Tag Archives | Kuwait

CBL unfreezes $100m at French Bank

By John Lee. The Central Bank of Libya (CBL) has announced that a French court has ruled in its favour in a case which would see the release of a $100-million loan owed to the bank. The assets were held by Credit Agricole, and were frozen at the request of Al-Kharafi Group, which is owned […]

French Court 'Unfreezes' Gaddafi’s Plane

A French court has lifted a freeze order on Muammar Gaddafi’s personal plane, following a bitter battle between a Kuwaiti conglomerate and the Libyan government. Kuwait’s Al-Kharafi group had the luxuriously-appointed Airbus A340 seized at Perpignan airport amid a near billion-euro claim related to a contract to build a beach resort in Libya. A lawyer for […]

French Court Case over Gaddafi's Jet

A luxury jet used by former Libyan dictator Muammar Gaddafi's has become the subject of a court battle between a creditor and a Libyan Kuwaiti government agency. According to a report from MidiLibre/Scoop, the Airbus A340, now stationed in Perpignan, France, was repaired by a subcontractor of Air France, the company EAS Services in Perpignan, […]

Zain Group Seeks Opportunities in Libya

The head of Kuwait-based telecommunications company Zain Group has said he continues to seek opportunities in Libya. In an interview with Arabic TV business channel CNBC Arabiya, CEO Scott Gegenheimer (pictured) said: "... we recently applied for the management contract for one of the mobile operators in Libya, though unfortunately the award process was suspended. […]

MIH Considers Fundraising for Libya Projects

Bloomberg reports that Malta-based developer Mediterranean Investments Holding is considering a 100 million-euro ($132 million) share sale in London to fund home-building in Libya. The company, set up in 2006 as a joint venture between the Corinthia Group of Malta and the National Real Estate Company of Kuwait, has purchased land in the northwestern town of […]

Kuwait's Zain Eyes Libyan Growth

Zain, Kuwait's biggest telecommunications provider, is planning to push ahead with plans to enter the Libyan market. Board member Bader Nasser Al-Kharafi (pictured) told Arabian Business: “We were targeting Libya and they stopped the process there but Libya is one of the countries we would like to be in.” Government-controlled Libyan Post Telecommunication and Information […]

Kuwaiti Group wins $930m from Libya

The largest private business in Kuwait has reportedly won $930-million in damages from Libya for former leader Muammar Gaddafi's cancelling of the construction of a vacation resort. M. A. Kharafi and Sons (MAK Group), owned by one of Kuwait's biggest merchant families, won the award in arbitration proceedings via the Arab League. The Kuwaiti group […]

Kuwait's Zain Eyes Libyan Telco Market

Kuwaiti telecom operator Zain is keen on entering Libya's market, the former monopoly's chairman said on Sunday. Group chairman Asaad Ahmed al-Banwan (pictured) told reporters outside the company's annual shareholder meeting on Sunday: "We have a study for Libya, we are considering the Libya market at the moment." Libya's telecom sector is run as a […]