Notice Board

After a woman died on board, an Indian airline makes an emergency landing

 
 
 

A SpiceJet flight traveling from Darbhanga to Mumbai had to make an emergency landing in Varanasi after an 85-year-old woman died on board. In addition to Kalawati Devi, her grandson was also on SpiceJet flight SG 116 when she died. The distressing event unfolded after the flight departed from Darbhanga airport at 5:40 p.m. as the aircraft covered some distance, Kalawati Devi's health began to deteriorate.

Upon approaching the airspace of Uttar Pradesh, the pilot immediately contacted Varanasi's Air Traffic Control (ATC) to request permission to land. The aircraft safely landed at Lal Bahadur Shastri International Airport in Varanasi at 6 p.m. Medical assistance was provided immediately, and the elderly woman was swiftly transported to a nearby hospital. Despite efforts, doctors at the hospital declared her dead.

Due to the emergency, SpiceJet's flight from Varanasi eventually resumed its journey to Mumbai at 7:30 p.m. on Monday. The incident illustrates the challenges of managing in-flight emergencies for passenger safety and well-being.

 
****************************************************

The Ministry of Interior will open an airport police station on Thursday

 
 
 

The Ministry of Interior will open its first police station at Kuwait international Airport Terminal (T1) on Thursday, December 28th.

The airport police station will be working around the clock, to provide comprehensive security services to citizens and residents.

The Ministry of Interior also informed that based on the instruction from the First Deputy Prime Minister and Minister of Interior Sheikh Talal Al-Khaled, there is a comprehensive plan to develop police stations in various regions across the country in order to improve the security services.

 
****************************************************

The Gulf Train is scheduled to begin operations in 2028

 
 
 

The Public Authority for Roads and Land Transport has progressed significantly in the Gulf Cooperation Council countries’ railway project. The committee responsible for evaluating consulting office tender bids has concluded its assessment, recommending the selected global office that won the tender. This marks a crucial step as the authority moves forward to prepare the necessary tender documents and initiate the project’s implementation shortly.

Khaled Dhawi, Acting Director General of the Roads and Land Transport Authority announced the completion of the evaluation of technical offers for the Gulf Railway Project’s advisory study tender. The authority has recommended a global office based on technical criteria and the lowest price. The advisory study is set for 12 months, followed by a 30-month project implementation tender. The proposed timeline indicates the completion of Kuwait’s segment by the end of 2028. Ten international consulting offices competed, with the study committee endorsing the technically proficient and cost-effective bidder. The Authority had earlier finalized conditions for the detailed study and design project, launching the consultative tender for design on January 15th.

He mentioned that the Gulf railway route spans approximately 2,117 kilometers, commencing from Kuwait in the north, traversing all Gulf Cooperation Council countries, and concluding in Muscat, Oman, to the south. The initial stage, related to Kuwait, stretches 111 kilometers from the Nuwaiseeb center on the southern Kuwait-Saudi Arabia border to the main passenger terminal in Al-Shaddadiya, located behind Kuwait International Airport.

The train’s operational speed is set at 200 kilometers per hour, with diesel as the designated fuel as per the GCC agreement. The single-track railway accommodates both passenger and cargo transportation, featuring a right-of-way spanning 200 meters.

The project’s inception dates back to 2009, initiated by the decision of the Cooperation Council Heads of State Summit, endorsing the proposal to establish the railway. Emphasizing its significance, the project acts as a crucial link connecting GCC countries, streamlining the transportation of goods and passengers among them.

  1. Facilitating trade and economic collaboration in land transport for passengers and goods among GCC nations.
  2. Fostering the growth of local and Gulf economies while creating investment opportunities.
  3. Cultivating social bonds between the GCC country’s citizens.
  4. Cutting the expenses associated with transporting goods and passengers.
  5. Minimizing road maintenance costs and promoting sustainability by reducing vehicular traffic.
  6. Mitigating carbon emissions by decreasing the reliance on trucks for transporting goods.
  7. Lowering the occurrence of traffic accidents through a reduction in passenger and goods trips on roads.
  8. Opening up labor markets and enhancing transportation services across GCC countries.
  9. Aligning with the objectives of Kuwait Vision 2035.
  10. Initiating the redevelopment of areas adjoining the railway track.
  11. Generating new employment opportunities for citizens.

Originally, the General Authority for Public-Private Partnership Projects undertook the study and execution of the project, conducting a feasibility study in 2016.

The envisioned implementation approach involved a partnership with the private sector, utilizing the Design-Build method. However, a significant development occurred with Cabinet Resolution 1249/2021, which reassigned the project, along with all its components and stages, to the “Roads” Authority.

 
****************************************************

Caution: Do not feed stray dogs

 
 
 

The Director of the Department of Animal Health at the Public Authority for Agricultural Affairs and Fish Resources (PAAAFR) Abdullah Al-Badhal denied the rumors that claim a girl died of a stray dog attack, reports Al-Seyassah daily.

In a press statement, Al-Badhal clarified that the victim received the necessary medical treatment and left the clinic on the same day. This fact has been confirmed by both the clinic and the police station of the area. He revealed that the girl was not bitten by a stray dog but by a pitbull. Al-Badhal explained that the Department of Animal Health at PAAAFR works hard with full capacity to deal with stray dogs. About five trucks have been allocated for collecting the stray dogs.

Almost 1,600 to 1,700 stray dogs have been collected in the last five months and they have been kept in a shelter located in Fahaheel. A specific plan is laid down to put an end to the phenomenon of the growing number of stray dogs. He called upon citizens and residents to put an end to the attitude of helping stray dogs to multiply, such as by feeding them and allocating specific places to offer food to them. Meanwhile, PAAAFR received over 5,000 complaints about stray dogs in the last five years.

Statement
It had earlier issued a statement to stress that stray dogs in Kuwait come from remote and isolated areas where there are a large number of them. It revealed that it has a strategy to minimize the number of stray dogs by providing adequate shelters where both the male and female dogs are neutered and spayed, given vaccinations against rabies, and rehabilitated in preparation to be handed over to the concerned societies and volunteers for adoption. PAAAFR highlighted the coordination with the concerned animal care associations.

In the Letter No. 4554 sent on March 14, 2021, PAAAFR addressed the Municipal Council to allocate plots in Wafra and Abdali areas to be used as shelters for stray dogs . PAAAFR said it met with the relevant committee of the Municipal Council in September during which the request was approved. Procedures are ongoing to impose more requirements to importing dogs and encourage the adoption of rehabilitated dogs from the shelters run by PAAAFR. PAAAFR indicated that it is preparing a plan currently to minimize the number of stray dogs, especially in residential areas but this plan is not a sustainable one. It clarified that coordination is ongoing with the Financial Affairs Department to lay down a sustainable strategy for this purpose. PAAAFR explained that exporting stray dogs is part of the solution but such an action is not part of the responsibility of official institutions.

 
****************************************************

Kuwait is gripped by a nurse shortage, and a member of parliament has called for immediate action

 
 
 

MP Osama Al-Shaheen has forwarded queries to Minister of Social Affairs and State Minister for Family, Women and Children Affairs Sheikh Feras Al-Sabah about Article 42bis of Disabled Law No. 73/2020; which stipulates granting full indemnity to employees with medium and severe disabilities, as well as those taking care of them.

Al-Shaheen wants to know the number of individuals covered by this Article (the disabled and those appointed to take care of them) who have retired since the ratification of Law No. 8/2010 and its amendment — Law No. 73/2020.

He also asked Minister of Education, Higher Education and Scientific Research Adel Al- Manea why the heads of departments in adult and illiteracy schools are excluded from the special salaries allocated for teachers and heads of departments in regular schools even if they carry out the same tasks like teaching, preparing exam questions and lesson plans.

MP Jarrah Al-Fawzan asked Minister of Commerce and Industry and State Minister for Youth Affairs Muhammad Al-Aiban about the rationale behind allowing the representatives of companies to check the quality and descriptions of products at the Public Authority for Industry (PAI); legal basis of this step; list of such companies including the services they provide; and if PAI’s laboratories are capable of checking commodities like food, oil, toys and others. If yes, he wants to know when PAI started checking local and imported commodities and fees collected for this process. He also inquired if the Ministry of Commerce and Industry collects fees from the companies for allowing their representatives to check the quality and descriptions of products at the headquarters of PAI.

MP Meteb Ayed Al-Anzi asked Minister of Education, Higher Education and Scientific Research Adel Al-Manea about the budget allocated for the charity fund that shoulders the expenses of Bedoun and needy students in the last three years; number of beneficiaries; number of rejected applicants; criteria for approving applications; institutions supporting the charity fund; amount of their donations; list of donor institutions and schools receiving a certain percentage of the budget of the fund.

MP Hamad Al-Matar asked Minister of Health Ahmed Al-Awadhi about the factors that led to the shortage of nurses in public hospitals, plan of the ministry to address such shortage, if the ministry asked its Higher Education and Scientific Research counterpart to allocate more seats for students who want to take nursing and copies of related correspondences if the answer is ‘yes’.

MP Mehalhal Al-Mudhaf asked Minister of Commerce and Industry and State Minister for Youth Affairs Mohammad Al-Aiban to provide him with the list of companies authorized to export petroleum derivatives and diesel, and copies of the licenses that PAI granted to them. He also inquired about the number of vacant senior positions at Kuwait General Administration for Customs (KGAC) since Al-Aiban assumed office compared to the total number of leadership positions.

 
****************************************************

Four Companies Suspended In Kuwait For Money Laundering

 
 
 

The Ministry of Commerce and Industry's Anti-Money Laundering and Terrorist Financing Department conducted approximately 936 inspections of real estate, exchange, and jewelry companies in the first nine months of 2023, averaging four inspections per day. A total of 372 field visits were made to real estate companies, 92 rounds were made to exchange companies, and 472 rounds were made to jewelry companies during this period. The Ministry of Commerce reports that within nine months, the Money Laundering and Terrorist Financing Department suspended the activities of four companies, including a real estate firm, two exchange firms, and a jewelry firm.


In addition, eight companies' licenses were lifted simultaneously, including two real estate companies, an exchange company, and five jewelry shops. The department blocked 27 websites during the same period, and around 1.87 thousand transactions relating to money laundering were recorded. It includes 1,28 thousand real estate transactions, 41 transactions for exchange companies, and 550 transactions for jewelry companies.

A total of 284 transactions were conducted by the Anti-Money Laundering Department within nine months, including 1.65 thousand real estate transactions, 136 exchange transactions, and 1.05 thousand jewelry transactions. In June, the Kuwaiti Ministry of Commerce and Industry initiated a campaign using electronic platforms, particularly the Sahl application and e-mail, to raise awareness among local companies and commercial institutions about financial crimes.

Businesses were sent awareness messages about the dangers of money laundering and terrorist financing, emphasizing the need to secure financial transactions and protect institutions from these threats. During the nine months, inspections were conducted to ensure compliance with the provisions of Law No. 106 of 2013 on money laundering and terrorist financing, Ministerial Resolution No. 37 of 2013, and Ministerial Resolution No. 431 of 2016. Data and procedures were inspected, documents examined, customer information updated, and documents examined. To strengthen the Ministry's supervisory role in dealing with electronic risks related to combating money laundering, terrorist financing, and consumer protection, the Ministry of Commerce and the Communications and Information Technology Commission signed a memorandum of understanding in late November. A detailed description of the services provided by the Communications Authority related to the blocking and unblocking of social media accounts, websites, and electronic applications is contained in this agreement, as well as the responsibilities of all parties involved.

 
****************************************************

Reduced Ultra Gasoline Prices

 
 
 

In accordance with international prices, the committee charged with reviewing various subsidies decided to reduce the price of Ultra gasoline by 14 percent, or 35 fils, for three months starting in January, reports Al-Anba daily.

There is no change in the price of other fuels: The committee decided to retain the prices of other types of fuel: the price of a liter of premium gasoline is 85 fils, special gasoline is 105 fils, diesel is 115 fils and kerosene is 115 fils. according to sources.

 
****************************************************

For New Year's Eve security, a large security presence is planned in Kuwait

 
 
 

The Ministry of Interior has prepared a comprehensive plan to maintain security and discipline, and deter any attempt to violate the laws, as per the directives of First Deputy Prime Minister and Minister of Interior Sheikh Talal Al-Khaled.

Assistant Undersecretary for Public Security, Traffic, Operations, Correctional Institutions and Judgments Execution Major General Abdullah Al-Rajaib announced that the abovementioned security plan is for the New Year holiday, during which there will be heavy security presence in all locations to take the necessary precautionary measures in order to maintain public order and protect lives and properties. He said: “During the New Year holiday, there will be an emphasis on all elements of the delegated security forces participating in the security plan. They have been instructed to be at their designated stations and carry out their tasks efficiently to ensure the safety of everyone.” He added the total number of security patrols assigned in various governorates reached 310 with around 1,950 security personnel assigned in different parts of the country.

He stressed that like in previous years, the Public Security Affairs Sector assigned security patrols in front of churches and mobile patrols in and near these places. “We have eight churches – two in the Capital Governorate, four in Hawally and two in Ahmadi. These are the focus areas in addition to the chalets, desert, coastal strip, Abdally farms, famous commercial complexes, markets, parks, public gardens and others. We have coordinated with other entities to ensure the safety of everyone. There will be heavy presence of public security, traffic, rescue and investigation patrols in crowded places; in addition to the participation of other agencies, such as medical emergency and Kuwait Municipality that will work according to their capabilities,” he explained.

On instructions for communities and churchgoers, Al-Rajaib explained that the ministry always warns and advises citizens and expatiates to respect the laws and directives of the ministry and other concerned authorities. He said: “Everyone must adhere to public values and morals. They should not deviate from public order and avoid engaging in acts punishable by law in order not to be subjected to various penalties like deportation and imprisonment.”

He added security officers will be stationed in different areas like the chalets, beaches, Subiya, end of Jaber Bridge and desert to prevent the violation of public morals. He said Sabah Al-Ahmad Marine Police Station and Wafra Police Station will also carry out their duties in maintaining security and public order; stressing all the participating security services will conduct inspections to monitor violations or manifestations of violation of public morals. He warned that all those proven to have committed violations will be dealt with as per the law.

About the reckless activities along highways such as Wafra and Salmi, he asserted there will be a strict mechanism to prevent such activities as all the concerned patrols have been instructed to prevent the gatherings of vehicles and individuals who engage in reckless acts that endanger their lives and that of other people. “If any of these reckless people are caught, they will be referred to the concerned authorities, along with their vehicles,” he stressed.

 
****************************************************

The Indian Embassy Is Having A Christmas Vacation

 
 
 

The Embassy of India in Kuwait will remain closed on Monday, December 25th, for Christmas, the Embassy informed us in a notice. However, the emergency consular service will be available, it added.

Meanwhile, all the three BLS Consular application centers will continue to work as usual.

 
****************************************************

Investigating Investment Opportunities in India for Non-Resident Indians

 
 
 

CA Surin Gandhi is a Senior Investment Analyst employed with Astrolabe Holding Company. He serves as a Committee member of The Kuwait Chapter of the Institute of Chartered Accountants of India (KCICAI).

Arab Times: What are the stipulated limits for the amount of money and gold an NRI can carry when visiting India?

Gandhi: For Cash, an NRI can carry up to USD 10,000 or its equivalent in foreign currency without customs declaration.

For Gold, a male passenger is allowed to carry a maximum of 20 gms, which doesn’t cost more than Rs. 50,000 and a female passenger can carry a maximum of 40 gms which should not cost more than Rs. 1 lakh as a duty-free allowance.   

Arab Times: Is the salary transferred to an NRI account taxable if you are working from home in India?

Gandhi: If an NRI is working from home in India, the tax implications would depend on various factors, including the duration of stay in India and the residential status. If the person is working remotely for a foreign employer, his/her salary earned outside India is generally not taxable in India. However, if he/she is physically present in India for more than 182 days in a financial year while working remotely, full salary is taxable in India.

Arab Times: What must NRIs do after returning to India for good? (Bank notification)

Gandhi: Upon returning to India for good, an NRI must notify his/her bank within 30 days about the change in residential status. They need to convert their NRI accounts to resident accounts or open new resident accounts. Provide necessary documents to the bank as per RBI guidelines.

Arab Times: What is the process for NRIs to file tax returns, and are there specific guidelines or requirements that need clarification in this regard?

Gandhi: NRIs with taxable income in India if such income exceeds the basic exemption limit, need to file income tax returns before July 31st of the following year. The process involves obtaining a Permanent Account Number (PAN), filing the return online on the portal, and fulfilling other compliance requirements as necessary.

Arab Times: What emerging investment opportunities are available for NRIs beyond traditional choices like real estate and gold?

Gandhi: India’s financial landscape is evolving, and there are diverse investment options beyond traditional choices. For NRIs looking to invest outside real estate and gold, they can consider:

  • Equity markets and Mutual Funds
  • Startups and SMEs: Invest in high-growth Indian businesses through angel investing or venture capital funds.
  • Infrastructure Bonds: Offer attractive returns with government backing and contribute to India’s development.
  • Alternative Investment Funds (AIFs): Provide access to diverse assets like private equity, debt, and real estate with higher potential returns.

Arab Times: What are the challenges and issues that NRIs can face while investing in real estate in India?

Gandhi: NRIs may face challenges such as legal complexities, delays in property transactions, lack of physical presence to manage property, currency fluctuations, and lack of transparency in real estate transactions. It is crucial to conduct thorough due diligence and seek legal advice before investing.

Arab Times: What recommendations are advised for NRIs facing a limited timeframe stay in India due to delays in government processes?

  • Appoint a trustworthy power of attorney to manage your affairs in your absence.
  • Plan investments carefully, and consider short-term liquid investment options such as mutual funds or bonds that are easy to encash. Be aware of the regulatory and procedural delays.
  • Consider renting instead of buying property unless you have a long-term commitment.
  • Seek professional advice from registered wealth advisors

Arab Times: How can NRIs avoid double taxation, and where exactly do Indians end up paying taxes twice?

Gandhi: NRIs can avoid double taxation by utilizing Double Taxation Avoidance Agreements (DTAA), claiming foreign tax credits, and understanding the residential status. It is advisable to seek advice from a tax consultant to ensure compliance with applicable tax treaties and take advantage of available DTAA exemptions.

Arab Times: What are the restrictions for NRIs in India in terms of investments in India?

Gandhi: While NRIs have various investment options, there may be restrictions on certain sectors as regulated by FEMA guidelines. Some of these include:

  • NRIs cannot invest in agricultural land or purchase agricultural properties directly.
  • Certain restrictions apply to investments in sensitive sectors like defense and atomic energy.
 
****************************************************

Kuwait metropolis is the world's second worst metropolis for air quality

 
 
 

Kuwait City ranked second worst city in the world in the latest Air Quality Index (AQI) with a score of 210; while the Bangladeshi capital – Dhaka is in first place with a score of 237 and Chengdu, China in third place with a score of 200, reports Al-Seyassah daily.

An AQI result between 51 and 100 indicates that the air quality is moderate, it is classified as unhealthy for sensitive groups if the result is between 101 and 150 and a place is considered unhealthy if the result ranges from 151 to 200. An AQI score of 201 to 300 is considered an emergency with health warnings, in which case children, the elderly and the sick are urged to limit their indoor and outdoor activities.

 
****************************************************

Winter has arrived in Kuwait, according to the weather

 
 
 

Al-Ojairi Scientific Center confirmed that the country experienced winter solstice — the shortest day of the year — on Friday; while the Meteorological Department forecasted scattered light to moderate rain in some areas from Friday evening until Saturday afternoon, reports Al-Rai daily. According to the center, the winter solstice started at 6:28 am on Friday; indicating this signals the beginning of winter in the northern hemisphere.

It explained that winter solstice is marked by delayed dawn, as it coincides with the shortest day of the year — approximately 10 hours compared to 14 hours at night, as the Sun rose at 6:38 am the next day. During the winter solstice, the Sun reaches its lowest point above the horizon at noon when it crosses the meridian, and the human shadow on the ground at this time is the longest possible, the center added. On the other hand, the Meteorological Department announced that the weekend weather was moderate to warm during the day and cool to cold at night, with scattered light to moderate rain in some areas from Friday evening until Saturday afternoon

 
****************************************************

Kuwait is still free of the JN.1 COVID version

 
 
 

Kuwait’s Ministry of Health has officially stated that the “JN.1” variant of the coronavirus has not been detected in Kuwait. The genetic examination teams are actively engaged in monitoring the prevalent patterns of the coronavirus and other viruses. This announcement comes in light of reports from various countries around the world regarding the identification of this particular variant.

The ministry emphasized that the emergence of new variants is an anticipated occurrence and should not raise undue concern, as mutations are inherent characteristics of viruses. The ongoing efforts of the genetic examination teams are crucial in staying vigilant and informed about the evolving nature of the virus.

To address the evolving situation, the Ministry continues to provide the latest version of the COVID-19 vaccine at 42 preventive health centers across Kuwait. This updated vaccine is designed to cover all prevalent strains of the virus. The ministry strongly advises individuals, particularly those in high-risk categories such as those over 60 years old and adults with chronic diseases or immunodeficiency conditions, to receive the vaccine as a preventive measure.

 
****************************************************

No Salmonella Risk Found in Quaker Oat Products in Kuwait

 
 
 

The Food and Nutrition Public Authority confirmed that the oat products in Kuwait from the brand (Quaker) have all been examined and are suitable for human consumption and free of salmonella bacteria.

The authority explained in a press release today, Friday, that the US Food and Drug Administration’s warning regarding the possibility of contamination of US-produced Quaker brand oat products with Salmonella bacteria relates to products that carry expiration dates before January 9, March 12, June 3, August 2, or August 1. September or October 1, 2024.

The Food and Nutrition Authority indicated that the same batch numbers were not imported into the State of Kuwait, stressing that the products of the same brand present in the markets have all been examined and are suitable for human consumption (KUNA)

 
****************************************************

300 New COVID-19 Cases And 3 Deaths Reported In Kerala

 
 
 

Kerala reported three COVID-19 fatalities and 300 new cases on Wednesday. Especially in Bengaluru, the state capital, the situation in neighboring Karnataka is growing alarming as cases are expected to surpass 100. Bengaluru authorities have sent 17 samples for genome sequencing in order to confirm the presence of the JN.1 variant, with results expected in five days.

In the last 20 days, Bengaluru has reported 42 positive COVID cases, with three deaths. All individuals, however, had other critical health conditions, according to sources. Authorities are increasingly concerned about the evolving situation, especially with the upcoming Christmas and New Year celebrations.

During the last 24 hours, the Department of Health and Family Welfare reported 20 new positive COVID-19 cases and two deaths. The total active patients stand at 92, with 72 isolated at home, 20 hospitalized, and seven in the ICU. The positivity rate is 2.47%, and the case fatality rate is 10%.

In the past 24 hours, the federal Health Ministry reported 358 new COVID cases nationwide, including 300 in Kerala. Six deaths, including three in Kerala, were recorded during this period. The country has 2,669 active cases, with a spike attributed to the JN.1 variant.

The Union Minister of Health and Family Welfare Dr. Mansukh Mandaviya stressed the importance of alertness and preparedness against new strains of the COVID-19 virus. He urged states to increase surveillance and ensure an adequate stock of medical supplies.

World Health Organization (WHO) highlighted the evolving nature of the virus and encouraged member states to continue strong surveillance following the surge and new JN.1 variant. Dr. Soumya Swaminathan, former WHO chief scientist, cautioned against dismissing COVID as a common cold, emphasizing potential long-term effects.

Dr. Rajeev Jayadevan, Co-Chairman of the National Indian Medical Association's Covid Task Force, expressed concern about the JN.1 variant's marked differences. He recommended wearing masks in specific situations and advised vulnerable populations to use pulse oximeters.

According to Dr. Mandaviya, states must enhance surveillance and maintain adequate medical supplies to prevent the spread of new strains of the virus.

 
****************************************************

Kuwait's Central Bank reports a 15.1% drop in bank derivative investments

 
 
 

Investments in financial derivatives by local banks experienced a decline over the initial 10 months of 2023, decreasing by 15.1% to 1.965 billion dinars. This contrasts with December 2022’s 12.951 billion dinars, marking a decline according to data from the Central Bank of Kuwait in October. On an annual basis, these investments increased by 10.3%, reaching 1.03 billion dinars, compared to 9.956 billion dinars in October 2022. However, a monthly increase of 7.8%, approximately 796.9 million dinars, was observed from the end of September, when the total was 10.1 billion dinars.

The trajectory of bank investments in financial derivatives fluctuated throughout 2023. Decreasing from 12.951 billion dinars in December 2022 to 10.654 billion dinars in January, it rose in February to 10.934 billion dinars. Yet, it declined to 10.176 billion in March, reaching 10 billion in April, 9.836 billion in May, and 9.725 billion in June. Subsequently, it increased to 10.304 billion dinars in July, only to decrease again in August to 10 billion dinars and reach 10.1 billion in September. Financial derivatives encompass diverse investment instruments derived from the value of financial or other assets (such as stocks, bonds, real estate, currencies, and commodities). These instruments include futures contracts, options contracts, and more. Futures contracts involve agreements to buy or sell assets at an agreed-upon price on a future date.

Options contracts, on the other hand, grant one party the right (but not the obligation) to buy or sell an asset at a predetermined price on a future date, with payment of a premium. Several Kuwaiti banks have previously obtained approval from the Central Bank of Kuwait to establish special purpose companies in the Cayman Islands, specifically for dealing in financial derivatives contracts. Regulatory authorities, including the Central Bank of Kuwait, the Capital Markets Authority, and the Ministry of Commerce and Industry, have collaborated to create a regulatory framework for derivatives trading.

Notably, a Capital Markets Authority decision in October 2021 mandated companies involved in financial derivatives to regularize their status, with oversight limited to derivatives traded in Kuwait. As part of Kuwait’s efforts to upgrade its market from “emerging” to “advanced emerging” in the “FTSE Russell” index, the Capital Markets Authority is implementing a strategy to develop and enhance the market’s appeal to investors. This involves expanding the offering of financial products and services, including listing and trading platforms for bonds, instruments, exchange-traded funds, financial derivatives, and repurchase contracts. These initiatives align with Kuwait’s ambition to become a regional financial and commercial center, competing with other Gulf markets, and attract both foreign and local investors.

 
****************************************************

The Indian Prime Minister Congratulates Kuwait's Amir His Highness Meshal Sheikh

 
 
 

Indian Prime Minister Shri Narendra Modi congratulated His Highness Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah on becoming Kuwait's Amir.

"Greetings and congratulations to His Highness Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah on his appointment as Kuwait's Amir. Modi said in a tweet on X platform that he is confident that the Indian community in Kuwait will continue to flourish in the coming years.

 

 
****************************************************

Cases of the new COVID-19 subvariant JN.1 are becoming more common in Indiano

 
 
 

New Coronavirus variant JN.1 has emerged, causing heightened concerns among health authorities, experts, and the general public. This new subvariant of COVID-19, JN.1, is a descendant of BA.2.86, and its detection has contributed to a surge in India’s active caseload, reaching 1,828 on Monday. Kerala reported one death associated with the JN.1 subvariant, prompting the central government to issue an advisory urging state governments to strengthen health measures.

JN.1 Covid subvariant was first identified in Luxembourg and is derived from the Pirola variant (BA.2.86), itself derived from the Omicron subvariant. It has a number of unique mutations, especially in the spike protein, which may increase its infectious potential and immune-evading properties.

There are a number of symptoms associated with the JN.1 variant, including fever, runny nose, sore throat, and headache. Fortunately, most patients experience mild upper respiratory symptoms that typically improve within four to five days.

A subvariant of JN.1 has been detected in Kerala, India. A 79-year-old woman tested positive in an RT-PCR test on November 18, exhibiting mild symptoms of influenza-like illness (ILI) and subsequently recovering from Covid-19. Over 90% of Covid cases in India are mild and are managed at home.

In Singapore, an Indian traveler was identified with the JN.1 subvariant. This individual, hailing from Tamil Nadu’s Tiruchirapalli district, had traveled to Singapore on October 25.

Rajeev Jayadevan, co-chairman of the National Indian Medical Association Covid Task Force, characterizes JN.1 as a severely immune-evasive and fast-spreading variant. Its ability to infect individuals with prior COVID-19 infections and those vaccinated raises concerns about its potential impact.

The India SARS-CoV-2 Genomics Consortium (INSACOG), responsible for sequencing and monitoring new COVID-19 variants, conducted surveillance in Kerala.

The Karnataka government has ruled out the need to restrict movement on the border for now, assuring that all precautionary measures have been implemented. Currently, Karnataka reports 58 active cases, with 11 hospitalized and one Covid-related death with additional comorbidities.

It was first detected in September 2023 in the United States, underlining the global nature of the variant and the need for heightened vigilance.

 
****************************************************

MOH has rescheduled medical tests for expatriate workers

 
 
 

A medical check appointment for expatriate workers scheduled for December 17, 18 & 19 has been rescheduled for December 20th, 21st and 24th by the Ministry of Health.

On December 17, 18 and 19, the medical test was cancelled due to the public closure following the sad death of late Amir HH Sheikh Nawaf Al Ahmad Al Sabah.

MoH has announced that those who received appointments on these dates should visit the center on 20th, 21st, and 24th, respectively.

 
****************************************************

The Indian community observed a two-minute silence in memory of late Amir

 
 
 

Indian Minister of Petroleum and Natural Gas & Housing and Urban Development, Shri Hardeep Singh Puri, has arrived in Kuwait to extend condolences and pay homage to the leadership of Kuwait on behalf of the Government of India following the passing of the late Amir, HH Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah.

The Government of India has declared a State mourning across the country on December 17 as a gesture of respect for the departed leader.

In the wake of the demise of His Highness Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah, Kuwait mourns the loss of a visionary leader who steered the country towards progress and prosperity. Under the late Amir's leadership, India and Kuwait maintained close and friendly relations. His unwavering commitment played a crucial role in guiding and enhancing bilateral engagements for the mutual benefit of both nations. The Ministry of External Affairs (MEA) emphasized in a press statement that the significant Indian expatriate community in Kuwait will deeply feel the absence of his leadership and compassionate care.

 
****************************************************
 
  
IFL  - Kuwait 2024