Technology

Kuwaits parliament gave initial approval to a much-delayed privatisation bill allowing the sale of some state-owned entities, including some downstream assets in the countrys energy sector. Kuwaits oil and gas fields are off-limits to foreign investment and would remain so, the countrys Deputy Prime Minister for Economic Affairs Sheikh Ahmad Al Fahad Al Sabah said. It was unclear which assets may be up for privatisation. Several lawmakers opposed the inclusion of any energy assets in the bill, which they say should remain under the governments control to avoid corruption.

Bahrain has emerged as a globally competitive economy, said American Chamber of Commerce in Bahrain president Adel Al Safar. He was speaking as an AmCham Bahrain delegation wrapped up a business development mission organised by the National US-Arab Chamber of Commerce (NUSACC) in Washington. The delegation took part in activities in support of US-Bahrain trade and investment and a reception hosted by Bahrains Ambassador to the US Huda Nonoo.

Iran is planning to boost the volume of trade exchanges with Bahrain to top US$5 billion annually. "We are keen to remove all obstacles impeding Bahraini businessmen in their relations with Iran," Iranian First Deputy Presidents assistant Dr Ali Agha Mohammadi said.

Trade Bank of Iraq (TBI) has doubled the maximum value of Letters of Credit it allocates to the private banking sector in Iraq. Last year alone, 945 Letters of Credit were allocated to private banks, at a value of approximately US$500mn. The total number allocated to private banks by TBI is 2,446, at a value of about US$3 billion.