Interpreting Middle East Economic News and Analyzing Market Trends

Category: Kuwait

Former CEO of bailed out Spanish bank becomes new CEO of Kuwait’s Gulf Bank

 

Novagalicia Banco Cesar Gonzalez

Fomer CEO of Novagalicia, César González (left) and president, José María Castellano (right) Source: La Vanguardia

Kuwait’s Gulf Bank announced that is has hired Cesar Gonzalez-Bueno to be its new CEO.  Mr. Gonzalez was the former CEO of bailed out Spanish bank, Novagalicia Banco.  Gulf Bank was also bailed out back in 2009 after derivative losses stemming from the financial crisis.

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Tensions heat up in the Gulf as UAE, Saudi Arabia and Bahrain recall their ambassadors from Qatar

GCC Meeting in Riyadh March 2014

The smiles are for the camera only!

Tensions are once again heating up in the Gulf.  This time Bahrain, Saudi Arabia and the UAE are ganging up on the Qatar.  Rising tension is not new, what is new is the fact that other GCC members are tired of Qatar stepping out of line and not following the prescribed protocol.

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Kuwait’s dysfunctional parliament is at it again, this time attempting to kill Airbus deal with Kuwait Airways

Kuwait Airways

Kuwait can’t seem to catch a break.  Every time a major project or deal is announced, the Gulf’s only elected officials step in to mess it up… all in the name if protecting the country.  This time, parliament is sticking its feet in the mud again by getting involved in the $4.4 billion Airbus deal to sell 25 aircraft to Kuwait Airways.

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In a classic case of ‘solutions create more problems,’ Kuwait MP submits plan to control growing number of expats to ‘solve the country’s problems’

Kuwait Deports ExpatsSource: Arab Times

It’s another day in Kuwait, which means it’s another day where an MP comes up with a hair-brained idea to solve a problem.  This time, an MP has come up with a solution to solve rising unemployment, crime rates, rents and traffic jams.  The one solution to solve all of these problems; get rid of some expats.

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China is hooked on Mideast oil, which helps build a good case for a Petroyaun

China Oil Transit Routes 2013Source: Zerohedge (click on map to view larger size)

Last year China became the world’s largest oil importer, surpassing the U.S. for the first time.  The U.S. reliance on imported oil has been declining ever since shale oil production began to rise in 2008.  We remain skeptical on the long-term viability of U.S. shale production, but that’s a different story.  You can see our posts on the subject here and here.  Going back to China, what does this mean for Middle East exporters?

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