KUWAIT CITY: A Kuwaiti Arabic-language newspaper announced yesterday it is closing after just a few months because of the global financial crisis.
Assawt Editor in Chief Yussef Al-Sumait said in a front-page announcement the paper was forced to close because “it was a victim of the financial crisis that has battered the local economy.” But he added: “We hope the suspension will be temporary.” The paper, which started publishing in late October, will stop publishing as of today.
Sources at the newspaper said a majority stake in the publication is owned by local company Investment Dar Co., which has been facing difficulties in the past few months due to the global financial meltdown. Dar, one of the leading Islamic investment firms in the emirate, has been seeking government aid to repay hundreds of millions of dollars in debt.
