SUBSCRIPTION MONDAY, APRIL 25, 2016 RAJAB 18, 1438 AH www.kuwaittimes.net 13 teachers India revokes Congo music Ulloa nudges arrested over tycoon Mallya’s legend Papa Leicester private tuitions passport over Wemba dies closer to title, in coffee4 shop loan11 probe on36 stage Arsenal20 held Panel raises prices of Min 22º Max 41º High Tide water for apartments 02:10 & 13:10 Low Tide MP calls for turning customs into independent body 07:42 & 20:25 40 PAGES NO: 16855 150 FILS By B Izzak KSE first public entity to be privatized KUWAIT: Head of the National Assembly’s financial and economic affairs committee MP Faisal Al-Shaye yester- KUWAIT: Kuwait Stock Exchange (KSE) is now fully day said the panel has amended the price of water for operated by Kuwait Bourse Company and will offi- investment apartments and it will be debated by the cially join the private sector today, KSE announced Assembly along with electricity charges tomorrow. yesterday. In statements to the press, Minister of Shaye said under the new amendment, the price of the Commerce and Industry Yousef Al-Ali described the first 3,000 gallons of water will be KD 2, which increases move as a milestone and the start of a historic era of to KD 3 for the second 3,000 gallons and to KD 4 for the privatization of the KSE in line with Capital consumption above 6,000 gallons. Markets Authority’s (CMA) law number 7/2010, The new proposed charges apply only to apartments which calls for complete privatization of KSE. for both Kuwaitis and expatriates, the lawmaker said. Chairman of the CMA Board of Commissioners Nayef Shaye explained that the draft law to raise electricity Al-Hajraf hailed the move as a monumental chapter in charges, to be debated by the Assembly tomorrow for the the history of the stock exchange, one the nation’s second and final vote, totally excludes all Kuwaiti citizens economy is in dire need of. Hajraf chronicled the history from the increase. He said the committee has made all of KSE, which dates back to 1983, saying that through necessary amendments to exempt Kuwaitis residing in pri- diligent efforts, KSE stands as amongst the region’s vate houses and apartments from the increase and will be biggest markets. The CMA chairman also underscored subsequently applied to expatriates, in addition to com- mercial and agricultural sectors and government offices. collective conviction that this move would help elevate According to the draft law, the increases will be applied KSE to unprecedented heights. Hajraf described KSE’s on expatriates only after 15 months of publishing the law entry into the private sector as a historic moment which in the official gazette unless the Assembly changes the marks the privatization of the first public sector entity. dates. This means the electricity prices for expatriates will Chairman of Kuwait Bourse Company Khaled Al- rise only in the second half of next year. Shaye strongly Khaled said that all parties involved worked tirelessly to KUWAIT: Minister of Commerce and Industry Yousef Al-Ali (center) and Chairman of the Capital Market defended the Assembly’s action on a government charter make this move a reality. Authority’s Board of Commissioners Nayef Al-Hajraf (second left) sign an agreement yesterday under outlining its vision on economic reform and boosting non- Continued on Page 13 which Kuwait Stock Exchange (KSE) becomes fully operated by Kuwait Bourse Co as of today. — KUNA oil revenues in the face of the sharp drop in oil prices. Continued on Page 13 Saudis await prince’s vision of future King sacks water and electricity minister RIYADH: Saudi Arabians are anticipating with hope, doubt and worry the release Americana sees of a government plan to liberate the kingdom from its reliance on oil, which could solve deep-rooted problems but ‘positive sign’ bring economic pain. Deputy Crown Prince Mohammed bin Salman, the 30- in stake sale year-old son of King Salman, is to announce today his “Saudi Vision 2030”, DUBAI: Kuwait Food Co (Americana) has edged which is expected to set goals for the closer to completing the sale of a controlling next 15 years and a broad policy agenda stake to a Dubai-based investment firm, the to reach them, official sources say. chairman of the consumer foods firm told Economic details of the vision, a pack- reporters yesterday. Adeptio, the investment firm, age of state budget reforms, regulatory has not extended due diligence on Americana changes and policy initiatives for the HEBRON: Palestinian 12-year-old Dima Al-Wawi is greeted by relatives after her after an April 7 deadline, Americana Chairman next five years known as the “National release from an Israeli prison at her home in Halhoul village near this West Bank Marzouk Al-Kharafi said on the sidelines of a Transformation Plan”, are expected to be city yesterday. — AP shareholder meeting, which he interpreted as a released four to six weeks later. Reform “positive sign”. drives have come and gone in Saudi Kharafi also dismissed as “speculation” media Arabia several times in the past few Israel frees youngest reports about the size of the transaction and said decades with only modest results. The Abdullah Al-Husayen that he did not anticipate any regulatory hurdles kingdom remains dangerously depend- Palestinian prisoner associated with the deal. Adeptio said in February ent on oil exports and low global prices tect state finances and the government it had signed an initial agreement to buy a 69 created a state budget deficit of nearly pushes more Saudis into the private sector HEBRON: Israel freed 12-year-old Palestinian bargain with Israeli military prosecutors, percent stake in Americana from the Al Khair $100 billion in 2015, emphasizing the jobs instead of cushy public employment. Dima Al-Wawi from prison yesterday, more Wawi pleaded guilty to attempted murder holding company, which is owned by Kuwait’s Al- need for change. The government’s official Twitter account than two months after jailing her for an and possession of a knife and was sen- Kharafi family. The investment firm is led by one Hundreds of thousands of Saudis are for the announcement, @SaudiVision2030, alleged attempted stabbing attack, and she tenced to four months in an Israeli prison of Dubai’s top businessmen, Mohamed Alabbar, speculating in newspapers, on television, has gained 226,000 followers since it was was warmly welcomed back in her West and a further six-week suspended sentence. who is also the founder and chairman of the emi- in social media and in private conversa- launched last Wednesday. Prominent Bank town. Wawi was handed over to “She is the youngest Palestinian girl ever rate’s biggest real estate developer, Emaar tions about the contents of today’s Saudi economist Abdulhamid Al-Amri said Palestinian authorities at Tulkarem crossing imprisoned,” her lawyer Tariq Barghouth announcement. Many, particularly young on Twitter that he had been hoping for point into the northern West Bank, an AFP posted on Facebook. Properties. Adeptio also represents other financial people, say they welcome change, such a comprehensive vision for over 10 photographer said. She then travelled to her Barghouth said Wawi’s defence team believing it will bring jobs, new econom- years - a delay he believes has cost Saudi family home near Hebron in the south of the had asked the military court for her early investors from Gulf Arab states, it has said, with- out disclosing their names. Kharafi said he ic opportunities and eventually perhaps Arabia the equivalent of hundreds of bil- territory, where she was greeted by the city’s release and it agreed. According to Israeli more social freedom - conceivably, for lions of dollars. “The absence of such a governor and dozens of well-wishers with military law, minors from age 12 can be expected growth for Americana if the transaction example, the right for women to drive. vision led to the waste of trillions of riyals, hugs, tears, songs, flags and speeches. charged, uniquely in the world according closes. The firm owns the Middle East franchises She was arrested, wearing her school uni- to United Nations children’s agency for fast food chains KFC and Pizza Hut and has a Others doubt much change can be the spread of monopolies, corruption, form, on Feb 9 at the entrance to a Jewish UNICEF. Israel is currently holding about total market value of $3.42 billion, according to achieved in the kingdom’s conservative unemployment, poverty and the delay of society, or worry that the program will be settlement in the occupied West Bank and 450 Palestinian minors, around 100 of Thomson Reuters data. — Reuters development projects,” he wrote. found to be carrying a knife. Under a plea whom are under 16. — AFP painful as welfare benefits are cut to pro- Continued on Page 13 Internet clicks come with a cause in Egypt AL-JENDAYA, Egypt: Egyptian mother Aaz photos and videos of micro-development proj- spectacles for craftsmen and women, including Menhom cups her hands under a running tap ects, and sponsors undertake the funding once embroiderers in the impoverished Fayoum in her yard to let her young children Atef and a certain number of shares and “likes” are raised. province, southwest of Cairo. Nada drink. “It’s a blessing from God. I was “You’re one click away from changing the The dramatic improvement in Menhom’s life bathing them once every four days, now they world,” reads a banner on the bassita.org web- came through a joint campaign with the United can wash every day,” she says, beaming broadly.