KUWAIT CITY // Kuwait's parliament yesterday approved the first draft of a law to allow the government to privatise state-owned assets, excluding those in oil production, health and education.
The proposed law was passed on a vote of 33 to 10 after a fiery debate in the national assembly. It will be amended by politicians before facing another vote in at least two weeks. The bill outlines a procedure for turning state-owned assets into private entities, with half of the shares to be owned by Kuwaitis. Abdulrahman al Anjari, an MP who supported the bill, described it as "the most important law in Kuwait's modern history".
Mr al Anjari said the rights of Kuwaiti workers in the privatised companies would be protected by clauses that would ensure they received their current salaries and benefits for four years.
He said the companies would be required to keep the same number of Kuwaiti staff that they employed before privatisation and the government would be responsible for retraining employees who have to find other jobs.
A privatisation council would be created to oversee the privatisations. The government would reserve the right to intervene in cases where privatised companies had "irregular financial activities", Mr al Anjari said.
He said the law would help to create jobs for 8,000 Kuwaiti university graduates every year and reduce the strain public wages put on the government's budget, which was "89 per cent of our oil revenue".
Mr al Anjari said oil production "will never be privatised" but refineries, petrochemical industries and oil logistics companies could be moved into the private sector with the new law. Communications, water, ports, some petrol stations and the postal service are among the first assets the government would like to privatise, he said. Trade unionists made their opposition to the new legislation known with a demonstration near the parliament yesterday morning and furious protests from the chamber's public gallery when it became apparent the bill had received the majority of votes.
Much of the opposition to the bill is from Kuwait's tribal MPs, who hold about half of the assembly's 50 elected seats.
jcalderwood@thenational.ae
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
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Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
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How it works
A $10 hand-powered LED light and battery bank
Device is operated by hand cranking it at any time during the day or night
The charge is stored inside a battery
The ratio is that for every minute you crank, it provides 10 minutes light on the brightest mode
A full hand wound charge is of 16.5minutes
This gives 1.1 hours of light on high mode or 2.5 hours of light on low mode
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The larger version costs between $18-20 and generates more than 15 hours of light with a 45-minute charge
No limit on how many times you can charge
Sleep Well Beast
The National
4AD
UAE currency: the story behind the money in your pockets
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T20 World Cup Qualifier fixtures
Tuesday, October 29
Qualifier one, 2.10pm – Netherlands v UAE
Qualifier two, 7.30pm – Namibia v Oman
Wednesday, October 30
Qualifier three, 2.10pm – Scotland v loser of qualifier one
Qualifier four, 7.30pm – Hong Kong v loser of qualifier two
Thursday, October 31
Fifth-place playoff, 2.10pm – winner of qualifier three v winner of qualifier four
Friday, November 1
Semi-final one, 2.10pm – Ireland v winner of qualifier one
Semi-final two, 7.30pm – PNG v winner of qualifier two
Saturday, November 2
Third-place playoff, 2.10pm
Final, 7.30pm
The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
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