If your company is interested in being an event sponsor or a raffle prize sponsor for upcoming events such as the Back to Business event, please contact us at communications@amchamkuwait.org, and we will provide you with more information about sponsorship opportunities. |
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| ABCK- AmCham Kuwait is pleased to announce the signing of a Memorandum of Understanding (MOU) with The Business Year (TBY), a renowned global media group. This strategic partnership aims to foster stronger bilateral cooperation and promote business opportunities between Kuwait and the international community. |
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| The American Business Council- AmCham Kuwait in collaboration with British Business Forum-Kuwait, Canadians in Kuwait, German Business Council-Kuwait, Lebanese Business Council- Kuwait, Portuguese Business Council- Kuwait, and Spanish Business Council- Kuwait held an Inter-Council Speed Networking event, attended by their respective members and friends. The event was held with the goal to continue fostering business relationships amongst the different business communities through the networking dinner. |
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| AmCham Kuwait Member News |
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| Al Ahli Bank of Kuwait (ABK) recently announced its financial results for the first half of the fiscal year 2023 ended 30 June 2023. ABK reported a Net Profit of KD 23.9 million compared to KD 18.4 million in the same period in 2022, reflecting a 30% increase. Earnings Per Share stood at 11 fils compared to 8 fils in the previous year.
ABK reported an Operating Profit of KD 44.3 million, Total Assets of KD 6.3 billion, Customer Deposits of KD 4.0 billion, and its loan portfolio totaled KD 4.3 billion. The Non-Performing Loan (NPL) ratio stood at 1.36%, NPL Coverage at 376%, Capital Adequacy Ratio (CAR) at 15.06%, and Shareholders’ Equity at KD 497.5 million. |
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| Are you aspiring to pursue a career in Biomedical Engineering? If so, selecting the right university is crucial for your academic and professional growth. American International University stands out as a leading institution, offering an exceptional Biomedical Engineering program that prepares students for success in this rapidly advancing field. In this blog, we will explore five compelling reasons why American International University is the perfect choice for Biomedical Engineering, making it a leading option for ambitious students like you. |
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| AUK held its graduation commencement for the class of 2023 on Wednesday, 21st June conferring the degrees on 340 graduates—142 of which were from the College of Arts and Sciences, 103 from the College of Business and Economics, and 95 from the College of Engineering and Applied Sciences. Amongst the 2023 cohort, 10 graduates were awarded highest honors (summa cum laude), 23 were awarded high honors (magna cum laude), and 27 were awarded honors (cum laude). |
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| Boeing Co, a leading multinational aerospace and defense company, has been granted a $393m contract modification to supply and deliver Apache AH-64E aircraft, along with comprehensive support services and equipment to ensure the readiness of the helicopters throughout their operational lifespan. The contract will bolster defense capabilities, with the Apache helicopters, benefiting the US Army and two foreign allies, Egypt and Kuwait. Work on the project is set to be carried out in Mesa, Arizona, which serves as Boeing’s hub for Apache helicopter production and related activities and is expected to be completed by 31 December 2027. |
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| Cadillac announced on July 10th, 2023, loyal customers and luxury-electric vehicle enthusiasts in Kuwait, will be able to order the LYRIQ Al Awael, Cadillac’s first electric vehicle. “Al Awael” which translates to “the firsts”, will be the inaugural edition of LYRIQ available for discernable luxury customers across Kuwait. Those excited to join Cadillac on this new dawn and be among the first to reserve a unit, are asked to complete the interest form available online on the Cadillac website. Cadillac’s dealer partner will contact you to commence the reservation process and reserve your spot on the exclusive list of firsts to own the LYRIQ. |
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| Kuwait City, Kuwait: – Citi recently announced the appointment of Omar Amireh as the new Chief Executive Officer (CEO) for its business in Kuwait. As CEO, Omar will assume overall responsibility for driving Citi’s business in the country and will report to Ebru Pakcan, Head of Citi’s Middle East and Africa (MEA) cluster. Omar will concurrently continue to serve as Corporate Banking Head, a position he has held since 2018 when he moved to Kuwait. Since starting his career in Jordan in 2005, Omar has held a variety of EMEA-wide roles across Citi’s businesses, having worked in Jordan, Kuwait, and the UK. |
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| Some of the world’s largest suppliers of networking technology have joined together with the Center for Cybersecurity Policy and Law, a Washington DC-based non-profit, to form an industry alliance focused on aligning technology providers, cyber security experts, and non-profits to help solve some of the most pressing cyber security problems affecting data and networks today. The launch of the Network Resilience Coalition comes amid a wave of cyber attacks – both financially and politically motivated – that are global in their scope. |
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| EQUATE's Corporate Communication Department completed training on effective communication for internal employees, helping them distinguish themselves as professionals by connecting effectively with their key stakeholders. |
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| CHARLOTTE, N.C., July 10, 2023 /PRNewswire/ -- Honeywell (Nasdaq: HON) today announced it has agreed to acquire SCADAfence, a leading provider of operational technology (OT) and Internet of Things (IoT) cybersecurity solutions for monitoring large-scale networks. SCADAfence brings proven capabilities in asset discovery, threat detection and security governance which are key to industrial and buildings management cybersecurity programs.
The OT cybersecurity industry is expected to grow to greater than $10 billion in the next several years. Particularly in the industrial sector, cyberattacks focused on OT systems can be a significant source of unplanned downtime, with estimates that unplanned downtime represents over a trillion dollars in lost revenue for the industrial and critical infrastructure sectors. |
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| The Bethesda, Maryland-headquartered defense contractor will manufacture and deliver Patriot Advanced Capability-3 missiles under a $556.1 million contract modification, the Department of Defense said Monday. This award includes foreign military sales to Bahrain, Kuwait, Poland, Qatar, South Korea, Switzerland, Taiwan and the United Arab Emirates. |
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| Today, L3Harris is the first company to accomplish a fully autonomous launch and recovery of an AUV from an underway submarine, leveraging its proven Iver4 AUV technology. L3Harris is eager to enable the TTL&R capability for real-world missions. The ability to recover AUVs into an underway submarine enables the host platform to remain covert in safe waters while the AUV is launched to perform surveys and missions in areas that the host platform can’t go. AUVs return with high-fidelity data to be used for tactical and navigational planning and decision-making, delivering manned-unmanned teaming to the fleet. |
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| Dubai-listed Mashreq Bank has announced Q2 2023 net profit of 1.906 billion dirhams ($519 million), up from AED 796 million last year on higher net interest income and income from Islamic financing. Total operating income reached AED 2.607 billion, up from 1.695 billion, the lender said in a statement to Dubai Financial Market on Wednesday. Net interest income and income from Islamic financing was AED 1.87 billion, up 84% versus the year-ago period. |
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| From business guidance to market expansion, Toronto Trading Company offers an in-house legal department and a global network to provide valuable advice. TCC expanded its business to help entities comply with local rules and regulations, draft partnership agreements, review contracts, and provide expert consultations. |
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| Zain announces the successful conclusion of the Innovation Nation summer camp, a unique educational experience that came in partnership with Sabah Al Ahmad Center for Giftedness and Creativity (SACGC) and in collaboration with the Avenues. The camp presented a unique set of rich content, courses, and workshops for children and youth to upskill a wide range of digital and technical skills with the aim of nurturing their creativity and fostering their talents. This initiative was the first fruitful result of Zain and SACGC’s recently signed strategic partnership to invest in the talents and skills of Kuwait’s youth to contribute to the national economy by empowering tech and digital competencies, which are core requirements of today’s career market. |
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| Arizona Commerce Authority Opportunities |
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NEW FEDERAL R&D FUNDING OPPORTUNITIES
DEPARTMENT OF ENERGY Underserved and Indigenous Community Microgrids The National Energy Technology Laboratory seeks to support research focused on the development and deployment/demonstration of advanced microgrid-enabling technologies.
Eligibility: Unrestricted. Deadline: 09/15/2023 Awards ID(s): DE-FOA-0002934 Links:
DEPARTMENT OF HEALTH AND HUMAN SERVICES
Microglial Pathophysiology in Comorbid Substance Use Disorder The National Institute on Drug Abuse is accepting applications that examine protein interaction networks in HIV-infected microglia, and how these host-viral interactions contribute to cell type- and brain region-specific alterations in cellular signaling in the context of comorbid HIV and substance use disorder (SUD).
Awards: 3-6 awards are expected. The total funding pool is $2.5 million. Eligibility: Unrestricted. Deadline: 08/21/2023 Awards ID(s): RFA-DA-25-014 Links:
NATIONAL SCIENCE FOUNDATION Computational and Data-Enabled Science and Engineering The National Science Foundation seeks to support projects that harness computation and data to advance knowledge and accelerate discovery above and beyond the goals of the participating individual programs. Proposals should enable and/or utilize the development and adaptation of advances in research and infrastructure in computational and data science. Proposals should also be submitted under one of ten Divisions; each Division has its own deadline and areas of emphasis.
Awards: Unspecified. Eligibility: Unrestricted. Awards ID(s): PD-23-8084 Links: |
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| July 5, 2023-Kuwait: - Trend Micro Incorporated (TYO: 4704; TSE: 4704), a global leader in cybersecurity, announced that its Risk to Resilience world tour – the world’s largest cybersecurity roadshow powered by AWS is en route to the Middle East and Africa (MEA) to empower enterprises in building up their defense capabilities and reimagine cybersecurity. The roadshow in Kuwait took place at the Four Seasons Hotel in Kuwait City. With a total of 120 cities planned across the world, the roadshow is visiting 13 cities across the region. These include Tunis, Muscat, Rabat, Manama, Doha, Kuwait, Jeddah, Riyadh, Abu Dhabi, Dubai, Cairo, Amman, and Johannesburg. |
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| July 14, 2023 - Kuwait: Kuwait is considering making major changes to taxation in the country, according to a report in local media. Citing Finance Ministry sources, the Kuwait Times said the Government is looking to introduce excise taxes in the country. This will be done instead of bringing in value-added tax (VAT).
Kuwait tax plans Introducing VAT would be politically unpopular and the government will not pursue the plans in the next three years, said the report. Instead, an excise tax on luxury goods could add more than KD500m ($1.6bn) to state coffers. This tax is seen as more popular as it will be applied to luxury items and not impact low and middle-income people in the country. |
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| July 18, 2023 - Kuwait: The Kuwaiti government's new work program for the 17th legislative term (2023-27) unequivocally bespeaks the "Kuwait 2035 Vision," which is mainly designed to transform Kuwait into a regional and global financial and trade hub. The Gulf country's primary economic vision is also meant to, inter alia, create an attractive investment environment where the private sector leads the economy, creates competition, promotes production efficiency, achieves human development, and provides a congenial and updated legislative and business infrastructure. |
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| July 20, 2023 - Kuwait: Kuwait has banned all virtual asset transactions, investments and mining, according to an online statement released on Tuesday by the country’s Capital Markets Authority (CMA). Virtual assets are defined as any asset that has a digital representation of their value, that can be treated or digitally transferred or can be used for payment or investment purposes, according to the global watchdog the Financial Action Task Force (FATF). The CMA statement further clarifies that mining cryptocurrencies, a function needed to verify and process transactions, is also prohibited. Based on this definition, this means that Kuwaiti residents are also banned from selling or buying non-fungible tokens, gaming tokens, and other similar assets that are digital, decentralized, and hold financial value. However, digital representations of paper currencies, securities, and other financial assets are excluded from the ban, according to the CMA statement. |
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| 27July, 2023 - Kuwait: KUWAIT: The Central Bank of Kuwait (CBK) on Wednesday raised the discount rate by 0.25 percent from 4.0 percent to 4.25 percent effective July 27, 2023. The decision is part of the CBK’s efforts to maintain monetary and financial stability, enhance the economic growth of the various economic sectors, particularly the non-oil sectors, contain local inflationary pressures and maintain the competitiveness and attractiveness of the national currency as a lucrative store of domestic savings, Governor and Chairman of the CBK Board of Directors Basel Al-Haroon, said in a press statement. It is also based on the bank’s continuous monitoring of the economic, monetary and banking developments, he added. |
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| July 31, 2023 - Kuwait: Kuwait’s refining capacity will climb to 1.4 million barrels per day when Kuwait’s Al Zour refinery begins complete operations, CEO of Kuwait Petroleum Corp (KPC) Nawaf Saud al-Sabah said in an interview.
During the past year, the OPEC producer’s refining capacity jumped from 80,000 barrels per day to 1.2 million barrels per day, he added. |
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| U.S. /Kuwait Business News |
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| 18 July. 2023 - Chipotle Mexican Grill (CMG.N) will enter the Middle East next year through its first franchise deal that will see the American chain open restaurants that sell burritos and tacos in Dubai and Kuwait.
The company on Tuesday signed a partnership agreement with Kuwait-based firm Alshaya Group and said it would expand operations across the region.
Chipotle has so far owned and operated all of its outlets, including more than 3,000 restaurants in the United States and over 50 international outlets. |
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| 24 July, 2023 - The US Department of Defense (DoD) has awarded Boeing a production contract for the AH-64E Apache Guardian attack helicopter, for work that includes Egypt and Kuwait. Announced on 21 July the USD393 million modification to an earlier US Army multi-year contract includes Foreign Military Sales (FMS) funding for remanufactured helicopters for Egypt and Kuwait, as well as newbuild helicopters for Kuwait.
Work will be performed in Mesa, Arizona, with an estimated completion date of 31 December 2027. |
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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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