N IO T IP R C S B U S THURSDAY, OCTOBER 27, 2016 MUHARRAM 26, 1438 AH www.kuwaittimes.net US-Kuwait Iran Guard The Real Indians blank working groups unveils Fouz: The Cubs 6-0 in to further maritime importance World Series enhance5 ties ‘suicide’8 drone of38 primer opener20 Gulf ministers approve excise Min 22º Max 36º taxes, set to finalize VAT deal High Tide 09:42 & 22:31 Low Tide Riyadh says IMF’s growth forecast ‘reasonable’ 03:40 & 16:20 40 PAGES 40 17032 NO: FILS 150 RIYADH: Gulf finance ministers expect to finalize today a deal on value added tax and have also approved excise levies, Saudi Arabia’s minister said after regional talks with the International Zain participates in Youth Empowerment Symposium Monetary Fund. The taxes are a response by crude-exporting Gulf nations to a plunge in oil prices. In June, the Gulf Bader Al-Kharafi: Kuwaiti youth have their print in entrepreneurial innovation Cooperation Council’s (GCC) six members agreed on the VAT, a KUWAIT: Zain, the leading telecommunications com- tance of education in a country’s future development five-percent levy on certain goods to take effect in 2018. pany in Kuwait, announced its participation on the first and how the education system in Kuwait should trans- “Hopefully tomorrow we’ll put the final touches on that issue in day of the Youth Empowerment Symposium. This activ- form to offer more innovative methods of learning. He our meeting as finance ministers,” Saudi Finance Minister ity forms part of the company’s strategic partnership also pointed out that there are numerous examples of Ibrahim Al-Assaf told reporters. “We also approved excise taxes. with the event, and marks its fifth consecutive year of successful personalities who are not formally educated So we have already taken important steps in that direction” of taxation, he said. support. The symposium falls under the patronage of but who have still gone on to establish leading institu- Assaf spoke after chairing talks between his Gulf counterparts HH the Amir of Kuwait Sheikh Sabah Al-Ahmad Al- tions, having taken advantage of practical experiences and central bank governors with Christine Lagarde, managing Jaber Al-Sabah. they developed over time. director of the International Monetary Fund. Revenue-raising Zain Group’s Vice Chairman Bader Nasser Al-Kharafi Regarding technological developments that can measures including excise and value added taxes are among the participated in the opening panel discussion titled represent significant challenges for businesses to IMF’s recommendations for Gulf states adjusting their economies “Innovation and the Future of Technology” alongside adapt, Kharafi said, “Keeping up with the latest techno- to lower crude prices which have slowed regional growth. “All the Corey Owens, former Head of Global Public Policy at logical developments is important for organizations if GCC countries have started strong reforms in response to that Facebook and Uber Technologies. Zain Kuwait CEO they are to continue on the right path to guide their new situation,” Lagarde said at the same press conference. Eaman Al-Roudhan took part in the discussion panel development. Zain was quick to embrace innovation They have increased energy prices, begun to control the pub- titled “Lessons for Leading Entrepreneurs” alongside a and digital services in its operational strategy, entering lic sector wage bill, and most have reduced capital spending. number of prominent local business leaders. numerous partnerships and investing in emerging “More will be needed,” Lagarde said. Oil prices are hovering During his panel discussion, Kharafi commented: technology companies.” around $50 per barrel after hitting a 10-year low of less than $30 “One of the most critical factors for corporate success is Zain invested in NexGen Group, as part of its ambi- in January, down from a peak of more than $100 in mid-2014. providing employees with the inspiration to stimulate tion to establish a specialized unit for the provision of Assaf said IMF forecasts for GDP growth of 1.2 percent this collective thinking, and giving them the appropriate smart city services to governments, corporates and real year and 2.0 percent in 2017 were “reasonable”, as the IMF contin- space for creativity and opportunity to present their estate developers. Roudhan said, “Successful leader- ues to urge fiscal reforms. At the joint press conference, Assaf said ideas.” ship requires a team that works with one ‘heart’, a team he expects economic growth to be “2.0 percent or less” in 2017. The vice chairman emphasized the importance of that is innovative and learns from mistakes and contin- Growth slowed sharply this year as low oil prices strained the entrepreneurship, urging the youth who attended the ues to improve. Leaders need the power of a good budget and led authorities to impose broad spending cuts. The Symposium to find innovative solutions in non-tradi- team to assist them in achieving goals.” spending crunch also led Saudi Arabia to tap the international bond market with a $17.5 billion bond issue last week, the largest tional business areas. He also spoke about the impor- Continued on Page 3 Zain Group’s Vice Chairman Bader Nasser Al-Kharafi emerging market debt deal in history. — Agencies LOCAL THURSDAY, OCTOBER 27, 2016 KUWAIT: His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah meets with the Coptic His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah meets with Housing Minister Yasser Metropolitan of Jerusalem and the Near East Anba Antonious. — Amiri Diwan photos Abul and Kuwait Credit Bank officials. Amir meets religious leaders KUWAIT: His Highness the Amir Sheikh Sabah ing delegation, at Bayan Palace yesterday. Kuwait Credit Bank Salah Al-Mudhaf who Affairs sheikh Ali Jarrah Al-Sabah. Abul later His Highness the Crown Prince Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah received the His Highness the Amir also received introduced his new deputies Abeer Butaiban introduced Butiban and Mudhaf to His Al-Ahmad Al-Jaber Al-Sabah received the new- Coptic Metropolitan of Jerusalem and the Minister of State for Housing Affairs Yasser and Fouzi Al-Saqlaqwi. The meeting was Highness the Prime Minister Sheikh Jaber Al- ly appointed Ambassador of Kuwait to China Near East Anba Antonious and his accompany- Abul. He also received Director General of attended by Deputy Minister of Amiri Diwan Mubarak Al-Hamad Al-Sabah. In other news, Samih Johar Hayat. — KUNA Crown Prince honors Kuwaiti athletes KUWAIT: His Highness Crown Prince Sheikh Sabah Al-Salem Al-Humoud Al-Sabah, Chairman ings of His Highness the Amir Sheikh Sabah Al- Nawaf Al-Ahmad Al-Jaber Al-Sabah patronized and Director General of the Public Authority for Ahmad Al-Jaber Al-Sabah for all attendees. His yesterday a ceremony to honor prominent Sport Sheikh Ahmad Al-Mansour Al-Ahmad Al- Highness Sheikh Nawaf said that His Highness Kuwaiti athletes for the 2014-2015 sports season. Sabah, the authority’s Deputy Chairman the Amir is strongly supporting Kuwaiti athletes The event is organized by the Public Authority Sulaiman Al-Adsani, Chairman of Kuwait’s and youth activities. for Sport (PAS). Olympic Committee Sheikh Fahad Jaber Al-Ali Al- Upon arrival, His Highness the Crown Prince Sabah, and other senior sports officials. Further development was received by Minister of Information and In his opening speech at the event, His His Highness Sheikh Nawaf congratulated the Minister of State for Youth Affairs Sheikh Salman Highness the Crown Prince expressed the greet- athletes for their achievements, wishing them the best of luck in seizing first places in upcom- ing regional and international competitions. He also advised them to boost their efforts to fur- ther develop their skills and unite in facing diffi- culties. His Highness Sheikh Nawaf also praised His Highness Crown Prince Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah patronizes a cere- the efforts of Minister of Information and mony to honor prominent Kuwaiti athletes for the 2014-2015 sports season. Minister of State for Youth Affairs Sheikh Salman Sabah Al-Salem Al-Humoud Al-Sabah, Chairman minister also hailed the Olympic and Paralympic wheelchair race champion Ahmad Naqa Al- and Director General of the Public Authority for achievements in Rio De Janeiro in Brazil in 2016. Mutairi praised His Highness the Amir Sheikh Sport Sheikh Ahmad Al-Mansour Al-Ahmad Al- Sabah and His Highness Sheikh Nawaf for pro- Sabah, Chairman of Kuwait’s Olympic Committee Key element viding support and facilitations for Kuwaiti ath- Sheikh Fahad Jaber Al-Ali Al-Sabah and heads of The Kuwaiti leadership believed that youth letes. Mutairi, who won the race in the 15th sports federations. are the key element in achieving development in Paralympics tournament in Rio de Janeiro, also Meanwhile, Sheikh Salman Al-Humoud congrat- the country, therefore, it is continuously provid- thanked Sheikh Salman Al-Humoud and the ulated His Highness the Amir Sheikh Sabah and His ing support to boost the skills and talents of this authority’s officials for their efforts in the matter. Highness the Crown Prince Sheikh Nawaf for the category of society. Sheikh Salman expressed He added that Kuwaiti athletes will work achievements of Kuwaiti athletes. He also congrat- optimism that Kuwait would overcome the inter- harder and do their best to bring more achieve- ulated all Kuwaitis for the country’s drastic national ban on its sports activities in the nearest ments to Kuwait. improvement on the evidence-based time. The Cabinet has recently approved a reso- The ceremony also included showing a docu- Commonwealth’s Global Youth Development Index lution to develop different sectors of Kuwaiti mentary video on the achievements of the ath- His Highness Crown Prince Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah and other officials (YDI), jumping to the 56th spot in 2016 from the sports, presented by the authority, Sheikh letes, followed by His Highness the Crown are pictured with female athletes honored during the ceremony.