Kuwait's Ministry of Finance is in the process of transferring ownership of land plots worth 2.5 billion Kuwaiti dinars ($8.1 billion) to the state's pension fund for investment as it seeks to improve pensioners' quality of life.
The move is aimed at supporting retirees by “bolstering the fund's financial and economic position, guaranteeing the institution's sustainability and reducing the actuarial deficit recorded in the institution's budget”, the ministry said on Monday.
Work is currently under way to complete the transfer of three land plots spanning 842,000 square metres to the Public Institution for Social Security Fund.
This comes as authorities seek to ensure the “stability and strength of the Public Institution for Social Security Fund” and to meet their obligations towards securing a high quality of life for citizens in general and pensioners in particular, the ministry said.
Last month Kuwait announced plans to establish a new sovereign investment fund to accelerate development, spur the national economy, build strategic partnerships and attract investment.
The Ministry of Finance and the Kuwait Investment Authority will study the Ciyada Development Fund, the government said in July.
The proposed Ciyada fund aims to “accelerate the growth of the Kuwaiti economy, improve the quality of life and bolster transformation and progress in the various fields of development through strategic planning and effective implementation of major development projects”, it said.
In 2023, Kuwait's economic growth is projected to slip to 0.1 per cent, reflecting agreed Opec+ oil production cuts and slower external demand growth, the International Monetary Fund said in June.
However, non-oil growth in 2023 is projected to remain robust at 3.8 per cent due to fiscal stimulus and a partial rebound in expat employment, the IMF said.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
Brief scores:
Pakistan (1st innings) 181: Babar 71; Olivier 6-37
South Africa (1st innings) 223: Bavuma 53; Amir 4-62
Pakistan (2nd innings) 190: Masood 65, Imam 57; Olivier 5-59
Russia's Muslim Heartlands
Dominic Rubin, Oxford
The Bio
Ram Buxani earned a salary of 125 rupees per month in 1959
Indian currency was then legal tender in the Trucial States.
He received the wages plus food, accommodation, a haircut and cinema ticket twice a month and actuals for shaving and laundry expenses
Buxani followed in his father’s footsteps when he applied for a job overseas
His father Jivat Ram worked in general merchandize store in Gibraltar and the Canary Islands in the early 1930s
Buxani grew the UAE business over several sectors from retail to financial services but is attached to the original textile business
He talks in detail about natural fibres, the texture of cloth, mirrorwork and embroidery
Buxani lives by a simple philosophy – do good to all
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
