Sheikh Sabah confirmed Kuwait ’s emir
Posted: 30 January 2006
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High revenue and a new emir greet Kuwait this Islamic New Year.
 Revenues of Kuwait soared by 53 per cent to $34.5 billion in the first nine months of the current fiscal year, propelled by high oil prices, an economic report said. Oil income totalled $32.7 billion, Bahrain dailies report.
Al Shall Economic Consultants, quoting finance ministry figures, said revenues were 120 per cent more than the budget forecast of $15.7 billion for the whole year.
The oil income had been calculated at a conservative price of $21 a barrel, while average price of Kuwaiti crude has topped $50. Last week, the price hit an all-time high of more than $58.
Yesterday, Kuwait parliament confirms Sheikh Sabah as emir. Parliament deposed ailing emir Sheikh Saad al-Abdulla al-Sabah on Tuesday and the cabinet nominated Sheikh Sabah, the prime minister, to succeed him, ending a crisis that began when Saad became emir on Jan. 15 after his cousin's death.
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