HISTORY
Rotana Hotel Management Corporation was founded in 1992 and has since developed to be the Middle East’s largest hospitality management company and a widely recognised brand.
The company was founded by partners Nasser Al Nowais and Selim El Zyr, who were joined three years later by Nael Hashweh and Imad Elias.
Today, Rotana has a portfolio of 68 properties in the UAE, Qatar, Bahrain, Kuwait, Sudan, Lebanon, Egypt, Iraq, Oman, Saudi Arabia, Jordan and Syria, of which 27, from four and five-star hotels and resorts to all-suite properties, are in operation.
The Rotana name has become synonymous with a local company managed by people who understand what the whole region is all about. Customers are attracted, and often revisit, drawn by the increasing choice of property in terms of location, type, budget and style. Rotana combines international quality standards and traditional Arabic hospitality.
Rotana’s strategic aim is to have a property located in every key city in the Middle-East and this goal is being steadily achieved through careful long-term planning and knowledge of the market. The company’s vision is to be the leading and preferred hospitality management company operating hotels, hotel apartments and resorts, within the Middle East.
“As we look back over the years, to the time that has passed since the opening of our first property in Abu Dhabi in 1993, we are filled with gratitude. Gratitude towards our owners and partners, our colleagues and of course our guests, with whom we’ve had the pleasure of sharing Rotana’s growth. It is our history that makes us who we are. Rotana today is the result of a shared vision and many years of loyalty, dedication and hard work. Knowing who we are and what we are capable of is of great value, creating a solid foundation that allows us to move forward with confidence, knowing that our future is secure”, Mr. Nasser Al Nowais, Chairman of Rotana.
Tuesday, August 4, 2009
Wednesday, May 13, 2009
JW Marriott Hotel Kuwait City
The JW Marriott Kuwait City, formerly Kuwait City's Le Meridien hotel, was taken over by Marriott International in November, 2002, and was rebranded on January 1, 2003.
History
In 1980, Le Meridien Kuwait opened to international acclaim as one of the most luxurious hotels in the area, and as one of the first international-class hotels in Kuwait.
In 1990, the hotel's lobby and first floor were set on fire by invading Iraqi soldiers. Following the Invasion, the damaged areas were restored and reconstructed to reopen to guests.
In 2003, the hotel served as a major hub for visiting journalists during the war in Iraq. Severe security measures were undertaken at the hotel, including the scanning of all incoming vehicles, passing through metal detectors, luggage scanning, identity tests, and the parking of vehicles several meters from the hotel's entrance and porte cochère.
In 1990, the hotel's lobby and first floor were set on fire by invading Iraqi soldiers. Following the Invasion, the damaged areas were restored and reconstructed to reopen to guests.
In 2003, the hotel served as a major hub for visiting journalists during the war in Iraq. Severe security measures were undertaken at the hotel, including the scanning of all incoming vehicles, passing through metal detectors, luggage scanning, identity tests, and the parking of vehicles several meters from the hotel's entrance and porte cochère.
Location
JW Marriott Hotel Kuwait is located in the Al Salhiya area of Kuwait City, adjacent to the Al Salhiya shopping complex. It lies four kilometres from downtown Kuwait.
Hotel Features
This 16-storey hotel features modern architecture and a glass façade. Multilingual staff at the 24-hour front desk can offer currency exchange and the use of a safe-deposit box, and there is a dedicated concierge desk. The air-conditioned public areas have wireless Internet access, and there is also 24-hour room service, a gift shop and newsstand, and a limousine service. Valet parking is complimentary.
La Brasserie serves international dishes in a contemporary setting and features theme nights, including seafood and Spanish. Kei offers a Japanese menu, and the Terrace Grill specialises in steaks. The Café Royale serves light dishes, snacks and sandwiches throughout the day. The hotel's Tea Lounge, set in the lobby, offers speciality teas and coffees and light snacks.
The hotel has seven meeting rooms offering a capacity of 650. There is also a business centre with copy, fax and translation services
The hotel's health club features an indoor swimming pool, a spa tub, and fitness equipment.
Guestrooms. The 315 guestrooms have light contemporary decor and modern furnishings. All are equipped with satellite television, CD players, VCRs and complimentary Internet connections. Other standard amenities include climate control, complimentary bottled water, minibars, and safes. Bathrooms have jetted tubs, bathrobes, and hair dryers.
Expert Tip
Kuwait's Fish Market, eight kilometres from the hotel, is a fascinating glimpse of traditional Kuwait, a city where fishing has always been of vital importance. The variety of fish and seafood is outstanding.
Awards
In 2005, the hotel was named "Best Business Hotel of the Year."
Monday, May 11, 2009
The Avenues (Kuwait)
The Avenues (Kuwait)
Founded April 2007.
Headquarters Al-Rai Area , Kuwait , 5th ring road.
Owner(s) Mabanee Company
Website The-Avenues.com
The Avenues (Arabic: الأفنيوز ) mall is the largest mall and shopping center in Kuwait.[1] It is soon to be the largest mall in the middle east and one of the largest malls in the world. It is located in the Al-Rai industrial area, along the Fifth Ring Road. The first phase of the mall, inaugurated by Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, officially opened in April 2007.
Mohammad Al-Shaya, the manager of Mabanee Company, the company in charge of building the mall, said that "The Avenues is one of the plans that aim to transform Kuwait into a business center and trade region, for rebuilding the ability of Kuwait to attract investments from all over the world.
Mohammad Al-Shaya, the manager of Mabanee Company, the company in charge of building the mall, said that "The Avenues is one of the plans that aim to transform Kuwait into a business center and trade region, for rebuilding the ability of Kuwait to attract investments from all over the world.
The Project
The project contains four phases:
Phase 1 (2007): over 150 lifestyle shops, restaurants, cineplex, Carrefour hypermarket and an IKEA showroom .
Phase 1 (2007): over 150 lifestyle shops, restaurants, cineplex, Carrefour hypermarket and an IKEA showroom .
Phase 2 (2008): an extension of phase 1, adding 100 higher-end shops, a large food court, an outdoor fountain and outdoor dining venues .
Phase 3/4 (2011): a much larger expansion of the mall which will add a traditional Arabian souk, a European-themed Grand Mall, a luxury mall housing top-end brands, a shaded garden with water features (dubbed 'The Oasis'), two hotels, showrooms and a conference hall.
The mall is expected to have over 900,000 square meters of usable space upon completion in 2011.
Safety
The mall contains a police station which operates from the time the mall opens until it closes. It also includes over 950 surveillance cameras located all over the complex (including the subterranean and overground parking lots), and there are 350 guards monitoring the mall.
Shopping center
The mall includes outlets of some of the world's most popular fashion chains, as well as restaurants, coffee shops, a hypermarket, entertainment venues and an 11-screen cineplex.
Some of the following brands have outlets inside the shopping center:
Some of the following brands have outlets inside the shopping center:
Debenhams
Guess
Zara
Lacoste
H&M
NEXT
GAP
Diesel
MEXX
IKEA
Alghanim Electronics
Carrefour
Magic Planet
Restaurants
T.G.I. Friday's
Pizza Express
Ruby Tuesday's
Chili's
Nando's
Johnny Rockets
Pizza Hut
McDonald's
KFC
Hardee's
BurgerKing.
Le Notre
Starbucks
Costa Coffee
Caribou Coffee
Columbus Coffee
Dunkin' Donuts
The Chocolate Bar
Krispy Kreme
Nino's
Dean & Deluca
Network of Banks in Kuwait
Kuwait Finance House
Kuwait Finance House (KFH) was established in the State of Kuwait in 1977, as the first bank operating in accordance with the Islamic Shari'a. KFH is listed in Kuwait Stock Exchange (KSE), with a market capitalization of KD 3.133 billion as of 31 December 2006. Assets total KD 6.314 billion and deposits amount to KD 3.730 billion, representing 25% of the total deposits in the Kuwaiti market as per the balance sheet of 2006.
KFH has been highly rated by prestigious international agencies. Standard & Poor's rated KFH A-/A2 for short and long term investments, respectively. Capital Intelligence rated KFH A/A1 for short and long term investments, respectively. Fitch International also rated KFH A, and Moody's rating was Aa3. KFH has been awarded by The Banker magazine as the world's Best Islamic Financial Institution, and for third successive year it has been awarded by EuroMoney magazine as the best bank.[citation needed]
KFH provides Islamic Shari'a compliant products and services, covering banking, real estate, trade finance, investment portfolios, and other products and services.
Since the 1980s, KFH has witnessed multi-activity in international expansion. It has established independent banks in Turkey, Bahrain, and Malaysia. Moreover, it has stakes in other Islamic banks. Its investment activities in the US, Europe, South East Asia and the Middle East contributed to achieving the growing profit of KFH, in collaboration with the world's leading companies and banks, such as Citibank, Deutsche Bank JP Morgan, Chase, BNP Parisbas, ABN Amro, HSBC, and Islamic Development Bank (IDB).
KFH has always endeavored to expand its local branch network, covering 42 branches, in addition to special sections for ladies. It adopts the out-of-branch client concept. KFH has maintained its foothold as a pioneering entity in utilizing the latest technologies to meet the requirements of the various activities in which it operates, using online, SMS, as well as phone service (Allo Baitak), which has received the highest accreditation from the US Purdue University for outstanding customer service level.
Kuveyt Turk (Kuwait Finance House-Turkey)
Kuveyt Turk is a Participation Bank established in 1989 to operate in accordance with terms set forth by the Council of Ministers' Decree dated Dec. 16, 1983 and no. 831/7506. Until they become subject to the Banking Law in 1999, activities of Special Finance Houses were conducted by Council of Ministers Decrees on the one hand and by Directives of the Central Bank and the Undersecretariat of Treasury on the other hand. Starting from December 1999, Kuveyt Türk has become subject to the Banking Law no. 4389 just as other Special Finance Houses.
Shareholders of Kuveyt Türk are Kuveyt Finance House (62%), Kuveyt Social Security Institution (9%), Islamic Development Bank (9%), General Directorate of Associations Turkey (18%), and other shareholders (2%).
The Kuveyt Finance House, which is the largest shareholder of Kuveyt Türk with its 62 % share, is a finance institution of Kuveyt.
Kuveyt Türk has been awarded gold, silver and bronze medals on various dates by public institutions and trade associations such as the Undersecretariat of Treasury and Foreign Trade, Istanbul Chamber of Commerce and Istanbul Ready Made Garment Exporters' Association for the success it has shown in the field of exports.[citation needed]
Kuveyt Türk is preparing to open branch and representative offices abroad as well.
Kuveyt Türk has established the information and technology infrastructure required at the highest level. It offers all banking services through Electronic Banking and Alternative Delivery channels. Together with VISA credit card and the Palmiye Installment Shopping Card services, POS and member merchant services, Internet banking, call center, interactive voice response system and SMS banking services are presented continuously.
Kuwait Finance House-Bahrain
Kuwait Finance House-Bahrain is a provider of Islamic commercial and investment banking services. Established in January 2002 as a wholly owned subsidiary of Kuwait Finance House-Kuwait, an industry leader for more than 25 years and with total assets of KD3.915BLN KFH-Bahrain, total assets BD291M, specialises in conceptualising the development and introduction of innovative, sharia’a compliant banking and investment products, all of which are delivered by a staff of experienced and dedicated professionals that are empowered to think innovatively and act strategically.
Kuwait Finance House-Jordan
Kuwait Finance House(Bahrain) (KFH-Bahrain) has plans to establish a US$50 Million Investment Bank in Jordan. The Investment Bank will be a wholly owned subsidiary of KFH-Bahrain and will be called Kuwait Finance House(Jordan) (KFH-Jordan). KFH-Jordan will be part of the global KFH network in Kuwait, Bahrain, Turkey, and Malaysia; giving the proposed Company a large network and access to financial resources that will serve the main purpose of investing in the Jordanian Economy.
Kuwait Finance House-Malaysia
As one of the world’s largest Islamic banks, Kuwait Finance House specialises in Shariah compliant banking and investment products. Businesses covers divisions such as Corporate and Investment, Commercial, as well as Retail banking.
With operations and affiliates in Bahrain, Turkey and the United Arab Emirates, Kuwait Finance House has now landed on Malaysian shores with an official opening by the Honourable Prime Minister YAB Dato' Seri Abdullah Bin Haji Ahmad Badawi on 17 February 2006.
Kuwait Finance House (KFH) was established in the State of Kuwait in 1977, as the first bank operating in accordance with the Islamic Shari'a. KFH is listed in Kuwait Stock Exchange (KSE), with a market capitalization of KD 3.133 billion as of 31 December 2006. Assets total KD 6.314 billion and deposits amount to KD 3.730 billion, representing 25% of the total deposits in the Kuwaiti market as per the balance sheet of 2006.
KFH has been highly rated by prestigious international agencies. Standard & Poor's rated KFH A-/A2 for short and long term investments, respectively. Capital Intelligence rated KFH A/A1 for short and long term investments, respectively. Fitch International also rated KFH A, and Moody's rating was Aa3. KFH has been awarded by The Banker magazine as the world's Best Islamic Financial Institution, and for third successive year it has been awarded by EuroMoney magazine as the best bank.[citation needed]
KFH provides Islamic Shari'a compliant products and services, covering banking, real estate, trade finance, investment portfolios, and other products and services.
Since the 1980s, KFH has witnessed multi-activity in international expansion. It has established independent banks in Turkey, Bahrain, and Malaysia. Moreover, it has stakes in other Islamic banks. Its investment activities in the US, Europe, South East Asia and the Middle East contributed to achieving the growing profit of KFH, in collaboration with the world's leading companies and banks, such as Citibank, Deutsche Bank JP Morgan, Chase, BNP Parisbas, ABN Amro, HSBC, and Islamic Development Bank (IDB).
KFH has always endeavored to expand its local branch network, covering 42 branches, in addition to special sections for ladies. It adopts the out-of-branch client concept. KFH has maintained its foothold as a pioneering entity in utilizing the latest technologies to meet the requirements of the various activities in which it operates, using online, SMS, as well as phone service (Allo Baitak), which has received the highest accreditation from the US Purdue University for outstanding customer service level.
Kuveyt Turk (Kuwait Finance House-Turkey)
Kuveyt Turk is a Participation Bank established in 1989 to operate in accordance with terms set forth by the Council of Ministers' Decree dated Dec. 16, 1983 and no. 831/7506. Until they become subject to the Banking Law in 1999, activities of Special Finance Houses were conducted by Council of Ministers Decrees on the one hand and by Directives of the Central Bank and the Undersecretariat of Treasury on the other hand. Starting from December 1999, Kuveyt Türk has become subject to the Banking Law no. 4389 just as other Special Finance Houses.
Shareholders of Kuveyt Türk are Kuveyt Finance House (62%), Kuveyt Social Security Institution (9%), Islamic Development Bank (9%), General Directorate of Associations Turkey (18%), and other shareholders (2%).
The Kuveyt Finance House, which is the largest shareholder of Kuveyt Türk with its 62 % share, is a finance institution of Kuveyt.
Kuveyt Türk has been awarded gold, silver and bronze medals on various dates by public institutions and trade associations such as the Undersecretariat of Treasury and Foreign Trade, Istanbul Chamber of Commerce and Istanbul Ready Made Garment Exporters' Association for the success it has shown in the field of exports.[citation needed]
Kuveyt Türk is preparing to open branch and representative offices abroad as well.
Kuveyt Türk has established the information and technology infrastructure required at the highest level. It offers all banking services through Electronic Banking and Alternative Delivery channels. Together with VISA credit card and the Palmiye Installment Shopping Card services, POS and member merchant services, Internet banking, call center, interactive voice response system and SMS banking services are presented continuously.
Kuwait Finance House-Bahrain
Kuwait Finance House-Bahrain is a provider of Islamic commercial and investment banking services. Established in January 2002 as a wholly owned subsidiary of Kuwait Finance House-Kuwait, an industry leader for more than 25 years and with total assets of KD3.915BLN KFH-Bahrain, total assets BD291M, specialises in conceptualising the development and introduction of innovative, sharia’a compliant banking and investment products, all of which are delivered by a staff of experienced and dedicated professionals that are empowered to think innovatively and act strategically.
Kuwait Finance House-Jordan
Kuwait Finance House(Bahrain) (KFH-Bahrain) has plans to establish a US$50 Million Investment Bank in Jordan. The Investment Bank will be a wholly owned subsidiary of KFH-Bahrain and will be called Kuwait Finance House(Jordan) (KFH-Jordan). KFH-Jordan will be part of the global KFH network in Kuwait, Bahrain, Turkey, and Malaysia; giving the proposed Company a large network and access to financial resources that will serve the main purpose of investing in the Jordanian Economy.
Kuwait Finance House-Malaysia
As one of the world’s largest Islamic banks, Kuwait Finance House specialises in Shariah compliant banking and investment products. Businesses covers divisions such as Corporate and Investment, Commercial, as well as Retail banking.
With operations and affiliates in Bahrain, Turkey and the United Arab Emirates, Kuwait Finance House has now landed on Malaysian shores with an official opening by the Honourable Prime Minister YAB Dato' Seri Abdullah Bin Haji Ahmad Badawi on 17 February 2006.
Boubyan Bank
Boubyan Bank is a Kuwaiti bank established in 2004 by Amiri Decree No. 88 with a paid-up capital of 100 million Kuwaiti Dinars for the purpose of exercising all activities of the banking business (financial and commercial) in accordance with the rules and regulations of the Central Bank of Kuwait (Law No. 30 passed in 2003).
Boubyan Bank is a Kuwaiti shareholding company. More than 90% Kuwaiti citizens are the bank's shareholders owning 76% of Boubyan Bank shares. This bestows on the bank the privileged status of being a national project with the advantage of an already established level of trust. The remaining shares are owned by Kuwait Investment Authority (KIA) with equity of 20% and the Public Institution for Social Security (PIFSS) with equity of 4%.
Boubyan Bank is built on the ideal of establishing socio-economic equity by influencing the business environment and society in which it operates through the sincere application and ethical practice of Islamic banking and value-creation for its customers, partners and shareholders.
Boubyan Bank is a Kuwaiti bank established in 2004 by Amiri Decree No. 88 with a paid-up capital of 100 million Kuwaiti Dinars for the purpose of exercising all activities of the banking business (financial and commercial) in accordance with the rules and regulations of the Central Bank of Kuwait (Law No. 30 passed in 2003).
Boubyan Bank is a Kuwaiti shareholding company. More than 90% Kuwaiti citizens are the bank's shareholders owning 76% of Boubyan Bank shares. This bestows on the bank the privileged status of being a national project with the advantage of an already established level of trust. The remaining shares are owned by Kuwait Investment Authority (KIA) with equity of 20% and the Public Institution for Social Security (PIFSS) with equity of 4%.
Boubyan Bank is built on the ideal of establishing socio-economic equity by influencing the business environment and society in which it operates through the sincere application and ethical practice of Islamic banking and value-creation for its customers, partners and shareholders.
NBK Capital
Watani Investment Company (NBK Capital) is a financial services firm with operations across the Middle East. With offices in Kuwait, Dubai, and Istanbul, NBK Capital is strategically placed to offer a broad range of services including investment banking, merchant banking and investment services.
Established in 2005 as wholly owned subsidiary of National Bank of Kuwait NBK, the largest Kuwaiti bank and the highest-rated in the Middle East, NBK Capital has focused on providing the highest quality investment services to its clients and investors.
The investment banking group provides financial advisory and debt and equity underwriting. In 2007, NBK Capital's M&A was involved in two of the largest regional M&A deals amounting to over USD 2 billion. These deals include NBK’s acquisition of AlWatany Bank of Egypt and the National Commercial Bank’s acquisition of Türkiye Finans. In 2008, the company managed several IPO's in the Kuwait Stock Exchange (KSE) including Jazeera Airways listing and Ikarus Petrochemical Company.
The Merchant Banking group makes principal investments through its private equity and mezzanine funds. These include the NBK Capital Equity Partners Fund, Kuwait Investment Opportunities Fund, and the NBK Capital – GSC Mezzanine Fund I L.P.
The Investment Services group manages 31 investment funds with assets under management exceeding USD 11 billion. The funds are diversified into several areas including Money Market, Equities, Islamic, Alternative Investments, and Real Estate. To provide investors with complete investment solutions, the Investment Services group at NBK Capital also provides regional equity research, brokerage, and asset management services.
Watani Investment Company (NBK Capital) is a financial services firm with operations across the Middle East. With offices in Kuwait, Dubai, and Istanbul, NBK Capital is strategically placed to offer a broad range of services including investment banking, merchant banking and investment services.
Established in 2005 as wholly owned subsidiary of National Bank of Kuwait NBK, the largest Kuwaiti bank and the highest-rated in the Middle East, NBK Capital has focused on providing the highest quality investment services to its clients and investors.
The investment banking group provides financial advisory and debt and equity underwriting. In 2007, NBK Capital's M&A was involved in two of the largest regional M&A deals amounting to over USD 2 billion. These deals include NBK’s acquisition of AlWatany Bank of Egypt and the National Commercial Bank’s acquisition of Türkiye Finans. In 2008, the company managed several IPO's in the Kuwait Stock Exchange (KSE) including Jazeera Airways listing and Ikarus Petrochemical Company.
The Merchant Banking group makes principal investments through its private equity and mezzanine funds. These include the NBK Capital Equity Partners Fund, Kuwait Investment Opportunities Fund, and the NBK Capital – GSC Mezzanine Fund I L.P.
The Investment Services group manages 31 investment funds with assets under management exceeding USD 11 billion. The funds are diversified into several areas including Money Market, Equities, Islamic, Alternative Investments, and Real Estate. To provide investors with complete investment solutions, the Investment Services group at NBK Capital also provides regional equity research, brokerage, and asset management services.
Gulf Bank of Kuwait
The Gulf Bank of Kuwait is one of the leading banks of Kuwait with a total capital of over 250 million Kuwaiti dinars ($850 million US Dollars), over 44 local branches, and over 1200 staff members.
History
The Gulf Bank of Kuwait was first incorporated on November 23, 1960 and began commencing business on October 5, 1961. The bank opened in a rented flat on Fahad Al-Salem Street in Kuwait City with a total of 50 employees and 1.8 million Kuwaiti dinars ($6 million US Dollars). The bank's headquarters relocated to Abdulla Al Salem Street in 1964 and then to Mubarak Al Kabir Street in 1974 which is its current location. It has 47 branches distributed around Kuwait, including the head-office (Mubarak Al Kabir branch) and has more than 1200 employees of various nationalities.
Gulf Bank is Kuwait’s second largest commercial bank. Established in 1960, Gulf Bank has since progressed to becoming an industry-leading financial services provider complemented by a large network of 44 branches strategically positioned in key locations in Kuwait. The main groups of the Bank are Retail, Corporate, Treasury and International Banking. The quality and commitment of the Gulf Bank team received international recognition in 2008, achieving awards from leading international financial magazine Global Finance for being Best Bank in Kuwait for the second year in a row and Best Foreign Exchange Bank, while also being recognized as Best Bank of the Year from well-known regional magazine Arabian Business and awarded Best Retail Bank in the Middle East for the 4th consecutive year from Banker Middle East. In 2007, Gulf Bank Best Internet Bank from Global Finance and Best Retail Bank in Kuwait from Asian Banker magazine. Gulf Bank routinely surpasses its competition by focusing on one simple strategy: delivering superior customer satisfaction. The Bank has established its leadership position in the Kuwait banking community through its innovative Transformation and Actualization Strategies that have been the driving force behind its remarkable success since 1999.
Gulf Bank has been internationally recognised as a leading Kuwaiti employer and holds the Localization Award from the GCC Council of Ministers for Social Affairs and Labour for the third consecutive year. The Bank became the first Kuwaiti company to be awarded a coveted Stevie International Business Award for the best HR team in 2006 thus leading to the Middle East Outstanding Contribution to HR award received in 2007. Gulf Bank is one of the highest rated banks in the region. It is one of only seven banks in the GCC assigned an ‘Aa3’ long-term foreign currency deposit rating from Moody’s Investors Service and enjoys strong ratings from Fitch Rating and Capital Intelligence (‘A+’) and Standard & Poor’s (‘A-’). Gulf Bank maintains a distinctive profile in Kuwait’s retail banking environment through its innovative Salary campaigns and Al Danah customer prize draws.
Gulf Bank’s branch concept design is strongly inspired by Kuwait’s seafaring heritage. Most of the existing branches have been refurbished and new branches built to reflect the traditional seafaring legacy as well as provide an attractive and efficient banking experience using sleek and contemporary architectural designs. The décor of the customer area and furnishings have been specially designed in the shape of a dhow and fitted with complementary accessories matching the intrinsic nautical theme. Gulf Bank’s commitment to continual innovation and offering the best retail banking environment for its customers has been recognized, in early 2008, by the region’s leading banking industry magazine Banker Middle East with the award for the ‘Best Branch Concept Design & Environment in the Middle East’. The 24/7 Self Service area in the new branches have been further improved by the provision of cash deposit machines that complement the existing services such as Internet banking, cash withdrawals and access to customer service agents 24/7 throughout the year. Customers entering the branch experience the warmth and spirit of true Kuwaiti heritage coupled with an efficient and high-quality banking service environment. This provides Gulf Bank with a unique competitive advantage for the benefit of its customers.
Bank Run
On October 27, 2008, Gulf Bank of Kuwait suffered a bank run as losses mounted from clients defaulting on bad debt related to currency derivatives. Kuwait’s central bank will guarantee deposits at Gulf Bank, but losses on the debt may exceed 375 million dinars.
Awards
'Bank of the year in Kuwait' (The Banker. Aug. 2002) 'The Best Retail Bank in the Region for 2005' (Banker Middle East. May 2005) .
The Gulf Bank of Kuwait is one of the leading banks of Kuwait with a total capital of over 250 million Kuwaiti dinars ($850 million US Dollars), over 44 local branches, and over 1200 staff members.
History
The Gulf Bank of Kuwait was first incorporated on November 23, 1960 and began commencing business on October 5, 1961. The bank opened in a rented flat on Fahad Al-Salem Street in Kuwait City with a total of 50 employees and 1.8 million Kuwaiti dinars ($6 million US Dollars). The bank's headquarters relocated to Abdulla Al Salem Street in 1964 and then to Mubarak Al Kabir Street in 1974 which is its current location. It has 47 branches distributed around Kuwait, including the head-office (Mubarak Al Kabir branch) and has more than 1200 employees of various nationalities.
Gulf Bank is Kuwait’s second largest commercial bank. Established in 1960, Gulf Bank has since progressed to becoming an industry-leading financial services provider complemented by a large network of 44 branches strategically positioned in key locations in Kuwait. The main groups of the Bank are Retail, Corporate, Treasury and International Banking. The quality and commitment of the Gulf Bank team received international recognition in 2008, achieving awards from leading international financial magazine Global Finance for being Best Bank in Kuwait for the second year in a row and Best Foreign Exchange Bank, while also being recognized as Best Bank of the Year from well-known regional magazine Arabian Business and awarded Best Retail Bank in the Middle East for the 4th consecutive year from Banker Middle East. In 2007, Gulf Bank Best Internet Bank from Global Finance and Best Retail Bank in Kuwait from Asian Banker magazine. Gulf Bank routinely surpasses its competition by focusing on one simple strategy: delivering superior customer satisfaction. The Bank has established its leadership position in the Kuwait banking community through its innovative Transformation and Actualization Strategies that have been the driving force behind its remarkable success since 1999.
Gulf Bank has been internationally recognised as a leading Kuwaiti employer and holds the Localization Award from the GCC Council of Ministers for Social Affairs and Labour for the third consecutive year. The Bank became the first Kuwaiti company to be awarded a coveted Stevie International Business Award for the best HR team in 2006 thus leading to the Middle East Outstanding Contribution to HR award received in 2007. Gulf Bank is one of the highest rated banks in the region. It is one of only seven banks in the GCC assigned an ‘Aa3’ long-term foreign currency deposit rating from Moody’s Investors Service and enjoys strong ratings from Fitch Rating and Capital Intelligence (‘A+’) and Standard & Poor’s (‘A-’). Gulf Bank maintains a distinctive profile in Kuwait’s retail banking environment through its innovative Salary campaigns and Al Danah customer prize draws.
Gulf Bank’s branch concept design is strongly inspired by Kuwait’s seafaring heritage. Most of the existing branches have been refurbished and new branches built to reflect the traditional seafaring legacy as well as provide an attractive and efficient banking experience using sleek and contemporary architectural designs. The décor of the customer area and furnishings have been specially designed in the shape of a dhow and fitted with complementary accessories matching the intrinsic nautical theme. Gulf Bank’s commitment to continual innovation and offering the best retail banking environment for its customers has been recognized, in early 2008, by the region’s leading banking industry magazine Banker Middle East with the award for the ‘Best Branch Concept Design & Environment in the Middle East’. The 24/7 Self Service area in the new branches have been further improved by the provision of cash deposit machines that complement the existing services such as Internet banking, cash withdrawals and access to customer service agents 24/7 throughout the year. Customers entering the branch experience the warmth and spirit of true Kuwaiti heritage coupled with an efficient and high-quality banking service environment. This provides Gulf Bank with a unique competitive advantage for the benefit of its customers.
Bank Run
On October 27, 2008, Gulf Bank of Kuwait suffered a bank run as losses mounted from clients defaulting on bad debt related to currency derivatives. Kuwait’s central bank will guarantee deposits at Gulf Bank, but losses on the debt may exceed 375 million dinars.
Awards
'Bank of the year in Kuwait' (The Banker. Aug. 2002) 'The Best Retail Bank in the Region for 2005' (Banker Middle East. May 2005) .
Kuwait Airways
Kuwait Airways (Arabic: الخطوط الجوية الكويتية) is the national airline of Kuwait, based in Kuwait City and wholly owned by the Kuwaiti Government. It operates scheduled international services throughout the Middle East, to the Indian subcontinent, Europe, Southeast Asia and the United States. Its main base is Kuwait International Airport. Kuwait Airways is a member of the Arab Air Carriers Organization.
History
[citation needed]
The airline was conceived in February 1953 by two Kuwaiti businessmen and was established in March 1954. It started operations on 16 March 1954 as Kuwait National Airways. The current name was established in 1958, and that year saw a modernization of the fleet. In the 1970s, the airline further expanded its routes to include flights within the Middle East.
The airline was heavily affected by the Gulf War with many planes having to leave due to the invasion. During the occupation, operations were transferred to Bahrain. The carrier, however, flew a free Kuwait Airways service on the Bombay-Bahrain-Cairo-London route in a modified livery with a Boeing 727. Bahrain served as the operational headquarters during the occupation. The aftermath of the war saw a change in composition of the fleet. In 2005, Kuwait Airways signed an agreement with Sabre Airline Solutions giving Kuwait Airways full access to a modernized planning and crew optimizing portfolio.
Boeing 777-200ERThe airline has 3,945 employees (at March 2008).
In October 2007, the new CEO pledged that the airline should be privatised in order for it to compete efficiently against other airlines. He says that the airline will encounter difficulty in advancing, especially in fleet renewal, without the privatisation.
Hijackings in the 1980s
Boeing 747-400M taxis to the take off point at London Heathrow Airport, England.During the Iran–Iraq War, Kuwait Airways was the target of two hijackings. The first was in 1984, when two Lebanese Shi'a gunmen diverted a flight to Tehran. The stand-off took six days but finally Iranian security officers dressed as staff overpowered the hijackers. In April 1988 a Kuwait Airways Boeing 747 was hijacked and diverted to Algiers while on its way to Kuwait from Bangkok. The hijacking lasted 16 days and ended with a Kuwaiti firefighter being killed along with another Kuwaiti military person. This occurred when the plane stopped in Cyprus for two or three days, where the government of Cyprus was not able to save the two persons killed. Then it moved to Algeria where the hijacker's demands where satisfied and where the 110 remaining passengers were released.
Destinations
Codeshare agreements
Airbus A340-300Addis Ababa operated through Ethiopian Airlines.
Athens operated through Olympic Airways.
Sana'a operated through Yemenia.
Tunis operated through Tunisair.
Abu Dhabi operated through Etihad Airways
Kuwait Airways (Arabic: الخطوط الجوية الكويتية) is the national airline of Kuwait, based in Kuwait City and wholly owned by the Kuwaiti Government. It operates scheduled international services throughout the Middle East, to the Indian subcontinent, Europe, Southeast Asia and the United States. Its main base is Kuwait International Airport. Kuwait Airways is a member of the Arab Air Carriers Organization.
Fleet
On June 18 2007, ALAFCO, an aircraft leasing company co-owned by Kuwait Airways, confirmed that it would to buy 7 Airbus A320s and 12 Boeing 787-8s. These aircraft will be leased to Kuwait Airways.
This order later fell through as the Kuwaiti Government refused to the approve the renewal. The new CEO says that he does not expect a renewal to occur until the airline is privatised.On January 26 2009, ALAFCO, confirmed that it would to buy 7 Airbus A320s and 12 Boeing 787-8s and 6 Airbus A340-600s and 2 Boeing 777-300ERs and 8 Airbus A300-600s for late 2010. These 35 aircraft will be leased to Kuwait Airways. The old fleet will be in renewal. Kuwait Airways planned to have more than 80 aircraft and more than 100 destinations by 2012.
History
[citation needed]
The airline was conceived in February 1953 by two Kuwaiti businessmen and was established in March 1954. It started operations on 16 March 1954 as Kuwait National Airways. The current name was established in 1958, and that year saw a modernization of the fleet. In the 1970s, the airline further expanded its routes to include flights within the Middle East.
The airline was heavily affected by the Gulf War with many planes having to leave due to the invasion. During the occupation, operations were transferred to Bahrain. The carrier, however, flew a free Kuwait Airways service on the Bombay-Bahrain-Cairo-London route in a modified livery with a Boeing 727. Bahrain served as the operational headquarters during the occupation. The aftermath of the war saw a change in composition of the fleet. In 2005, Kuwait Airways signed an agreement with Sabre Airline Solutions giving Kuwait Airways full access to a modernized planning and crew optimizing portfolio.
Boeing 777-200ERThe airline has 3,945 employees (at March 2008).
In October 2007, the new CEO pledged that the airline should be privatised in order for it to compete efficiently against other airlines. He says that the airline will encounter difficulty in advancing, especially in fleet renewal, without the privatisation.
Hijackings in the 1980s
Boeing 747-400M taxis to the take off point at London Heathrow Airport, England.During the Iran–Iraq War, Kuwait Airways was the target of two hijackings. The first was in 1984, when two Lebanese Shi'a gunmen diverted a flight to Tehran. The stand-off took six days but finally Iranian security officers dressed as staff overpowered the hijackers. In April 1988 a Kuwait Airways Boeing 747 was hijacked and diverted to Algiers while on its way to Kuwait from Bangkok. The hijacking lasted 16 days and ended with a Kuwaiti firefighter being killed along with another Kuwaiti military person. This occurred when the plane stopped in Cyprus for two or three days, where the government of Cyprus was not able to save the two persons killed. Then it moved to Algeria where the hijacker's demands where satisfied and where the 110 remaining passengers were released.
Destinations
Codeshare agreements
Airbus A340-300Addis Ababa operated through Ethiopian Airlines.
Athens operated through Olympic Airways.
Sana'a operated through Yemenia.
Tunis operated through Tunisair.
Abu Dhabi operated through Etihad Airways
Kuwait Airways (Arabic: الخطوط الجوية الكويتية) is the national airline of Kuwait, based in Kuwait City and wholly owned by the Kuwaiti Government. It operates scheduled international services throughout the Middle East, to the Indian subcontinent, Europe, Southeast Asia and the United States. Its main base is Kuwait International Airport. Kuwait Airways is a member of the Arab Air Carriers Organization.
Fleet
On June 18 2007, ALAFCO, an aircraft leasing company co-owned by Kuwait Airways, confirmed that it would to buy 7 Airbus A320s and 12 Boeing 787-8s. These aircraft will be leased to Kuwait Airways.
This order later fell through as the Kuwaiti Government refused to the approve the renewal. The new CEO says that he does not expect a renewal to occur until the airline is privatised.On January 26 2009, ALAFCO, confirmed that it would to buy 7 Airbus A320s and 12 Boeing 787-8s and 6 Airbus A340-600s and 2 Boeing 777-300ERs and 8 Airbus A300-600s for late 2010. These 35 aircraft will be leased to Kuwait Airways. The old fleet will be in renewal. Kuwait Airways planned to have more than 80 aircraft and more than 100 destinations by 2012.
Place To Visit In Kuwait
The Liberation Tower
It represents Kuwaiti liberation, the sure sign of the country’s resurgence. It is one of tallest telecommunication towers in the world. The tower is 372 meters in height, and is 40 meters taller than the Eiffel Tower. The tower was named after the nation was liberated from the multinational coalition which happended due to seven months of Iraqi occupation during the Gulf War. The structure has been built by use of ceramic tiles on the façade from the base to the first mezzanine level, which is 308 meters above ground level.
The tower and telecommunication complex is divided into three; a public communications center, a restaurant at 150 meters and the revolving observation level, and the plant and equipment structure. The tower has eighteen elevators, which are also the fastest in the world, operating at the speed of 6.3meters per second. Located above the revolving mezzanine, are the six office floors, the section being encased in anodized aluminium, to withstand the extreme temperatures in Kuwait.
The Kuwait Towers
These are the most famous landmarks of Kuwait. The Kuwait Towers are situated on the Arabian Gulf Street in Dasman, promontory to east of City Center. The topmost sphere of the largest tower (187 meters in height), has a revolving observation area and a restaurant with access to high speed lifts. The middle tower comprises one million gallons of water.
National Museum
The Museum, location in close proximity to the National Assemble, comprises four buildings and a planetarium. Though, stripped and burnt by the Iraqi invaders, it houses the Al Sabah collection of Islamic art, the most comprehensive collections in the world. The other buildings displays pearl-diving relics, archaeological material from excavations on Failaka Islands, ethnographic artifacts etc. The Museum also consists of the Dar Al-Athar Al-Islamiyyah (DAI), a wide collection of Islamic art, ranging from early Islam to the eighteenth century. A variety of artistic and scholarly activities revolve around this collection. A reference library, with various publications of Hadeeth ad-Dar maintains a close link with the DAI, to give viewers a better knowledge of the artifacts.
Failaka Island
This beautiful island has only soldiers as its permanent residents, as it was once left devastated by the Gulf War. However, the visitors get to view the ruins from settlements of the Bronze Age Dilmuns and Hellenistic Greeks, who left many treasures from which, their past could be reconstructed. The Greeks have lived in this island for two centuries from 4th century BC. Failaka, is also the home of Kuwaiti’s main archaeological site, and is worth a visit. A temple is considered as the centerpiece of this island. Failaka is located about 20kms north-east of Kuwait City’s center, and is about twelve kilometers in length, six kilometers in width and is very flat.
Entertainment City
The city is being managed by the KTEC, and is located f20kms away from the Kuwait City near Doha, on the northern side of Kuwait Bay. The complex provides a complete range of amusements based on the theme of ‘Arab World’, ‘Future World’, and the ‘International World’. It is also one of the best amusement parks in the world with a variety of rides and entertainment options.
Science and Natural History Museum
The museum houses displays pertaining to natural history, petroleum industry, machinery, aviation, space and zoology, electronics and consist of a health hall and a planetarium. The museum is located on the Abdullah Mubarak street, and, is open both morning and evenings from Saturday to Wednesday.
Kuwait Science Club
Is situated on the sixth Ring Road and comprise a wide range of facilities and the latest scientific hardware including the Aujairy Observatory. The club aims to create a casual environment for people of all ages to develop their scientific knowledge and hobbies.
Liberation Monuments
Al-Qurain House, situated in the Qurain housing area, is a site of bloody battle between Iraq and Kuwait, just before liberation, now converted into a museum, dedicated to those who laid down their lives. Even the Iraqi tank, mounted on the Jahra Gate, around the end of Fahd Al-Salem Street is a reminder of the folly of the war. Also another monument located in Soor Street, near the main entrance of Ministry of Information, shows a walkthrough pictorial display of scenes from the Iraqi occupation. There are various such monuments across the city.
Sadu House
The roots of Kuwait are associated with both the desert and the sea. The Bedouins lived a life governed by the rhythm of seasons. Sadu weaving, characterized by geometric designs woven by hand with dyed, spun and coloured wool, is a traditional craft of major importance. The Al-Sadu Society was formed with an intention of retaining these Bedouin crafts from total extinction, which led to establishment of Sadu House. The house comprises various chambers decorated with construction materials and pottery, depicting the old houses, mosques, water and bread storage places etc., in Kuwait. Al Baraha, another section, is a roofed playground meant for children during ancient days.
The Scientific Center
This is the largest Aquarium to be built by the Kuwait Foundation in the Middle East for Advancement of Sciences (KFAS). The visitors can focus on natural sea habitats, the coastal edges and desert of Arabian Peninsula, the motion picture of IMAX Theatre, and explore childhood skills in the Discovery Place, visit the Dhow Harbour, and relax at the Scientific Centre restaurant.
The Tareq Rajab Museum
The Museum is a private collection of the Rajab family. The collection began during early 1950s and was open to general public during 1980. The Museum is divided into two sections. One deals with pottery, calligraphy, metalwork, wood, ivory, glass, and jade carvings of the Islamic world. Calligraphy is presented in a small room, showing picture from the Holy Quran. The second section of the museum comprises embroideries, textiles, costumes, and jewelry of the Islamic world, and also objects from Bhutan, Nepal, and Tibet.
Mosques
Ras Salmiya’s pyramid-shaped mosque and the Fatima Mosque in Abdullah Al-Salem are real examples of modern architecture. The Grand Mosque, opposite the Seif Palace, represents traditional Islamic styles built using modern technology, while also retaining the local Kuwaiti characteristics and the Islamic tradition of calligraphy.
Amusement and Recreational Parks
The Kuwaiti public parks and boulevards depict the success of its government in molding the harsh desert environment of Kuwait. Most parks have amusement centers and children’s play facilities. There are also various amusement parks that are dedicated to keep children actively enthralled for hours together. Three recreational parks at Sabahiya, Shaab, and Jleeb Al-Shyoukh, featuring amusement activities and rides, are managed by the Kuwait Tourist Enterprises Company (KTEC).
Bayt Al-Badir
Is an old house located near Al-Sadu house. The house was building during 1838 to 1848, and depicts the famous front doors of ancient Kuwait. Even local handicrafts are displayed here.
Municipal GardensThe Municipality maintains various public gardens around the country. The most popular among them is in the Fahd Al-Salem Street. All gardens are designed well with naturally shaded areas.
Zoological Park
Is located in the Omarrya on the Airport Road. The Kuwait Zoo is spread across 180,000 sq. meters of Parkland and houses about sixty five species of animals, 129 species of birds, five species of reptiles, apart from other animals such as giraffes, zebras, elephants, tigers and lions.
Musical Fountain
Is located on the first Ring Road, near the Ice Skating Rink and provides a unique and wonderful sight and sound display of musical fountains every night from 6pm to 10pm.
Art and Artists
The Free Atelier, founded in 1960 provides technical and professional help to students, and full time artists have their studios set up in the premises of Arabian Gulf Street. The Kuwait Government actively encourages the development of artistic talent. There are various commercial international art galleries in Kuwait, particularly, in Salmiya and Salhiya Complex. The SHE Art Gallery near the Zahra Complex, displays the art work by Jose Fernandez, the Spanish artist, who has various other outlets in major capital cities.
It represents Kuwaiti liberation, the sure sign of the country’s resurgence. It is one of tallest telecommunication towers in the world. The tower is 372 meters in height, and is 40 meters taller than the Eiffel Tower. The tower was named after the nation was liberated from the multinational coalition which happended due to seven months of Iraqi occupation during the Gulf War. The structure has been built by use of ceramic tiles on the façade from the base to the first mezzanine level, which is 308 meters above ground level.
The tower and telecommunication complex is divided into three; a public communications center, a restaurant at 150 meters and the revolving observation level, and the plant and equipment structure. The tower has eighteen elevators, which are also the fastest in the world, operating at the speed of 6.3meters per second. Located above the revolving mezzanine, are the six office floors, the section being encased in anodized aluminium, to withstand the extreme temperatures in Kuwait.
The Kuwait Towers
These are the most famous landmarks of Kuwait. The Kuwait Towers are situated on the Arabian Gulf Street in Dasman, promontory to east of City Center. The topmost sphere of the largest tower (187 meters in height), has a revolving observation area and a restaurant with access to high speed lifts. The middle tower comprises one million gallons of water.
National Museum
The Museum, location in close proximity to the National Assemble, comprises four buildings and a planetarium. Though, stripped and burnt by the Iraqi invaders, it houses the Al Sabah collection of Islamic art, the most comprehensive collections in the world. The other buildings displays pearl-diving relics, archaeological material from excavations on Failaka Islands, ethnographic artifacts etc. The Museum also consists of the Dar Al-Athar Al-Islamiyyah (DAI), a wide collection of Islamic art, ranging from early Islam to the eighteenth century. A variety of artistic and scholarly activities revolve around this collection. A reference library, with various publications of Hadeeth ad-Dar maintains a close link with the DAI, to give viewers a better knowledge of the artifacts.
Failaka Island
This beautiful island has only soldiers as its permanent residents, as it was once left devastated by the Gulf War. However, the visitors get to view the ruins from settlements of the Bronze Age Dilmuns and Hellenistic Greeks, who left many treasures from which, their past could be reconstructed. The Greeks have lived in this island for two centuries from 4th century BC. Failaka, is also the home of Kuwaiti’s main archaeological site, and is worth a visit. A temple is considered as the centerpiece of this island. Failaka is located about 20kms north-east of Kuwait City’s center, and is about twelve kilometers in length, six kilometers in width and is very flat.
Entertainment City
The city is being managed by the KTEC, and is located f20kms away from the Kuwait City near Doha, on the northern side of Kuwait Bay. The complex provides a complete range of amusements based on the theme of ‘Arab World’, ‘Future World’, and the ‘International World’. It is also one of the best amusement parks in the world with a variety of rides and entertainment options.
Science and Natural History Museum
The museum houses displays pertaining to natural history, petroleum industry, machinery, aviation, space and zoology, electronics and consist of a health hall and a planetarium. The museum is located on the Abdullah Mubarak street, and, is open both morning and evenings from Saturday to Wednesday.
Kuwait Science Club
Is situated on the sixth Ring Road and comprise a wide range of facilities and the latest scientific hardware including the Aujairy Observatory. The club aims to create a casual environment for people of all ages to develop their scientific knowledge and hobbies.
Liberation Monuments
Al-Qurain House, situated in the Qurain housing area, is a site of bloody battle between Iraq and Kuwait, just before liberation, now converted into a museum, dedicated to those who laid down their lives. Even the Iraqi tank, mounted on the Jahra Gate, around the end of Fahd Al-Salem Street is a reminder of the folly of the war. Also another monument located in Soor Street, near the main entrance of Ministry of Information, shows a walkthrough pictorial display of scenes from the Iraqi occupation. There are various such monuments across the city.
Sadu House
The roots of Kuwait are associated with both the desert and the sea. The Bedouins lived a life governed by the rhythm of seasons. Sadu weaving, characterized by geometric designs woven by hand with dyed, spun and coloured wool, is a traditional craft of major importance. The Al-Sadu Society was formed with an intention of retaining these Bedouin crafts from total extinction, which led to establishment of Sadu House. The house comprises various chambers decorated with construction materials and pottery, depicting the old houses, mosques, water and bread storage places etc., in Kuwait. Al Baraha, another section, is a roofed playground meant for children during ancient days.
The Scientific Center
This is the largest Aquarium to be built by the Kuwait Foundation in the Middle East for Advancement of Sciences (KFAS). The visitors can focus on natural sea habitats, the coastal edges and desert of Arabian Peninsula, the motion picture of IMAX Theatre, and explore childhood skills in the Discovery Place, visit the Dhow Harbour, and relax at the Scientific Centre restaurant.
The Tareq Rajab Museum
The Museum is a private collection of the Rajab family. The collection began during early 1950s and was open to general public during 1980. The Museum is divided into two sections. One deals with pottery, calligraphy, metalwork, wood, ivory, glass, and jade carvings of the Islamic world. Calligraphy is presented in a small room, showing picture from the Holy Quran. The second section of the museum comprises embroideries, textiles, costumes, and jewelry of the Islamic world, and also objects from Bhutan, Nepal, and Tibet.
Mosques
Ras Salmiya’s pyramid-shaped mosque and the Fatima Mosque in Abdullah Al-Salem are real examples of modern architecture. The Grand Mosque, opposite the Seif Palace, represents traditional Islamic styles built using modern technology, while also retaining the local Kuwaiti characteristics and the Islamic tradition of calligraphy.
Amusement and Recreational Parks
The Kuwaiti public parks and boulevards depict the success of its government in molding the harsh desert environment of Kuwait. Most parks have amusement centers and children’s play facilities. There are also various amusement parks that are dedicated to keep children actively enthralled for hours together. Three recreational parks at Sabahiya, Shaab, and Jleeb Al-Shyoukh, featuring amusement activities and rides, are managed by the Kuwait Tourist Enterprises Company (KTEC).
Bayt Al-Badir
Is an old house located near Al-Sadu house. The house was building during 1838 to 1848, and depicts the famous front doors of ancient Kuwait. Even local handicrafts are displayed here.
Municipal GardensThe Municipality maintains various public gardens around the country. The most popular among them is in the Fahd Al-Salem Street. All gardens are designed well with naturally shaded areas.
Zoological Park
Is located in the Omarrya on the Airport Road. The Kuwait Zoo is spread across 180,000 sq. meters of Parkland and houses about sixty five species of animals, 129 species of birds, five species of reptiles, apart from other animals such as giraffes, zebras, elephants, tigers and lions.
Musical Fountain
Is located on the first Ring Road, near the Ice Skating Rink and provides a unique and wonderful sight and sound display of musical fountains every night from 6pm to 10pm.
Art and Artists
The Free Atelier, founded in 1960 provides technical and professional help to students, and full time artists have their studios set up in the premises of Arabian Gulf Street. The Kuwait Government actively encourages the development of artistic talent. There are various commercial international art galleries in Kuwait, particularly, in Salmiya and Salhiya Complex. The SHE Art Gallery near the Zahra Complex, displays the art work by Jose Fernandez, the Spanish artist, who has various other outlets in major capital cities.
Amusement Park in Kuwait
Kuwait is a traveler's paradise, rich with historical monuments, beautiful parks and great business centers. From shopping to dining to Sightseeing in Kuwait, you'll enjoy each minute of your stay at this wonderful place. To add more vitality and fun to the life of the K
uwaitis and to the tourists, there are a number of amusement parks in Kuwait where you can relax refresh and rejuvenate yourself. The parks the best place to spend your leisure time or take your family and kids for a day out full of pleasure and fun. From the Kuwait travel guide you'll come to know that The Al-Madina Al-Tarfihiya or the Entertainment city in Kuwait is one of the wonderful amusement parks in Kuwait. It is a theme park run by the Kuwait Tourist Enterprises Company (KTEC) and provides a complete package of amusements based on different Arab themes like the "Arab World", "Future World" and the "International World". The main attractions to look out for include the City of Sinbad and Ali Baba, City of Dreams, the City of Thunder and Hurricanes, the African boat, the City of Roller Coasters, and the fantasy cinema. Al-Sha'ab Leisure Park in Kuwait developed by the Kuwait Commercial Markets Complex Company, at Sha'ab on the southern coastal area of Kuwait is one of the fantastic amusement parks in Kuwait. The park attracts around 800,000 visitors every year and has huge number of major attractions along with various video games and sports. It is the first leisure institution and the first of the amusement parks at Kuwait to have ISO-9002 certification.
Other must visit amusement parks in Kuwait include the Kuwait Scientific center, which is home to the largest aquarium in the Middle East and is built on the waterfront at Ras Al Ardh at Salmiya. Its other attractions include a 250-seat IMAX theatre, gift shop, a restaurant and a 2,000 sq m Dhow Harbor(link to Dhows in Kuwait) displaying seven historic dhows. Aqua Park in Kuwait is another one of the important amusement parks of Kuwait and its major attractions include water games and slides, swimming pool, park beach, scuba diving, paintball and beach volleyball.
uwaitis and to the tourists, there are a number of amusement parks in Kuwait where you can relax refresh and rejuvenate yourself. The parks the best place to spend your leisure time or take your family and kids for a day out full of pleasure and fun. From the Kuwait travel guide you'll come to know that The Al-Madina Al-Tarfihiya or the Entertainment city in Kuwait is one of the wonderful amusement parks in Kuwait. It is a theme park run by the Kuwait Tourist Enterprises Company (KTEC) and provides a complete package of amusements based on different Arab themes like the "Arab World", "Future World" and the "International World". The main attractions to look out for include the City of Sinbad and Ali Baba, City of Dreams, the City of Thunder and Hurricanes, the African boat, the City of Roller Coasters, and the fantasy cinema. Al-Sha'ab Leisure Park in Kuwait developed by the Kuwait Commercial Markets Complex Company, at Sha'ab on the southern coastal area of Kuwait is one of the fantastic amusement parks in Kuwait. The park attracts around 800,000 visitors every year and has huge number of major attractions along with various video games and sports. It is the first leisure institution and the first of the amusement parks at Kuwait to have ISO-9002 certification.Other must visit amusement parks in Kuwait include the Kuwait Scientific center, which is home to the largest aquarium in the Middle East and is built on the waterfront at Ras Al Ardh at Salmiya. Its other attractions include a 250-seat IMAX theatre, gift shop, a restaurant and a 2,000 sq m Dhow Harbor(link to Dhows in Kuwait) displaying seven historic dhows. Aqua Park in Kuwait is another one of the important amusement parks of Kuwait and its major attractions include water games and slides, swimming pool, park beach, scuba diving, paintball and beach volleyball.
Kuwait Business Laws
The rules of commerce are in general similar to West European practice. Any Kuwaiti or GCC national over 21 years of age may carry on commerce in Kuwait provided he or she is not affected by a personal legal restriction. But a foreigner (non-GCC national) may not carry on a trade unless he or she more Kuwaiti partners and the capital owned by the Kuwaiti partners(s) in the joint business is not less than 51 % of the total capital (60 % in the case of banks, investments houses and insurance companies). A foreign firm (including a partnership) may not set up a branch and may not perform any commercial activities in the country except through a Kuwait agent. Foreign individuals and firms may not acquire commercial licences in there own name nor may they own real estate locally. The main laws regulating business in Kuwait, which have been amended several times since they were issued, are (a) The civil code (Law 67 of 1980), (b) The commercial code (Law 68 of 1980), and (c) The commercial companies law (Law 15 of 1960).
Business EntitiesTOP
Business enterprises can take several forms, viz. Kuwait shareholding company (KSC), company with limited liability (WLL), and general partnership, The time and cost of establishing and registering these entities ranges from one month and at least KD500 for a general partnership to about three months and KD3.000 for a KSC.
Kuwait Free Trade Zone
Kuwaitis new privately managed free trade zone is located Shuwaikh and allows 100% foreign ownership of business within the zone. There are no import duties and foreign corporate income is tax-free. Commercial, Industrial and service licenses are a variety of infrastructural services. Tel: 802808, Fax: 4822067 http: www.kuwaitfreezone.com, e-mail:info@nrec.com.kw.
Importing In to Kuwait
The right to import goods into Kuwait on a commercial basis is restricted to Kuwait individuals and firms who are member of the Kuwait Chamber of Commerce & Industry (KCCI) and who have import licences issued by the Ministry of Commerce & Industry (MCI).
Import Licences
General import licences, which must be renewed annually, allow any amount of a variety of products from any country to be imported any number of times. But special licences are needed to bring in regulated products such as arms, ammunition and explosive, ethyl alcohol, drugs, pesticides, jewellery and precious stone, weights and weighing machines, vintage cars, etc; these too must be renewed annually. Special licences are also needed to import industrial equipment and spare parts; these are issued to industrial firms upon the recommendation of the public Authority for industry and are valid for a single use only. To protect local morals, alcoholic beverages and materials used in making them, pigs, pork, pork and pigskin products (such as handbags, wallets and shoes), narcotics and associated plants and seeds, pornographic and subversive materials, are, among other items, prohibited. To protect local industry, items such as vehicles over 5 years old and goods manufactured locally are prohibited. Items injurious to health, such as air-guns, asbestos and cyclamates, are banned import from Israel and Iraq are banned absolutely. All imports, as well as locally made items, must comply with Kuwaiti standard specifications (GCC), a set of common standards being devised under the GCC’s Unified Economic Agreement, apply, and if there is no suitable GCC, the product must adhere to international standards.
Import Documentation TOP
To clear goods into Kuwait, a minimum of four documents is needed; (a) Commercial invoice (b) certificate of origin (c) official delivery order (d) packing list. The required content of these documents is shown in the books overleaf. The invoice, certificate of reigin, and the delivery order (bill of lading or airway bill) must be in three original copies and must be certified by a chamber of commerce in the country of export, preferably a joint local-Arabic chamber, and certified by the Kuwait counsulte in the country, the consulate of Saudi Arabia (preferably) or any other Arab country (except Iraq) is acceptable. As well as being shown on the packing list, the country of origin must also be marked on each packing unit. To clear customer many products must be accompanied by additional certificate showing that they comply with health and safety regulation issued by the Ministry of Public Health, The Municipality and the MCI. Goods failing to clear customers must be re-export within a month. The minutiae of import regulation tend to change frequently and these changes are published in Al-Kuwait Al Your, The Official Gazette.
Import Duties
Kuwait customer duties are the lowest in the region, though there are protective tariffs on some goods. However commercial samples worth up to KD5.000 may be brought in temporarily. Duty is levied as a percentage of the CIF value of the goods up, but excluding unloading in Kuwait, its calculated and must be paid in Kuwait Dinar (KD). Where import are invoiced in foreign curries. Customs use a list of standard exchange rates to translate the CIF value into KD. There rates change infrequently and a list in Arabic is available for 250files from customers. The standards rates of duty is 4%, But most goods may be imported duty free, including: · Food products, medicines, essential consumer goods, live animals, bulling , printed matters, etc, except where these (such as bread) are manufactured locally; · Industrial and farm products from other GCC states provided they have at least 4% added value in the GCC exporting country; and · Raw materials, semi-processed goods, equipment and spare parts for new industrial establishments provided an exemption has been obtained. But imported hydrocarbon products that are also manufactured locally, such as lubricating oils, are subject to duties for 100%. The duty on cigarettes and tobacco is 75%. But some goods of Arabic origin are subject to only 50% or 75% of the duty imposed on similar goods of non-Arabic origin. Many locally products are protected by tariffs. To qualify for protection, an industrial firm must show that it meets, or will be able to meet, at least 40% of demand in the local market for products concerned. The varies according to the value added y domestic production. Agency & Service Agreement Only Kuwait individuals or firms may act as commercial agents in Kuwait, while foreign individuals or firms, except for GCC nationals, are not allowed to carry on commercial activities in the country except through a commercial agent. All arrangements between a foreign entity and its local agent are governed by Articles 260 to296 of the Commercials Code.
Terms of an Agreement TOP
An agency agreement must be in witting and must be register with the MCI. Its terms must cover the activities to be undertaken, the scope of the agent’s authority, his remuneration, and the duration of the agency (if limited). Generally speaking, the parties to the agency agreement have full freedom of contract, but a few privations of the code override what the parties might wish to agree and any terms, which contradict these privations, are void. If an agent is required to erect premises then the contract must be for at least five years. The agent is entitled to his remuneration (a) on all matters concluded by him, (b) on transactions which would have been concluded but for some act of his principal, and (c) on transactions concluded either directly by the principal or by others acting on behalf of the principal in the area of the agent’s operations, unless otherwise agreed in writing. Compensation on Termination If a principal terminates an agency when his agent is not at fault, the agent the agent may seek copesation for loss of icome. And, if an agent abandons his agency at an unsuitable time and without reasonable cause, his principal may seek compensation for damages. Any clause to the country in an agency agreement is void. Even where an agency is for fixed term, the law expects it to be renewed on expirty. If the principal dose not renew it, the agent may seek fair compensation (even if the country is stated in their agreement) provided the agent has not been at fault nor negligent in his performance. If a principal replaces his agent and the termination was due tocollusion between the principal and the new agent, the new agent will be held jointly responsible with the principal for settling any compensation due to the former agent. There is no set legal formula for calculating compensation. However an action for compensation must be started within 90% days of the end of the agency.
Service Agreement
To open a branch in Kuwait, a foreign firm must enter as agency agreement with a Kuwaiti sponsor or service agent. Under such as arrangement the agent is merely the foreign entity’s legal representative in the country and doses little more than take care of licensing formalities, obtain visas for the principal’s executives and employees, and represent the principal officially. The agent will expect a fee for his sponsorship and the use of his licences.
Registration Procedures TOP
An agency agreement is not enforceable under Kuwaiti law unless it has been registered in the Commercial Agencies Register at the MCI. Application for registration must be made within two months of the agency being created. Before applying to the MCI, the agreement must be registered with the KCCI.
The application for registration can only be made by the Kuwaiti agent. It must be made in two original copies of the official MCI form and must be accompanied by:
An original copy of the agency agreement ·
A translation of the agreement into Arabic ·
A copy of the agent’s commercial licences ·
A copy of the agent’s nationality document or registration in the commercial registry ·
A certificate of registration from the KCCI
If the agency agreement was executed overseas, the original must be attested at the principal’s location by an official authority and the Kuwaiti consulate. Where it was executed in Kuwait, it must be notarised by a Kuwaiti Notary Public. Upon registration, the MCI gives the agent a signed and stamped copy of the application, and advertises the the registration in the official gazette. Amendments to the agreement must also be register and when an agency terminates it must be removed from the register. The register may be searched by the names of agent, the names of principals and the trade names of goods. Intellectual property Right Expect for trademarks, the protections of intellectual property rights in Kuwait was quite poor unit 1999 when, to satisfy Kuwait’s obligations under WTO agreements, comprehensive legislation’s to protect intellectual property was promulgated by Amiri Decree under article 71 of the constitution. There laws were being reviewed by the National Assembly in November 1999 and revised versions were expected to be promulgated early in 2000. Trade Marks The protection of trademarks is governed by articles 61 to 85 of the commercial code, as amended by Decreed Law # 3 of 1999. A Trademark Register, open to public inspection, is maintained in the Patent & Trademark Department at the Ministry of commerce & industry (MCI). Under the new law, the definition of a trademark extends to audible and olfactory marks. There is no registry of service marks. The person who registers a trademark is considered the sole owner with the exclusive right to use the mark on the products for which it is registered. Registration initially protects a mark for ten years from the date of application to register. Registration can be renewed indefinitely for further periods of ten years each. The registrar must notify the owner that the period of protection has expired within one month of expirty and if the owner dose not apply for renewal within six months of expiry, the mark is automatically deleted from the register. A trademark may be sold but the change in ownership must be entered in the Register and published in the official gazette. A person who infringes a registered trademark is liable to a fine of KD600 or imprisonment or both, and to pay compensation. Registration To register a trademark, an application must be submitted in Arabic to the Trademark control Office along with a fee of KD24. Once the application has been accepted, it must be advertised in three consecutive issues of the official gazette. Objectors have 30 days after the third advertisement to challenge the registration in writing. The registrar must give a copy of the objections to the applicant, who has 30 days to submit a replay. Thus the overall time needed to register a trademark is not less than three months. Patents & Industrial Designs Under law 4 of 1962, a patent may be issued for any new invention suitable for industrial use, which has not been used in Kuwait during the previous 20 years. Kuwait nationals, foreign residents, foreign businessmen with a local presence and foreigners in Kuwait. All documents for ciprocal rights to Kuwaitis have the right to be granted patents in Kuwait. All documents for filling a patent application, including the specification of the invention, must be in Arabic. Under law 4 of 1962 patent holders are protected against unauthorised use of their invention or design for an initial period of 15 years, renewable for a further 5 years. Under the new law the period of protections will be 20years, though patents registered in other countries will only be granted protection for the remainder of the period of protection where they are registered. The new law also extends the period of protection for drawings, models and integrated circuils from 5 years to 10 years, which may be renewed for a further 5 years, The law will, in addition, allow improved versions of existing patents to be protected for 7 years patent holders may license their patents to others. Copyright Until 1999 there was no general copyright law under which the rights in intellectual works could be protected effectively. The only protected works were audio and visual recordings of Kuwaiti, Arab, American and British origin. In addition, public institutions were not allowed to buy pirated computer software. Under the new law protection is to be given to all literary works (written and oral) theatrical shows, musical works (written or without lyrics), choreographic works, motion pictures, audio, video and radio works, artistic works (painting, sculpture, carving, architecture and decoration), photographs, applied art (craft or industrial designs), illustrations, maps, designs and models, computer works (software and database), and translated works. The period of copyright protection will be 50 years from the death of the author. But works published under a pen name of after the author’s death, motion pictures, photographs, applied art, computer works, and works owned by corporate bodies will be protected for 50 years from the end of the year in which they are first published. Writers, composers and directors of theatrical, choreographic, and TV and radio works will enjoy 50 years protection from the end of the year in which the works were first performed or recorded. Under the new law the penalty for piracy is a maximum of one year in goal and a fine of KD500. A shop selling pirated works can be closed down for up to six months.
Public sector Contracting TOP
As a general rule, a public authority in Kuwait may only buy equipment and commodities, and commission works, by way of an independently administered tendering process. Public tending is governed by law 37 of 1964, Law 18 of 1970 and Law 81 of 1977 as amended. Committee (CTC), though the client body (ie the public body requiring the service) draws up the specification and particular conditions it requires, reviews pre-qualifying companies, and evaluates bids technically. However some public institutions have their own tendering procedures. But no matter who administers a tender, the procedures are in essence the same as CTC procedure, and all activities relating to public tenders, such as tender announcements, invitations to pre-quality, pre-tender meetings, and amendments to conditions and specification, are only published in Al-Kuwait Al-Youm, the gazette. Funding for major projects is normally provided by the government. In recent years other forms of financing, such as credit facilities supported by export credit agencies (ECAs) and build-own-transter (BOT)types schemes, have been tried.
Eligibility & RegistrationTOP
A tenderer for a public contract must be a Kuwaiti merchant who is (a) registered with the KCCI and the MCI, and (b ) registered as an approved supplier or contractor. The CTC and client bodies maintain lists of approved suppliers of equipment and materials. To get on the lists, the main requirement for suppliers is that they be Kuwaiti merchants. Applications for registration are usually made to the client body. The CTC also maintains lists of approved contractors for works, before getting one these lists a contractor must be classified according to the size of project he is deemed capable of undertaking. The size limited for the first three categories represents the cumulative size of all contracts being undertaken at the same time by a contractor, eg a category (4) contractor cannot bid for a contract worth more than KD50.000if, at the time of his bid, he is already undertaking projects with as total value of KD200.000. Foreign companies are not classified, as they must prequalify each time they bid for public sector contracts. Pre-qualification Participation in some public tenders is restricted to firms who have been pre-qualified, ie judged capable of undertaking the particular project. To pre-qualify, a firm submits a standard set of documents outlining its financial and technical capabilities to the CTC. Foreign firms must prequality each time they bid for a public contract. Their Kuwaiti agent and must be accompanied by an authenticated copy of the agency agreement. Bidding Procedures Forthcoming tenders are announced as invitations to bid Al-Kuwait Al-Youm. To collect the documents, a written requested in Arabic plus the fee (for which a receipt is given) is needed. A foreign firm must show an authenticated copy of the agreement with its local agent. Firms who have purchased the documents may be invited to pre-tender meeting with the client body. Sometimes these are mandatory and bidders who do not attend find themselves excluded from the tender. The scope of work may be amended after the tender documents have been issued or after a pre-tender meeting. When this happens the administering committees issues a formal addendum, which can only be collected on production of the original receipt for the tender documents. Notices of pre-tender meeting and tender amendment are announced in AlKuwait Al-Youm and tenders are seldom advised directly. Bid Preparation A bid only is submitted on the original official tender documents issued to the company making the bid. All pats must be completed in full and the documents may not be altered in any way. The bid must conform to the tender terms exactly and alternative terms are never acceptable. All prescribed supporting documentation must be appended. The tender documents are expected to be submitted without erasures or corrections. Where alternative offers are allowed, a tenderer must buy a separate set of documents for each offer he submits, with each bid clearly marked to show that it id an alternative.
Pricing & Pricing Preferences TOP
Contractors must usually be priced on a lump-sum fixed-price basis, though unit pricing is normal in maintenance type contracts. Most bids must be priced in Kuwaiti Dinar, Prices must be stated on a cash-basis. Public sector contracts must by law be awarded to the bidder who offers the lowest price provided his bid conforms with technical requirements and he has adequate resources. But where a firm has submitted an artificially low bid and it appears that it will be unable to perform to the required standard, the contract may be awarded to the next lowest bidder. Local manufactures have a price advantage. Subject to technical acceptance, goods made in Kuwait may be priced up to 10% higher than comparable items made abroad and be deemed the lowest priced. Goods made in other GCC countries have a 5% price preference; but if the goods are not made in Kuwait then GCC goods have a 10% advantage. Local contractors for the performance of works do not enjoy any pricing advantage. Bid Bonds A bidder’s offer must be irrevocable unite the end of its period of validity which initially contact be more than 90 days. An unconditional bank guarantee for the entire initial period of validity, issued in Arabic by a Kuwaiti bank, must be submitted with the bid. These bonds vary from 2% to 5% of the bid. If a bidder is successful but refuses to sign the contract, the bond is forfeit. Bidder is often asked, towards the end of the initial period of validity, to extend their offers. If they wish to do so then the bid bond must also be extended. Submission of Bids Tender documents must be signed by the bidder and stamped with his seal. If a foreign firm submits a bid directly, rather than through its local agent, both its stamp and the agent’s stamp must appear on every page. Proof of the signatory’s capacity to bind the bidding firm is always required and this usually takes the form of a notarised power of attormey. If the tender documents include a bid envelope, this must be used to submit the bid. The name of the bidder may not appear on the envelope, which must be sealed with wax. Bids must be submitted to the tender committee at the place, date and time stated in the conditions. Where the CTC is administering the tender, bids must be submitted in the CTC’s office in Sharq, which is done by placing the envelop in the box designated for that tender by a notice in Arabic (only). The closing time is usually 1:00pm and the box is always sealed the very second time is up. Evaluation & Award Where the CTC administering the tender, bidder may get a copy in Arabic of the list of bidder and their prices from the CTC’s Sharq office, about a week or so after bidding close, by showing a copy of the original receipt for the documents. But other tender committees do not normally provide such lists. In most tenders a technical study, to ensure that bids comply with the required specification, is usually carried out by the client body. During these studies, a bidder may be invited to answer queries orally or he may be sent a list of questions requiring a written reply. Ones technical studies are completed, a contract it’s awarded on the basis of the price from among the bids that comfort with the tender specification. The administering committee notifies a successful bidder in writing, but the latter dose not have any contractual rights until he has signed his contract with the client body. If the winner fails to sign the contract within a specified time of being invited to do so, he is deemed to have withdrawn. Before signing the contract, a successful bidder must replace his initial guarantee with a final guarantee or performance bond from a Kuwait bank. This is typically 10% of the contract value and must be valid for the duration of the contract including a maintenance period. A contract that fails to present this guarantee is deemed to have withdrawn.
Performance TOP
Public sector contractors always contain penalty clauses, and minor delays and faults in execution usually result in penalties being imposed. Contractors for the performance of works normally receive as advance of 10% to cover costs of mobilisation. Stag payments on account of work-in-progress are also made. Most contractors allow the client body to retail 10% from work-in-progress payments until the end of the contract and to recoup the advance pro-rata from work-in-progress payments, so that during the maintenance period the client body is holding a retention of 10%. Public sector contracts normally include a maintenance period of a year, during which the contractor is liable for any faults in the equipment or work. The period is covered by retention, in the case of works, and the performance bond. When a project of works is completed, the contractors usually receive a provisional completion certificate, which is replaced by a final certificate release, him from further liability and enables him to claim his final payment. Before he can receive his final payment, a foreign contract must obtain a tax clearance certificate. Contertrade Offset Programme Under Kuwait’s counter-trade offset programme, a foreign contractor who signs contracts to supply government institution with goods or services that are cumulatively worth more than KD1milion in any fiscal year (July to June) incure an offest obligation that required him to set up a budiness benefical to Kuwait. The Office Obligation The office obligation is expressed in the same currency as the supply contractors and is nominally 30% of their value. The contractor earns ‘credits’ for expenditures relating to his offset business venture (OBV) and when these credits amount to 30% of his supply contracts he has fulfilled his obligation. Actual expenditures will be much less than 30% because most expenditure earn credits at a rate greater than 1:1 and, in practice, offset expenditures amount to about 30% of a contractor’s supply contracts. But before a contractor may embark on his OBV, the business must be official approved. The programme is administered by the objective of Kuwait’s offset programme are: · To promote long-term mutually beneficial collaborative business venture between foreign enterprises and Kuwaiti companies with an emphasis on the private sector; · To achieve sustainable economic benefits (such as export sales and import substitution · To enhance the high-tech capabilities of the private sector by creating and expanding education and training opportunities of the private sector by creating and expanding education and training opportunities for Kuwaiti nationals locally and abroad; · To facilitate the transfer of state-of-the-art technology into the private sector; and · To support Kuwait’s foreign aid programs. These objectives provide the criteria by which prop0osed OBVs are evaluated. A contractor obligation is being when he signs the supply contract that creates it. The total time allowed to fulfill the obligation is 10 years, ie 24 months for approved of the OBV and eight years thereafter to generate the credits needed to extinguish the obligation, with 50% being settled within four years. A contractors OBV must include Kuwait businesses or entrepreneurs as equity partners, and it must exist and operate under Kuwait’s Commercial Companies Law. A contractor who refuse to participate in the programme or ceases to participate before he accumulates credits equal to 10% of his obligation, incurs a penalty of 6% of the value of his supply contracts. If he fails to continue after completing 10% or more of his obligation, the penalty is reduced by the percentage of the obligation which has been completed.
The Offset Process TOP
Once the foreign contractor has signed the supply contract that triggers his obligation, he must acknowledge this obligation by signing a memorandum of agreement with the Ministry of finance. He must then submit business ideas to the PEO in order to obtain approved for an OBV. For each idea he must submit in turn a concept paper, a proposal and a business plan, and each of these documents must be approved before the next one is submitted. The concept paper is essentially a brief summary of the proposed business. A proposal is similar to a traditional feasibility study and is the key document upon which approval of the OBV rests. The business plan must be fulfilled. The proposed OBV must pass normal evaluation criteria for commercial, technical and financial viability. The business is also evaluation on its ability to futher capital accumulation and promote economic development in Kuwait, on the contribution it can make to developing a highly-skilled experienced globally-competitive work force and on whether it will transfer inwards technology appropriate to the development of new industries in Kuwait. Calculation of Credits Once his business plan has been approved the foreign contractor establishes and operates the OBV with his Kuwaiti associates. He is awarded offset credits annually on the basis of the expenditure relating to the OBV as shown by its audited financial statements. All the OBV’s expenditures, except for costs incurred in administering the programme, are eligible for credits, But instead of being just aggregated to calculate the credits, these expenditure are classified and weighed according to the preference given to them under the government’s economic policy objectives. First the expenditures are classified, according to the internal functions of the OBV, into micro-categories. The actual expenses in each micro-category are then multiplied by the appropriate micro-multiplier. The result is then multiplied by the approved macro-multiplier. The final result is the amount of credits earned in that particular micro-category. The credits earned in each micro-category are then summed to arrive at then summed to arrive at the total number of credits generated by the OBV for that year.
Future Credits TOP
After a contractors current obligation has been fulfilled, additional credits generated by his OBV may be carried forward and set against offset obligations arising from any future supply contracts he signs. These future credits may not be transffered to other contractors. Third Party Fulfilment Subject to PEO approval, a foreign contractor may designate a theird party to fulfil his offset obligations, though the contractors remain responsible for the outcome. Contractors unable to find suitable OBVs may be allowed to fulfil their obligations by investing in approved investment funds, which proved, finance for ventures acceptable under the offset programme. Several local funds, which provide finance for this purpose by the Ministry of Finance.
Corporate Income Tax TOP
In Kuwait there are personal income taxes, property, gift or inheritance taxes. The only tax paid by Kuwaiti shareholding companies is a 20% levy for the Kuwait Fund for the Advancement of Science. But corporate income tax is levied on the net income of foreign firms. The Liability to Corporate Income Tax Corporate income tax is governed by Law # 3 of 1955, as supplemented by directives issued by the Director of Income Taxes, ie the Minister of Finance, from time to time. The filling of tax declaration and accounts, the assessment of libilities and the payment of taxes are administered by the Tax Department in the Ministry of Finance. All tax declaration, supporting, schedules, financial statements, and correspondence must be in Arabic. All foreign corporate bodies carrying on a trade or business in Kuwait are liable to income tax, with the exception of companies incorporated in the GCC that are wholly owned by the GCC citizens, A foreign corporate body means any business entity, formed under the laws of any state, which has a legal existence separate from that of its owners. The term includes foreign partnerships. Where a foreign firm operates through a local service agent, it is taxed on its share of the company’s profit. Taxable income includes net profits, whether distributed or not, and amounts receivable on account of interest, royalties, technical services and management fees, etc, whether actually paid or not. Where the foreign firm is a shareholder in a local company, the foreign entity bears the tax and the Kuwait Company has no liability. There is no withholding tax on dividends, interest payment and royalties. Net taxable income is computed on the basis of the net profits disclosed in audited financial statements as adjusted for tax purposes. Where the taxpayer is a shareholder in a local company, the foreign element in total adjusted profits is isolated. Gross Revenues Gross income is all income from business and trade, including amounts receivable as rents, royalties, premiums, devindeds and interest, as well as capital gains on the sale of assets and on the sale of shares by a foreign shareholder, where the source is in Kuwait. The source of income is Kuwait if the place where services are performed is in Kuwait. Work done outside Kuwait is deemed to be performend in Kuwait where it is part of a contract that includes activities within Kuwait, eg, in a supply and installation contract, the full value of the contract including the foreign supply element is assessable. Gross billings, excluding advance payments, less the costs of work incurred in an accounting period are used to assess income from contract work and percentage accounting or completed contract accounting methods are usually not acceptable. Where a foreign firm has more than one activity in Kuwait, its income from a;; activities must be aggregated for tax purposes, even if its different activities are organised through separate local companies.
Allowable Expenses TOP
All normal business expenses are allowable on an accrual basis provided they are incurred in the generation of income in Kuwait. But the following may be noted: · Accounting provisions, whether specific or general, are not allowable. Bad debts are only allowed once they have proved irrecoverable. Other provision, such as labour indemnities, is only allowed when they are actually paid. · Depreciation of fixed assets is allowed but only at particular rates for different classes of assets on a straight-line basis. Losses on the disposal of fixed assets below their tax written-down value are allowable. · Interest charges are allowable provided they are payable to a Kuwaiti bank and are reasonable in relation to the business activities carried out in Kuwait. · Commission paid to the taxpayer’s local agent are limited to 3% of revenue. · Losses brought forward are allowable. Losses may be carried forward indefinitely and deducted from income in later periods, provided there has been no intervening cessation of activities, But losses in later period cannot be carried back to an earlier peried. · Management fees receivable by a foreign corporate shareholder in a local company and expensed in the latter’s books are not allowable. But direct expenses incurred by the foreign taxpayer are allowable provided they are supported by adequate documentation. · As a contribution to a foreign corporate body’s head office expenses, deductions may be claimed as followed: · By foreign consultants or contractors operating through a local agent: 3.5% of revenues ( net of amounts payable to subcontractors and reimbursable costs). · By foreign shareholders in a WLL or KSC: 2% of revenues (net of amounts payable to subcontractors and reimbursable costs). · By foreign insurance companies: 3.5% of net premiums. Inventory is usually valued at weight average cost, though FIFO ( first in first out ) is becoming more popular, but any valuation method in general use is acceptable.
Calculation of tax Due TOP
The tax due on net taxable income is reckoned, These are not progressive, ie tax is charged on all profits at the rate of the level into which total profits reach. For example, if taxable profits are KD50.000 tax of 15% is levied on the whole KD50.000 and the tax payable is KD7.500. Some relief is available where taxable profits reach marginally into a higher level. This is obtained by calculating the total tax thus payable at the top of the band just below the highest band into which taxable income falls and to the tax thus calculated the whole of the income in excess of this band is added. Where the resulting amount is less than the tax payable as calculated normally, the lower amount become the tax payable. Administration The Gregorian solar calendar is used for tax accounting. Tax periods are normally 12 months long, though a period of up to 18 months may be allowed on commencement. The usual year-end for tax accounting is 31st December, but a taxpayer may request another year-old. Taxpayers are legally obliged to submit their tax declarations to the Tax Department without being requested. The deadline for filing tax declarations is the 15th day of the 4th month following the end of the tax accounting period; eg where the usual end-of-December period end is used, tax declarations must be submitted by 15th April. An extension of 75 days may be allowed if audited accounts are filed. Tax declarations and supporting documention must be in Arabic and certified by a practising accuntant who is registered with the MCI. The law is unclear on a number of issues and final assessments are usually agreed by negotiation. There is no special appeals process.
Payments TOP
Tax must be paid in Kuwait Dinar by certified cheque, in four equal installments on the 15th day of the 4th, 6th, 9th and 12th, months following the end of the tax period. No payment is required until accounts have been field. The tax is payable in a single lump sum where payments are delayed and also where an extension of 75 days has been allowed for the filling of audited accounts. The penalty for tardiness in filling declarations or paying by the due date is a fine of 1% of the tax payable for every 30 days (or fraction thereof) of delay. Tax Clearance Certificates The final payment due to a foreign contractor, which must not be less than 5% of the total contract value, must be retained by all ministries, public authorities and private companies (including foreign firms) operating locally until the contractors has produced a tax clearance certificate from the Ministry of Finance confirming that all tax liabilities have been settled. All ministries, public authorities and private companies with which they are doing business as contractors, subcontractors or in any other form, together with a copy of the contracts, to the Tax Department. When assessing liability to tax, the Director of Taxes may disallow payments to subcontractors, which have not been reported.
Tax Planning TOP
The Director of Taxes tends to look at the substance rather than the form of transactions and dose not usually give binding ruling in advance on how tax will be determined in unclear cases and so the scope for tax planing is rather limited. As final assessments are a matter of negotiation, advice from a local practitioner who has a good working relationship with the Tax Department can be helpful. Kuwait is a signatory to the GCC joint Agreement and to the Arab Tax Treaty. Kuwait has also double taxation treaties with Belgium, China, Cyprus, France, Germany, Hungary, Italy, Romania, South Africa and Thailand, and is negotiating treaties with Australia, Austria, Canada, Finland, India, Japan, Malaysia, Singapore, Switzerland, Turkey and the USA. Sources of Information Researching business opportunities from outside Kuwait is easy. Data on exports to Kuwait by OECD countries can be used to analyes the market. Foreign government trade promotion agencies have information on market prospects and updates on new projects. These agencies also orgnise trade mission to Kuwait, a cost-effective way of marking local contracts. There are several sources of market-related information within Kuwait, Al-Kuwait Al-Youm, and the official gazette, is the official source of government announcement but is published in Arabic only. An English translation of all tender-related and regulatory matters, with a local news update and business diary, is issued by Kuwait publishing House at the same time as the official version. The Ministry of planing is the main source of government statistics. The Central Bank issues an Annual Economic Report. Research units in the IBK, commercial banks and Institute of banking Studies are worth contacting. Foreign embassies have data on opportunities. Local foreign business associations provide good networking facilities: · The British Business forum (BBF) is an association of British business people which aims to foster British business interests and win business for the UK. The BBF works closely with the British Embassy where business-relate meetings and seminars are organised regularly. A meeting, open to all, is usually held at 7.30 pm on the second Monday of each month. Membership is not restricted to British nationals. · The American Business Council – Kuwait (ABC-K) serves as the local chapter of the US Chamber of Commerce. Its objectives are the development of commerce and investment between the USA and Kuwait, bringing a better awareness of the Kuwait market to the USA, and providing a forum to pursue business interests and enhance the business climate in Kuwait. Membership & meeting information: Brenda Stoetzer, · The India business Advisory Council (IBAC) promotes economic and commercial relation between India and Kuwait. Most prominent Indian businessmen in Kuwait are members, The IBAC meets periodically to discuss business matters, Prominent Kuwaiti businessmen, as well as well-known visiting Indian entrepreneurs, are invited to meetings to exchange views on economic and commercial matters.
The rules of commerce are in general similar to West European practice. Any Kuwaiti or GCC national over 21 years of age may carry on commerce in Kuwait provided he or she is not affected by a personal legal restriction. But a foreigner (non-GCC national) may not carry on a trade unless he or she more Kuwaiti partners and the capital owned by the Kuwaiti partners(s) in the joint business is not less than 51 % of the total capital (60 % in the case of banks, investments houses and insurance companies). A foreign firm (including a partnership) may not set up a branch and may not perform any commercial activities in the country except through a Kuwait agent. Foreign individuals and firms may not acquire commercial licences in there own name nor may they own real estate locally. The main laws regulating business in Kuwait, which have been amended several times since they were issued, are (a) The civil code (Law 67 of 1980), (b) The commercial code (Law 68 of 1980), and (c) The commercial companies law (Law 15 of 1960).
Business EntitiesTOP
Business enterprises can take several forms, viz. Kuwait shareholding company (KSC), company with limited liability (WLL), and general partnership, The time and cost of establishing and registering these entities ranges from one month and at least KD500 for a general partnership to about three months and KD3.000 for a KSC.
Kuwait Free Trade Zone
Kuwaitis new privately managed free trade zone is located Shuwaikh and allows 100% foreign ownership of business within the zone. There are no import duties and foreign corporate income is tax-free. Commercial, Industrial and service licenses are a variety of infrastructural services. Tel: 802808, Fax: 4822067 http: www.kuwaitfreezone.com, e-mail:info@nrec.com.kw.
Importing In to Kuwait
The right to import goods into Kuwait on a commercial basis is restricted to Kuwait individuals and firms who are member of the Kuwait Chamber of Commerce & Industry (KCCI) and who have import licences issued by the Ministry of Commerce & Industry (MCI).
Import Licences
General import licences, which must be renewed annually, allow any amount of a variety of products from any country to be imported any number of times. But special licences are needed to bring in regulated products such as arms, ammunition and explosive, ethyl alcohol, drugs, pesticides, jewellery and precious stone, weights and weighing machines, vintage cars, etc; these too must be renewed annually. Special licences are also needed to import industrial equipment and spare parts; these are issued to industrial firms upon the recommendation of the public Authority for industry and are valid for a single use only. To protect local morals, alcoholic beverages and materials used in making them, pigs, pork, pork and pigskin products (such as handbags, wallets and shoes), narcotics and associated plants and seeds, pornographic and subversive materials, are, among other items, prohibited. To protect local industry, items such as vehicles over 5 years old and goods manufactured locally are prohibited. Items injurious to health, such as air-guns, asbestos and cyclamates, are banned import from Israel and Iraq are banned absolutely. All imports, as well as locally made items, must comply with Kuwaiti standard specifications (GCC), a set of common standards being devised under the GCC’s Unified Economic Agreement, apply, and if there is no suitable GCC, the product must adhere to international standards.
Import Documentation TOP
To clear goods into Kuwait, a minimum of four documents is needed; (a) Commercial invoice (b) certificate of origin (c) official delivery order (d) packing list. The required content of these documents is shown in the books overleaf. The invoice, certificate of reigin, and the delivery order (bill of lading or airway bill) must be in three original copies and must be certified by a chamber of commerce in the country of export, preferably a joint local-Arabic chamber, and certified by the Kuwait counsulte in the country, the consulate of Saudi Arabia (preferably) or any other Arab country (except Iraq) is acceptable. As well as being shown on the packing list, the country of origin must also be marked on each packing unit. To clear customer many products must be accompanied by additional certificate showing that they comply with health and safety regulation issued by the Ministry of Public Health, The Municipality and the MCI. Goods failing to clear customers must be re-export within a month. The minutiae of import regulation tend to change frequently and these changes are published in Al-Kuwait Al Your, The Official Gazette.
Import Duties
Kuwait customer duties are the lowest in the region, though there are protective tariffs on some goods. However commercial samples worth up to KD5.000 may be brought in temporarily. Duty is levied as a percentage of the CIF value of the goods up, but excluding unloading in Kuwait, its calculated and must be paid in Kuwait Dinar (KD). Where import are invoiced in foreign curries. Customs use a list of standard exchange rates to translate the CIF value into KD. There rates change infrequently and a list in Arabic is available for 250files from customers. The standards rates of duty is 4%, But most goods may be imported duty free, including: · Food products, medicines, essential consumer goods, live animals, bulling , printed matters, etc, except where these (such as bread) are manufactured locally; · Industrial and farm products from other GCC states provided they have at least 4% added value in the GCC exporting country; and · Raw materials, semi-processed goods, equipment and spare parts for new industrial establishments provided an exemption has been obtained. But imported hydrocarbon products that are also manufactured locally, such as lubricating oils, are subject to duties for 100%. The duty on cigarettes and tobacco is 75%. But some goods of Arabic origin are subject to only 50% or 75% of the duty imposed on similar goods of non-Arabic origin. Many locally products are protected by tariffs. To qualify for protection, an industrial firm must show that it meets, or will be able to meet, at least 40% of demand in the local market for products concerned. The varies according to the value added y domestic production. Agency & Service Agreement Only Kuwait individuals or firms may act as commercial agents in Kuwait, while foreign individuals or firms, except for GCC nationals, are not allowed to carry on commercial activities in the country except through a commercial agent. All arrangements between a foreign entity and its local agent are governed by Articles 260 to296 of the Commercials Code.
Terms of an Agreement TOP
An agency agreement must be in witting and must be register with the MCI. Its terms must cover the activities to be undertaken, the scope of the agent’s authority, his remuneration, and the duration of the agency (if limited). Generally speaking, the parties to the agency agreement have full freedom of contract, but a few privations of the code override what the parties might wish to agree and any terms, which contradict these privations, are void. If an agent is required to erect premises then the contract must be for at least five years. The agent is entitled to his remuneration (a) on all matters concluded by him, (b) on transactions which would have been concluded but for some act of his principal, and (c) on transactions concluded either directly by the principal or by others acting on behalf of the principal in the area of the agent’s operations, unless otherwise agreed in writing. Compensation on Termination If a principal terminates an agency when his agent is not at fault, the agent the agent may seek copesation for loss of icome. And, if an agent abandons his agency at an unsuitable time and without reasonable cause, his principal may seek compensation for damages. Any clause to the country in an agency agreement is void. Even where an agency is for fixed term, the law expects it to be renewed on expirty. If the principal dose not renew it, the agent may seek fair compensation (even if the country is stated in their agreement) provided the agent has not been at fault nor negligent in his performance. If a principal replaces his agent and the termination was due tocollusion between the principal and the new agent, the new agent will be held jointly responsible with the principal for settling any compensation due to the former agent. There is no set legal formula for calculating compensation. However an action for compensation must be started within 90% days of the end of the agency.
Service Agreement
To open a branch in Kuwait, a foreign firm must enter as agency agreement with a Kuwaiti sponsor or service agent. Under such as arrangement the agent is merely the foreign entity’s legal representative in the country and doses little more than take care of licensing formalities, obtain visas for the principal’s executives and employees, and represent the principal officially. The agent will expect a fee for his sponsorship and the use of his licences.
Registration Procedures TOP
An agency agreement is not enforceable under Kuwaiti law unless it has been registered in the Commercial Agencies Register at the MCI. Application for registration must be made within two months of the agency being created. Before applying to the MCI, the agreement must be registered with the KCCI.
The application for registration can only be made by the Kuwaiti agent. It must be made in two original copies of the official MCI form and must be accompanied by:
An original copy of the agency agreement ·
A translation of the agreement into Arabic ·
A copy of the agent’s commercial licences ·
A copy of the agent’s nationality document or registration in the commercial registry ·
A certificate of registration from the KCCI
If the agency agreement was executed overseas, the original must be attested at the principal’s location by an official authority and the Kuwaiti consulate. Where it was executed in Kuwait, it must be notarised by a Kuwaiti Notary Public. Upon registration, the MCI gives the agent a signed and stamped copy of the application, and advertises the the registration in the official gazette. Amendments to the agreement must also be register and when an agency terminates it must be removed from the register. The register may be searched by the names of agent, the names of principals and the trade names of goods. Intellectual property Right Expect for trademarks, the protections of intellectual property rights in Kuwait was quite poor unit 1999 when, to satisfy Kuwait’s obligations under WTO agreements, comprehensive legislation’s to protect intellectual property was promulgated by Amiri Decree under article 71 of the constitution. There laws were being reviewed by the National Assembly in November 1999 and revised versions were expected to be promulgated early in 2000. Trade Marks The protection of trademarks is governed by articles 61 to 85 of the commercial code, as amended by Decreed Law # 3 of 1999. A Trademark Register, open to public inspection, is maintained in the Patent & Trademark Department at the Ministry of commerce & industry (MCI). Under the new law, the definition of a trademark extends to audible and olfactory marks. There is no registry of service marks. The person who registers a trademark is considered the sole owner with the exclusive right to use the mark on the products for which it is registered. Registration initially protects a mark for ten years from the date of application to register. Registration can be renewed indefinitely for further periods of ten years each. The registrar must notify the owner that the period of protection has expired within one month of expirty and if the owner dose not apply for renewal within six months of expiry, the mark is automatically deleted from the register. A trademark may be sold but the change in ownership must be entered in the Register and published in the official gazette. A person who infringes a registered trademark is liable to a fine of KD600 or imprisonment or both, and to pay compensation. Registration To register a trademark, an application must be submitted in Arabic to the Trademark control Office along with a fee of KD24. Once the application has been accepted, it must be advertised in three consecutive issues of the official gazette. Objectors have 30 days after the third advertisement to challenge the registration in writing. The registrar must give a copy of the objections to the applicant, who has 30 days to submit a replay. Thus the overall time needed to register a trademark is not less than three months. Patents & Industrial Designs Under law 4 of 1962, a patent may be issued for any new invention suitable for industrial use, which has not been used in Kuwait during the previous 20 years. Kuwait nationals, foreign residents, foreign businessmen with a local presence and foreigners in Kuwait. All documents for ciprocal rights to Kuwaitis have the right to be granted patents in Kuwait. All documents for filling a patent application, including the specification of the invention, must be in Arabic. Under law 4 of 1962 patent holders are protected against unauthorised use of their invention or design for an initial period of 15 years, renewable for a further 5 years. Under the new law the period of protections will be 20years, though patents registered in other countries will only be granted protection for the remainder of the period of protection where they are registered. The new law also extends the period of protection for drawings, models and integrated circuils from 5 years to 10 years, which may be renewed for a further 5 years, The law will, in addition, allow improved versions of existing patents to be protected for 7 years patent holders may license their patents to others. Copyright Until 1999 there was no general copyright law under which the rights in intellectual works could be protected effectively. The only protected works were audio and visual recordings of Kuwaiti, Arab, American and British origin. In addition, public institutions were not allowed to buy pirated computer software. Under the new law protection is to be given to all literary works (written and oral) theatrical shows, musical works (written or without lyrics), choreographic works, motion pictures, audio, video and radio works, artistic works (painting, sculpture, carving, architecture and decoration), photographs, applied art (craft or industrial designs), illustrations, maps, designs and models, computer works (software and database), and translated works. The period of copyright protection will be 50 years from the death of the author. But works published under a pen name of after the author’s death, motion pictures, photographs, applied art, computer works, and works owned by corporate bodies will be protected for 50 years from the end of the year in which they are first published. Writers, composers and directors of theatrical, choreographic, and TV and radio works will enjoy 50 years protection from the end of the year in which the works were first performed or recorded. Under the new law the penalty for piracy is a maximum of one year in goal and a fine of KD500. A shop selling pirated works can be closed down for up to six months.
Public sector Contracting TOP
As a general rule, a public authority in Kuwait may only buy equipment and commodities, and commission works, by way of an independently administered tendering process. Public tending is governed by law 37 of 1964, Law 18 of 1970 and Law 81 of 1977 as amended. Committee (CTC), though the client body (ie the public body requiring the service) draws up the specification and particular conditions it requires, reviews pre-qualifying companies, and evaluates bids technically. However some public institutions have their own tendering procedures. But no matter who administers a tender, the procedures are in essence the same as CTC procedure, and all activities relating to public tenders, such as tender announcements, invitations to pre-quality, pre-tender meetings, and amendments to conditions and specification, are only published in Al-Kuwait Al-Youm, the gazette. Funding for major projects is normally provided by the government. In recent years other forms of financing, such as credit facilities supported by export credit agencies (ECAs) and build-own-transter (BOT)types schemes, have been tried.
Eligibility & RegistrationTOP
A tenderer for a public contract must be a Kuwaiti merchant who is (a) registered with the KCCI and the MCI, and (b ) registered as an approved supplier or contractor. The CTC and client bodies maintain lists of approved suppliers of equipment and materials. To get on the lists, the main requirement for suppliers is that they be Kuwaiti merchants. Applications for registration are usually made to the client body. The CTC also maintains lists of approved contractors for works, before getting one these lists a contractor must be classified according to the size of project he is deemed capable of undertaking. The size limited for the first three categories represents the cumulative size of all contracts being undertaken at the same time by a contractor, eg a category (4) contractor cannot bid for a contract worth more than KD50.000if, at the time of his bid, he is already undertaking projects with as total value of KD200.000. Foreign companies are not classified, as they must prequalify each time they bid for public sector contracts. Pre-qualification Participation in some public tenders is restricted to firms who have been pre-qualified, ie judged capable of undertaking the particular project. To pre-qualify, a firm submits a standard set of documents outlining its financial and technical capabilities to the CTC. Foreign firms must prequality each time they bid for a public contract. Their Kuwaiti agent and must be accompanied by an authenticated copy of the agency agreement. Bidding Procedures Forthcoming tenders are announced as invitations to bid Al-Kuwait Al-Youm. To collect the documents, a written requested in Arabic plus the fee (for which a receipt is given) is needed. A foreign firm must show an authenticated copy of the agreement with its local agent. Firms who have purchased the documents may be invited to pre-tender meeting with the client body. Sometimes these are mandatory and bidders who do not attend find themselves excluded from the tender. The scope of work may be amended after the tender documents have been issued or after a pre-tender meeting. When this happens the administering committees issues a formal addendum, which can only be collected on production of the original receipt for the tender documents. Notices of pre-tender meeting and tender amendment are announced in AlKuwait Al-Youm and tenders are seldom advised directly. Bid Preparation A bid only is submitted on the original official tender documents issued to the company making the bid. All pats must be completed in full and the documents may not be altered in any way. The bid must conform to the tender terms exactly and alternative terms are never acceptable. All prescribed supporting documentation must be appended. The tender documents are expected to be submitted without erasures or corrections. Where alternative offers are allowed, a tenderer must buy a separate set of documents for each offer he submits, with each bid clearly marked to show that it id an alternative.
Pricing & Pricing Preferences TOP
Contractors must usually be priced on a lump-sum fixed-price basis, though unit pricing is normal in maintenance type contracts. Most bids must be priced in Kuwaiti Dinar, Prices must be stated on a cash-basis. Public sector contracts must by law be awarded to the bidder who offers the lowest price provided his bid conforms with technical requirements and he has adequate resources. But where a firm has submitted an artificially low bid and it appears that it will be unable to perform to the required standard, the contract may be awarded to the next lowest bidder. Local manufactures have a price advantage. Subject to technical acceptance, goods made in Kuwait may be priced up to 10% higher than comparable items made abroad and be deemed the lowest priced. Goods made in other GCC countries have a 5% price preference; but if the goods are not made in Kuwait then GCC goods have a 10% advantage. Local contractors for the performance of works do not enjoy any pricing advantage. Bid Bonds A bidder’s offer must be irrevocable unite the end of its period of validity which initially contact be more than 90 days. An unconditional bank guarantee for the entire initial period of validity, issued in Arabic by a Kuwaiti bank, must be submitted with the bid. These bonds vary from 2% to 5% of the bid. If a bidder is successful but refuses to sign the contract, the bond is forfeit. Bidder is often asked, towards the end of the initial period of validity, to extend their offers. If they wish to do so then the bid bond must also be extended. Submission of Bids Tender documents must be signed by the bidder and stamped with his seal. If a foreign firm submits a bid directly, rather than through its local agent, both its stamp and the agent’s stamp must appear on every page. Proof of the signatory’s capacity to bind the bidding firm is always required and this usually takes the form of a notarised power of attormey. If the tender documents include a bid envelope, this must be used to submit the bid. The name of the bidder may not appear on the envelope, which must be sealed with wax. Bids must be submitted to the tender committee at the place, date and time stated in the conditions. Where the CTC is administering the tender, bids must be submitted in the CTC’s office in Sharq, which is done by placing the envelop in the box designated for that tender by a notice in Arabic (only). The closing time is usually 1:00pm and the box is always sealed the very second time is up. Evaluation & Award Where the CTC administering the tender, bidder may get a copy in Arabic of the list of bidder and their prices from the CTC’s Sharq office, about a week or so after bidding close, by showing a copy of the original receipt for the documents. But other tender committees do not normally provide such lists. In most tenders a technical study, to ensure that bids comply with the required specification, is usually carried out by the client body. During these studies, a bidder may be invited to answer queries orally or he may be sent a list of questions requiring a written reply. Ones technical studies are completed, a contract it’s awarded on the basis of the price from among the bids that comfort with the tender specification. The administering committee notifies a successful bidder in writing, but the latter dose not have any contractual rights until he has signed his contract with the client body. If the winner fails to sign the contract within a specified time of being invited to do so, he is deemed to have withdrawn. Before signing the contract, a successful bidder must replace his initial guarantee with a final guarantee or performance bond from a Kuwait bank. This is typically 10% of the contract value and must be valid for the duration of the contract including a maintenance period. A contract that fails to present this guarantee is deemed to have withdrawn.
Performance TOP
Public sector contractors always contain penalty clauses, and minor delays and faults in execution usually result in penalties being imposed. Contractors for the performance of works normally receive as advance of 10% to cover costs of mobilisation. Stag payments on account of work-in-progress are also made. Most contractors allow the client body to retail 10% from work-in-progress payments until the end of the contract and to recoup the advance pro-rata from work-in-progress payments, so that during the maintenance period the client body is holding a retention of 10%. Public sector contracts normally include a maintenance period of a year, during which the contractor is liable for any faults in the equipment or work. The period is covered by retention, in the case of works, and the performance bond. When a project of works is completed, the contractors usually receive a provisional completion certificate, which is replaced by a final certificate release, him from further liability and enables him to claim his final payment. Before he can receive his final payment, a foreign contract must obtain a tax clearance certificate. Contertrade Offset Programme Under Kuwait’s counter-trade offset programme, a foreign contractor who signs contracts to supply government institution with goods or services that are cumulatively worth more than KD1milion in any fiscal year (July to June) incure an offest obligation that required him to set up a budiness benefical to Kuwait. The Office Obligation The office obligation is expressed in the same currency as the supply contractors and is nominally 30% of their value. The contractor earns ‘credits’ for expenditures relating to his offset business venture (OBV) and when these credits amount to 30% of his supply contracts he has fulfilled his obligation. Actual expenditures will be much less than 30% because most expenditure earn credits at a rate greater than 1:1 and, in practice, offset expenditures amount to about 30% of a contractor’s supply contracts. But before a contractor may embark on his OBV, the business must be official approved. The programme is administered by the objective of Kuwait’s offset programme are: · To promote long-term mutually beneficial collaborative business venture between foreign enterprises and Kuwaiti companies with an emphasis on the private sector; · To achieve sustainable economic benefits (such as export sales and import substitution · To enhance the high-tech capabilities of the private sector by creating and expanding education and training opportunities of the private sector by creating and expanding education and training opportunities for Kuwaiti nationals locally and abroad; · To facilitate the transfer of state-of-the-art technology into the private sector; and · To support Kuwait’s foreign aid programs. These objectives provide the criteria by which prop0osed OBVs are evaluated. A contractor obligation is being when he signs the supply contract that creates it. The total time allowed to fulfill the obligation is 10 years, ie 24 months for approved of the OBV and eight years thereafter to generate the credits needed to extinguish the obligation, with 50% being settled within four years. A contractors OBV must include Kuwait businesses or entrepreneurs as equity partners, and it must exist and operate under Kuwait’s Commercial Companies Law. A contractor who refuse to participate in the programme or ceases to participate before he accumulates credits equal to 10% of his obligation, incurs a penalty of 6% of the value of his supply contracts. If he fails to continue after completing 10% or more of his obligation, the penalty is reduced by the percentage of the obligation which has been completed.
The Offset Process TOP
Once the foreign contractor has signed the supply contract that triggers his obligation, he must acknowledge this obligation by signing a memorandum of agreement with the Ministry of finance. He must then submit business ideas to the PEO in order to obtain approved for an OBV. For each idea he must submit in turn a concept paper, a proposal and a business plan, and each of these documents must be approved before the next one is submitted. The concept paper is essentially a brief summary of the proposed business. A proposal is similar to a traditional feasibility study and is the key document upon which approval of the OBV rests. The business plan must be fulfilled. The proposed OBV must pass normal evaluation criteria for commercial, technical and financial viability. The business is also evaluation on its ability to futher capital accumulation and promote economic development in Kuwait, on the contribution it can make to developing a highly-skilled experienced globally-competitive work force and on whether it will transfer inwards technology appropriate to the development of new industries in Kuwait. Calculation of Credits Once his business plan has been approved the foreign contractor establishes and operates the OBV with his Kuwaiti associates. He is awarded offset credits annually on the basis of the expenditure relating to the OBV as shown by its audited financial statements. All the OBV’s expenditures, except for costs incurred in administering the programme, are eligible for credits, But instead of being just aggregated to calculate the credits, these expenditure are classified and weighed according to the preference given to them under the government’s economic policy objectives. First the expenditures are classified, according to the internal functions of the OBV, into micro-categories. The actual expenses in each micro-category are then multiplied by the appropriate micro-multiplier. The result is then multiplied by the approved macro-multiplier. The final result is the amount of credits earned in that particular micro-category. The credits earned in each micro-category are then summed to arrive at then summed to arrive at the total number of credits generated by the OBV for that year.
Future Credits TOP
After a contractors current obligation has been fulfilled, additional credits generated by his OBV may be carried forward and set against offset obligations arising from any future supply contracts he signs. These future credits may not be transffered to other contractors. Third Party Fulfilment Subject to PEO approval, a foreign contractor may designate a theird party to fulfil his offset obligations, though the contractors remain responsible for the outcome. Contractors unable to find suitable OBVs may be allowed to fulfil their obligations by investing in approved investment funds, which proved, finance for ventures acceptable under the offset programme. Several local funds, which provide finance for this purpose by the Ministry of Finance.
Corporate Income Tax TOP
In Kuwait there are personal income taxes, property, gift or inheritance taxes. The only tax paid by Kuwaiti shareholding companies is a 20% levy for the Kuwait Fund for the Advancement of Science. But corporate income tax is levied on the net income of foreign firms. The Liability to Corporate Income Tax Corporate income tax is governed by Law # 3 of 1955, as supplemented by directives issued by the Director of Income Taxes, ie the Minister of Finance, from time to time. The filling of tax declaration and accounts, the assessment of libilities and the payment of taxes are administered by the Tax Department in the Ministry of Finance. All tax declaration, supporting, schedules, financial statements, and correspondence must be in Arabic. All foreign corporate bodies carrying on a trade or business in Kuwait are liable to income tax, with the exception of companies incorporated in the GCC that are wholly owned by the GCC citizens, A foreign corporate body means any business entity, formed under the laws of any state, which has a legal existence separate from that of its owners. The term includes foreign partnerships. Where a foreign firm operates through a local service agent, it is taxed on its share of the company’s profit. Taxable income includes net profits, whether distributed or not, and amounts receivable on account of interest, royalties, technical services and management fees, etc, whether actually paid or not. Where the foreign firm is a shareholder in a local company, the foreign entity bears the tax and the Kuwait Company has no liability. There is no withholding tax on dividends, interest payment and royalties. Net taxable income is computed on the basis of the net profits disclosed in audited financial statements as adjusted for tax purposes. Where the taxpayer is a shareholder in a local company, the foreign element in total adjusted profits is isolated. Gross Revenues Gross income is all income from business and trade, including amounts receivable as rents, royalties, premiums, devindeds and interest, as well as capital gains on the sale of assets and on the sale of shares by a foreign shareholder, where the source is in Kuwait. The source of income is Kuwait if the place where services are performed is in Kuwait. Work done outside Kuwait is deemed to be performend in Kuwait where it is part of a contract that includes activities within Kuwait, eg, in a supply and installation contract, the full value of the contract including the foreign supply element is assessable. Gross billings, excluding advance payments, less the costs of work incurred in an accounting period are used to assess income from contract work and percentage accounting or completed contract accounting methods are usually not acceptable. Where a foreign firm has more than one activity in Kuwait, its income from a;; activities must be aggregated for tax purposes, even if its different activities are organised through separate local companies.
Allowable Expenses TOP
All normal business expenses are allowable on an accrual basis provided they are incurred in the generation of income in Kuwait. But the following may be noted: · Accounting provisions, whether specific or general, are not allowable. Bad debts are only allowed once they have proved irrecoverable. Other provision, such as labour indemnities, is only allowed when they are actually paid. · Depreciation of fixed assets is allowed but only at particular rates for different classes of assets on a straight-line basis. Losses on the disposal of fixed assets below their tax written-down value are allowable. · Interest charges are allowable provided they are payable to a Kuwaiti bank and are reasonable in relation to the business activities carried out in Kuwait. · Commission paid to the taxpayer’s local agent are limited to 3% of revenue. · Losses brought forward are allowable. Losses may be carried forward indefinitely and deducted from income in later periods, provided there has been no intervening cessation of activities, But losses in later period cannot be carried back to an earlier peried. · Management fees receivable by a foreign corporate shareholder in a local company and expensed in the latter’s books are not allowable. But direct expenses incurred by the foreign taxpayer are allowable provided they are supported by adequate documentation. · As a contribution to a foreign corporate body’s head office expenses, deductions may be claimed as followed: · By foreign consultants or contractors operating through a local agent: 3.5% of revenues ( net of amounts payable to subcontractors and reimbursable costs). · By foreign shareholders in a WLL or KSC: 2% of revenues (net of amounts payable to subcontractors and reimbursable costs). · By foreign insurance companies: 3.5% of net premiums. Inventory is usually valued at weight average cost, though FIFO ( first in first out ) is becoming more popular, but any valuation method in general use is acceptable.
Calculation of tax Due TOP
The tax due on net taxable income is reckoned, These are not progressive, ie tax is charged on all profits at the rate of the level into which total profits reach. For example, if taxable profits are KD50.000 tax of 15% is levied on the whole KD50.000 and the tax payable is KD7.500. Some relief is available where taxable profits reach marginally into a higher level. This is obtained by calculating the total tax thus payable at the top of the band just below the highest band into which taxable income falls and to the tax thus calculated the whole of the income in excess of this band is added. Where the resulting amount is less than the tax payable as calculated normally, the lower amount become the tax payable. Administration The Gregorian solar calendar is used for tax accounting. Tax periods are normally 12 months long, though a period of up to 18 months may be allowed on commencement. The usual year-end for tax accounting is 31st December, but a taxpayer may request another year-old. Taxpayers are legally obliged to submit their tax declarations to the Tax Department without being requested. The deadline for filing tax declarations is the 15th day of the 4th month following the end of the tax accounting period; eg where the usual end-of-December period end is used, tax declarations must be submitted by 15th April. An extension of 75 days may be allowed if audited accounts are filed. Tax declarations and supporting documention must be in Arabic and certified by a practising accuntant who is registered with the MCI. The law is unclear on a number of issues and final assessments are usually agreed by negotiation. There is no special appeals process.
Payments TOP
Tax must be paid in Kuwait Dinar by certified cheque, in four equal installments on the 15th day of the 4th, 6th, 9th and 12th, months following the end of the tax period. No payment is required until accounts have been field. The tax is payable in a single lump sum where payments are delayed and also where an extension of 75 days has been allowed for the filling of audited accounts. The penalty for tardiness in filling declarations or paying by the due date is a fine of 1% of the tax payable for every 30 days (or fraction thereof) of delay. Tax Clearance Certificates The final payment due to a foreign contractor, which must not be less than 5% of the total contract value, must be retained by all ministries, public authorities and private companies (including foreign firms) operating locally until the contractors has produced a tax clearance certificate from the Ministry of Finance confirming that all tax liabilities have been settled. All ministries, public authorities and private companies with which they are doing business as contractors, subcontractors or in any other form, together with a copy of the contracts, to the Tax Department. When assessing liability to tax, the Director of Taxes may disallow payments to subcontractors, which have not been reported.
Tax Planning TOP
The Director of Taxes tends to look at the substance rather than the form of transactions and dose not usually give binding ruling in advance on how tax will be determined in unclear cases and so the scope for tax planing is rather limited. As final assessments are a matter of negotiation, advice from a local practitioner who has a good working relationship with the Tax Department can be helpful. Kuwait is a signatory to the GCC joint Agreement and to the Arab Tax Treaty. Kuwait has also double taxation treaties with Belgium, China, Cyprus, France, Germany, Hungary, Italy, Romania, South Africa and Thailand, and is negotiating treaties with Australia, Austria, Canada, Finland, India, Japan, Malaysia, Singapore, Switzerland, Turkey and the USA. Sources of Information Researching business opportunities from outside Kuwait is easy. Data on exports to Kuwait by OECD countries can be used to analyes the market. Foreign government trade promotion agencies have information on market prospects and updates on new projects. These agencies also orgnise trade mission to Kuwait, a cost-effective way of marking local contracts. There are several sources of market-related information within Kuwait, Al-Kuwait Al-Youm, and the official gazette, is the official source of government announcement but is published in Arabic only. An English translation of all tender-related and regulatory matters, with a local news update and business diary, is issued by Kuwait publishing House at the same time as the official version. The Ministry of planing is the main source of government statistics. The Central Bank issues an Annual Economic Report. Research units in the IBK, commercial banks and Institute of banking Studies are worth contacting. Foreign embassies have data on opportunities. Local foreign business associations provide good networking facilities: · The British Business forum (BBF) is an association of British business people which aims to foster British business interests and win business for the UK. The BBF works closely with the British Embassy where business-relate meetings and seminars are organised regularly. A meeting, open to all, is usually held at 7.30 pm on the second Monday of each month. Membership is not restricted to British nationals. · The American Business Council – Kuwait (ABC-K) serves as the local chapter of the US Chamber of Commerce. Its objectives are the development of commerce and investment between the USA and Kuwait, bringing a better awareness of the Kuwait market to the USA, and providing a forum to pursue business interests and enhance the business climate in Kuwait. Membership & meeting information: Brenda Stoetzer, · The India business Advisory Council (IBAC) promotes economic and commercial relation between India and Kuwait. Most prominent Indian businessmen in Kuwait are members, The IBAC meets periodically to discuss business matters, Prominent Kuwaiti businessmen, as well as well-known visiting Indian entrepreneurs, are invited to meetings to exchange views on economic and commercial matters.
Kuwait Visa Procedures
VISIT VISA
Citizen of other GCC states have a right to enter and live in Kuwait without undergoing any particular formalities.
Kuwait will grant 34 nationalities entry visas upon arrival, according to a new decision from the Ministry of Interior (Feb. 2004).
Among those that will benefit are nationals from the
USA.
UK
France
Italy.
Germany.
Canada.
Australia
New Zealand.
Japan.
The Netherlands.
Belgium.
Luxembourg.
Switzerland.
Austria. Sweden.
Norway
Denmark.
Portugal
Ireland.
Greece.
Finland.
Spain.
Monaco.
The Vatican. Iceland.
Andorra.
San Marino.
Liechtenstein.
Brunei.
Singapore.
Malaysia.
Hong Kong.
South Korea.
China.
Other countries can obtain visas through Kuwait Airways offices as the airline has an online facility to process the visa through the Ministry of Interior.
But all other nationals are subject to strict rules of entry and registration as foreigners under the sponsorship of Kuwaitis or Kuwait companies or as dependents of foreigners under who already enjoy residence under Kuwait sponsorship. There are two basic types of visa, a visit visa and a residence visa. A foreigner whose country without a visa abolition treaty with Kuwait, ie a treaty permitting Kuwait to enter their country without a visa, may be granted reciprocal rights in the Kuwait. These persons however may require an entry permit. Fntry permits are acquired in the same way and under the same procedures as visit visa. International airline have been instructed by the Kuwaiti authorities not to board passengers for Kuwait unless they have valid visas or entry permits.
Application for a Visit Visa (TOP)
Visit visas and entry permits are valid for entry within 90 days of issue and then for a stay of up to 30 days only after entry, A visit visas costs KD 3/- . Entry permits are free. A visit to Kuwait must be sponsored by a Kuwait individual or company, or a resident foreigner who is relative of the visitor while he or she is in Kuwait. To obtain a visit visa for a business, visitor, a Kuwait sponsor or company will require: · Visa application and security from completed by the sponsor · Copy of the visitor's passport · Copy of the sponsor's signature as registered for business purposes · Copy of the letter of invitation from the sponsor to the business visitor stations the purpose of the visit. To obtain a visit visa for a relative, a resident foreigner will require: · Visa application and security form completed by the sponsor · Copy of the visitor's passport · Original and copy of the sponsor's passport · Original and copy of the sponsor's civil ID · Original and copy of the sponsor's work permit (Private sector empolyees) · Recent salary certificate from the sponsor's employer · Authenticated proof of the family relationship Usually the sponsor of a relative is expected to be earning at least KD 450 per month if he works for the government and at least KD 650 if he work in the private sector. Normally a visitor goes to a Kuwait embassy to have his visa processed and passport stamped before travelling to Kuwait. However a Kuwait sponsor can use a faxed copy of the visitor's passport to obtain the visa in Kuwait. The sponsor then faxes a copy of the visa to the visitor (to enable him to travel to Kuwait) and meets him at the airport with the original visa. The sponsor deposits the visa papers at a special counter in the arrival hall and the visitor must pick these up at a similar counter inside the immigration area in order to complete entry formalities. Either way, obtaining a visit visa takes about two working days, Hotels can also arrange visit visas for business but they take about a week to do so, naturly enough, expect the visitor to stay with on arrival.
Extension of Visit (TOP)
The fine for staying more than 30 days on a visit visa is KD 10 a day. A visitor whose visa has expired is not allowed to leave until the fine has been paid, The fine must be paid at the immigration Department in Shuwaikh during government working hours and not at the airport. Fines however may be paid a few days in advance and, unless this is done, the flight out is invariably missed. An expatriate may obtain two one-month extension to a visit visa or temporary residence provided application is made to the immigration Department before the visa has expired. A pleasant solution for visitors wishing to extend their stay is to obtain a second visit visa in Kuwait, travel to Bahrain on a morning flight and re-enter Kuwait in the evening round trip ( 40 minuets flying time ) only costs about KD 45.
Multiple Entry Visas (TOP)
Multiple entry visits visas, which allow holders to enter the country any number of times within a 12-month period, may be available to business sponsored by the ministry of defence. American citizen (but not other Westerners) can sometimes obtain multiple entry visit that are valid for up to 10 years and allow an indefinite number of entries.
Transit Visas (TOP)
A transit visa, valid for a maximum stay of 7 days, can be obtained from a Kuwait Consulteabroad or from a Port Authority in Kuwait. The fee is KD 2. The applicant mustr have a valid visa for his next country of destination and, unless he is working on a ship or airline, a confirmed oward ticket. Bone fide international truck drivers and their helpers may obtain multiple entry transit visas.
Vaccinations (TOP)
As a general rule, vaccination certificates are not required, though travelers arriving from areas infected by cholera and yellow fever may need proof of inoculation. Persons from areas where there has been an outbreak of certain communicable diseases may be obliged to undergo a medical examination a few days after arrival. The latest position should be checked with Kuwait consulates aboard before travelling. Kuwait is as diseases-free as Europe and North America and no Particular precautions are recommended, though up-to-date medical advice should be obtained before travilling.
Address in Kuwait (TOP)
When entering Kuwait, a visitor fills in s entry from at the airport, on which he states where he is going to stay. For a business visitor this will probably be a hotel. Hotel Managers are obliged to inform the ministry of the interior wherever an expatriate checks in or out and do so routinely. A visitor who changes his address in Kuwait must inform the Immigration Department within 48 hours of doing so.
Employment (TOP)
A person in Kuwait on a visit visa may not take up employment, for which he or she must have a work permit and a residence visa.
Citizen of other GCC states have a right to enter and live in Kuwait without undergoing any particular formalities.
Kuwait will grant 34 nationalities entry visas upon arrival, according to a new decision from the Ministry of Interior (Feb. 2004).
Among those that will benefit are nationals from the
USA.
UK
France
Italy.
Germany.
Canada.
Australia
New Zealand.
Japan.
The Netherlands.
Belgium.
Luxembourg.
Switzerland.
Austria. Sweden.
Norway
Denmark.
Portugal
Ireland.
Greece.
Finland.
Spain.
Monaco.
The Vatican. Iceland.
Andorra.
San Marino.
Liechtenstein.
Brunei.
Singapore.
Malaysia.
Hong Kong.
South Korea.
China.
Other countries can obtain visas through Kuwait Airways offices as the airline has an online facility to process the visa through the Ministry of Interior.
But all other nationals are subject to strict rules of entry and registration as foreigners under the sponsorship of Kuwaitis or Kuwait companies or as dependents of foreigners under who already enjoy residence under Kuwait sponsorship. There are two basic types of visa, a visit visa and a residence visa. A foreigner whose country without a visa abolition treaty with Kuwait, ie a treaty permitting Kuwait to enter their country without a visa, may be granted reciprocal rights in the Kuwait. These persons however may require an entry permit. Fntry permits are acquired in the same way and under the same procedures as visit visa. International airline have been instructed by the Kuwaiti authorities not to board passengers for Kuwait unless they have valid visas or entry permits.
Application for a Visit Visa (TOP)
Visit visas and entry permits are valid for entry within 90 days of issue and then for a stay of up to 30 days only after entry, A visit visas costs KD 3/- . Entry permits are free. A visit to Kuwait must be sponsored by a Kuwait individual or company, or a resident foreigner who is relative of the visitor while he or she is in Kuwait. To obtain a visit visa for a business, visitor, a Kuwait sponsor or company will require: · Visa application and security from completed by the sponsor · Copy of the visitor's passport · Copy of the sponsor's signature as registered for business purposes · Copy of the letter of invitation from the sponsor to the business visitor stations the purpose of the visit. To obtain a visit visa for a relative, a resident foreigner will require: · Visa application and security form completed by the sponsor · Copy of the visitor's passport · Original and copy of the sponsor's passport · Original and copy of the sponsor's civil ID · Original and copy of the sponsor's work permit (Private sector empolyees) · Recent salary certificate from the sponsor's employer · Authenticated proof of the family relationship Usually the sponsor of a relative is expected to be earning at least KD 450 per month if he works for the government and at least KD 650 if he work in the private sector. Normally a visitor goes to a Kuwait embassy to have his visa processed and passport stamped before travelling to Kuwait. However a Kuwait sponsor can use a faxed copy of the visitor's passport to obtain the visa in Kuwait. The sponsor then faxes a copy of the visa to the visitor (to enable him to travel to Kuwait) and meets him at the airport with the original visa. The sponsor deposits the visa papers at a special counter in the arrival hall and the visitor must pick these up at a similar counter inside the immigration area in order to complete entry formalities. Either way, obtaining a visit visa takes about two working days, Hotels can also arrange visit visas for business but they take about a week to do so, naturly enough, expect the visitor to stay with on arrival.
Extension of Visit (TOP)
The fine for staying more than 30 days on a visit visa is KD 10 a day. A visitor whose visa has expired is not allowed to leave until the fine has been paid, The fine must be paid at the immigration Department in Shuwaikh during government working hours and not at the airport. Fines however may be paid a few days in advance and, unless this is done, the flight out is invariably missed. An expatriate may obtain two one-month extension to a visit visa or temporary residence provided application is made to the immigration Department before the visa has expired. A pleasant solution for visitors wishing to extend their stay is to obtain a second visit visa in Kuwait, travel to Bahrain on a morning flight and re-enter Kuwait in the evening round trip ( 40 minuets flying time ) only costs about KD 45.
Multiple Entry Visas (TOP)
Multiple entry visits visas, which allow holders to enter the country any number of times within a 12-month period, may be available to business sponsored by the ministry of defence. American citizen (but not other Westerners) can sometimes obtain multiple entry visit that are valid for up to 10 years and allow an indefinite number of entries.
Transit Visas (TOP)
A transit visa, valid for a maximum stay of 7 days, can be obtained from a Kuwait Consulteabroad or from a Port Authority in Kuwait. The fee is KD 2. The applicant mustr have a valid visa for his next country of destination and, unless he is working on a ship or airline, a confirmed oward ticket. Bone fide international truck drivers and their helpers may obtain multiple entry transit visas.
Vaccinations (TOP)
As a general rule, vaccination certificates are not required, though travelers arriving from areas infected by cholera and yellow fever may need proof of inoculation. Persons from areas where there has been an outbreak of certain communicable diseases may be obliged to undergo a medical examination a few days after arrival. The latest position should be checked with Kuwait consulates aboard before travelling. Kuwait is as diseases-free as Europe and North America and no Particular precautions are recommended, though up-to-date medical advice should be obtained before travilling.
Address in Kuwait (TOP)
When entering Kuwait, a visitor fills in s entry from at the airport, on which he states where he is going to stay. For a business visitor this will probably be a hotel. Hotel Managers are obliged to inform the ministry of the interior wherever an expatriate checks in or out and do so routinely. A visitor who changes his address in Kuwait must inform the Immigration Department within 48 hours of doing so.
Employment (TOP)
A person in Kuwait on a visit visa may not take up employment, for which he or she must have a work permit and a residence visa.
Jobs Opportunities
Nurse / Nursing
Wanted more then 200 Nurses for a Large Hospitals In Oman, Kuwait, Qatar, U.A.E, Saudi Arabia Bahrain. Package of Very Good Salary... IOCS HRD Kuwait
Electrical Design Engineer
As part of a global engineering and construction organisation, my client is an internationally recognised leading EPC contractor undertaking major LSTK,... LBH Consultants Kuwait
Electrical Forklift Technician
One of the leading company in Kuwait requires Electrical Forklift Technician SSC + diploma in electrical or electronic (3 years polytechnic) Engineering. Should... OSCON Kuwait City .
Maintenance Technician/s from Manufacturing & production (F&B)
One of the leading company in kuwait requires Maintanince Techinicians from Manufacturing & production (F&B) with Diploma in Mechanical / Electrical... OSCON Kuwait City
Forward Service Worker (Waiter)
Pizza Out Lets in Kuwait requires Forward Service Worker (Similar to Waiter) 3 yrs exp in relavent field KD 70/- +... OSCON Kuwait City
General Utility Helper
Public AssistantLeading Catering Company in Kuwait requires General Utility Helper / Public Assistant Below 35 yrs, Should be able to communicate in... OSCON Kuwait City .
Architectural Studio Director
Requirements: The Architectural Studio Director will be responsible for providing direction and leadership for all activities in a studio which include... LBH Consultants Kuwait.
Project Manager/Shopping Mall
Kuwait Project Manager on a $400m retail mall in Kuwait. Job responsibilities: The successful candidate will reside in Kuwait for approximately 2-3... LBH Consultants Kuwait .
Marketing Manager-Timeshare
1. Design, implement, and facilitate annual marketing plan for the firm. Support and facilitate development and implementation of section business/marketing pla... ADNAR Group Kuwait .
Resident EngineerJob Title Resident Engineer
Ii Site Department Project Managers Grade: A Reports to Managing Director Coordinates with the Project Manager regarding design a... LBH Consultants Kuwait .
Radiologist & Dermatologist
We have urgent job opening for Dermotologist & Radiologist in a Leading Polyclinic based at Kuwait. It is one of the... Sapphire Corporate Services Kuwait City .
Driver/s
Heavy Vehicle Drivers required for Kuwait 120 No’s GCC Valid Heavy Vehicle Driving Licence. Kindly advice if you can provide the... Fineline International Kuwait .
Warehouse/Store Keeper
Should have prior experience. Transferable residency. Experience in retail warehouses - an advantage Job description. 1. Plans and coordinates work, m... AK Group of Companies Kuwait .
Draftsman (Mech/Piping/civil/electrical/ instrumentation and process)
- To execute the project Must have experience in AUTOCAD. Experience in other sioftware such as Microsttion is preferred.Experience in Engineering... Al-Mahagar General Trading & Contracting Co Ahmadi .
Electrical Design Engineer.
Preparation of quality plan / ITP for the job . Inspection of materials & job stage wise review of MTC .Preparation and... Al-Mahagar General Trading & Contracting Co Ahmadi .
Electrical Design Engineer
Preparation of quality plan / ITP for the job . Inspection of materials & job stage wise review of MTC .Preparation and... Al-Mahagar General Trading & Contracting Co Ahmadi .
Wanted more then 200 Nurses for a Large Hospitals In Oman, Kuwait, Qatar, U.A.E, Saudi Arabia Bahrain. Package of Very Good Salary... IOCS HRD Kuwait
Electrical Design Engineer
As part of a global engineering and construction organisation, my client is an internationally recognised leading EPC contractor undertaking major LSTK,... LBH Consultants Kuwait
Electrical Forklift Technician
One of the leading company in Kuwait requires Electrical Forklift Technician SSC + diploma in electrical or electronic (3 years polytechnic) Engineering. Should... OSCON Kuwait City .
Maintenance Technician/s from Manufacturing & production (F&B)
One of the leading company in kuwait requires Maintanince Techinicians from Manufacturing & production (F&B) with Diploma in Mechanical / Electrical... OSCON Kuwait City
Forward Service Worker (Waiter)
Pizza Out Lets in Kuwait requires Forward Service Worker (Similar to Waiter) 3 yrs exp in relavent field KD 70/- +... OSCON Kuwait City
General Utility Helper
Public AssistantLeading Catering Company in Kuwait requires General Utility Helper / Public Assistant Below 35 yrs, Should be able to communicate in... OSCON Kuwait City .
Architectural Studio Director
Requirements: The Architectural Studio Director will be responsible for providing direction and leadership for all activities in a studio which include... LBH Consultants Kuwait.
Project Manager/Shopping Mall
Kuwait Project Manager on a $400m retail mall in Kuwait. Job responsibilities: The successful candidate will reside in Kuwait for approximately 2-3... LBH Consultants Kuwait .
Marketing Manager-Timeshare
1. Design, implement, and facilitate annual marketing plan for the firm. Support and facilitate development and implementation of section business/marketing pla... ADNAR Group Kuwait .
Resident EngineerJob Title Resident Engineer
Ii Site Department Project Managers Grade: A Reports to Managing Director Coordinates with the Project Manager regarding design a... LBH Consultants Kuwait .
Radiologist & Dermatologist
We have urgent job opening for Dermotologist & Radiologist in a Leading Polyclinic based at Kuwait. It is one of the... Sapphire Corporate Services Kuwait City .
Driver/s
Heavy Vehicle Drivers required for Kuwait 120 No’s GCC Valid Heavy Vehicle Driving Licence. Kindly advice if you can provide the... Fineline International Kuwait .
Warehouse/Store Keeper
Should have prior experience. Transferable residency. Experience in retail warehouses - an advantage Job description. 1. Plans and coordinates work, m... AK Group of Companies Kuwait .
Draftsman (Mech/Piping/civil/electrical/ instrumentation and process)
- To execute the project Must have experience in AUTOCAD. Experience in other sioftware such as Microsttion is preferred.Experience in Engineering... Al-Mahagar General Trading & Contracting Co Ahmadi .
Electrical Design Engineer.
Preparation of quality plan / ITP for the job . Inspection of materials & job stage wise review of MTC .Preparation and... Al-Mahagar General Trading & Contracting Co Ahmadi .
Electrical Design Engineer
Preparation of quality plan / ITP for the job . Inspection of materials & job stage wise review of MTC .Preparation and... Al-Mahagar General Trading & Contracting Co Ahmadi .
Kuwait - Quick Facts And Cultural Notes
Overview:
The State of Kuwait is a small oil-rich monarchy on the coast of the Persian Gulf, enclosed by Saudi Arabia in the south and Iraq in the north. Kuwait is located in the Middle East. Kuwait is a diminutive of an Arabic word meaning "fortress built near water."
After being allied with Iraq during the Iran-Iraq War until its end in 1988 (largely due to the desire for Iraqi protection from Shiite Iran), Kuwait was invaded and annexed by Iraq (under Saddam Hussein) on August 2, 1990. Hussein's primary justifications included a charge that Kuwaiti territory was in fact an Iraqi province, and that annexation was retaliation for "economic warfare" Kuwait had allegedly waged through slant drilling into oil supplies that were in disputed territories. The monarchy was deposed after annexation, and a new Kuwaiti governor was installed by Saddam Hussein.
Kuwait consists mostly of desert, with little altitude difference. Kuwait is the only country in the world with no natural lake or water reservoir. It has nine islands, the largest one being the Bubiyan, which is linked to the mainland by a concrete bridge (after the liberation in 1991 the island was converted into a military base and currently no civilians are allowed in).
Cultural Notes:
The Kuwaiti culture is quite a unique one, well known for its hospitality and generosity. The Kuwaiti culture, just like many other arab cultures, takes great pride in hospitality.
Kuwaitis traditionally greet each other by shaking hands and kissing cheeks. Traditionally men and women do not exchange more than a few words and possibly a handshake to greet each other in order to respect the privacy of the woman. However, it is common for women and men to kiss cheeks especially as relatives or close friends. It is also customary for people greeting each other to ask a long series of questions such as asking about one's health, that of their relatives, their jobs, etc. in order to relax the other person and give a sense of intimacy.
Hospitality in Kuwait is often portrayed through the serving of tea and coffee. It is very uncommon for a guest to enter a house, office, or even some stores without being offered tea or coffee. In Kuwaiti bedouin custom, a guest's refusal of tea, coffee, or such offerings is sometimes viewed as insulting by the host, as it is as if the guest is denying the host's efforts of being hospitable.
Food plays a large part in Kuwaiti culture. The traditional food of Kuwait known as "Machboos" consists mainly of mutton, chicken, or fish placed over or mixed in a large mess of well-cooked and prepared rice, closely resembling the Indian biryani. Curries and sides also compliment the dish which is traditionally eaten using bare hands even though many choose to use western utensils. Food is almost always prepared and served in large amounts and it is extremely common for households to invite guests over to share meals.
Things you should know when travelling to Kuwait
There are credible reports indicating that terrorists may be planning attacks in the near future, possibly against Westerners and/or Western interests.
In light of possible demonstrations in support of Palestinians throughout the Middle East and elsewhere around the world, Canadians should review their security practices, remain alert to the changing situation, exercise appropriate caution, and avoid large gatherings.
Unexploded munitions from the 1991 Gulf War are hazards in rural areas, picnic spots, and beaches. Avoid off-road travel. Children should be closely monitored and counselled not to touch suspicious, unfamiliar objects. Weapons are readily available, and accidental shootings have occurred. Visitors should carry a document identifying their blood type in case an emergency transfusion is required.
The crime rate is low. However, travellers should avoid secluded places or non-residential areas after dark. Any suspicion of being followed or of unexplained loitering should be reported to the local police. Physical and verbal harassment of women is a problem.
The State of Kuwait is a small oil-rich monarchy on the coast of the Persian Gulf, enclosed by Saudi Arabia in the south and Iraq in the north. Kuwait is located in the Middle East. Kuwait is a diminutive of an Arabic word meaning "fortress built near water."
After being allied with Iraq during the Iran-Iraq War until its end in 1988 (largely due to the desire for Iraqi protection from Shiite Iran), Kuwait was invaded and annexed by Iraq (under Saddam Hussein) on August 2, 1990. Hussein's primary justifications included a charge that Kuwaiti territory was in fact an Iraqi province, and that annexation was retaliation for "economic warfare" Kuwait had allegedly waged through slant drilling into oil supplies that were in disputed territories. The monarchy was deposed after annexation, and a new Kuwaiti governor was installed by Saddam Hussein.
Kuwait consists mostly of desert, with little altitude difference. Kuwait is the only country in the world with no natural lake or water reservoir. It has nine islands, the largest one being the Bubiyan, which is linked to the mainland by a concrete bridge (after the liberation in 1991 the island was converted into a military base and currently no civilians are allowed in).
Cultural Notes:
The Kuwaiti culture is quite a unique one, well known for its hospitality and generosity. The Kuwaiti culture, just like many other arab cultures, takes great pride in hospitality.
Kuwaitis traditionally greet each other by shaking hands and kissing cheeks. Traditionally men and women do not exchange more than a few words and possibly a handshake to greet each other in order to respect the privacy of the woman. However, it is common for women and men to kiss cheeks especially as relatives or close friends. It is also customary for people greeting each other to ask a long series of questions such as asking about one's health, that of their relatives, their jobs, etc. in order to relax the other person and give a sense of intimacy.
Hospitality in Kuwait is often portrayed through the serving of tea and coffee. It is very uncommon for a guest to enter a house, office, or even some stores without being offered tea or coffee. In Kuwaiti bedouin custom, a guest's refusal of tea, coffee, or such offerings is sometimes viewed as insulting by the host, as it is as if the guest is denying the host's efforts of being hospitable.
Food plays a large part in Kuwaiti culture. The traditional food of Kuwait known as "Machboos" consists mainly of mutton, chicken, or fish placed over or mixed in a large mess of well-cooked and prepared rice, closely resembling the Indian biryani. Curries and sides also compliment the dish which is traditionally eaten using bare hands even though many choose to use western utensils. Food is almost always prepared and served in large amounts and it is extremely common for households to invite guests over to share meals.
Things you should know when travelling to Kuwait
There are credible reports indicating that terrorists may be planning attacks in the near future, possibly against Westerners and/or Western interests.
In light of possible demonstrations in support of Palestinians throughout the Middle East and elsewhere around the world, Canadians should review their security practices, remain alert to the changing situation, exercise appropriate caution, and avoid large gatherings.
Unexploded munitions from the 1991 Gulf War are hazards in rural areas, picnic spots, and beaches. Avoid off-road travel. Children should be closely monitored and counselled not to touch suspicious, unfamiliar objects. Weapons are readily available, and accidental shootings have occurred. Visitors should carry a document identifying their blood type in case an emergency transfusion is required.
The crime rate is low. However, travellers should avoid secluded places or non-residential areas after dark. Any suspicion of being followed or of unexplained loitering should be reported to the local police. Physical and verbal harassment of women is a problem.
Subscribe to:
Posts (Atom)
