Kuwait plans to sell up to 44% stakes in two power projects in 2020, 2021 -official

Sunset view of the arch pylon on the Sheikh Jaber al-Ahmad Al-Sabah Causeway which will lead to the Future Silk City, in Kuwait Bay, Kuwait April 23, 2019. (Reuters)
Updated 29 September 2019

Kuwait plans to sell up to 44% stakes in two power projects in 2020, 2021 -official

  • Kuwait plans to sell at least 26% stakes in each project and not more than 44%
  • Public-private partnership projects are a growing trend in the Gulf Arab states

KUWAIT: Kuwait plans to sell stakes of up to 44% in the Al-Zour and Khiran power projects to investors in the middle of 2020 and early 2021 respectively, a senior official said on Sunday.
“We are in the process of appointing the consultant (for the two projects in cooperation) with the Central Agency for Public Tenders,” Mutlaq Al-Sanei, who heads the Kuwait Authority for Partnership Projects, told Reuters in an interview.
Kuwait plans to sell at least 26% stakes in each project and not more than 44%, he said.
Public-private partnership projects are a growing trend in the Gulf Arab states as governments want to save money in an era of low oil prices. The government has not said how it will sell the stakes in the two power projects or whether they will be initial public offerings.
Al-Sanei also confirmed at a press conference on Sunday that Kuwait plans to begin the first phase of an initial public offering of shares in another power project, the Az-Zour North Independent Water & Power Project, on Tuesday.


Air Arabia in $14bn deal to buy 120 Airbus A320s

Updated 18 November 2019

Air Arabia in $14bn deal to buy 120 Airbus A320s

  • Air Arabia currently operates a total fleet of 53 Airbus A320 and A321 aircraft
  • The new carrier, Air Arabia Abu Dhabi, will be launched in “due course,” Etihad said at the time

DUBAI: Air Arabia said Monday it would buy 120 Airbus A320s in a deal worth $14 billion that represents a major expansion for the United Arab Emirates low-cost carrier.

“The first delivery is expected to start in 2024,” said Adel Al-Ali, the CEO of Air Arabia, based in the emirate of Sharjah which borders Dubai.

Air Arabia currently operates a total fleet of 53 Airbus A320 and A321 aircraft.

Last month it announced an agreement with Abu Dhabi-based giant Etihad Airways to launch a new low-cost airline based in the UAE capital.

The new carrier, Air Arabia Abu Dhabi, will be launched in “due course,” Etihad said at the time.

Etihad, established in 2003 by the oil-rich Gulf emirate’s government, has faced stiff competition from Dubai aviation giant Emirates and Doha-based Qatar Airways.