Kuwait Channels Assets to Wealth Fund to Improve Cash Flow
Kuwait has completed the transfer of its remaining valuable assets to the sovereign wealth fund, in return for cash to address its budget deficit.
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The transferred assets reportedly include shares in Kuwait Finance House and Zain, a telecommunications company, as well as the state-owned Kuwait Petroleum Corp., valued nominally at 2.5 billion dinars ($8.3 billion), transferred in January.
This move comes as a result of a political dead end that has prevented the government from borrowing, leading to a liquidity crisis in one of the world’s wealthiest countries. This crisis prompted Fitch Ratings to revise its outlook on Kuwait to negative, while maintaining its AA rating.
Fitch cited concerns over the rapid reduction of liquid assets and the lack of legislative approval for government borrowing as factors contributing to financial uncertainty. This follows the warning sent by S&P Global Ratings about a potential downgrade in the country’s rating within the next six to 12 months if the political standstill persists.
Despite being a high-income country, Kuwait has drained its reserves due to long periods of low oil prices. In a bid to generate funds, the government has exchanged its prime assets for cash with the $600 billion Future Generations Fund, designed to preserve the country’s wealth beyond the oil area. With the completion of these asset transfers, it remains uncertain how Kuwait will manage its eighth straight budget deficit, estimated at 12 billion dinars for the upcoming fiscal year starting in April.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Ensuring comprehensive health care and fostering innovation and job growth within the health sector.
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The Council of Health Insurance and the Saudi Insurance Authority began implementing this decision, requiring employers to provide insurance for domestic workers if their number exceeds four.
The general requirements for applying benefits and coverage under the policy include submitting a medical disclosure form, obtaining approval from the health insurance company, and insuring all workers.
This mandatory health insurance initiative is part of the Council of Health Insurance and the Insurance Authority‘s efforts to ensure comprehensive care, prevention, justice, transparency, and excellence in performance for all stakeholders.
The decision aims to achieve comprehensive health care, sustain health coverage, and encourage health insurance companies and healthcare providers to develop new products and create job opportunities in medical and non-medical specialties.
Iman Al-Tariqi, the official spokesperson of the Council of Health Insurance, explained that the domestic workers’ insurance policy covers primary care, public health, emergency cases, hospitalization without a deductible, emergency treatments for clinics with unlimited visits, vaccinations, and examinations.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
