Hello,
Last year the Emir of Kuwait granted a KD 200.000 for all citizens.
There was much hue and cry about the utility of the gift. It was in probability utilized by about 90% of Kuwaitis to repay their credit card and other debts.
As they could not use it they felt that the gift was a stupid exercise. They forgot that in one shot the Emir managed to reduce about KD 90 million in loans and dues.
Well, the Emir learnt his lesson and this time there is no cash gift.
So what is the gift?
The gift is in the form of a new Bank. This Bank will be formed with a capital of KD 100 million. KIA, the investment wing of the Bank will invest 25% and the rest will be distributed amongst the citizens. So we will approximately KD 75 Million in the hand of the 1.1. million population (or slightly less if we minus the non adult citizens).
This translates into 750 shares each. At an expected price of say 350 fils each share, the gift translated into money is KD 265.000.
The Emir has killed two birds with one stone.
Infusion of KD 100 million into the economy and gift to the citizens both through this wonderful action of creating WARBA BANK, the first Islamic Bank where the entire population of a country will be share-holders.
To give you an idea of how the Government takes care of the citizens here are a few perks the citizens are entitled to:
Every child - KD 80/- till eternity.
Every marriage - KD 2000/- gift and KD 2000/- payable in installments of KD 10-20 every month.
If working in the private sector - KD 300/- maintenance allowance. KD 400/-, if married.
KD 70,000/- loan (interest free) for house or house (no one takes the house as they already live in palaces) . KD 100/- installment every month. - Till you take the loan or house KD 150/- housing allowance.
US$ 1,500 per month allowance if studying abroad.
Education free in Government schools.
Medical free.
Does anybody need to work after this?
No electricity, phone bills are paid and petrol is cheaper than water.
It is not surprising that the rest of the GCC citizens try to get Kuwaiti citizenship.
It is understood that UAE guys are even more blessed.
Does anyone have an example of better living conditions?
Best regards,
Manoj
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2 comments:
Thats why I'm proud of you guys who are making something of it. Keep repatriating with your wits as much of the petro dollars as you can back home.
Hi Sanjoy,
Yes we do get to gather the leftovers, if there is any.
Manoj
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