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00:36, Aynon, Al Kuwait.
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01:17 [NON-ENGLISH SPEECH] Al Kuwait.
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07:40 Kuwait aims to reach carbon neutrality by the year 2060 and the oil and gas sector by 2050.
07:47 Kuwait has put in place a strategy to reach the target and limit emissions of greenhouse gases,
07:53 including a project to block and store carbon,
07:56 where the Kuwait Oil Company has studied how to collect, use and store carbon emissions
08:02 as a result of oil extraction and recycling, using modern technologies and then laying them underground
08:09 in specific sites for use in oil extraction.
08:13 Kuwait is aiming at $110 billion to achieve its environmental goals,
08:18 which is a huge number, but Kuwait believes that with the increasing demand for oil,
08:23 the world will also need a friendly type of environmental oil with specific standards and specifications.
08:36 Why do we need to move forward with energy transition?
08:43 Because I mentioned that there is a growth in demand for global energy,
08:52 and I mentioned that we expect to grow by about 50% from now until 2050.
09:00 In light of this growth in demand for energy, renewable sources,
09:11 such as solar energy and other wind energy, are not enough to meet the global energy needs.
09:19 So there must be a key role for oil and gas.
09:26 But the question is, which oil will be included in this equation?
09:34 Is it the oil that is not only low in cost,
09:39 this is Kuwaiti oil, the lowest cost of oil extraction in the world?
09:45 It should also have the lowest carbon emissions for oil extraction,
09:51 the scope 1 and scope 2 emissions that we talked about today.
09:55 Currently, the Kuwaiti oil barrel is the lowest carbon dioxide emissions in the world.
10:06 But we must maintain this leading position for Kuwaiti oil,
10:12 because in the future we expect that there will be an increase in demand for oil,
10:20 not only for low carbon emissions, but also for carbon neutrality.
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11:09 After the break, how the Kuwaiti market reacts to political developments in Gaza.
11:14 Stay with us after the break.
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11:19 This program is sponsored by
11:21 Kuwaiti Stock Exchange
11:24 A story of success
11:26 Al-Marqaz, the Iraqi investment world
11:30 Kuwaiti Stock Exchange
11:35 (Music)
11:48 This program is sponsored by
11:52 Kuwaiti Stock Exchange
11:54 A story of success
11:56 Al-Marqaz, the Iraqi investment world
12:00 Kuwaiti Stock Exchange
12:04 Welcome.
12:05 The Kuwaiti market reacted to bloodshed in the occupied territories,
12:09 and the red color caused several sit-ins before the shock was realized,
12:13 and the market was shaken again by a cautious monitoring of the traders
12:17 and mixed expectations about the results of the third quarter.
12:21 A case of attacks and surveillance hit the Kuwaiti market
12:24 following the latest developments in the occupied territories,
12:27 where it turned red for several sit-ins,
12:30 in anticipation of any possible explosions in the area,
12:33 with the fear of the expansion of the battle to include other parties.
12:37 As we are used to from the Kuwaiti market,
12:39 it is always quick to be affected by negative developments
12:43 and is very hesitant to respond to any positive news.
12:46 The international markets must be affected by events
12:50 that take place in remote or nearby areas,
12:54 and this is normal.
12:56 This is a normal reaction.
13:00 Any problem in the Arab countries must be a negative reaction.
13:05 The more it goes down, the more it goes down.
13:08 This destroys the market and destroys the investor.
13:13 Even the investor does not have the desire to buy.
13:17 This destroys the market.
13:21 The global situation is always affected.
13:23 The Arab and non-Arab countries are affected by bad events.
13:28 This is why the interest rate has increased.
13:34 The interest rate has affected the markets in general.
13:38 The prices are good for those who buy.
13:41 But there is no guarantee that the future will be good.
13:47 If it goes up, we don't know.
13:50 If it goes down, the Arab countries will be in trouble.
13:52 Peace be upon you.
13:53 Several factors have interfered with the market
13:56 in addition to the political developments.
13:58 The increase in interest rate has no doubt
14:01 been due to the liquidity that fell by about 35%
14:05 in the first nine months compared to the same period in 2022.
14:10 There is no demand for liquidity like in 2022.
14:16 The amount of liquidity is small.
14:21 The situation is weak.
14:24 This year, the situation is weak.
14:27 We hope that the Kuwaiti government will intervene
14:31 and the Investment Board will invest money
14:35 to stimulate the market because the prices are good.
14:38 The investment board should invest now
14:41 at this time in the stock market.
14:43 The prices are good for those who want to invest
14:45 from the investment board or from the citizens.
14:48 This is a golden opportunity.
14:50 Someone who wants to enter the market may borrow.
14:53 He may borrow from the bank and may take a profit
15:01 of 7 or 7.5%.
15:03 This has no effect.
15:04 The stock market will not give me 10%.
15:08 It is a commercial account.
15:11 Despite the expectation of the third quarter results of the companies,
15:15 it is not expected that these results will have
15:18 a negative effect on the general mood.
15:21 The external factors are stronger and more violent
15:23 than any internal effects.
15:25 In addition, the performance of the market since the beginning of the year
15:28 and the decline in the general indicator until the end of September
15:31 by 5.6% and the decline in the first market indicator by 7%,
15:36 will undoubtedly have an effect on the results of the companies,
15:39 not the banking sector, which may continue to achieve good growth rates.
15:44 The third quarter results are not expected to be strong.
15:49 There are no strong movements in selling and buying.
15:55 The profits may be reduced, not according to expectations.
16:02 This will affect the market for the coming years.
16:08 It will have a negative effect.
16:10 I hope I am wrong.
16:12 The banks have achieved good profits.
16:15 I expect that the last quarter will have good profits for Kuwaiti banks.
16:21 I hope it will be good, but it will not be more than last year.
16:26 It will not be at the level of last year.
16:31 There are economic reasons and other interventions.
16:35 It may be less than last year.
16:43 Last year was considered gold, this year it is bronze.
16:48 Perhaps the positive things for the latest developments
16:50 in the Kuwaiti economy are the increase in oil prices,
16:53 which had begun to take a downward curve,
16:56 but after the latest crisis, it rose again,
17:01 with fast rates and large equities to exceed 90 USD again.
17:07 The equities price in Kuwait is 92.9 USD per barrel.
17:13 The performance of the banks is not different from the performance of the stock market.
17:22 14 boxes of losses were recorded from the beginning of the year to the end of September.
17:27 The losses were between 2.9% and 10.7%.
17:33 The Gulf banks are catching the attention of the Kuwaiti local banks
17:43 in the first 9 months of 2023.
17:46 What are the main reasons behind this?
17:49 First, if we look at the performance of the traditional local Islamic banks in Kuwait,
17:55 we will notice that 14 boxes of losses were recorded from the beginning of the year to the end of September.
18:01 The losses were between 2.9% and 10.7%.
18:06 On the other hand, if we look at the performance of the traditional Gulf Islamic banks in Kuwait
18:11 from the beginning of the year to the end of September,
18:14 we will notice that the losses were between 1.3% and 8.2%.
18:21 Therefore, if we look at the details of these banks,
18:25 we will notice that the Kuwaiti local banks' performance is
18:28 1.3% loss for the KAMCO investment fund,
18:32 2.3% loss for the Fursat Al Mali fund,
18:35 3.3% loss for the Central Investment and Development Fund,
18:40 4.3% loss for the WESM fund,
18:43 5.3% loss for the KAMCO fund for the first market indicator,
18:48 and 6.3% loss for the KAMCO fund for the first market indicator.
18:53 On the other hand, if we look at the performance of the traditional Gulf Islamic banks
18:57 from the beginning of the year to the end of September,
18:59 the Gulf Islamic banks' performance was 6.3%,
19:02 the Gulf Islamic banks' performance was 5.3%,
19:06 and the Gulf Islamic banks' investment fund was 4.3%.
19:11 Therefore, if we look at the most important reasons behind the huge decline of the Kuwaiti local banks,
19:17 it is the absence of initiatives for projects,
19:19 the local strength that we are talking about in terms of development and the actual launch of projects,
19:24 and also the absence of diversity among investors.
19:29 One of the news from the companies is the announcement of the Gulf Bank
19:36 to start writing on the increase of capital on October 29.
19:41 The Gulf Bank is proposing 260,869,565 shares at the price of 230 Pounds,
19:51 including the addition of the issuance of 60 million dinars.
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21:13 One of the news that is circulating strongly is the idea of tax exemption on foreign companies,
21:19 i.e. the multinational companies,
21:23 within the OECD,
21:27 which sees that in order to achieve justice and equality in competition,
21:31 there must also be justice in taxation.
21:34 Taxation came with international demands.
21:40 In October 2021, the 20th group and the OECD
21:46 agreed on tax exemption of at least 15% on multinational companies
21:53 operating in several markets,
21:57 and the minimum tax exemption is 750 million euros.
22:02 Therefore, all companies that will be applied to this example will be taxed 15%.
22:10 The goal of taxation is that some companies in the mother country or the country of origin
22:18 do not have a tax obligation on them.
22:21 Therefore, when companies compete in other countries,
22:25 there is no justice.
22:28 The Economic and Development Cooperation Organization always markets the tax
22:34 under the guise of international tax justice.
22:37 Companies must be taxed 15%
22:41 in order to achieve justice in competition.
22:46 15% is a minimum limit.
22:48 Of course, it is a minimum limit.
22:49 In some countries, it may be higher.
22:51 This tax will be for the benefit of the country that will impose the tax.
22:57 The Kuwaiti Treasury will make it a tax from these companies,
23:01 but the companies will be affected.
23:03 There are 10 companies that will be taxed.
23:09 The number may increase to 20 companies.
23:12 Companies' wills will be reviewed,
23:15 but the company must be multinational,
23:19 operating in several international markets,
23:22 and its wills are at least 750 million euros.
23:25 This does not apply to many companies in Kuwait.
23:29 We can apply this tax to a very small number of companies.
23:33 Batec, Agility, MBK, and some companies
23:38 have a yearly will of $750 million,
23:42 Agility achieved $800 million,
23:46 Batec achieved more, and MBK.
23:51 But you see that this tax will be applied only to these companies,
23:54 and not to other companies.
23:56 Yes, it must be applied in compliance,
24:03 and when the company's tax rules are met,
24:07 it will be applied.
24:09 The application will be based on the data of the next year, 2024.
24:13 This means that the actual or the special tax will be in 2025.
24:24 This brings us to the end of this episode of "Eyes on Kuwait".
24:28 See you next week in a new episode.
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