Kuwait Firms Pour $6.8Bn in Egypt Energy Projects
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SUBSCRIPTION MONDAY, FEBRUARY 16, 2015 RABI ALTHANI 27, 1436 AH www.kuwaittimes.net Kuwait firms pour $6.8bn Min 09º Max 27º in Egypt energy projects High Tide 10:44 & 21:01 Gulf states continue dialogue on value-added tax Low Tide 04:01& 15:20 40 PAGES NO: 16435 150 FILS CAIRO/ ABU DHABI: Egypt has agreed preliminary from the editor’s desk deals with Kuwaiti companies for the establishment of petrochemical projects worth $6.8 billion, the govern- Food and tenders ment said yesterday. Prime Minister Ibrahim Mahlab signed memorandums of understanding with Kuwaiti companies involving projects due to start in three to five years, it said in a statement. A shortage in gas sup- By Abd Al-Rahman Al-Alyan plies has slowed petrochemicals projects in Egypt, which is suffering from an energy crisis. [email protected] theories Last year Egypt said that the government plans to invest $14.5 billion in developing its refining and petro- chemicals sectors over the next five years. The initial he biggest business news last week was the agreements signed yesterday involved several compa- sale of the locally-created Talabat for KD 50 mil- nies, including Egypt Kuwait Holding Company, Kuwait Tlion. Here is a good example of a few young Gateway Holdings and Boubyan Petrochemical Co. Kuwaiti entrepreneurs who came up with an idea Egypt’s economy is starting to recover from political and developed it and grew it into a truly valuable and financial turmoil triggered by the 2011 uprising business model. The news shows that our youth that toppled autocrat Hosni Mubarak. have great potential if they are given the right plat- The most populous Arab state will host an invest- form. In other words, if they are given the support ment conference next month in the resort town of and access to doing business. Sharm El-Sheikh which the government hopes will help Unfortunately our financial hub is really more of a to attract billions of dollars in foreign cash. In a vote of financial snub. It is extremely difficult for young confidence, the International Monetary Fund last week Kuwaitis to set up their own businesses from home. said that Egypt’s structural and monetary reforms are Regulations do not allow them to be self-employed beginning to produce a turnaround in the economy. unless they already have the financial backing that Egypt has received billions of dollars in aid from Gulf sets them on their way. states, including Kuwait, since former army chief Abdel For example, a computer programmer in almost Fattah Al-Sisi ousted president Mohamed Morsi of the any country in the world can work from home and Muslim Brotherhood in July 2013 after mass protests develop programs or do networking for small to against his rule. The aid has kept the economy afloat as the government introduces reforms, seeking to restore medium-sized businesses. However in Kuwait, in RIYADH: HH the Amir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah (left) meets Saudi King Salman growth while controlling inflation and curbing its budg- order for him to work and be licensed, he will be bin Abdulaziz Al-Saud yesterday. The two leaders exchanged brotherly talks that reflect the depth of bilater- et deficit. required to rent an office in an area that is approved al ties between the neighboring countries at all levels. — KUNA (See Page 2) by the government as a commercial area - even if he Continued on Page 13 doesn’t need a location or any equipment other than his computer. Then he needs probably KD 30,000 (more than $100,000) as bank guarantee, Qatar demo protests US ‘terrorist act’ which is near impossible for the average fresh grad- uate. Many people in the world could retire with $100,000, never mind setting up a new business. Saudi Arabia condemns Copenhagen, North Carolina attacks Then our erstwhile young man would have to go through a slow, daunting, bureaucratic system that DOHA: Several thousand people marched hate.” The marchers appealed for protec- involves the Ministry of Commerce, the Municipality, yesterday in Doha in solidarity with the tion against hate crimes for the tens of the Fire Department and God knows what other three Muslim American students murdered thousands of young Arabs studying in the Jordan jails senior departments and ministries that have nothing to do last week by a white neighbor in what pro- US on scholarships funded by the energy- with this young man’s self-employed business. It’s no testers in Qatar called “a terrorist act”. The rich governments of the Gulf. Among the wonder why so many enthusiastic young people are marchers carried banners calling for the marchers was the US ambassador to Qatar, Brotherhood leader put off by the labyrinthine regulations that seem to “end of hate crimes”, “unity” and another Dana Shell Smith, who tweeted that it was be created more to discourage rather than encour- read: “We all have the right to live free from Continued on Page 13 Morsi goes on trial age them to build their own business. Small and medium-sized businesses are key to AMMAN/CAIRO: A court in Jordan groups. The UAE is one of Jordan’s main the growth and development of any economy. They jailed the deputy head of the country’s financial backers and the two countries support innovation and efficiency and help encour- Muslim Brotherhood yesterday for are close political allies, both partici- age creativity and new ideas. Unfortunately here in publicly criticizing the United Arab pating in US-led air strikes against Kuwait, it seems that everyone has their eyes on the Emirates, in a verdict his lawyer Islamic State militants in Syria and Iraq. big government tenders which only a handful of described as illegal and an attack on Bani Rushaid’s lead counsel Saleh companies can effectively compete for. But the little free speech. The military court sen- Armouti said the court was illegal and guys are mired in the muck of government regula- tenced Zaki Bani Rushaid to 18 months its verdict a political one designed to tions, limited to no opportunities and few options in prison after convicting him of sour- “twist the arms of the Islamist move- beyond working for someone else or investing their ing ties with a foreign country, a judi- ment”. “It’s the death of freedom of time, energy, money and ideas abroad. Even the new cial source said. He is the most high- speech and a sword that hangs over ‘small and medium enterprise’ funding programs profile political figure in decades to be anyone who dares express his personal that are being set up do not address the bureaucrat- imprisoned in Jordan, a US ally that has view.” A government official denied the ic problems. Instead they offer limited support in so far been spared the turmoil that has verdict was politically motivated and exchange for a share of the youth’s hard work and spread across much of the Middle East said Bani Rushaid was given a fair trial. ideas. following the Arab Spring revolts. Jordan’s Muslim Brotherhood, Kuwait desperately needs to create a market for Bani Rushaid was arrested in which has substantial grassroots sup- these small business owners away from public November after criticizing the UAE on port, said in a statement the verdict spending, the oil sector and the government’s mon- social media for designating the “represses freedoms and confiscates ey. But with an economically locked-up country, it Brotherhood, which is Jordan’s biggest the rights of individuals and is proof of seems that food and tenders are the only thing the DOHA: Qataris march down a street in the capital yesterday in remembrance of opposition party, as a terrorist group the regime’s retreat from (political) government cares to promote. the three victims of the Chapel Hill shooting in the US. Arabic writing on plac- and thereby serving Israeli interests. reforms.” ards reads “All Souls are Precious”. — AFP His arrest was condemned by rights Continued on Page 13 Watan saga continues Gunman born, raised in Denmark COPENHAGEN: The man who is suspected of having as police shut press shot two people dead in Copenhagen was 22 years old and born in Denmark, Danish police said yesterday. The Ex-MP Mulla’s trial postponed alleged gunman, who was himself killed in a shootout with officers earlier in the day, was known to police due By B Izzak cially its printing press, to print its edi- to his involvement in gangs, police said in a statement. tion. As a result, the daily, owned by “He is a young man aged 22, born in Denmark, and he is KUWAIT: Police yesterday closed a Sheikh Ali Al-Khalifa Al-Sabah and man- known by police for several crimes,” the statement said. printing house used by Al-Watan news- aged by his son Sheikh Khalifa, both He had a history of assault and of violation of Danish reg- paper in the past few days after a judge members of the ruling family, used the ulations on the possession of weapons, according to the froze decisions by the ministries of alternative press to print, ignoring statement, which did not give further details. commerce and information to revoke warnings by the information ministry The statement added that the investigation was focus- the daily’s commercial and media to stop. ing on the man’s movements before, during and after the licenses. In an urgent ruling last week, A team from the information min- shootings. It said investigators were also trying to ascer- the emergency judge suspended the istry tried to shut the printing press in tain if the suspect, who was not named, had received two decisions until Feb 18, when the the past three days but failed, which assistance from others.