turkey in July. According to the data issued by the Turkish Statistics Agency, Kuwaitis bought 171 properties in Turkey last July. Iraqis topped the list with the purchase of 584 properties followed by Iranians in second place with 321 properties, Saudis 211 and Russians 173.
MANAMA, Aug 8, (KUNA): A pair of Kuwaiti ministers said on Wednesday that the first flight that took off from Kuwait International Airport’s newlybuilt Terminal 4 (T4), which landed in neighboring Bahrain, was a profound accomplishment. “This milestone event will help propel the local aviation industry to new heights,” Minister of Finance Dr. Nayef Al-Hajraf said in a statement, pointing out that the new terminal will provide nationals with new job opportunities.
The minister expected a spike of up to 10 percent in passenger traffic at the airport with the completion of T4. The terminal, which solely serves the national carrier Kuwait Airways, will allow the airline to revamp its itinerary, Minister for Housing and Services Jenan Boushehri said.
T4’s inaugural flight took to the skies earlier on Wednesday with much fanfare to land in the Bahraini capital Manama, with a phalanx of senior officials and local journalists onboard.
Kuwait Airways, the first airline to take off from the new Terminal 4 (T4) at Kuwait International Airport, arrived at Bahrain International Airport Wednesday.
Kuwait Airways Board Chairman Youssef Al-Jassem said, in a statement to KUNA, said that starting from August 15, four commercial flights will be operated.
The ‘Blue Bird’ will have its own building, with the hope to increase total number of regular daily flights to 92, he added. Through the T4, 25 of the latest models will takeoff and 4.6 million passengers by the end of this year will be flying, with an estimated increase of half-a-million passengers each year. Al-Jassem added that 33,600 regular flights each year would connect 43 cities In 26 countries.
The T4 and T5 buildings contribute in reducing pressure on the main airport by 60 percent, he said. Al-Jassem expressed gratitude to the Kingdom of Bahrain for its great interest and hospitality of this commissioned trip.
The delegation onboard the flight included , Minister of Finance Dr. Nayef Al-Hajraf and Minister of State for Housing Affairs and Minister of State for Services’ Affairs Jenan Boushehri, KUNA Editor-in-Chief for Editorial Affairs Saad Al-Ali and a host of local press people.
Bahrain’s Minister of Finance Sheikh Ahmad Bin Mohammed, Minister of Communications Kamal Bin Ahmed and Kuwait’s Ambassador to the Kingdom of Bahrain, Sheikh Azzam Al-Sabah, were among the recipients.
The T4 was inaugurated on July 4 under the patronage of His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah as part of His Highness’ vision to turn Kuwait into a commercial and financial center in the region.
Meanwhile, Bahrain’s prime minister on Wednesday heaped praise on His Highness the Kuwaiti Amir Sheikh Sabah Al- Ahmad Al-Jaber Al-Sabah as a leader whose accomplishments are immeasurable, on the same day where a new Kuwaiti airport terminal launched its inaugural flight.
Bahrain is honored to have been the destination for the first flight to take off from Kuwait International Airport’s new Terminal 4 (T4), Prince Khalifa bin Salman told a delegation of Kuwaiti officials and journalists, all of whom were onboard the maiden flight.
Source: Arab Times
KUWAIT CITY, Aug 9: General Department of Public Relations and Security Media at Ministry of Interior disclosed that the military training program titled “Guard who cannot be defeated” kicked off on Thursday, Aug 9, and will continue for ten days, reports Al-Seyassah daily.
The department explained that officers from Ministry of Interior, Ministry of Defense and the National Guard are participating in the training along with 400 soldiers of the American Army. The training program involves scenarios that facilitate joint response for confronting overseas terrorist attacks.
It is aimed at exchanging experiences among the security and military institutions of Kuwait and friendly countries, and at creating a united and integrated strategic security system that enhances the capability and readiness of the participating bodies. It includes tactical trainings as well as implementation of attack and defense plans.
Meanwhile, the American Embassy in Kuwait revealed in a press statement that 400 American soldiers will join the Kuwaiti forces for participating in the training program, which is based on coordination between the United States General Command and other American bodies and Kuwaiti government. The embassy affirmed that the training program will be carried out in specific remote sites located throughout Kuwait with limited participation of the headquarters of MacDill Air Force Base in Tampa, Florida.
By Jaber Al-Hamoud
Al-Seyassah Staff and Agencies
Source: Arab Times
KUWAIT CITY, Aug 9: Assistant Director for Projects at Kuwait Municipality Engineer Nadia Al-Sheriadah disclosed that concession agreement of the workers city project in south Jahra is 40 years, reports Al-Qabas daily.
In a letter to the Secretary General of the Supreme Council for Planning and Development concerning plans for operating and managing strategic projects such as the workers city, Al- Sheriadah said the project is in the framework of partnership between public and private sectors based on Public Private Partnership (PPP).
She stressed the idea is to establish a modern workers city with the required services and infrastructure, in addition to an amusement park and green areas. She added the sector is reviewing Requests for Proposal (RFP) prelude to floating of the project among the prequalified companies and contract will be signed with the winning company before Kuwait Municipality pays the cost, which will be in four tranches starting from the first year of project implementation. She reiterated the concession period is 40 years, and the period of construction work covers three years.
Al-Sheriadah expected the contract to be signed in the last quarter of 2018, noting the revenues and expenditure will be managed by an accounting company whose services Kuwait Municipality will engage within the first three years of executing the project, indicating employees of Kuwait Municipality will be trained later to take over.
Concerning the entertainment city project at Eqaila, Al-Sheriadah stated a study is underway before the project will be fl oated to private companies in line with Law No. 116/2014 in line with the partnership between public and private sectors.
She pointed out that Kuwait Municipality will sign contracts with the winning company to finance the project to be established on State property based on Built, Operate and Transfer (BOT) system. She also said Kuwait Municipality will supervise the project and make double sure the company fulfills all conditions of the contract.
With regard to the proposed solid waste management project at Kabad, she explained that Kuwait Municipality through Kuwait Authority for Partnership Projects has reviewed a study conducted by an international consultancy firm to establish a plant to manage solid waste by burning to generate electrical energy, noting the project meets environment criteria and the remnant ashes from the process will be buried. She noted the project will save space needed for burying waste while serving as an alternative source of energy.
The project will be established on 500 thousand square/meters area in accordance with Law No. 116/2014 and its executive regulations, as per a decision issued by the Municipal Council on April 8, 2002.
Source: Arab Times
KUWAIT CITY, Aug 9: The Criminal Court sentenced two young citizens to five-year imprisonment each with hard labor over charges of sexually assaulting a GCC woman in Jabriya area.
Lawyer Muhammad Abbas filed the lawsuit on the behalf of the victim, requesting the payment of temporary civil compensation worth KD 5,001 and issuance of maximum penalty against the defendants.
He supported his defense with evidences including a report from Telecommunication Tower that proved the two defendants were with the victim at the time of the crime. He also depended on the investigations conducted by Criminal Investigations Department and the report of the General Department for Criminal Evidences.
By Jaber Al-Hamoud Al-Seyassah Staff and Agencies