Kuwait Says Will No Longer Hire Foreign Workers in Oil Sector

Business

June 11th, 5:23am

Kuwait - Asharq Al-Awsat

Kuwait will no longer hire foreign workers for jobs at the Kuwait Petroleum Corporation (KPC) and its subsidiaries. Asharq Al-Awsat

Minister of Oil, Acting Minister of Electricity and Water Dr. Khaled Al-Fadhel announced on Wednesday that Kuwait will no longer hire foreign workers for jobs at the Kuwait Petroleum Corporation (KPC) and its subsidiaries. The minister, addressing a parliamentary committee meeting, said non-Kuwaitis would not be hired at KPC and its subsidiary for the year 2020-2021. Third-party contracts with expatriates, through which some of them are currently employed, will be reduced, the minister added. Meanwhile, the Kuwait Banking Association said banks in the country have been instructed not to distribute cash dividends this year to preserve funds and help companies during the coronavirus pandemic. The decision was taken "to enable the banking sector to play the financial brokerage role, ensure liquidity flow and operations in various economic sectors", said a statement carried by the state-run Kuwait News Agency. “The announcement is in harmony with the criterion of Basel committee for overseeing the banking sector, adopted by the CBK [Central Bank of Kuwait] as part of the measures to cope with the coronavirus repercussions,” it said.

from Asharq AL-awsat https://english.aawsat.com/home/article/2328471/kuwait-says-will-no-longer-hire-foreign-workers-oil-sector