| Survey: Business and Economic Outlook for Kuwait 2024 |
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Dear Members and Friends,
We are conducting a survey to gain a deeper understanding of the current business environment in Kuwait. Your responses will help us identify key challenges, opportunities, and areas for improvement to foster a more favorable business and economic climate. We value your time and insights.
Please note that your responses will remain anonymous and your information will not be shared with any third parties. However, we may contact you for clarification to further enhance our report. |
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American United Group (AUG): Established in 1997, American United Group (AUG) is a cost-effective, efficient provider specializing in military, oil and energy, logistics, and supply chain sectors across the Middle East, Europe, Africa, and the Marshall Islands. We deliver comprehensive solutions, including manpower, sponsorship, vehicle/equipment leasing, and life support services, ensuring efficient and effective operations for our clients.
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If your company is interested in being an event sponsor or a raffle prize sponsor for upcoming events such as Back to Business, Thanksgiving, Women in Business Summit, Winter Social, or any other events, please contact us at communications@amchamkuwait.org, and we will provide you with more information about sponsorship opportunities. |
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| June 4, 2024:The 'Stories of Leadership from Women in Kuwait and the Gulf' highlighted the significant contributions of women leaders in the region and emphasized the importance of empowering future generations. The event provided a platform to explore and educate the audience on HPV awareness, advocacy, and the unique experiences of women in leadership. ABCK-AmCham Kuwait is proud to have facilitated such an impactful event, fostering dialogue and inspiration among the region's leaders, in partnership with MSD. |
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| June 4, 2024:AmCham Kuwait held its first Board of Directors meeting with the newly elected Board Members for 2024. We are excited to welcome our new leadership and look forward to their contributions as we continue to foster strong business relationships and drive economic growth within the community. |
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| June 13, 2024: AmCham Kuwait'sblood drive received immense support from numerous dedicated individuals and organizations. AmCham Kuwait expresses its heartfelt gratitude to each blood donor for their selfless contributions and commitment to saving lives.
World Blood Donor Day serves as a global platform to recognize and appreciate blood donors while also encouraging others to follow in their footsteps.
This year's theme, "With just 1 pint you can save up to 3 lives," strongly resonated with the participants, motivating them to actively participate in the blood drive and significantly impact the lives of those in need. |
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| June 19, 2024: AmCham Kuwait met with Walid Youssef Abou Jaoude, UNICEF Partnerships and Philanthropy Specialist at UNICEF to strategize upcoming workshops on parental policies and nutrition. This collaboration highlights AmCham Kuwait's commitment to education and advocacy for better workplace practices. |
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| June 20, 2024: The American Business Council - American Chamber of Commerce Kuwait (AmCham Kuwait), met with Chairman's Club member Ahli Bank Kuwait (ABK) and engaged in strategic discussions to explore collaboration opportunities on upcoming events, ESG collaborations, and ABK's involvement in AmCham Kuwait's Banking & Finance Focus Group. |
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| June 21, 2024 – ABCK-AmCham Kuwait proudly hosted its annual 4th of July celebration to honor the United States’ Independence Day. The event took place on June 21st at Hilton Kuwait Resort and featured an evening filled with patriotic festivities, entertainment, and networking opportunities, bringing together American service members and the local community. |
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| June 23, 2024, AmCham Kuwait organized the 4th of July Event Part II at Venue 56 in Salmiya. This event brought together service members for a day of fun and relaxation. Attendees enjoyed a variety of activities, including arcade games, bowling, mini golf, and pool. The venue also featured state-of-the-art simulators, providing an immersive experience for everyone. The event fostered a sense of community and camaraderie, celebrating American Independence Day with enthusiasm and joy. |
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| AmCham Kuwait's HTT Focus Group kicks - off |
| June 24, 2024: AmCham Kuwait's Hospitality, Travel & Tourism Focus Group kicks off with a dynamic meeting, bringing together industry leaders and experts to drive forward innovation, collaboration, and sustainable practices in the hospitality sector. Our Hospitality Focus Group agenda explored historical insights, analyzed current market dynamics, and outlined future strategies. |
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| June 25, 2024: In its ongoing commitment to promoting diversity and inclusion in the workplace, the ABCK – AmCham Kuwait’s Women in Business Focus Group successfully hosted its second 2024 Diwaniya on company laws and policies affecting women in the workforce. Sponsored by KRH Kuwait Resources House, the event explored the laws and policies within companies and entities, highlighting their impact on women and the challenges they encounter in various aspects of their professional journeys. |
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| June 9, 2024: Al Ahli Bank of Kuwait (ABK) is excited to introduce its new smart branch at The Warehouse, available until 3 October 2024. This endeavor reflects the Bank’s commitment to enhancing its competitive edge through ongoing digital transformation efforts. |
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| June 30, 2024: Al Mulla Automotive, a member of Al Mulla Group and the leading regional distributor of international brands in the automotive industry in Kuwait, has recently recognized the winners of its Badminton Tournament 2024. |
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| June 26, 2024: In a joint collaboration between two subsidiaries within Al Mulla Group, Al Mulla Exchange and Brink's have recently co-organized a “Health Awareness Day”, sponsored by Al Mulla Exchange, which was recently held at Salmiya Clinic to promote a healthy lifestyle for their employees. |
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| June 25, 2024: Al Tamimi & Company successfully won a landmark judgment from the Dubai Court of Appeal in a case concerning bankruptcy proceedings. Al Tamimi & Company represented the creditors in an appeal against a Court of First Instance judgment which accepted a debtor’s request to initiate bankruptcy proceedings. This judgment is significant because it highlights the conditions and requirements for commencing bankruptcy proceedings and the court’s duty to ensure that the bankruptcy law is not used to evade the payment of debts. |
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| June 4, 2024: The American University of Kuwait (AUK) recently marked its fourth consecutive participation in the renowned EuroMilano Championship in Milan, Italy. Fourteen colleges from across the globe took part in this prestigious sports event, with AUK’s men’s basketball team securing a commendable fifth place. |
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"We're honored to share the steady progress we've made on sustainability, which will always be anchored in safety and quality," said Boeing Chief Sustainability Officer Brian Moran. "As we recommit to these fundamental values, it is energizing to see our company's focus on helping our industry decarbonize while uplifting our communities and driving a culture of inclusion where everyone's voice is heard." |
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| June 11, 2024: NEW YORK (Reuters) -Health insurer Cigna's medical use trends across its portfolio were in line with its expectations for 2023 and 2024, CFO Brian Evanko said on Tuesday, citing the company's lack of Medicaid management. The company has also reaffirmed its adjusted annual profit forecast made in May, Evanko said at the Goldman Sachs Global Healthcare Conference. The majority of Cigna's business is from managing employer-based healthcare plans. |
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| June 4, 2024: CISCO LIVE -- Cisco (NASDAQ: CSCO) kicks off Cisco LIVE 2024 with new AI-powered innovations and investments that deliver a clear message: AI isn't just the latest turning point in technology. It's an efficient, intelligent source of digital resilience that can connect and protect entire organizations and power growth, scale, and an inclusive future for all.
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| June 11, 2024: New York – As previously announced, Citi will host a Services Investor Day on Tuesday, June 18, 2024. Presentations will be given by members of Citi’s senior leadership team, including CEO, Jane Fraser, CFO, Mark Mason, and Head of Services, Shahmir Khaliq, among others. Presentation materials are expected to be available on Citi’s Investor Relations website at approximately 8:30 a.m. (ET) on June 18. |
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| June 9, 2024:Ubuy, a leading global e-commerce platform, and DHL Express Kuwait, a global leader in logistics, are celebrating 10 years of a strategic partnership that has provided seamless cross-border logistics solutions to online businesses worldwide. This collaboration, now in its first decade, aims to overcome geographical limitations and logistical complexities to help customers find new products globally and deliver them to their doorsteps. |
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| June 13, 2024: Amidst the recent developments such as geopolitical crises, the attention is increasingly turning to supply chain diversification. Yet, until now, there has been no clear definition and comprehensive framework for this approach. Rising to the challenge, DHL and leading academics have presented a new definition and a versatile model to explain this important and holistic concept in the latest DHL Trend Report, "Supply Chain Diversification". |
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| June 11, 2024: In a statement to Boursa Kuwait, Boubyan Petrochemical Company announced that Equate Petrochemical Company and Kuwait Olefins Company have decided to distribute cash dividends for the first quarter ending on March 31, 2024. |
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| June 14, 2024: GAC Group, a leading provider of shipping, logistics and marine services in the Asia-Pacific market, has entered into an agreement with Quadrant Pacific to acquire its agency business, formerly its network partner in New Zealand. This acquisition marks a significant milestone in the company’s longstanding presence in the region. |
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| June 24, 2024:Dubai, UAE: GIG Gulf, a leading insurance provider in the MENA region, has introduced the first customer cashback promotion offered with personal protection cover in the Middle East’s insurance market. |
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| June 21, 2024:Hilton announced the results of its Green Ramadan 2024 initiative. Through the effort, Hilton saw a more than 20 percent reduction in post-consumer food waste. Following the success of Green Ramadan 2023 where food waste was reduced by over 60 percent, the programme was scaled across 32 hotels in seven countries and served 239,000 guests during iftars and suhoors. |
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| June 3, 2024: Honeywell (NASDAQ: HON) today announced the completion of its acquisition of Carrier Global Corporation's (NYSE: CARR) Global Access Solutions business for $4.95 billion. |
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| June 5, 2024: The annual report details the company’s ongoing work in helping to create a healthier world, building a more diverse and inclusive workforce, championing global health equity and more. |
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| June 17, 2024: Beyout Investment Group has successfully listed on Boursa Kuwait, marking the first listing on the exchange in over two years. Established in 2006, Beyout Investment Group is the investment company behind subsidiaries Kuwait Resources House (a provider of human resources solutions and life support services) and Real Estate House (a manager of residential and commercial properties and expert in build-operate-transfer contracts). |
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| June 17, 2024: L3Harris Technologies (NYSE:LHX) announced a strategic collaboration with Accenture (NYSE:ACN) to accelerate its technology reinvention. The initiative, part of L3Harris’ LHX NeXt transformation, is centered around building a strong digital core and establishing new ways of working that will help optimize operations and enable future growth. |
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| June 18, 2024: Lockheed Martin Corp.’s LMT business segment, Missiles and Fire Control (MFC), recently clinched a contract for Phased Array Tracking to Intercept of Target Advanced Capability-3 (PAC-3) software. The award has been offered by the Army Contracting Command, Redstone Arsenal, AL. |
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| June 26, 2024: Mashreq, a leading financial institution in the MENA region, announced today that it has extended its relationship with Oracle Financial Services to support its growth globally. The bank announced the collaboration at a signing ceremony attended by Mohamed Abdel Razek, Group Head of Technology, Transformation & Information at Mashreq, and Vinayak Hampihallikar, Head of JAPAC & MEA Consulting, Oracle Financial Services.
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| June 21, 2024: NOV Inc. (NYSE: NOV) will hold a conference call to discuss its second quarter 2024 results on Friday, July 26, 2024, at 10 a.m. (Central Time). NOV will issue a press release with the Company’s results after the market closes for trading on Thursday, July 25, 2024. The call will be webcast live on www.nov.com/investors. |
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| June 2, 2024: Sultan, Kuwait’s go-to shopping destination for over 40 years, has announced a strategic partnership with WebEngage, a leading marketing technology (MarTech) company, and Future Communications Company, one of Kuwait’s leading enterprise solutions provider, to elevate its customer-centric initiatives and drive sustained growth. Sultan will leverage WebEngage’s globally renowned omnichannel customer engagement platform along with FCC’s technology solutions to revolutionize its customer experience. |
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| June 9, 2024: Visa has announced the winners of the Kuwait and Qatar edition of the 2024 Visa Everywhere Initiative (VEI), a global open innovation program and competition for fintech startups to pitch their solutions to solve tomorrow’s payment and commerce challenges. In addition to monetary prizes, VEI winners receive global exposure, and validation from one of the world’s most trusted brands. |
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| June 29, 2024: The Public Authority for Civil Information (PACI) and Mobile Telecommunications Company – Zain announced the signing of a collaboration agreement. This partnership will integrate PACI’s Geographic Information Systems (GIS) portal and ‘Kuwait Finder’ services with Zain’s systems, allowing the company to significantly improve its customer service efficiency across multiple levels. |
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| Kuwait, June 1: The online meeting of OPEC+, which is scheduled to be held today, is expected to be easy and should finish within a few hours. This is because the key decisions have already been drafted, with only the customary exchange of pleasantries among members remaining. It is likely that they will agree to extend the current production cuts well into 2025, given the absence of significant signs pointing to genuine progress in oil demand in the near future. |
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| Kuwait, June 3: The Kuwaiti Minister of Social Affairs, Children and Family Affairs, and Minister of State for Youth Affairs, Amthal Al-Huwaila, emphasized the urgent need for digitizing all sectors of the Ministry of Social Affairs to enhance service delivery to citizens. This statement was made during a pivotal meeting with the ministry’s development and planning sector, focusing on the digital transformation strategy, according to a ministry release. |
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| Kuwait, June 4: New foreign investments totaling 93.3 million dinars flowed into the Boursa Kuwait during the first five months of 2024, supported by vigorous purchasing activities by institutions and companies. Their net transactions amounted to approximately 96.1 million dinars, with purchases totaling 800.5 million dinars and sales amounting to 704 million dinars. |
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| Kuwait, June 9: The Central Agency for Public Tenders will float 18 projects today focusing on extensive road maintenance across all governorates and highways, reports Al-Rai daily quoting reliable CAPT sources. The sources disclosed, “The bidding window will span 30 days from the commencement of the announcement for companies to submit their proposals.” Upon the completion of the bidding phase and subsequent approval processes, including scrutiny by the Audit Bureau, the awarded companies will commence road maintenance operations. |
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| Kuwait City, June 10: The Ministry of Health has amended the healthcare fees for foreigners, reports Al-Seyassah daily. The amendment exempts illegal residents (Bedouns) holding valid security cards, children of Kuwaiti women married to non-Kuwaitis, non-Kuwaiti men married to Kuwaiti women, citizens of other Gulf Cooperation Council (GCC) member-states provided they hold valid civil identification cards or passports, scholarship students, wards of social care centers, youths below 18 years old who are suffering from cancer, non-Kuwaiti children below 12 years old who have severe disabilities, prisoners, domestic workers staying in domestic labor shelters, and members of official envoys and transit passengers. |
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| Kuwait City, June 10: The Public Authority for Manpower revealed that the Authority is consistently working to enhance online systems and integrate services and procedures within the Sahel application, alongside the Ashal service and other online services provided by the Authority. |
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| Kuwait City, June 11:Security sources have reiterated to Al-Seyassah that individuals will not be able to carry out certain transactions related to the Ministry of Interior, including vehicle record transfers or renewals until they settle outstanding electricity bills owed to the Ministry of Electricity. |
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| Kuwait, June 13: Minister of Finance and State Minister for Economic and Investment Affairs Dr Anwar Al-Mudhaf discussed combating illegal financing and money laundering with visiting US congressman French Hill. |
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| Kuwait City, June 23:The Gulf Railway project is the most ambitious infrastructure project planned for the GCC region. It aims to connect all six GCC member countries – Saudi Arabia, Kuwait, Qatar, Bahrain, Oman, and the United Arab Emirates – with a massive rail network stretching over 2,100 kilometers. This ambitious project is taking a significant step forward. |
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| Geneva, June 20:Kuwait’s First Deputy Prime Minister, Minister of Defense and Minister of Interior Sheikh Fahad Al-Yousuf Saud Al-Sabah affirmed today the crucial role of the civil ID card as a primary source of security information essential for government operations. He emphasized the government’s ability to enact legislation to regulate work environments, remove obstacles, and advance the country’s interests. |
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| Kuwait City, June 20: Data from the Kuwaiti Central Bureau of Statistics revealed that consumer price indexes (inflation) increased by 3.17 percent in May on an annual basis. |
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| Kuwait, June 21: At the end of the first quarter of this year, total deposits in the banking sector in Kuwait, including both Kuwaiti dinars and foreign currency, reached 63.9 billion dinars, reports Al-Jarida daily. This marks the highest liquidity level observed in the sector, highlighting abundant sources of deposits with diverse terms ranging from one month to over three years. |
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| Kuwait, June 20: In a bid to ensure the authenticity and validity of academic certificates held by citizen and resident employees issued from outside Kuwait, Dr. Adel Al-Adwani, the Minister of Education and Minister of Higher Education, has established a specialized committee for this purpose. |
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| Kuwait, June 22: In a significant move to enhance emergency response capabilities, the acting Chief of the General Fire Force, Major General Khaled Abdullah Fahd, has established a technical team tasked with developing a project to connect fire alarm systems in buildings directly to the Central Operations Department of the General Fire Force. |
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| Kuwait, June 23: The Gulf electrical interconnection network continued to bolster the national grid with 840 megawatts, while the Ministry of Electricity implemented planned power cuts in specified agricultural and industrial areas. This measure aimed to alleviate the strain on the current consumption, which peaked at approximately 16,620 megawatts. |
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| Kuwait, June 24: The Kuwaiti Competition Protection Authority has announced the receipt of three applications for completing the economic concentration process, reports Al-Seyassah daily. According to a post on the social networking site “X” by the agency, the following applications were received: |
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| Kuwait, June 26: The Civil Service Commission has upheld Resolution No. 10 of 2013 for the 12th consecutive year, maintaining its stance on halting the transfer of employees between ministries. However, in a recent development, sources disclosed to Al-Anbaa that an exception has been introduced allowing employees with specialized certifications to move between ministries. |
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| Kuwait, June 26: Kuwaiti First Deputy Prime Minister, Defense and Interior Minister, and Chairman of the Public Authority for Manpower, Sheikh Fahad Yousef Saud Al-Sabah headed the first meeting of the year for 2024/2025. |
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| Kuwait, June 26: Acting Director General of Kuwait Environment Public Authority (EPA) Eng. Sameera Al-Kandari reaffirmed on Wednesday Kuwait’s endeavor to enhance mutual cooperation with European Union countries in the field of renewable energy. |
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| Kuwait, June 27: Dr. Noura Al-Mashaan, Minister of Public Works and Minister of State for Municipal Affairs, underscored the significance of inter-ministry cooperation in realizing Kuwait’s ambitious vision for distinguished infrastructure and bolstering the nation’s economic and tourism potential. |
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| Kuwait, June 27: The Civil Service Commission has announced the successful resolution of Kuwait’s employment crisis following the implementation of a new plan aimed at eliminating waiting lists for job seekers. |
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| Kuwait, June 29: The US Ambassador to Kuwait HE Karen Sasahara has commended Kuwait’s efforts in combating human trafficking, citing the US State Department’s recent report which indicates positive developments in this regard, reports Al-Qabas daily. |
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| Kuwait, June 29: Dr. Noura Al- Mashaan, Minister of Public Works and Minister of State for Municipal Affairs, emphasized Saturday the urgency of addressing and surmounting obstacles hindering the progress of the new passenger terminal project – Terminal 2. |
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| Kuwait, June 30: The general budget of Kuwait has entered an era of deficit expected to extend until 2027, primarily due to its significant reliance on oil exports, reports Al-Seyassah daily. |
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| WASHINGTON, June 26, 2024 – U.S. Department of Agriculture (USDA) Secretary Tom Vilsack today announced that USDA is partnering with rural Americans on hundreds of clean energy projects to lower energy bills, expand access to clean energy and create jobs for U.S. farmers, ranchers and agricultural producers. |
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| US, June 25: Today, the Department of Defense (DoD) releases the Fulcrum: DoD Information Technology (IT) Advancement Strategy. This strategy will continue the transformative change in the Department’s IT; Cyber; Command, Control, and Communications; and digital workforce while setting the foundation for the future. |
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| US, June 27: Yesterday, SelectUSA’s 10th Investment Summit came to a close, marking the largest Investment Summit in SelectUSA history, with over 5,000 attendees spanning 96 international markets and, for the first time, all 56 U.S. states and territories represented. |
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| US, June 21: WASHINGTON, D.C.— The U.S. Department of Energy (DOE) and the U.S. Environmental Protection Agency (EPA) today announced that applications are open for $850 million in federal funding for projects that will help monitor, measure, quantify, and reduce methane emissions from the oil and gas sectors as part of President Biden’s Investing in America agenda. |
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| Offers & Discounts for AmCham Kuwait Members |
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See other offers and discounts at: https://www.amchamkuwait.org/member-offers-discounts
If you would like to become part of the offers and discounts program, please reach out to us and let us know what types of offers and discounts you'd like to offer AmCham Kuwait Members.
For questions, please reach communications@amchamkuwait.org |
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