Arabian Countries with recent economic Activity:

Bahrain | Kuwait | Oman | Qatar | Saudi Arabia | UAE | Other Arab Countries

Kuwait
 
Kuwait displayed comparatively a subdued performance in the industry sector. But, the banking and the telecom industry managed to stay ahead than the rest.
 
The financial power house Kuwait Finance House agreed with Malaysia's Utama Banking Group for a deal which will initiate a USD3.4b plan to create the world's top Islamic bank. Also, the company  teamed up with Singapore-based Pacific Healthcare Holdings Ltd. to establish medical centers in Asia.
 
The launch of first Sharia-compliant Islamic Money Market Fund was announced by The National Bank of Kuwait which also announced the completion of the acquisition of 86.67% of Kuwait Financial Brokerage Company for KD20.8m. Further, the bank is in talks with Egyptian Gulf Bank and another Egyptian lender about buying a stake as it seeks to enter the most populous Arab nation.
 
Few companies finalized their overseas plans; Afkar Holding Company has signed an agreement with strategic industrial investors in Saudi Arabia to establish an industrial company in the Kingdom with a SR122m capital; Gulf Investment Corporation announced plans to establish a new company in Bahrain; Global Investment House launches USD400m variable capital funds to invest in Jordanian companies; Mobile Telecommunications Co. plans to invest USD10.5b through its Celtel subsidiary this year to expand cellphone operations in Africa and has also shown interest for the third mobile phone license in Saudi Arabia.
 
Some of the financial results declared were outstanding; Boubyan Bank announced fourth-quarter net profit of KD 5.04m (USD17.43m), a rise of 191.3% from the same period in 2005; Al Mazaya Holding Company reported a 71.59% jump in net profit to Dh302m last year, compared to Dh176m in 2005; Mobile Telecommunications Co. announced record net profits of 305.3m Dinars  (USD1.056b) in 2006, a 67.9% year-on-year rise; Wataniya Telecom announced net profit of KD73.2m for financial results of the year 2006, an increase of 39% as compared to same period last year.
 
On the other hand, Investment Dar Company's net income fell 26% to KD18.29m (USD63.30m), compared with KD24.88m in the year-earlier period.
 
Kuwait Projects Company (Holding) announced a net profit of KD50.1m and cash dividend of 30%, and formed a consortium of shareholders to consider the sale of the consortium's holdings in Wataniya Telecom.
 
Global Investment House announced that Global 10 Large Cap Index fund will distribute 200% dividend to its shareholders.
 
Continuing with its aggressive expansion plans in February, the telecom industry sought loans. National Mobile Telecom signed a USD1b syndicated credit facility from leading European, Asian, Middle Eastern and Kuwait banks; Wataniya Telecom signed USD1b loan arranged and underwritten by BNP.
 
Further, Kuwait National Petroleum Company will reopen the bidding for a 615,000 bpd refinery project.
 
Summarily, except for the telecom and banking industry, there was not much progress in other industries in Kuwait. But, there was no loss in any form either.