Page 7 - Al-Rashed Newsletter September 2021

KUWAIT & IRAQ
KUWAIT NEWS

Expats quit in droves, Kuwait’s labor market lost 199,000 expats
Within 12 months between March 2020 and March 2021, Kuwait’s labor
market lost 199,000 non-Kuwaiti workers from over 15 different
activities, reports Al-Qabas daily. According to the labor market system
report, the real-estate sector witnessed the highest loss of workers with
a total of 53,000 workers leaving the country, followed by the wholesale
and retail trade sector, and the vehicle and bicycle repair sector, which
lost nearly 37,000 workers.

Tech firms set up shop in Kuwait as Gulf country streamlines
regulation
Forty-two foreign companies and 11 representative offices, including
General Electric and Huawei, have opened shop in Kuwait, state news
agency KUNA reported.
The State of Kuwait Direct Investment Promotion Authority (KDIPA) has
taken steps to attract technology companies to the Gulf country as
technology plays a central role in the 2035 New Kuwait Vision.
Incentives, including waived taxes and priority in government bids, have
been given to technology companies by KDIPA, the government arm
responsible for promoting foreign companies.
Kuwait’s Vision 2035 is the country’s roadmap to diversify its economy
away from oil through creating an attractive investment environment.
The small Gulf country is looking to transform into a leading financial
and commercial hub.
The country is currently dependent on oil for around 50 percent of their
overall GDP. In 2020, the country recorded negative inbound foreign
direct investment inflows, and the country’s ease of doing business
ranking – standing at 83 out of 190 – is one of the lowest in the GCC.

IRAQ NEWS

France’s Total signs mega oil and gas deals with Iraq
French energy giant Total signed mega contracts with Iraq worth $27bn
“IMAGINATION IS to develop oil fields, natural gas and a crucial water project that officials

EVERYTHING. IT IS said Monday will be key for the oil-rich country to maintain crude output.
The deals were signed on Sunday with Prime Minister Mustafa al-
THE PREVIEW OF
Kadhimi in attendance, according to a Ministry of Oil statement.
LIFE’S COMING
ATTRACTIONS."- Total signed contracts with the ministry to develop the Ratawi oil field in
southern Iraq, a gas processing hub to capture natural gas from five
ALBERT EINSTEIN
southern oil fields, and a much-needed project to treat Gulf seawater
and inject it into reservoirs to maintain oil production levels.
Source: Arabianbusiness.com, Arabtimes.com ,Al Jazeera
A fourth project was signed with the Ministry of Electricity to build a
1,000-megawatt solar power plant.