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13Amir urges 20 9 22 it’s time to change ‘old concepts’ Sheikh Sabah opens new Assembly term • Committees elected
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KUWAIT: HH the Amir Sheikh Sabah Al-Ahmad Al-Sabah, HH the Crown Prince Sheikh Nawaf Al-Ahmad Al-Sabah, Speaker Marzouq Al-Ghanim and Prime Minister Sheikh Jaber Mubarak Al-Sabah pose with members of parliament and Cabinet ministers during the opening session of the National Assembly yesterday. — KUNA (See Pages 2 & 3)
Housing shortage poses big dilemma KUWAIT: Kuwait, one of the world’s richest countries per capita, must make tackling a shortage of government-funded housing its top priority, officials state said at the opening of parliament yesterday. Accustomed to a welfare state which is generous by international comparisons, Kuwaitis say they may have to wait for up to 20 years on the housing list. “The housing issue is the top priority in this session,” parliament speaker Marzouq Al-Ghanim said at the opening of the National Assembly yesterday. The Cabinet needs to put forward improved solutions within a timetable, he said. “We have enough finances to solve this problem.”
Providing more government-subsidised housing, however, would put further pressure on already stretched public finances, with government spending forecast to exceed oil revenues soon. Prime Minister Sheikh Jaber Al-Mubarak Al-Sabah warned on Monday that the welfare system is unsustainable and said the major oil producer must slow consumption of its natural resources. As part of an extensive national welfare program, Kuwaiti men can apply for government housing after marriage, receiving loans that are paid off slowly. Continued on Page 13
LONDON: British Prime Minister David Cameron (fourth left) poses for a picture with world leaders and delegates at the start of the 9th World Islamic Economic Forum yesterday. Kuwait’s Deputy Premier and Finance Minister Sheikh Salem Abdulaziz Al-Sabah is at right. — AP
London aims to become hub of Islamic finance Kuwait urges more economic cooperation LONDON: British Prime Minister David Cameron said yesterday London aims to become a top capital of Islamic finance as the city played host to the first World Islamic Forum outside the Muslim world. “Already London is the biggest centre for Islamic finance outside the Islamic world. And today our ambition is to go further still,” Cameron told more than 1,800 political and business leaders at the ninth forum, dubbed the “Davos of the Muslim world”. “I don’t just want London to be a great capital of Islamic finance
in the Western world, I want London to stand alongside Dubai and Kuala Lumpur as one of the great capitals of Islamic Finance anywhere in the world,” he said. “Investing in London is good for you and opening London up to your investment is good for us.” More than 20 UK banks currently offer Islamic financial products, while 49 Islamic bonds - called sukuks - with a total value of $34 billion, have been listed over the last five years on the London Stock Exchange. But Cameron aims to
expand well beyond this. “When Islamic finance is growing 50 percent faster than traditional banking and when global Islamic investments are set to grow to £1.3 trillion by 2014, we want to make sure a big proportion of that new investment is made here in Britain.” As part of realising his ambitions, Cameron announced a new “Islamic Index” on the London Stock Exchange and revealed plans for Britain to release an Islamic bond. “This means the creation of a new Continued on Page 13
Gulf rail project on track ABU DHABI: Construction of a $15.5 billion rail network linking the six wealthy Gulf Arab states will start late next year and an overseeing authority for the project is being set up, an advisor said yesterday. The joint project is to develop a railway network linking Oman in the south to Kuwait in the north through the United Arab Emirates, Qatar, Bahrain and Saudi Arabia. Progress has been held up by bureaucratic and techni-
cal obstacles, but if the railway is completed, it could have a major impact on the Gulf economy by stimulating trade and limiting consumption of fuel for road travel. Detailed engineering and design (DED) work will be completed by late 2013 or early 2014, with construction to follow, Ramiz Al-Assar, the World Bank’s Continued on Page 13
By B Izzak KUWAIT: HH the Amir Sheikh Sabah Al-Ahmad AlSabah yesterday called for undertaking comprehensive reforms and change old concepts and launch a new page of cooperation between the government and the Assembly. “It’s time to launch a new decisive era and a
major qualitative move aimed at achieving comprehensive reforms and completing construction, growth and development in all aspects of life,” the Amir said as he opened the new National Assembly term following a summer recess. The Amir also urged the legislature and the government to cooperate closely to undertake Continued on Page 13