CABINET APPROVES KAC PRIVATIZATION
Kuwait Times
January 26, 2010
KUWAIT: The cabinet, in its weekly meeting late Sunday, tentatively
decided to privatize the national airlines, the Kuwait Airways
Corporation. The government, during a marathon session, reviewed
results of assessment of condition of the KAC on the basis of studies,
conducted by specialized international consultancy agencies.
Managing Director of the Public Investment Authority Dr Bader Mohammad
Al-Saad, with presence of the executive manager of the general reserves
department, Bader Ajeel Al-Ajeel, and the advisor of this sector,
Nouri Al-Salem, presented the executives with the adopted assessment
methods and the attained results, on the basis of the tasking that
had been granted to these consultancy houses.
Moreover, necessary steps for the implementation of the law number 6
of 2008 regarding the transformation of the KAC into a shareholding
company were reviewed during the session.
Furthermore, the government discussed a recommendation by the committee
of economic affairs regarding the privatization of the airways
corporation, and tentatively approved a cabinet draft resolution with
respect of the issuance of rules and executive measures of the law
number 6 of 2008.
The council also tasked the PIA to complete legal procedures to
transform the corporation into a shareholding Kuwaiti company under
the name, the Kuwaiti Airways Corporation, so it may undertake its
tasks according to the mentioned law.
The cabinet also welcomed the return of His Highness Sheikh Salem
Al-Ali Al-Sabah, Head of the National Guards, to Kuwait next Wednesday,
while approving a bill on draft budgets of ministries and government
departments for FY 2010-11. The cabinet, chaired by His Highness the
Prime Minister Sheikh Nasser Mohammad Al-Ahmad Al-Sabah, welcomed
the return of Sheikh Salem following his long treatment journey. The
cabinet hoped Sheikh Salem would enjoy lasting health under the
leadership of His Highness the Amir and His Highness the Crown Prince,
minister of state for cabinet affairs Roudhan Al-Roudhan said in a
statement after the meeting.
He said finance undersecretary Khalifa Hamada, his assistant
Abdulwahhab Al-Muzaini and senior officials briefed the cabinet about
the 2010-11 draft budget, including the projected oil and non-oil
revenues. They have also noted how the draft budget would tackle
structural irregularities in the national economy, said Al-Roudhan
who added that the cabinet approved draft budgets of ministries and
government departments. A bill was referred to His Highness the Amir.
The cabinet, meanwhile, took note of a letter sent by UN Secretary
General Ban ki-moon to the Amir including the UN’s efforts to banning
and regulating the excessive force of conventional weapons.
The cabinet approved a draft law on cultural, educational and
scientific agreement between Kuwait and Spain, and referred it to the
Amir, said Al-Roudhan. The government also approved bills concerning
agreement on preventing double taxation and evasion of income tax and
capital with Benin, double taxation prevention and evasion of income
tax agreement with the Philippines, a double taxation prevention
and evasion on income tax agreement with Mexico, in addition to an
agreement to preventing double taxation and income tax and capital
evasion with Armenia.
The cabinet, on the other hand, approved a KD 4 million donation
from Sheikh Mansour Mubarak Al-Abdullah Al-Jaber Al-Sabah to build a
hospital specifically designed to treat mentally-disabled people. The
cabinet also tentatively decided to privatize the national airlines,
the Kuwait Airways Corporation. The government, during a marathon
session, reviewed results of assessment of condition of the KAC
on the basis of studies, conducted by specialized international
consultancy agencies.
Managing Director of the Public Investment Authority Dr Bader Mohammad
Al-Saad, with presence of the executive manager of the general reserves
department, Bader Ajeel Al-Ajeel, and the advisor of this sector,
Nouri Al-Salem, presented the executives with the adopted assessment
methods and the attained results, on the basis of the tasking that
had been granted to these consultancy houses.
Moreover, necessary steps for the implementation of the law number 6
of 2008 regarding the transformation of the KAC into a shareholding
company were reviewed during the marathon session.
Furthermore, the government discussed a recommendation by the committee
of economic affairs regarding the privatization of the airways
corporation, and tentatively approved a cabinet draft resolution with
respect of the issuance of rules and executive measures of the law
number 6 of 2008. The council also tasked the PIA to complete legal
procedures to transform the corporation into a shareholding Kuwaiti
company under the name, the Kuwaiti Airways Corporation, so it may
undertake its tasks according to the mentioned law. — KUNA
From: Emil Lazarian | Ararat NewsPress
