Al-Khatem’ Lists on Iraq Stock Exchange
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SUBSCRIPTION THURSDAY, JUNE 25, 2015 RAMADAN 8, 1436 AH www.kuwaittimes.net Kuwait is ‘top’ France summons Qatari Fund foreign investor US ambassador among the Emsak: 03:04 in MENA - and over spying potential Fajer: 03:14 Shrooq 04:50 7th in the world allegation buyers of F1 Dohr: 11:50 Asr: 15:24 Maghreb: 18:51 2 7 20 Eshaa: 20:23 MP Duwaisan resigns Min 29º Max 45º High Tide over sectarian insult 06:10 & 17:30 Assembly passes maids laws, human rights body Low Tide 12:30 40 PAGES NO: 16562 150 FILS KUWAIT: Shiite MP Faisal Al-Duwaisan submitted his resig- Ramadan Kareem nation yesterday in protest against what he called a sectar- ian insult by Sunni MP Hamdan Al-Azemi as the National Forgiveness in Islam Assembly has ordered an investigation. Duwaisan said in the resignation letter that he was deeply hurt by Azemi’s By Hassan T Bwambale insult to his religious sect which came during heated exchanges in the Assembly on Tuesday. The lawmaker also l-Imam Al-Kafawi said, “Forgiveness is epito- said that Azemi insulted him and many Shiites when he mized in avoiding harming someone in revenge for the injury or harm he meted out to you while told him to “rectify his sect”, - a remark that triggered A exchanges in the Assembly on Tuesday. you have the power and ability to avenge for the evil that has been done to you.” (Al-Kulliyyaat, page 52 - The incident also led to a quarrel between Azemi and 58). This means, someone wrongs you or treats you Shiite MP Abdullah Al-Tameemi at the end of the session. with injustice out of his underestimation of your might Continued on Page 13 and power, but because you have strong faith in Allah that gives you self-confidence, you choose to forgive and forget. Your reward for this virtue is great. Residency to be Encouraging us to forgive limited to passport Allah says what can be translated as, “So by mercy from Allah, [O Muhammad], you were lenient with validity from Jan 1 them. And if you had been rude [in speech] and harsh in heart, they would have disbanded from about you. KUWAIT: Director of the Ministry of Information’s res- So pardon them and ask forgiveness for them and idency directorate Maj Gen Talal Ibrahim Maarafi consult them in the matter. And when you have decid- stressed that starting Jan 1, 2016, residency visas giv- ed, then rely upon Allah. Indeed, Allah loves those who en to expatriates would be linked to their passports’ rely [upon Him].” (Al-Imran 3: 159). validity, which comes in compliance with Article 12 KUWAIT: Kuwaiti Shiite MP Adnan Abdulsamad (center) Interior and Article 15 of the residency law. Maarafi explained Prophetic traditions Minister Sheikh Mohammad Al-Khaled Al-Sabah (left), Kuwaiti Oil that the validity of renewed residency visas would A. Anas reported thus: “I was walking with the Minister Ali Al-Omair (right) vote during the debate of a draft bill to not exceed the passports’ validity and that residency Messenger of Allah (PBUH) who was wearing a Najrani establish shareholding companies for domestic workers’ recruit- would be annulled the moment the passports expire cloak with a very thick border when a Bedouin hap- ment .Faisal Al-Duwaisan, a lawmaker from Kuwait’s Shiite Muslim and holders would not be allowed to get a new resi- pened to meet him. minority (inset) resigned after a Sunni MP insulted him during a dency until the passports are renewed. Continued on Page 13 heated exchange in parliament. — Photos by Yasser Al-Zayyat Continued on Page 13 Zain’s joint stock co ‘Al-Khatem’ lists on Iraq Stock Exchange BAGHDAD: Further to the joint agreement and memorandum thank all the regulators and the governing bodies, who have announced on April28, 2015 between Al-Khatem JSC, parent worked professionally and transparently throughout the entire company of Atheer Telecom Iraq Limited (trading under the process, for assisting us to arrive at this monumental position.” brand name “Zain” in Iraq), the Iraqi CMC (Communications and Al-Kharafi continued, “We look forward to the participation of Media Commission), the ISC (Iraq Securities Commission), the ISX the investor community in one of the most profitable and (Iraq Stock Exchange), and the IDC (Iraq Depositary Center), Al- resilient companies in Iraq and the region as the mobile opera- Khatem announces the completion of its listing torenters a new phase in its growth strategy procedure and fulfilling all of its obligations with the recent launching of 3G services across towards the regulators in a successful manner the country.” within the required two months. Al-Khatem has Al-Kharafi also noted that, “We have utmost now commenced trading its shares on the faith in the Zain Iraq management team to exchange and is open to public investment. overcome the unique market challenges and Zain has been operating in Iraq since 2003; Zain Group will continue to support them in all investing in over $5 billion to date establishing facets of the operations. We are confident that essential mobile telecommunications infra- Zain Iraq will further grow its market leadership structure in Iraq and employing over 2500 Iraqi position rewarding all the company’s stake- nationals. holders.” In accordance with its license terms, 25 per- Taha AbdulSalam, CEO of the ISX comment- cent of the equity of Al-Khatem was offered to ed, “The success of any economy depends on its the investor community on the Iraqi stock mar- ability to attract investment capital whether for- ket by one of the founding shareholders of the eign or local within the framework of joint-stock Company.The first day of trading saw the share companies. That increases capital formation for price closing at 5.99 (with an average price of the economy and contributes towards the pri- 6.09) Iraqi Dinar (IQD) per share reflecting a mar- Bader Al-Kharafi vate sector and the gross domestic product. ket capitalization for Al-Khatem of 10.96 trillion That is the mechanism seen in establishing and IQD ($ 9.4billion)and leading to a substantial increase in the ISX’s operating of companies traded on the stock market, and so we total market capitalization. expect the Al-Khatem Telecom listing and trading of with a capi- Bader Al-Kharafi, Managing Director of Al-Khatem and Vice- tal exceeding one trillion, eight hundred billion dinars and having Chairman of Zain Group said, “This milestone of listing on the Iraq more than 500 shareholders.” Stock Exchange and offering of shares to Iraqi nationals and All interested investors can acquire shares in Al-Khatem investors reflects Zain’s confidence and commitment to the through contacting any of the authorized brokers listed on the future development of the telecommunications sector in Iraq. We Iraq Stock Exchange. (See Page 21) Saudi, Kuwait in talks to resolve oil dispute Kuwait expects oil prices to rise further KUWAIT: Saudi Arabia and Kuwait have begun talks to down prices of crude. The dispute has been a blow par- resolve a dispute that halted oil production in the neu- ticularly to Kuwait which, unlike its much larger neigh- tral zone between the Gulf neighbors, the Kuwaiti oil bor, has little spare output capacity to compensate for minister said. “A joint committee formed by the two drops in production. countries... has recently held its first meeting in Riyadh,” Meanwhile, Kuwaiti Oil Minister Ali Al-Omair said oil the KUNA news agency quoted Ali Al-Omair as saying prices are expected to extend a rebound - thanks to late Tuesday. The dispute has seen the closure of the improved global growth, a drop in stockpiles and fewer Khafji and Wafra oil fields in the neutral zone, which have drilling rigs. “We have reached a stage where a drop in been pumping for more than half a century. The two oil prices is unlikely,” he said, cited by the official KUNA fields together produced more than 500,000 barrels per news agency on Tuesday night. The Organization of day which was equally shared between the two coun- Petroleum Exporting Countries (OPEC), which earlier this tries. Omair said there was no timeframe for the talks but month left its output target unchanged, has seen a that he expected a breakthrough shortly. decline in excess crude supply in the international mar- The offshore Khafji filed was shut down by the Saudi ket which will push prices up, Omair said. There has also side in October over environmental issues. Wafra was been a drop in rig count and crude inventories, he closed in May for a two-week maintenance and did not added. resume production. Industry sources say Kuwaiti author- As a result of a production glut and a weak global ities were unhappy with Saudi Arabia for renewing an economy, crude prices plummeted by more than 60 per- operating agreement for the Wafra field with Saudi cent from June 2014 to January before recovering part Arabian Chevron for 30 years in 2009 without consulting of the losses. Oil prices extended their gains in Asia yes- them. In response, it stopped issuing or renewing visas terday on expectations of a decline in US crude invento- for Chevron foreign employees. The halt to output ries and robust economic data from the euro-zone. comes amid a worldwide supply glut that has driven Continued on Page 13 LOCAL THURSDAY, JUNE 25, 2015 KUWAIT: HH the Amir Sheikh Sabah Al-Ahmad Al-Sabah and HH the Crown Prince Sheikh Nawaf Al-Ahmad Al-Sabah inaugurate a swimming HH the Amir Sheikh Sabah Al-Ahmad Al-Sabah is pictured with members from the pool inside the Kuwait Sports Club for the Deaf.