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Report: Global’s Desolation December 23, 2008

Posted by Ali in analysis, kuwait.
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Global Investment House (Global), was incorporated in 1998 by a group of mid-age Kuwaiti entrepreneurs who used to work for Kuwait Investment Company.  Global has been lead by Mrs. Maha Al-Ghunaim since inception. Global started in 1998 with market cap of KD 15 millions, and by June 2008 its market cap grew to KD 1.5 billion.

Global growth was initially driven by fees and commission, as the company was focused on private placements and marketing its funds. However, when the company started to grow larger and faster these core business earnings became more difficult to grow, thus Global became more aggressive in its investments.  Global’s recent growth and return were coming mainly from their investment activities (Chart 1). chart1  (more…)

Kuwait’s policy strategy plan 2009 – 2014 April 2, 2008

Posted by mylastresort in analysis, bahrain.
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Information in a 2009 – 2014 policy strategy plan formulated by Kuwait’s planning council has been made public. The policy strategy is not strictly adhered to, nor is it marketed to the public, rather it is just a report amid many reports circulated by the government.

 Here are a few of the plans:

  • Boost non-oil economy (at less than 10% of revenue)
  • Increase foriegn investment (become a financial hub)
  • Sell land/Ease ownership rules (in preparation of post-oil era)
  • Continue privatizations (eg. selling of Kuwait Airways Corp.)

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Kuwaiti government to control price increases March 9, 2008

Posted by mylastresort in analysis.
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The Kuwaiti Commerce and Industry Ministry announced yesterday that companies selling 367 products are to face the public prosecution for unjustified price increases. The products concerned include rice, vegetable and cooking oils, frozen poultry, cheeses, and liquid and powder milk, head of the consumer protection department at the ministry Mansour Al-Nazhan said. This comes after a study conducted last week on the prices of 811 products, he said.

The study’s first phase was conducted on food items since they are vital for consumers and the prices of other products will be studied in the next phases, he added.
The ministry is exerting enormous effort to accomplish the project soon to protect the interests of consumers, he stressed. The study, completed in a record time of five days, revises the costs of production, shipping, and transfer and also consists of a section on legal issues based on law 10/79 on the supervision on prices, he pointed out.
Al-Nazhan said that article 14 of the law states that all those who unjustifiably increase prices shall be imprisoned for not less than three months and not more than three years and shall be fined not less than KD 2,000 and not more than KD 10,000, or punished with one of these penalties.
The third part of the study discusses official data from government and private bodies in and outside Kuwait, he said. He pointed out that those working on the study noticed that the prices of products varied in different cooperative societies, emphasizing that all violators of the law will be punished.
The official thanked those participating in the study, especially legal researcher Iman Mujib Al-Ajmi, for their efforts. As the second phase of the study, the consumer protection department is reviewing the prices in restaurants and cafes. The results of the next phase will be ready by the end of this week and will be announced to the consumers.