Today in Kuwait's History : 23/03/2018

KUWAIT, March 23 (KUNA)

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1921 -- Sheikh Ahmad Al-Jaber Al-Mubarak Al-Sabah was proclaimed Kuwait's 10th ruler. He was renowned for piety, modesty and fairness. On December 23rd, 1934, Sheikh Ahmad Al-Jaber signed a document intended to boost Kuwait's wealth and international status: the first Kuwait Oil Concession Agreement was awarded to Kuwait Oil Company Limited. Kuwait Oil Company, Ltd. was formed by the Gulf Oil Corporation (presently Chevron Oil) and the Anglo-Persian Oil Company (presently British Petroleum). His era also witnessed noticeable development of democracy; when the first Shura council was formed, followed by the first and second legislative councils. Sheikh Ahmad Al-Jaber was called "His Highness the Great Amir." His ruling lasted for 29 years. He passed away on January 29, 1950.
1953 -- Crude oil starts flowing from Wafra well at a rate of 420.2 barrels per day. Wafra was within the concessions of the American energy company, Amenico.
1977 -- The Amir Sheikh Sabah Al-Salem Al-Sabah issues Decree-into-Law granting a license to the Ministry of Awqaf (endowments) and Islamic Affairs, the Ministry of Justice (the minors' affairs department) and the Ministry of Finance to establish a shareholding company, named Kuwait Finance House, with a capital amounting to KD 10 million.
1980 -- The State of Kuwait joins the United Nations Relief and Rehabilitation Administration (UNRRA).
1991 -- Kuwait hosts the 12th summit of the Gulf Cooperation Council, and the GCC states extended congratulations on the restoration of legitimacy after the liberation of Kuwait from the Iraqi occupation.
2002 -- The Amir Sheikh Jaber Al-Ahmad Al-Sabah inaugurates the seventh international globalization conference.
2003 -- Kuwaiti Embassy in Tripoli was attacked by Libyan demonstrators. Kuwait held Libyan authorities responsible for the incident and called for immediate investigation and an official apology.
2004 -- Kuwait signs a treaty stipulating establishment of a regional bureau of the United Nations Human Settlements Programme, UN-HABITAT, in the country.
2008 -- Central Bank of Kuwait conducts basic modifications to instructions of consumer and installed loans, stipulating cut of the profit margin above the discount rate, limiting monthly installment to 40 percent of the net salaries for employees and 30 percent for retirees, with a fixed interest to be revised every five years.
2011 -- His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah inaugurates Sheikh Mubarak Al-Kabeer "shack" (that was his work place at the time) and the Islamic pharmacy.
2014 -- Kuwaiti musician Abdulhameed Al-Sayed passes away. The musician was considered a pioneer of Khaliji music.
2015 -- Kuwait Fund for Arab Economic Development signs a USD-five-million loan agreement with Nepal to fund irrigation project. (end) gta