KUWAIT: Kuwait has set its development goal in right earnest to develop and modernize its infrastructure to improve the quality of life of its citizens and residents. 

Fahad Al Mukhaizim:
• We, along with our partners, successfully exited a property in Manchester resulting in an attractive IRR of 16.2% and a return multiple of 1.46x for our investors.
• The exit is proof of investors’ confidence in NIC and its capabilities in consistently delivering successful outcomes.
• The property was acquired in 2019 for GBP 44.5 million and leased to retail giant Tesco.
• The company initially distributed quarterly dividends to investors at 9%, which was later increased to 10% in 2021, despite the challenges due to the COVID-19 pandemic.
• We had engaged in negotiations with the American Commercial Real Estate Investment Fund since the beginning of Q3 2021 in relation to the exit of our investment.

CAPE TOWN: South Africa’s economic recovery-encumbered by the pandemic, riots, graft and high unemployment-will be difficult, the finance minister of the continent’s most industrialised economy warned on Wednesday. 

LONDON: As Prime Minister Boris Johnson moves to confront Moscow over its Ukraine invasion, he stands accused of leaving the financial back door wide open by ignoring a “sewer” of Russian money coursing through Britain.

ABU DHABI: The United Arab Emirates is ploughing money into drones, robots and other unmanned weaponry as autonomous warfare becomes more and more widespread – including in attacks on the Gulf country by Yemeni rebels. 

DOHA: Major gas exporting nations said yesterday they could not guarantee prices or supplies at a summit overshadowed by the worsening Ukraine crisis which has pushed costs to record highs in Europe. 

DUBAI: Passenger traffic at Dubai international airport, the world’s busiest, will not recover to pre-Covid levels before 2024, its CEO told AFP yesterday. Traffic remains “nowhere near pre-pandemic levels” despite rising to 29.1 million passengers last year, Dubai Airports chief Paul Griffiths said in an interview. 

KUWAIT: Kuwait Airways announced yesterday an expanded $6 billion deal with Airbus for 31 planes, restructuring an agreement reached in 2014. The deal comes after what the airline labelled occasionally “heated” negotiations following probes over allegations of kickbacks surrounding the initial order.

WASHINGTON: The two lifelong friends from Florida never sought the limelight, but then they built a multi-million-dollar empire selling digital art and people wanted to know who they were.