Day: 23 April 2024

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OAPEC 25th oil, gas conference addresses accelerating developments


KUWAIT, Chief of Organization of Arab Petroleum Exporting Countries, Jamal Al-Loughani, stated that the 25th conference on the fundamentals of the oil and gas industry addresses the accelerating developments in the field through directly and indirectly related issues.

Al-Loughani, inaugurating the conference on Tuesday, mentioned that it aims to highlight industry fundamentals and its various dimensions, sharpen employee skillsets as well as provide opportunities for participants’ to strengthen professional relations.

The conference lectures’ will be given out specialists from OAPEC, Kuwaiti Ministry of Oil, Arab Energy Fund and Kuwait Institute for Scientific Research (KISR).

The three-day conference will provide an overview of the organization, as well as 11 lectures addressing, in a simplified manner, all administrative and technical topics concerning field employees.

The conference’s first axis handles pre-production stage, while the second revolves around economic dimension of energy.

The third axis
explores climate change negotiations and the fourth centers around role of media and its influence on the market.

The biennial conference, since its launch in 1976, has had the support and interest of OAPEC’s ministerial council and its executive office.

Source: Kuwait News Agency

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Kuwait’s KIPCO eyes investment boom amid expansion plans


KUWAIT, Kuwait Projects Company (KIPCO) plans to focus on investment growth as the cornerstone of its future plans and endeavors, the chief executive of the country’s largest listed investment firm Sheikha Adana Al-Sabah said on Tuesday.

KIPCO is hard at work in its efforts to keep investment growth steady and perpetual, the official said as she outlined some of the company’s most recent accomplishments, saying the company’s future plans will revolve around policies that promote “innovative investment.” On revenue growth, she said the process has been on an upward trajectory thanks in part to key mergers and other similar business decisions that allowed KIPCO’s net asset value to reach KD 603 million (USD 1.9 billion).

She went on to cite a 52 percent stake in Burgan Bank Turkiye, which was sold to KIPCO subsidiary, Al Rawabi United Holding, as among the shrewd and notable business practices undertaken last year.

Source: Kuwait News Agency

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NBK reports KD 146.6 mln in 1Q net profits


KUWAIT, National Bank of Kuwait (NBK) has reported a net profit of KD 146.6 million (USD 476.8 million) in the first quarter of 2024, compared to KD 134.2 million (USD 436.6 million) for the corresponding period in 2023, improving by 9.2 percent year-on-year.

Total assets as of the end of March 2024 grew by 5.1 percent year-on-year to reach KD 38.3 billion (USD 124.7 billion), whereas total loans and advances increased by 5.7 percent year-on-year to KD 22.4 billion (USD 72.8 billion), the bank said in a press release.

ShareholdersÂ’ equity reached KD 3.8 billion (USD 12.3 billion), growing by 7.9 percent year-on-year, it added.

Commenting on the BankÂ’s 1Q2024 financial results, NBK Group Chairman Hamad Al-Bahar said: “In the first quarter of 2024, we recorded robust profits, showcasing our commitment to delivering long-term sustainable value to our customers, community, and shareholders.” “Kuwait’s economy displays resilience and stability, firmly rooted in robust foundations. We expect an uptick in activ
ity within Kuwait’s operational scene throughout 2024, resulting in increased project awards and reinforcing trust in the country’s business landscape,” Al-Bahar added.

“In spite of the recent escalation in geopolitical tensions in the region, we continue to focus on advancing our operations in the markets we serve while closely monitoring the repercussions on the operating environment in the region,” Al-Bahar explained.

Meanwhile, NBK Group Vice Chairman and CEO Isam J. Al-Sager said: “We have had a strong beginning to 2024, with our business segments maintaining momentum throughout the quarter. This underscores the benefits of our strategic investments and diversified business portfolio.” Al-Sager highlighted the Bank’s robust performance, citing strong revenue and profit growth. He noted that the operational momentum from 2023 carried forward into the current period, resulting in another quarter of strong profits fueled by growth across all business sectors.

“The Group’s net operating income increased b
y 11.2 percent year-on-year, reaching KD 309.0 million (USD 1.0 billion). This increase was fueled by improved revenues across various business sectors, reflecting the diverse and multiple sources of income within the Group,” Al-Sager added.

Al-Sager stressed that the domestic political environment witnessed some recent instability in the form of changes in parliament and government.

Source: Kuwait News Agency

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Two Malaysian Navy helicopters collide, 10 killed


KUALA LUMPUR, Two Malaysian navy helicopters collided mid-air, killing all 10 crew members, in Lumut in Malaysia’s western state of Perak, on Tuesday.

In a press statement, Malaysian Minister of Defense Khaled Nordin explained that the tragic incident occurred during the third routine training session at the Royal Malaysian Navy base in Lumut.

Nordin asked the public to respect the privacy of the deceased’s families, not to share the 21-second video of the incident that had gone viral on social media platforms, and not to obstruct the on-going investigation.

He added that a preliminary report of the investigation on the incident is set to be released until further information comes to light.

Source: Kuwait News Agency

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GCC commerce officials meet in Doha to discuss trade, investment coop


DOHA, Undersecretaries of the ministries of commerce of the GCC member countries convened their 58th meeting in Doha on Tuesday to prepare for the 66th ministerial meeting of the committee on trade cooperation.

The delegation of the State of Kuwait is led by Undersecretary of the Ministry of Commerce and Industry Zyad Al-Najem.

The preparatory meeting focused on the plan to set up an ad hoc committee on investment and the trade legislations in the GCC, including the law on consumer protection and the regulation of competition.

Undersecretary of the Qatari Ministry of Commerce and Industry Mohammad Al-Maleli, the chair of the meeting, said the conferees continue the efforts to promote GCC joint action and realize the common aspirations for economic development.

He thanked the Sultanate of Oman for the efforts it made while chairing the GCC committees on trade and industry cooperation in the last year which led to fruitful results.

The meeting reviewed the blueprint of a framework of GCC e-trade code and G
CC franchise code.

The blueprint will be tabled to the 66th meeting of the committee on trade cooperation, to be held in Doha this May, for endorsement by the ministers of commerce and industry.

Today’s meeting also discussed the progress made by the committees on small and medium-sized enterprises (SMEs) and entrepreneurship, domestic trade and foreign trade, as well as the latest developments of the free trade talks region regional blocs.

Meanwhile, undersecretaries of the GCC ministries of commerce convened their 44th meeting to prepare for the 52nd ministerial meeting of the committee on industrial cooperation.

The State of Kuwait was represented by acting Director General of the Public Authority for Industry Mohammad Al-Adwani.

Source: Kuwait News Agency

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Kuwait’s Amir arrives in Jordan on state visit


AMMAN, His Highness the Amir Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah and an official delegation accompanying him arrived on Tuesday in Jordan on a state visit.

His Highness the Amir was received by Jordanian King Abdullah II and the Crown Prince Al-Hussein bin Abdullah.

His Highness the Amir was accompanied by an official delegation that included the Minister of Finance, the Minister of State for Economic Affairs and Investment, Anwar Ali Al-Mudhaf, the Minister of Foreign Affairs, Abdullah Ali Al-Yahya, and senior officials in the Amiri Diwan.

Source: Kuwait News Agency

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UK provides USD 620 mln worth of military support to Ukraine


LONDON, Prime Minister of the UK Rishi Sunak, announced on Tuesday that the UK has supplied Ukraine with 500 million Pound Sterling (around USD 620 million) in immediate financing of Ukraine’s military.

The PM’s office said in a statement, Sunak and Ukraine’s President Volodymyr Zelensky engaged in a phone call, where they discussed how this financial support will reinforce all aspects of Ukraine’s military capabilities, the UK has spent 3 billion Pound Sterling (USD 3,72 billion) so far this year in financial support of the Ukrainian military.

Sunak added that the UK’s Ministry of Defence will also provide Ukraine with an aid package consisting of 60 boats, 400 vehicles, and more than 1600 missiles.

Zelensky, on his part, expressed his gratitude towards the UK for their continued support saying, “the new military assistance would make a material difference to ordinary Ukrainians fighting on the frontline to defend their country”.

Source: Kuwait News Agency

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Arab human rights cmte chief slams “double standards” amid Gaza violence


CAIRO, The chief of a pan-Arab human rights committee condemned on Tuesday what he called the “double standards” of the international community in dealing with the worsening humanitarian situation in the Gaza Strip.

The international human rights system has been “shaken to its core” at the double standards of the international community given the “mass genocide” unfolding in the Palestinian enclave of Gaza, which includes impediments to aid delivery for the Palestinians, Talal Al-Mutairi told pan-Arab human rights committee talks in the Egyptian capital.

The Kuwaiti diplomat castigated Israeli occupation forces for “persistent transgressions” that aim to alter the “demographic landscape” of the Palestinian enclave, while simultaneously lashing out at the United Nations for not recognizing a Palestinian state through membership.

Given the existential conditions, Arab nations are left with no choice but to “work hand in hand,” citing Bahrain and Egypt as countries whose human rights systems are tantamount to
success stories given the institutionalized reforms seen in Manama and Cairo.

Some two decades after the Arab human rights charter, which has been approved by some 18 countries, was introduced, the Kuwaiti diplomat hailed it as a testament to the region’s “unwavering commitment” to the principle of human rights, which represents a pillar of democracy and stability, he underlined.

Source: Kuwait News Agency