KUWAIT: Kuwait’s sovereign wealth fund and state-owned Kuwait Petroleum Corporation (KPC) reached an agreement under which KPC will pay 8.25 billion Kuwaiti dinars ($27.44 billion) in accrued dividends over 15 years, two sources said.
KPC has owed for years about 7 billion Kuwaiti dinars in dividends to the General Reserve Fund (GRF), one of Kuwait’s sovereign funds, tasked with covering budget deficits.
The company and GRF have recently agreed a repayment schedule by which KPC will pay 550 million dinars ($1.83 billion) annually to the GRF during the next 15 years, said a government source and a source familiar with the agreement.
The move will inject cash into the oil-rich Gulf state’s coffers, squeezed by the coronavirus last year and a continued stand-off between government and parliament on implementing measures such as a law to allow state borrowing.
GRF and KPC had agreed a repayment schedule in recent years, but GRF wanted to review it and accelerate it as part of government efforts to cover the deficit, sources have previously told Reuters.
The total amount due has gone up to 7.75 billion dinars as KPC stopped paying instalments to GRF in recent months while the two sides were negotiating, the government source said, adding that the final amount includes 500 million dinars in fees.
“The two parties have signed on that, but there is an implicit understanding that if KPC has more money it can pay it faster... We do not want to put more pressure on them, but 550 million annually is what has been agreed upon,” the source said.
KPC did not immediately respond to a request for comment.
Local newspaper Al Rai reported last week that KPC will pay 137.5 million dinars quarterly as instalments to GRF, starting next June.
Kuwait sovereign fund said to get over $1.8bn per year from KPC
Kuwait sovereign fund said to get over $1.8bn per year from KPC
King Abdulaziz Airport among world’s busiest after record-breaking 2025
RIYADH: King Abdulaziz International Airport has achieved a new historical milestone, reaching 53.4 million passengers in a single year.
This is the highest number ever recorded at a Saudi airport since the beginning of air travel in the Kingdom, placing it among the world’s mega airports in terms of passenger traffic, according to the Saudi Press Agency.
The airport handled a total of 310,000 flights and 60.4 million bags, representing a 12 percent increase compared to 2024. It also handled 9.57 million Zamzam water containers and 2,968 cargo flights.
This achievement reflects the airport’s qualitative transformation and its position as a regional hub and national gateway connecting the Kingdom to the world. It also highlights its role in facilitating the movement of visitors and pilgrims, promoting tourism in line with the goals of Vision 2030, diversifying the economy, and providing a distinguished travel experience.
For his part, CEO of Jeddah Airports Co. Mazen Johar, affirmed that reaching 53.4 million passengers confirms the airport’s high operational readiness and represents a pivotal milestone for moving to the next phase, in preparation for doubling this number, God willing, in the coming years.
He pointed out that this national achievement would not have been possible without the grace of God Almighty, followed by the directives of the wise leadership and the continuous follow-up from the minister of transport and logistics, the president of the General Authority of Civil Aviation, and the CEO of Airports Holding Co.
He explained that King Abdulaziz International Airport is strengthening its position as a major aviation hub in the region through expansions, increased capacity, and improved services, supporting the objectives of the aviation program and aligning with the goals of the Kingdom’s Vision 2030.
The CEO of Jeddah Airports Co. expressed his gratitude to the partners in success from various government and private sectors for their fruitful cooperation through a collaborative work system that contributed to providing the best services.
