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Sunday, 10 August 2014

Kuwait’s gaping lag on income diversification |

Kuwait’s gaping lag on income diversification |

"The Gulf Cooperation Council (GCC) states should keep seizing on any opportunity to diversify away from oil for income generation. Such opportunities often entail the wholehearted support of private sector investors willing to assume a greater role in local and regional economies.

Certainly, led by the UAE, the GCC bloc can collectively call on 35 per cent of the world’s sovereign wealth funds, as per the June estimates put out by the Sovereign Wealth Institute. That of the UAE alone surpasses the $1 trillion (Dh3.67 trillion), followed by Saudi Arabia, Kuwait and Qatar, at $743 billion, $410 billion and $170 billion respectively.

Clearly, the money is there for the authorities to invest in the infrastructure across the board, thereby paving the way for sustained economic development, including creating additional fiscal revenues from diverse sources. Other ensuring benefits from such public investments include creating employment opportunities for locals."

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Air Arabia net profit soars by 128% in Q2 | Economy | Saudi Gazette

Air Arabia net profit soars by 128% in Q2 | Economy | Saudi Gazette:

"AIR Arabia (PJSC), the largest low-cost carrier (LCC) operator in the Middle East and North Africa, logged AED 173 million net profit for the three months ending June 30, 2014, an increase of 128 percent compared to AED76 million reported in the corresponding period of 2013.

In the second quarter of this year, Air Arabia posted a turnover of AED915million, an increase of 15 percent compared to AED 797 million in the same period of 2013.

The airline served over 1.6 million passengers in the second quarter of 2014, an increase of 8per cent compared to the 1.5 million passengers carried in the same period of last year. The airline’s average seat load factor – or passengers carried as a percentage of available seats – during the second quarter of 2014 stood at an impressive 84 per cent."

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