AGP Executive Report

Oil Markets & Hormuz Watch: Saudi Aramco CEO Amin Nasser warned global stockpiles are “scarily thin,” saying rebuilding inventories could take up to two years unless the Strait of Hormuz fully reopens; he also flagged intensifying pressure on both crude and refined fuel prices. OPEC+ Production Decision: OPEC+ agreed to keep November output steady, with Saudi Arabia, Russia, Iraq and Kuwait among the key members, as Brent stays above $100 amid shipping and infrastructure risks. Regional Shipping Signals: Middle East crude exports topped pre-war levels on several days in late September despite attacks, while liquefied natural gas cargoes through Hormuz rose to the highest monthly level since February. Kuwait Media Regulation: Kuwait published a new Media Regulation Law that unifies rules for social media advocates, advertisers and digital content, including licensing and AI-related disclosure; it takes effect in April 2027 after executive regulations are issued. Kuwait Enforcement & Compliance: Authorities arrested 61 violators at Al-Rai’s Friday Market campaign, and warned delivery companies that traffic breaches can lead to two-month vehicle or motorcycle impoundment. Business & Finance Links: BBK is reported to be in talks to buy about a 20% stake in London broker Panmure Liberum, deepening Gulf ties with the UK capital markets.

OPEC+ Oil Policy: Seven major exporters including Kuwait agreed to keep November oil output targets unchanged, citing elevated crude prices above $100 amid the Iran conflict and ongoing Strait of Hormuz risks, with a follow-up meeting set for Nov. 1. Kuwait Media Overhaul: Kuwait’s Official Gazette published Decree-Law No. 102 of 2026 establishing a unified Media Regulation Law, replacing three older media laws; executive rules are due within six months and existing players get a six-month grace period after they’re issued, with licenses at stake. Influencer Rules: The new law brings social media advertising and digital news under one licensing framework, with influencer requirements to be detailed in the yet-to-be issued executive regulations. Banking Cyber Focus: NBK ran a cybersecurity and financial fraud awareness seminar for Kuwait Oil Tanker Company (KOTC) employees, targeting threats tied to digital banking transactions. Co-op Sector Push: Social Affairs Minister Amthal Al-Huwailah urged faster rollout of a unified visual identity for cooperative societies, plus updates to structures, salary scales, and accessibility improvements for elderly and people with disabilities. Kuwait-UK Trade Link: Kuwait Chamber of Commerce and Industry reaffirmed the UK as a key strategic partner, calling for more joint business events and investment cooperation. Gold Moves: Gold ended the week lower for a second straight week as rising US Treasury yields weighed on prices despite softer US jobs data. Humanitarian Outreach: Kuwait charities expanded medical and relief programs across Africa and the Middle East, including pediatric heart treatment and training in Tanzania.

Kuwait Media Overhaul: Kuwait has issued a new Media Regulation Law, replacing three older media laws and setting a six-month timeline for executive regulations, with existing players given another six months to comply or risk losing licenses. Oil Market Watch: OPEC+ agreed to keep oil output targets unchanged for a second straight month in November, with the next review set for Nov. 1. Hormuz Shipping Risk: Iran’s IRGC Navy reported targeting multiple tankers in the Strait of Hormuz, while India said five nationals were safely rescued after a Kuwait-flagged tanker (MT Kazimah III) was hit by a projectile. Banking Digital Push: NBK rolled out a fully digital credit-card journey, letting customers apply, upload documents, complete credit checks and sign electronically via the app. Housing Momentum: Kuwait is advancing housing reforms, including a draft mortgage financing decree-law for housing welfare beneficiaries aimed at shortening waits and enabling developer-led projects. Local Security Incident: 37 air-conditioning units were stolen from a property in Jleeb Al-Shuyoukh; the case is under investigation. Tech & Telecom Industry: CITRA highlighted the value of local fiber optic cable manufacturing to support Kuwait’s digital infrastructure and reduce reliance on imports.

Uber & Youth Careers: Uber has opened work options for Kuwaitis using their private vehicles, sparking debate on whether such roles fit young people’s career aspirations. Local Telecom Industry: CITRA chief Dr Khaled Al-Zamel visited a Taihan Kuwait fiber optic cables factory, urging more local manufacturing to cut import reliance and support Kuwait’s digital infrastructure. Housing Reform Push: Kuwait’s housing agenda is moving faster, with Cabinet-backed mortgage financing draft rules aimed at shorter waits and enabling private developers, while PAHW showcased “smart city” housing concepts in Bahrain. Oil, Shipping & Security: Kuwait-flagged MT Kazimah III was hit by a projectile in the Strait of Hormuz; five Indian nationals onboard were rescued and shifted ashore with Oman’s help, as more tanker strike reports keep regional shipping risk in focus. Banking Digitisation: NBK rolled out a fully digital credit card journey, letting customers apply, upload documents, complete checks and sign electronically via the app. Oil Prices Watch: Oil prices held steady around the $100 level, offering temporary relief to oil exporters while costs and job creation remain key challenges. KNPC Workforce: KNPC’s workforce hit a peak of 7,650 staff mid-2026, reflecting operational expansion and continued Kuwaitization. Commercial Compliance Crackdown: Kuwait reviewed about 5,270 cooperative shops to curb commercial concealment, with potential legal action for non-compliant investors. Healthcare Procurement: CAPT approved technical evaluations and bid openings for nurses’ housing in health districts, clearing four consulting firms. GCC Housing Theme: GCC housing initiatives are framed around building sustainable communities, with Kuwait positioning its evolving model as part of regional cooperation.

Kuwait-Italy Security Ties: Kuwait’s MoI undersecretary Maj Gen Abdulwahab Al-Wuhaib met Italy’s public security chief in Rome to boost cooperation on organized crime, drugs, cybercrime, financial crimes and border security, including training and information exchange. Hormuz Shipping Risk: A Kuwait Oil Company-linked crude tanker was struck by an unidentified projectile off Oman; the fire was extinguished and no crew were injured, while separate reports say five Indian nationals on the Kuwait-flagged MT Kazimah III were safely shifted ashore after the Strait of Hormuz incident. Housing Overhaul: Kuwait approved a draft decree-law for mortgage financing for housing welfare beneficiaries, aiming to shorten waits and expand financing options with rules set alongside Central Bank oversight and developer-linked unit purchases. Digital Pay Rollout: The CBK launched the Kuwait Wage Payment System to process private-sector salary transfers via local banks, with compliance monitoring by the Public Authority for Manpower. Energy Price Pressure: G7 leaders agreed to release 100 million barrels of crude and diesel from emergency reserves, including a diesel release in the first 20 days, as global prices stay elevated amid conflict-linked supply disruptions. NBK Outlook: NBK said Kuwait’s non-oil activity is rebounding despite trade and project delays, supported by government measures and easing inflation, with oil output recovering toward pre-conflict levels.

Strait of Hormuz Risk: Two more tankers were reported struck, bringing the week’s total to six as UKMTO-linked accounts point to renewed pressure on Gulf shipping. Energy Prices & Supply: Gasoline is expected to stay high as refining damage and Hormuz disruptions keep crude elevated, with G7 planning diesel releases. Kuwait Economy: NBK says Kuwait’s non-oil activity is recovering despite conflict-linked trade and project delays, while oil output has rebounded to about three-quarters of pre-conflict levels. LNG Through Hormuz: September LNG traffic hit a wartime high, but Europe still faces an 80% storage gap that leaves households exposed. Kuwait Enforcement: Kuwait arrested five people over an alleged charity donation scam that collected in-kind goods and resold them for profit. Payments Reform: CBK launched the Kuwait Wage Payment System to route private-sector salaries through local banks with real-time compliance monitoring. Oil Policy: OPEC+ is set to keep November output steady, extending a cautious pause. Business & Trade: flydubai Cargo unveiled a freighter network launch, adding scheduled capacity to routes including Kuwait. Regional Security: US troop withdrawal from Iraq is raising concerns as Iran-aligned militias remain armed.

Kuwait–Brazil Trade: Kuwait has authorized imports of fresh papaya from Brazil, while Syria can import Brazilian corn, as both countries open new market channels for Brazilian goods. Kuwait Infrastructure: The Public Works Ministry opened the first phase of Sheikh Jaber Al-Ahmad Al-Sabah Road (formerly Al-Abdaly Road) in Jahra, aiming to improve traffic flow, safety and freight access to border crossings and farms. Kuwait Oil & Shipping Risk: A Kuwait-flagged VLCC, Kazimah III (KOTC-owned), was reported on fire after a projectile strike in the Strait of Hormuz; the crew was said to be safe, with environmental impact still unclear. Kuwait Business & Finance: NBK sponsored the opening of Al-Soor Theatre at Al-Shaheed Park, while KOC and Ahmadi Governorate launched a “30 Minutes = A New Life” blood donation drive. Regional Energy Watch: Gulf crude exports (excluding Iran) reportedly rebounded toward pre-war levels as producers rerouted around Hormuz, while OPEC+ is expected to keep November output targets steady.

Road & Infrastructure: Kuwait’s Public Works Ministry opened the first phase of Sheikh Jaber Al-Ahmad Al-Sabah Road (formerly Al-Abdaly Road), a key link between Jahra, Abdaly, farms and border crossings, aimed at easing traffic and improving safety. Oil & Industry: KPC-linked Nghi Son Refinery and Petrochemical plans to sell 8,000 tons of polypropylene abroad, as operations reportedly run at 120–125% of design capacity. Energy Transition: KISR hosted GCC hydrogen experts to discuss regional projects and cooperation, with green hydrogen highlighted as a future decarbonisation lever. Labour Compliance: Kuwait introduced a mandatory digital wage payment system for private-sector employees, routing salary transfers through local banks to ensure timely electronic payments. Trade & Finance: Kuwait Customs reiterated that travellers must declare cash or bearer financial instruments worth KD 3,000+ (or equivalent) when entering or leaving the country, with electronic declaration options available. Corporate & Community: NBK sponsored the opening of Al-Soor Theatre at Al-Shaheed Park, while KOC and Ahmadi Governorate launched a “30 Minutes = A New Life” blood donation drive. Legal: A State Security and Terrorism Crimes Court jailed 8 expatriates for 10 years and fined them KD 27 million in a money-laundering, forgery and unlicensed banking case, ordering closure of two companies.

Wage Compliance Push: Kuwait has mandated a digital wage payment system for private-sector workers, with salaries processed and monitored through local banks to ensure timely electronic transfers and tighter labour compliance, including for foreign workers. Markets & Oil Mood: GCC equities slid in September as higher rates, crude volatility and regional geopolitics weighed on sentiment, with the MSCI GCC index down 3.5% in the month. Housing Finance Reform: A new real estate finance law is being positioned as a key step to ease Kuwait’s housing crunch by strengthening public-private partnerships and expanding bank-backed liquidity for citizens. Corporate & Business Rules: Cabinet approved amendments to the Companies Law to remove formal notarisation for corporate actions, allow single-person professional firms, and streamline certain business structures, alongside other regulatory updates. Anti-Corruption Cooperation: Kuwait’s Nazaha joined GCC anti-corruption efforts focused on beneficial ownership transparency, adopting recommendations from a GCC workshop with UNODC support. Petrochem Investment Links: PIC and AmCham Kuwait signed an MoU to advance petrochemical investment and commercial cooperation, including expanding PIC’s US network. AI Infrastructure Bet: Samsung affiliates committed $1bn to Helix Digital Infrastructure, a KKR-backed AI data-centre infrastructure platform also supported by major investors including Nvidia and Kuwait Investment Authority. Digital Government Feedback: Sahel launched a new “Report” section letting citizens submit and track feedback with multiple ministries and regulators, aiming to speed up responses. Tourism & Connectivity: Kuwait introduced commercial licensing for sea taxis and coastal waterborne services, opening the door for private operators and offshore leisure packages.

Strait of Hormuz Disruptions: UKMTO reported four vessel strikes around Sept 28-29, including Kuwait Oil Tanker Company’s VLCC Al Funtas and ADNOC-managed tankers Mersin Prosperity and Sinbad, as oil flows and shipping remain under pressure. US-Iran Tensions: Trump said the US has “virtually total control” of Hormuz and warned it may “blow up” Iran or strike a deal soon, keeping markets jittery. Kuwait Digital Payments: Kuwait expanded digital payments, with non-cash transactions reaching 85% (CBK also cited a digital push lifting non-cash to 84% recently). Government Service Tech: Sahel launched a new “Report” section for citizens to submit and track feedback directly to relevant ministries and regulators. Municipal Enforcement: Kuwait Municipality reiterated that construction debris removal is the owner/contractor’s responsibility, with “Build, Don’t Destroy” inspections and violations. Banking & Capital Markets: AlRayan Bank named Usman Ahmed as Group CEO; ASB Capital was joint lead manager/bookrunner on ANB’s $750m perpetual AT1 sukuk. Real Estate Finance: Diyar Al Muharraq signed with KFH-Bahrain to offer financing for plots at Al Nuzha in Bahrain’s Northern Islands. Hospitality Watch: Kuwait’s hotel outlook shows rising supply but weaker occupancy (38.4% in Jan-Aug 2026 vs 47.1% in 2025). Social & Health: Kuwait’s National Cancer Awareness Campaign launched its breast cancer awareness drive, training 197,000 students since 2010.

Digital Finance Push: Kuwait’s Central Bank says non-cash payments hit 84% of transactions in Q1 2026, as it expands payment systems, digital banking rules and cybersecurity under Kuwait Vision 2035. AI Infrastructure Investment: Samsung and five affiliates will pour $1bn into Helix Digital Infrastructure to build AI data centers, power and connectivity—Helix is backed by KKR, Nvidia, the Kuwait Investment Authority and Vistra. Kuwait-Switzerland Trade: Kuwait and Switzerland marked 60 years of ties in Bern, signing an MoU to promote direct investment, with focus areas including healthcare, fintech, sustainable agriculture and food security. Housing & GCC Cooperation: Kuwait’s Public Authority for Housing Welfare says Gulf integration and shared expertise are key to future housing development, highlighting new partnership and financing models. Health Awareness: Kuwait’s National Cancer Awareness Campaign launched its breast cancer initiative, training 197,000 secondary students since 2010 and urging early detection. Regional Energy Pressure: With Hormuz disruptions continuing, Gulf states are exploring alternative oil export routes as Kuwait’s output and exports remain below pre-crisis levels. Diplomatic/Policy: The U.S. completed its withdrawal from Iraq, shifting to bilateral security ties as Iran-backed militias remain armed.

Kuwait–Switzerland ties: Crown Prince Sheikh Sabah Al-Khaled met Swiss President Guy Parmelin in Bern to mark 60 years of diplomatic relations, with talks focused on boosting trade and a MoU signed via KDIPA and Switzerland Global Enterprise to promote direct investment. Kuwait industry push: A Kuwaiti official renewed calls to build a stronger industrial base for diversification, noting only about 120 factories currently export despite the country’s resources and talent. Disability benefits ruling: Kuwait’s Court of Cassation said there is no cap on the number of disability-grant recipients per family, overturning a prior “two children” restriction. Oil & shipping risk: A Kuwaiti tanker, Al Funtas, was struck in the Strait of Hormuz, with a fire reported but extinguished and the vessel reportedly back underway. Energy cost pressure: Q8 said it will cap Italian fuel prices for one month from Oct 1 after Kuwait’s call to energy firms, as Italy seeks relief ahead of its 2027 budget. Banking & cards: Commercial Bank of Kuwait launched a World Elite Mastercard credit card with Mastercard, targeting affluent customers. Talent & media: NBK launched the first “ON Academy” cohort with Ooredoo Kuwait to train Kuwaiti talent for media and content careers. Regional business links: Vietnam’s ambassador said trade with Kuwait could reach $12bn by 2030, spanning energy, food security, digital, finance, logistics, education and tourism.

Kuwait–Qatar Finance Ties: Kuwait and Qatar signed an MoU on financial cooperation on the sidelines of the AIIB annual meeting in Doha, aiming to exchange expertise and expand cooperation in finance, trade and investment. AI Infrastructure Push (KIA-linked): Samsung Electronics and five affiliates will invest $1bn in KKR-backed Helix Digital Infrastructure, joining founding investors that include the Kuwait Investment Authority, to build AI data centers plus power, cooling and connectivity. Debt Restructuring Watch: ACICO Group said it completed settlements with two local creditor banks, restructuring KD56.15m and bringing settlements to 80% of total, with remaining repayments scheduled from 2026–2031. Energy Route Risk for Kuwait: A report highlights how Strait of Hormuz disruptions leave Kuwait exposed, with no immediate bypass options and exports still far below pre-crisis levels. GCC Outlook: ICAEW and Oxford Economics forecast a sharp GCC contraction in 2026 (-6.4%) before a rebound in 2027, driven by oil export and shipping disruptions. Business Expansion in the Region: Amaani raised $5m Series A to expand AÏZA across Saudi Arabia, Kuwait and Qatar, while Arabian Drilling secured a $533m offshore contract via KJO. Local Policy/Compliance: Kuwait launched a wage protection system to safeguard private-sector salaries and strengthen compliance.

AI Infrastructure & Investment: Samsung affiliates will invest a combined $1bn in KKR-backed Helix Digital Infrastructure, joining KIA and Nvidia as founding investors to expand AI data centers, power and connectivity. Diplomacy & Finance: Kuwait’s Finance Minister met counterparts from Algeria and Tunisia in Doha on the sidelines of the AIIB annual meeting, discussing financial and trade cooperation. Wage Protection: Kuwait’s Central Bank launched the Kuwait Wage Payment System (KWPS) to process private-sector salary transfers via local banks, with manpower authorities monitoring employer compliance. Digital Government/IT: CAIT is awaiting CAPT approval to start procurement for consultancy services tied to Kuwait’s National Data Center project, aimed at faster recovery of government services during outages. Capital Markets: ASB Capital was appointed joint lead manager and bookrunner for Kuwait International Bank’s $500m five-year sukuk, after investor orders topped $1bn. Energy & Shipping: Qatar-linked LNG transits through Hormuz picked up despite tensions, while Middle East crude exports rebounded in September. Regional Ties: Qatar and Kuwait signed an MoU on financial cooperation. Business & Banking Tech: InvestGB went live with Avaloq in Kuwait to unify wealth management and portfolio operations. Legal/Compliance: Kuwait’s Court of Appeal sentenced a Syrian national to 7 years for fraudulently obtaining Kuwaiti citizenship and ordered KD600,000 repayment plus fines.

Wage Protection: Kuwait’s Central Bank launched the Kuwait Wage Protection and Payment System (KWPS), a centralized platform to route private-sector salaries through local banks, boosting speed, transparency and compliance while enabling regulators to spot non-payment early. Capital Markets: Boursa Kuwait won “Best Exchange” honours for the Middle East, plus awards for ESG and financial literacy, as the exchange pushes new products and reforms that helped it upgrade from frontier to emerging-market status. Oil & Shipping: Strait of Hormuz flows are recovering, with tanker traffic and exports rising in September, though volumes remain below pre-war levels—keeping pressure on regional energy costs and logistics. Geopolitics & Risk: Kuwait condemned escalation in the West Bank and renewed calls for UN action to protect Palestinians, while the wider region remains focused on retaliatory threats tied to the Iran conflict. Gold & Inflation Watch: Kuwait gold prices slid as higher oil prices and Hormuz uncertainty lifted expectations of further US rate pressure. Business & Tech: Kuwait’s “Sanad AI” at Kuwait Oil Company is using generative AI to help engineers quickly access decades of drilling know-how. Tourism & Growth: Kuwait highlighted ecotourism potential tied to its natural and geological assets, aligning with World Tourism Day themes. Finance Deal: ASB Capital was appointed joint lead manager and bookrunner for Kuwait International Bank’s $500m five-year sukuk, drawing orders above $1bn. Startups: Amaani (AÏZA beauty) raised $5m Series A to expand across Saudi Arabia first, then Kuwait and Qatar. Travel Ops: Kuwait International Airport is operating via Terminals 4 and 5 with Terminal 1 still closed, with minimal disruption reported. Regulation Watch: A Kuwait court struck down delivery-app penalty provisions (Article 15) in talabat-related litigation, raising concerns over enforcement.

Digital Commerce Regulation: Kuwait’s Administrative Court struck down Article 15 of the 2026 delivery regulations, a move that could weaken enforcement of caps on delivery fees and platform commissions after talabat challenged the penalties. Public Procurement Overhaul: Kuwait issued Decree-Law No. 94/2026 amending the public tenders law, raising contract thresholds (including KD1m without central tender approval), setting new KPC procurement limits, boosting SME preference, and creating a Cabinet-linked grievance committee with 30-day decisions. Oil Sector Expansion: KPC highlighted progress in its overseas refining and marketing network, including Vietnam’s Nghi Son refinery stake and Oman’s Duqm project, as it strengthens long-term crude marketing and operational sustainability. Human Capital for Energy: KGOC signed a Kuwait University training contract to develop national talent for the oil sector, reinforcing partnerships with academia. Local Real Estate Rules: Tighter land rules are reshaping Kuwait’s private residential market, with heirs among the most active sellers and speculators pulling back ahead of development requirements. Tourism & Events: Zain will host the Saudi Super Cup in Kuwait this December, underlining Kuwait’s push to attract major regional events. Food & Water Innovation: KFAS’s food and water security incubator saw five Kuwaiti projects qualify for an international Spain program. Greening Push: UN-Habitat’s “Kuwait Plants” campaign season kicked off with participation from 60+ embassies and international organizations. Finance & Risk: Kuwait’s Court of Appeal canceled a travel ban tied to a KD 2.4m bank debt, citing failure to meet legal conditions for keeping the restriction in place. Gold Watch: Gold ended the week lower at $4,285/oz amid Fed rate uncertainty and rising US yields.