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#Kuwait Projects $183 Billion Cumulative Deficit Over Five Years - Bloomberg

Kuwait Projects $183 Billion Cumulative Deficit Over Five Years - Bloomberg Kuwait’s government projects a cumulative budget deficit of 55.4 billion dinars ($183 billion) in the five fiscal years ending on March 31, 2025, Finance Minister Khalifa Hamada said in a statement.Total expenses during that period are projected at 114.1 billion dinars, with 71%, or 81 billion dinars, allocated to salaries and subsidies, the minister said. Issuing bonds and withdrawing cash from the country’s sovereign w...
Tags: Travel, Kuwait, Rupert Neil Bumfrey, Hamada, Khalifa Hamada, Bloomberg Kuwait


#Kuwait Is Said to Plan Drawdown From Sovereign Wealth Fund - Bloomberg

Kuwait Is Said to Plan Drawdown From Sovereign Wealth Fund - Bloomberg Kuwait’s government has submitted a draft law to parliament requesting permission to withdraw as much as 5 billion dinars ($16.5 billion) a year from the country’s sovereign wealth fund, according to two people familiar with the matter.The withdrawal request from the Future Generations Fund -- the first since the Gulf War -- is to aid in financing the country’s spiraling deficit, the people said, along with a planned debt law...
Tags: Travel, Bloomberg, Kuwait, Kuwait Investment Authority, Rupert Neil Bumfrey, Bloomberg Kuwait


#Kuwait Projects $40 Billion Deficit As Infighting Delays Reform - Bloomberg

Kuwait Projects $40 Billion Deficit As Infighting Delays Reform - Bloomberg Kuwait forecast its eighth consecutive budget deficit for the year starting April 1, unveiling a fiscal plan that sees a near-7% rise in spending as political bickering delays reforms and stymies borrowing.The shortfall is projected at 12.1 billion dinars ($40 billion), 13.8% below the current year’s estimate of 14 billion dinars, according to the finance ministry. Kuwait won’t be transferring 10% of total revenue to the...
Tags: Travel, Bloomberg, Kuwait, Rupert Neil Bumfrey, Khalifa Hamada, Bloomberg Kuwait, General Reserve


#Kuwait’s Mezzan Looks for Acquisitions to Sustain Growth - Bloomberg

Kuwait’s Mezzan Looks for Acquisitions to Sustain Growth - Bloomberg Kuwait-based food and beverage firm Mezzan Holding Co. is on the lookout for acquisitions to help sustain double-digit growth, according to its chief executive officer.“We, like everybody else, would be actively on the lookout for the right bolt-on acquisitions,” Garry Walsh told Bloomberg TV in an interview. “We’re obviously more skewed toward manufacturing -- that has been our main driver over the last few years.”Mezzan, one ...
Tags: Travel, Qatar, Bloomberg, Afghanistan, Kuwait, Uae, Gulf, Walsh, Iraq Jordan, Bloomberg TV, Rupert Neil Bumfrey, Garry Walsh, Bloomberg Kuwait, Mezzan Looks for Acquisitions, Mezzan Holding Co, Mezzan


#Kuwait’s $124 Billion Pension Fund Plans Infrastructure Boost - Bloomberg

Kuwait’s $124 Billion Pension Fund Plans Infrastructure Boost - Bloomberg Kuwait’s $124 billion pension fund, which posted a record first-half profit, plans to double its infrastructure investment and boost exposure to private equity, its director general said.The new plan, developed with U.S.-based consultancy Mercer LLC, will start next year and will “entail increasing infrastructure from 5% to 10% as well as fine tuning some of the other allocations,” Meshal Al-Othman, who heads the Public In...
Tags: Travel, Bloomberg, Kuwait, Bloomberg TV, Rupert Neil Bumfrey, Meshal Al Othman, Public Institution for Social Security, Bloomberg Kuwait, Mercer LLC


#Kuwait’s $124 Billion Pension Fund Had Record First-Half Profit - Bloomberg

Kuwait’s $124 Billion Pension Fund Had Record First-Half Profit - Bloomberg Kuwait’s $124 billion pension fund racked up a record profit in the first half, continuing a turnaround for an institution previously marred by a corruption scandal.The Public Institution for Social Security, which owns a quarter of U.S. private equity firm Stone Point Capital LLC, said profit rose 362% to $12.1 billion in the first half. It surged 611% to $4.7 billion in the second quarter, reflecting the “governance an...
Tags: Travel, Bloomberg, Kuwait, Rupert Neil Bumfrey, Stone Point Capital LLC, TowerBrook Capital Partners LP, Public Institution for Social Security, Bloomberg Kuwait



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