NBAD to Arrange $400M Loan for Kuwait Airways
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SUBSCRIPTION MONDAY, MAY 25, 2015 SHAABAN 7, 1436 AH www.kuwaittimes.net GCC denies Saudi king vows Sweden pips Chelsea end air campaign to punish those Russia in season in style, against IS behind Shiite Eurovision pop departing has failed2 mosque13 attack fest38 nail-biter Drogba20 saluted NBAD to arrange $400m Min 30º Max 43º loan for Kuwait Airways High Tide 05:20 & 16:05 Low Tide Yousef Ali named new commerce minister 11:05 & 23:30 40 PAGES NO: 16531 150 FILS ABU DHABI: The National Bank of Abu Dhabi (NBAD) Maids company along with the Arab Banking Corporation have been Students sit for crunch finals mandated by the International Air Finance Corporation gets initial nod (IAFC) as underwriters, bookrunners and lead arrangers of a $400 million murabaha loan for Kuwait Airways By B Izzak Corporation. The deal, which is IAFC’s inaugural syndi- cated loan, will finance the provision of five A330-200 KUWAIT: The National Assembly’s financial and aircraft on an operating lease to Kuwait Airways. economic affairs committee said yesterday it had “This unique transaction also highlights our expert- received initial approvals from various government ise and expanding foothold agencies for a proposal to establish a company to in the Islamic finance seg- recruit domestic helpers. Head of the committee ment,” Vasgen Edwards, the MP Faisal Al-Shaye said the Public Institution for Global Head of Aerospace Social Security and Kuwait Investment Authority and Transport at NBAD, said have expressed a desire to contribute to the com- in a press statement. “We pany. The committee is still waiting to hear from are extremely proud that in Kuwait Airways, which has been offered a 10-per- the first quarter of this year, cent stake. NBAD was ranked as the Shaye said it was agreed that all cooperative world’s number one bank societies will also participate in the proposed com- for managing issuance of pany through the Union of Cooperative Societies, international sukuk.” He which means that a majority of Kuwaiti citizens will noted that the aviation Dr Yousef Ali be shareholders in the company since they own industry is one of the fastest growing industries in the shares in cooperative societies. He said that the West-East corridor “and one of our five top priority sec- committee was informed by the commerce min- tors for our wholesale banking activity”. istry that there was no need to establish the pro- The facility comprises an eight-year term loan posed company through a legislation as a decision secured on the five aircraft and is currently in syndica- is sufficient for this purpose. tion with an expected closing at the end of May. The The idea was floated by MP Kamel Al-Awadhi, borrower is a 100 percent owned subsidiary of a fund who was supported by over 30 lawmakers, with the managed by IAFC. Earlier this year NBAD co-structured aim to set up a company to start recruiting domes KUWAIT: Education Minister Badr Al-Essa meets students as they sit for their final high school exams a $913 million UKEF-backed sukuk closed by Emirates Continued on Page 13 yesterday. — KUNA (See Page 3) Airlines, making it the first time that sukuk had been Continued on Page 13 MONDAY, MAY 25, 2015 LOCAL Zain Strategic partner of ‘Thameen of Kuwait’ project KUWAIT: Zain, the leading telecommunica- youth sector. Especially that this unique ini- tions company in Kuwait, announced its tiative aims at highlighting the achieve- Strategic Partnership with the “Thameen of ments of ambitious Kuwaiti youth, ultimate- Kuwait” encyclopedia project, which aims at ly catering to the further progress of the shedding light on the achievements and national economy. talents of Kuwait’s youth in various sectors “Thameen of Kuwait”, meaning “the valu- and fields. The project came under the able of Kuwait”, is a national project that patronage of His Highness the Amir Sheikh aims at shedding light on the achievements Sabah Al-Ahmad Al-Jaber Al-Sabah. of talented young Kuwaitis in various fields Zain took part in the encyclopedia’s including the arts, literature, industrial work, inauguration ceremony that was held last inventions, and more. A photographic ency- weekend with the attendance of a number clopedia, in both electronic and printed ver- of prominent national figures including HH sions, compiles the achievements of 100 tal- the Amir’s representative Sheikh Salman Al- ented young Kuwaitis with the aim to show- Hmoud Al-Sabah Minister of Information case their work and introduce potential and Minster of State for Youth Affairs, who investors to their work. honored Zain by presenting the honoring Zain will remain as a main supporter of token to Zain’s Corporate Communications such innovative initiatives that cater to and Relations Director Waleed Al-Khashti. Kuwaiti youth. The company will remain Zain’s Strategic Partnership with dedicated to the further progress of youth “Thameen of Kuwait” comes in line with the development in the country, and will spare company’s Corporate Social Responsibility no efforts in supporting any entities that and Sustainability strategies, which largely exert efforts in advancing the advancement KUWAIT: His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah meets Iraqi Vice President Osama Al-Nujaifi, in pres- caters to the further development of the of the youth sector in Kuwait. ence of His Highness the Crown Prince Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah. —Amiri Diwan photo Amir receives visiting Iraqi Vice President KUWAIT: His Highness the Amir the Crown Prince’s Diwan Dr Mohammad Al-Khaled Al-Hamad Minister of State for Housing Affairs Sheikh Sabah Al-Ahmad Al-Jaber Al- Humoud Al-Otaibi attended the Al-Sabah, Deputy Prime Minister Yasser Abul. Sabah received at Bayan Palace yes- reception. Earlier, HH the Amir and Minister of Defense Sheikh Separately, HH the Prime Minister terday the visiting Iraqi Vice President received HH the Crown Prince and Khaled Al-Jarrah Al-Sabah, Minister held talks with the visiting Iraqi Osama Al-Nujaifi. HH the Crown HH the Prime Minister Sheikh Jaber of Information and Minister of State Speaker of the Council of Prince Sheikh Nawaf Al-Ahmad Al- Al-Mubarak Al-Hamad Al-Sabah. for Youth Affairs Sheikh Salman Representatives Salim Al-Jabouri Jaber Al-Sabah escorted Nujaifi in the Meanwhile, HH the Crown Sabah Al-Salem Al-Humoud Al- and his accompanying delegation. reception. Deputy Minister of Amiri Prince received HH Sheikh Jaber Al- Sabah, Minister of State for Cabinet Head of the mission of honor MP Diwan Affairs Sheikh Ali Jarrah Al- Mubarak, Deputy Prime Minister Affairs Sheikh Mohammad Al- Talal Al-Jalal attended the meeting. Sabah and Advisor at His highness and Minister of Interior Sheikh Abdullah Al-Mubarak Al-Sabah and —KUNA GCC denies air campaign against IS has failed Zain’s Corporate Communications and Relations Director Waleed Al-Khashti receives an honoring token from Sheikh Salman Al-Hmoud Al-Sabah. DOHA: The Gulf Cooperation Council yesterday Syrian people, because they have been put can provide a settlement for the crisis,” she said. rejected claims a US-led coalition air campaign between the tyranny of the regime and the bru- The day-long meeting touched on several against the Islamic State group has failed follow- tality of the terrorist,” he said. significant areas of interest between the two ing advances by jihadists in Syria and Iraq. sides, including the conflict in Yemen ahead of Encyclopedia of talented Speaking in Doha after a meeting between Full control UN-brokered peace talks expected to take place foreign ministers of the GCC and European The jihadist IS group took full control of a next week in Geneva. Yemeni President Union, Khalid Al-Attiyah, Qatar’s foreign minister, border crossing between Syria and Iraq on Abedrabbo Mansour Hadi has laid out condi- Kuwaiti youth launched conceded that military action alone was not Sunday, a week after capturing the Iraqi city of tions for attending Thursday’s talks, namely that enough. “The coalition is not failing but the air Ramadi and days after seizing the ancient Syrian Iran-back Huthi rebels who overran much of the By Nawara Fattahova possible to find them. This is the first-of-its campaign is not enough,” Attiyah, who was rep- city of Palmyra. The surge by a group described country withdraw from territory they have kind database in the Gulf,” she added. resenting GCC countries at the meeting, told as the most violent in modern jihad raised fur- seized. Saudi Arabia has been leading an air KUWAIT: Thameen, a volunteer youth The 100 personalities were divided in 10 reporters. ther questions about the efficiency of the US-led campaign against the Huthis since March 26 in a group, launched an encyclopedia with categories including artists, inventors, com- “There are so many steps which we have to coalition’s eight-month air campaign. bid to restore the authority of Hadi who has fled details of 100 talented Kuwaiti youth of munity services, mathematics, business, cooperate and coordinate together. To date the EU foreign policy chief Federica Mogherini, to Riyadh with his government. both genders. The ceremony was held on special lifestyle, digital world, researchers, campaign against terror is effective. One of them described the latest news from Syria and Iraq, Saturday at the Crowne Plaza Hotel under writers and authors. The encyclopedia fea- is to enhance and expedite the dialogue in Iraq, “especially” the capture of Palmyra, as “dramatic”. Humanitarian situation the patronage of His Highness the Amir tures 100 personalities in both English and and in Syria it is to find a way out to save the “Only a political solution, both in Syria and Iraq, During the opening session, Attiyah called on Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, Arabic.