Page 10 - Al-Rashed Newsletter December 19

KUWAIT THROUGH THE LOOKING GLASS
DID YOU KNOW?
No piece of square paper can be folded
more than 7 times in half.
There's an American town with a
population of one…Monowi, Nebraska, is
the only town in the United States with
an official population of one person. Yes,
she owes taxes… To herself! She's in
her 80s, and she's employed as the
village's mayor, librarian, and bartender.
Lego is the largest tire manufacturer in ($2.8 million) to finance anti-measles vaccines for Lebanese and Syrian children in
the world.
KUWAIT NEWS
Kuwait achieves ‘Emerging Market’ status
Marking a momentous milestone in its transformation into a world-class financial
and commercial center, Kuwait has been officially upgraded to Emerging Market
status by leading index compiler MSCI Inc. Effective May 2020, the country’s MSCI
indexes will be reclassified to Emerging Markets status.Paving the way for
increased participation from foreign investors in Kuwait’s capital market and driving
significant capital inflows to the country, the inclusion will take place in one phase
with the addition of nine blue chips to the benchmark. Kuwait’s addition adds
further diversification to the MSCI Emerging Markets Index with an estimated
weight of 0.69 percent.
The reclassification of Kuwait from its previous ‘Frontier Market’ status comes as
an emphatic endorsement for the sweeping market development reforms
undertaken by the tri-lateral task force of Boursa Kuwait, the Capital Markets
Authority (CMA) and Kuwait Clearing Company’s (KCC).
Kuwait Oil Company marks 85th anniversary of establishment
Kuwait Oil Company (KOC) celebrates the 85th anniversary of being granted oil
drilling concession right in the country under the agreement signed by the late Amir
Sheikh Ahmad Al-Jaber Al-Ahmad Al-Sabah on December 23, 1934. The
agreement was the most prominent event in the history of the Kuwait Oil Company,
which was then called ‘Kuwait Oil Company Limited’. Some believe that the date of
signing of the agreement is the same date of the company’s establishment;
however, the company was established in February 1934. It was expected then
that the agreement would have contributed to increase the wealth of Kuwait and its
international importance through oil exploration concession, but the outbreak of
World War II was one of the reasons for the delay in oil exploitation, and with the
end of the war, Kuwait had turned from resource-poor desert country into a modern
rich state.
‘Commemorative coin’ highlights Kuwait’s humanitarian work
Kuwait continues its humanitarian efforts and activities in different parts of the
world, met by applauds from senior officials and organizations. Kuwait’s
humanitarian stance stemmed from the directives of His Highness the Amir Sheikh
Sabah Al-Ahmad Al-Jaber Al-Sabah, a figure recognized as a world humanitarian
leader by the UN. The Kuwait Central Bank (CBK) issued a gold commemorative
coin bearing a portrait of His Highness the Amir for his immense contribution
towards humanitarian causes, CBK governor Dr Mohammad Al-Hashel said in a
statement. The front of the coin bears the image of His Highness the Amir, while
the back features a picture of Kuwait City, he added. Meanwhile, Kuwait Fund for
Arab Economic Development (KFAED) signed with UNICEF to donate KD 850,000
Lebanon. In same week, KFAED signed with UNICEF another deal to secure clean
water for Gaza and cooperation memo for expertise exchange.
GCC to weaken, Kuwait to rebound – Oil muted
Economic growth in the GCC countries is expected to “significantly weakened” this
year due to “muted oil prices and exceeds oil supply,” the World Bank said, which
also forecasted Kuwait’s growth rate to rebound in 2020.Economic growth in the
Gulf Cooperation Council (GCC) was “significantly weakened” this year due to
“muted oil prices and excess oil supply,” a WB report indicated.
Source: Arab Times, Kuwaiit Times