27/09/2017 10:13 AST

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.


Reuters

Ticker Price Volume
STC 80.00 582,963
ZAIN.TASI 6.15 1,527,023
SABIC 123.40 5,002,630
ALINMA 21.98 33,514,721
SAUDIRE 7.37 359,805
Oman’s foreign investment drive and privatisation plans to be analysed

20/08/2019

A new report by the global research and advisory firm Oxford Business Group (OBG) will map out the latest developments in Oman’s privatisation efforts and drive to attract investment for the non-oil

Times of Oman

55 road projects completed in KSA in H1 worth SR4.9bn

14/08/2018

The Saudi Transport Ministry announced that the number of road projects completed during the first half of 2018 has reached 55 projects, spanning 1,689 km with a total cost of 4.978 billion riyals. T

Saudi Gazette

Saudi Arabia’s non-oil private sector growth somewhat slow

14/08/2018

Saudi non-oil private sector growth fractionally slower in July, the June data from the Emirates NBD Purchasing Managers’ Index (PMI) for Saudi Arabia released Monday showed.

The survey, s

Saudi Gazette

Saudi Arabia’s market ‘incredibly exciting’ situation

14/08/2018

“Flyin had been very successful and it is a homegrown company started by Saudis. They built a great business that leveraged technology in India so they have a huge technology arm there. They leverage

Saudi Gazette

Oman-Pakistan economic relations strong, growing

14/08/2018

Pakistan’s top diplomatic representative to Oman has highlighted the strong and ever growing economic and political ties between the two nations.

Speaking on the occasion of Pakistan’s 71s

Times of Oman