Page 5 - Al-Rashed Newsletter Jan 19

KUWAIT THROUGH THE LOOKING GLASS
KUWAIT NEWS

Standard & Poor’s forecasts stability for Kuwait economy

Agency affirms state’s AA/A-1+ rating – Balance sheets to remain strong.
The government of Kuwait will remain in a substantial net asset position over the
medium term, which should provide a safety buffer against external shocks,
according to Standard & Poor’s Financial Services LLC (S&P)

First 5G call in the MENA successfully tested

Ooredoo Group yesterday successfully made the first trial International 5G call in
the region between Ooredoo Kuwait and Ooredoo Qatar, demonstrating the
phenomenal capabilities of its 5G networks in Qatar and Kuwait.
The call took place yesterday between Sheikh Saud Bin Nasser Al-Thani, Chief
Executive Officer, Ooredoo Group, and Sheikh Mohammed Bin Abdulla Al-Thani,
Chief Executive Officer, Ooredoo Kuwait.

Kuwait to boost spending as budget deficit hits KD 7.7bn

Kuwait’s estimated budget deficit for the 2019/2020 fiscal year could soar to KD 7.7
billion ($25.3 billion), Finance Minister Nayef Al-Hajraf said yesterday. Kuwait plans
to spend KD 22.5 billion ($74 billion) in total expenditure for the fiscal year
2019/2020 – a 4.7 percent rise – based on an average of $55 per barrel of Kuwaiti
crude oil, the minister told a press conference held at the Public Institution for Social
Security.

World's Longest Bridge Nears Completion in Kuwait

The world's longest bridge by Hyundai E&C and Combined Group Contracting is
nearing completion in Kuwait. Called the Sheikh Jaber Al-Ahmed Al-Sabah
causeway, the $3 billion project is one of the largest infrastructure projects in the
world. Running a total length of over 30 miles, the bridge will connect Kuwait City on
the south of the bay with Subiya New Town to the north. The causeway joins a
larger development plan for the revival of the ancient Silk Road trade route.
Source: Kuwait Times, Arab Times, Archdaily

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