GulfBase Live Support
Kuwait's parliament is likely to approve a law to extend the country's borrowing limits, enabling 30-year debt issues, a senior finance ministry official said on Tuesday.
The law would allow Kuwait to increase its debt ceiling to 25 billion Kuwaiti dinar ($83 billion) from 10 billion currently. It would also allow the Gulf state to issue debt instruments with maturities of up to 30 years, from a current limit of 10 years.
"We're optimistic that the parliament will pass the law as it is, it's a matter of getting it though the process," Abdulaziz Al-Mulla, head of the debt management department at the ministry of finance, said during a Euromoney conference.
Kuwait issued a debut $8 billion international bond in March with maturities of five and 10 years. The government decided to extend its borrowing limit to 30 years after noting interest from pension and insurance funds for long-term paper when the bond sale was presented to international investors, said Al-Mulla.
"We believe time is a very important aspect, as we need to finance this fiscal year, from the beginning of April to the end of March 2018, and as we all know there are windows in the market," he added, without specifying when a new bond issue is likely.
Kuwait is also working on a law that would allow the sovereign to issue sukuk, said Al-Mulla, adding he did not know when such a law would be in place. The current legal framework does not allow the government to raise financing through Islamic bonds.
The UAE, Saudi Arabia and Bahrain followed the US in raising key interest rates on Wednesday, following the announcement from the Federal Reserve. The UAE central bank said it was raising its key in
Dell EMC hosted its flagship Dell EMC Forum at the Four Seasons Hotel in Riyadh, Saudi Arabia. Following Dell Technologies’ first anniversary celebration as the world’s largest privately-controlled t
The Saudi Arabian Monetary Authority (SAMA) has directed all local banks not use any amounts of money that are deposited in the Citizen’s Account Program for any other banking purposes.
With Islamic finance assets growing 7% to $ 2.2 trillion in 2016, and projected to reach $3.8 trillion by 2022, the Islamic Finance Development Report and Indicator (IFDI) 2017 sees Islamic finance p
Oil industry services group Petrofac has ramped up its position in the Middle East with two deals worth nearly $1 billion.
On Wednesday, the London-listed company won a $160 million contract