Latest News
- Amir Of Kuwait And Jordan King Renew Commitment To Regional Secu...
- 37 Arrested With Narcotics And Firearms
- Outrage Over Candidate's Arrest
- Six Stores Shut Down In Jahra For Selling Fake Goods
- Peddlers Caught With Drug Pills And Crystal Meth
- PAFN Shuts Down Restaurants And Bakeries Over Violations
- MoI Officer And Lawyer Jailed On Fraud Charges For Bad Cheques
- Thousands Of Bangladeshis Gathered To Pray For Rain
- Kuwait University Symposium Addresses Student Counselors' Role I...
- Kuwait Affirms The Importance Of Group Work In Addressing Common...
- Urgent Call For Kuwaitization: Civil Service Commission Aims For...
- Kuwait Halts Work Permits For Egyptian Workers Amidst New Regula...
Kuwaitis, Expats Spending Dips
The spending rate of citizens and expatriates declined by 3.4 percent in the first quarter of 2021 — a total of KD 5.4 billion compared to KD 5.6 billion in the fourth quarter of 2020, reports Al-Anba daily. This is attributed to the re-implementation of closure measures to curb the spread of coronavirus, partial curfew in March, and travel restrictions which limited citizens’ travels for tourism purposes. Thus, their spending decreased in the first quarter of this year. In the fourth quarter of last year, the country witnessed a partial breakthrough in the restrictions imposed to address the pandemic and the gradual return to normal of various economic activities.
However, the number of corona cases increased again in the first quarter of this year; so the closure measures were implemented again and this has affected consumer spending. According to statistics that the daily generated based on data from the Central Bank of Kuwait, the spending of citizens and expatriates increased by eight percent annually before the corona crisis. This is in comparison with the amount recorded in the first quarter of 2020 — KD5 billion. It should be noted that the first quarter of last year witnessed the implementation of measures similar to those applied in the first quarter of this year – curfew, economic and travel restrictions.
Meanwhile , seven Kuwaiti companies are ranked among the “100 Most Powerful Arab Family Companies 2021” published by Forbes International, reports Al-Anba daily. The seven companies are the Alghanim Industries, Al Shaya Group, Murad Yusuf Behbehani Group, Al Sayer Holding, Bukhamseen Holding Group, Al Mulla Group, and the Boodai Group. Family businesses have an effect on the Middle East and contribute to the economy more than their counterparts in nonfamily businesses, and according to the 2019 report issued by PwC, family businesses contribute about 60% to the region’s GDP, and employ 80 percent of the total workforce.
According to the report, about a trillion dollars have been passed on from generation to generation within family businesses in the Middle East over the past decade, and the current decade may be the most challenging, especially since most of the large family companies in the region operate in traditional sectors such as distribution, franchising, industries, real estate and construction and hospitality. And, in another, unrelated development, the Environment Public Authority (EPA) will soon implement an industrial project for recycling products and achieving sustainability through the used tyres which will be disposed in Salmi, reports Al-Qabas daily.
Director General of the authority Sheikh Abdullah Al-Ahmad confirmed in a press statement that the project will be implemented after the transfer of used tyres from Rahiya to the new site in Salmi in August. He stressed the used tyres, which will be transferred to Salmi, will be recycled and utilized in other industries in order to achieve sustainability and prevent the accumulation of these tyres. “Companies engaged in used tyres transportation will benefit through the establishment of factories in Salmi, recycling tyres and achieving sustainability without any cost for the public treasury,” he concluded.
SOURCE ARABTIMES
Trending News
-
Kuwait Implements Home Biometrics Services Ahead O...
14 April 2024
-
Kuwait Airways Provides Update On Flight Schedule...
14 April 2024
-
Kuwait Airways Introduces Convenient Home Luggage...
15 April 2024
-
Expat Residency Law Amended By Kuwait Ministerial...
20 April 2024
-
Gathering For Eid Al-Fitr Prayers: Kuwaiti Citizen...
10 April 2024
-
Two Expats Are Arrested For Stealing From Salmiya...
17 April 2024
-
An Egyptian Expat Dies At Kuwait's Airport
11 April 2024
-
Kuwait Airways Resumes Flights To Beirut And Oman...
15 April 2024
-
Bay Zero Water Park Kuwait: Summer Season Opens Ei...
11 April 2024
-
Temperature Increases Cause Electricity Load Index...
21 April 2024
Comments Post Comment