Page 7 - Al-Rashed Newsletter February 2021

KUWAIT & IRAQ
KUWAIT NEWS

Kuwait to close land, sea border in latest COVID restrictions
Kuwait says it will close its land and sea border crossings from 24th Feb
until further notice as it imposes curbs to control coronavirus infections in
the Gulf nation. Citizens and domestic workers accompanying them are,
however, allowed to return through land and sea ports, as are citizens’ first-
degree relatives. The dine-in ban at restaurants and cafes will go into effect
on Wednesday, Feb 24 until further notice.
The government had already extended indefinitely a two-week ban on the
entry of foreigners into Kuwait, but excluded foreign diplomats and foreign
medical staff and their families. It had also ordered the closure of
commercial shops and malls from 8 pm to 5 am and banned all forms of
gatherings, including those for national celebrations on Feb 25 and 26.

Govt wants to withdraw KD 5bn annually from future generations fund
The government sent a draft law to the National Assembly seeking to
withdraw KD 5 billion annually from the future generations fund to meet an
ever-rising budget deficit due to low oil prices. The draft law stipulates to
allow the government to withdraw a maximum of KD 5 billion from the future
generations fund in favor of the general reserve fund, which provides for
government expenditures.

Kuwait to revive drive-in cinemas amid COVID-19 pandemic
The Minister of Commerce and Industry, Faisal Al Medlej, announced that a
ministerial decision has been issued to allow for several new commercial
activities to operate, including drive-in cinemas which were last seen in
1974. A source told Al Qabas that the drive-in movie theatres will be a
stepping stone for the resumption of cinemas and to return to pre COVID-19
normalcy.

IRAQ NEWS

Iraq walks away from $2B upfront oil deal with China
Iraq has decided against signing an oil-supply deal with a Chinese state
company that would’ve seen the cash-strapped Arab nation get about $2
“I HAVE NOT FAILED. billion upfront, according to its oil minister. Baghdad opted not to go ahead
I'VE JUST FOUND with the contract after oil prices rose in recent months, Ihsan Abdul Jabbar
said in an interview with BBC Arabic.
10,000 WAYS THAT
Iraq, whose economy is reeling after last year’s crash in crude prices, in
WON'T WORK.”― November asked oil traders to bid for a five-year supply deal. Baghdad

THOMAS A. EDISON proposed delivering 4 million barrels a month, or about 130,000 barrels a
day, with the buyer paying upfront for one year of supply.

Iran closes Iraq border points to stem spread of coronavirus variant
Iran closed several crossing points with Iraq on Saturday in an effort to stem
the spread of a mutant variant of coronavirus which the Iranian health
minister said was entering from the neighboring country.

Source: KuwaitTImes.com, Arabtimes.com, Gulfnews.com. worldoil.com