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Kuwaiti Firm Wins a $490 Million Appeal

Kuwait's Agility announces a court ruling to compensate one of its subsidiaries (Asharq Al-Awsat)
Kuwait's Agility announces a court ruling to compensate one of its subsidiaries (Asharq Al-Awsat)
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Kuwaiti Firm Wins a $490 Million Appeal

Kuwait's Agility announces a court ruling to compensate one of its subsidiaries (Asharq Al-Awsat)
Kuwait's Agility announces a court ruling to compensate one of its subsidiaries (Asharq Al-Awsat)

The Kurdistan Regional Government (KRG) must pay $490 million (149.4 million Kuwaiti dinar) to Agility Public Warehousing Company as compensation, Kuwait's Agility said in a press release on Wednesday.

According to a court's ruling, the respondent must pay the appellant the amount of the loan and seven percent interest since September 11, 2007.

A lawsuit was filed by Alcazar Capital Partners, a subsidiary of Kuwait's Agility, on the grounds that on 11 September, the Kurdistan Regional Government of Iraq sent the company a letter of guarantee for a loan amounting to $250 million plus interest of seven percent.

Alcazar lent Korek Telecom this loan in order to enable it to pay the second installment of the price of its national mobile phone license covering Iraqi territory, for use as indicated in the guarantee.

As part of the guarantee offered by the Kurdistan Regional Government in Iraq, Alcazar Capital Partners has the right to file a claim against the Kurdistan Regional Government of Iraq independently.

For this reason, Alcazar has requested the involvement of the experts department at the Ministry of Justice in order to assign one of its specialized experts to review the case's file and its documents, and to issue a report on the amount AlCazar Capital Partners is owed from the Kurdistan Regional Government.

The sums include both the principal sum of the loan and the interest accrued at the interest rate determined in the guarantee, from the date of granting the loan and the guarantee to the date of payment, as well as the fees, expenses, and legal fees.

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Egypt’s Tourism Minister: We’ve Agreed on Future Initiatives with Saudi Arabia

A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
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Egypt’s Tourism Minister: We’ve Agreed on Future Initiatives with Saudi Arabia

A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)

Egyptian Tourism Minister Sherif Fathy told Asharq Al-Awsat that he and Saudi Tourism Minister Ahmed Al-Khateeb have agreed to collaborate on several tourism initiatives.

These include joint marketing efforts, shared tourism programs, environmental protection measures, and promoting specific types of tourism in the Red Sea.

Fathy recently visited Riyadh, where he met with Al-Khateeb and engaged with Saudi business leaders. They discussed ways to promote tourism between their countries and increase visitor exchanges.

During his visit to the United Nations World Tourism Organization (UNWTO) regional office in Riyadh, Fathy stated that the office’s presence in Saudi Arabia enhances the organization’s work in the region and improves communication with other countries.

He confirmed that they plan to develop and implement the agreed initiatives in the near future.

Fathy highlighted that the Middle East is a key player in global tourism and deserves a dedicated office to support all countries in the region. This effort aims to boost collaboration and promote the Middle East as a top destination for travelers.

Tourism, National Economy: A Path to Sustainable Growth

Samer Al-Kharashi, Director of the UNWTO regional office for the Middle East, stated that the office supports 13 countries in the region, with Egypt being a key member.

He highlighted that the recent visit by Egypt’s Minister of Tourism and Antiquities, who serves as Vice President of the regional committee, creates opportunities for collaboration.

This partnership aims to boost tourism’s role in the national economy, create jobs, and promote sustainable practices that protect the environment.

Speaking to Asharq Al-Awsat, Al-Kharashi emphasized the potential for cooperation with Egypt, which has a rich tourism history and many ancient sites. He noted that the regional office has the expertise to assist member countries.

Al-Kharashi expressed optimism about the discussions, which covered various opportunities for joint projects that would benefit both Egypt and the wider region.

Strengthening Bilateral Relations

Fathy’s visit to the UNWTO regional office aims to enhance bilateral relations, as Cairo actively seeks to develop its tourism sector through international collaboration.

During their meeting, Fathy and Al-Kharashi addressed key issues facing Egypt’s tourism sector, including challenges and growth opportunities. They explored future cooperation, particularly in tourism training, improving services, and increasing investments.

Egypt ranks first in Africa, fifth in the Middle East, and 63rd globally on the Travel and Tourism Development Index.

The UNWTO regional office in Riyadh is the first of its kind outside the organization’s headquarters, dedicated to supporting member states in the Middle East.

The office focuses on promoting tourism education, improving infrastructure, and fostering sustainable tourism while preserving the region’s cultural and environmental heritage.