KPC: Kuwait oil price down 4 cents to USD 71.61 pb
In global markets, Brent futures decreased 75 cents to USD 66.89 pb while West Texas Intermediate went down 81 cents to USD 64.35 pb. (end) km.aai
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Arab Times
3 hours ago
- Arab Times
Lights, camera, profit: KNCC posts KD 8.7 million net profit
KUWAIT CITY, Aug 10: Kuwait National Cinema Company (KNCC) announced a net profit of KD 8.7 million (approximately USD 26.5 million) for the first half of 2025, marking a 16 percent increase compared to KD 7.5 million (USD 22.8 million) recorded in the same period last year. According to a disclosure published on the Kuwait Boursa website on Sunday, earnings per share (EPS) rose to 94.84 fils in the first half of 2025, up from 81.63 fils during the corresponding period in 2024, reflecting the same 16 percent growth. The company attributed the improved financial performance to a combination of factors, including a 3 percent increase in operating revenues, a 5 percent reduction in costs, a slight 0.4 percent rise in financing interest expenses, and a 9 percent growth in its share of results from an associate company. Founded in 1954 and publicly listed on the Kuwait Stock Exchange since 1984, KNCC has an authorized and paid-up capital of KD 10.10 million (around USD 30.8 million). The company specializes in cinema-related activities encompassing education, entertainment, and intellectual pursuits both within Kuwait and abroad. In addition to its core business, KNCC invests surplus funds in financial and real estate portfolios managed by professional firms. The company also operates and manages restaurants, cafes, and ready-made meal services. The steady growth in KNCC's financial results underscores its resilient market position and diversified business operations.
Kuwait Times
10 hours ago
- Kuwait Times
‘Partners for Yemen' conference kicks off with Kuwaiti support
KUALA LAMPUR: The second edition of the 'Partners for Yemen' conference began Saturday in Malaysia's capital, Kuala Lumpur, aiming to support education in Yemen. The event is sponsored and supported by Kuwait's International Islamic Charity Organization (IICO) alongside Kuwait's Rahma International Society. 'The people of Yemen are at the heart of our concerns,' Abdulrahman Al-Mutawa, Deputy General Manager for Projects at IICO, told KUNA on the sidelines of the conference. He emphasized that supporting education in Yemen 'is not a choice but a humanitarian duty' and an investment in Yemen's future. Al-Mutawa highlighted that IICO has worked extensively to support education especially in fragile conflict-affected areas, with Yemen being a top priority. 'Last year, our strategic initiatives led to the implementation of 126 education projects in 23 countries, in partnership with 56 local and international organizations,' he said. He added that these projects have benefited over 48,000 people, including more than 20,000 students receiving full sponsorship covering educational and developmental programs. Specifically in Yemen, IICO has carried out various education and humanitarian projects over the last five years worth nearly $11 million, collaborating with nine Yemeni organizations. These efforts have helped over 55,000 students inside Yemen and abroad. The projects include building three university colleges currently under construction, establishing and equipping 15 schools and technical institutes, implementing 27 higher education support projects, and 17 programs related to scholarships, sponsorships, and educational conferences. Al-Mutawa acknowledged that Yemen's educational needs still exceed current efforts. 'The scattered efforts need unification, coordination, and integration, which we hope this conference and real partnerships will achieve,' he said. Ghanem Al-Shaheen, Director of Programs and Projects at Rahma International, told KUNA this was the association's second time participating after the first conference in Istanbul. He noted Kuwait's charitable organizations and government institutions play a leading role in humanitarian support. 'We have contributed a lot to Yemen, especially in education, through our 'Tawasul' foundation there, which runs many educational projects in cooperation with the Yemeni International Development Agency organizing the conference,' he said. 'Kuwait, known as the 'Land of Humanity,' continues supporting humanitarian work worldwide.' Kuwait's Ambassador to Malaysia, Rashid Al-Saleh, said the conference reflects Kuwait's firm commitment to providing aid globally, especially in Yemen, which faces severe humanitarian challenges. He added that Kuwait's sponsorship and involvement in this conference demonstrate its belief in education as a pillar for community advancement. Yemen's Deputy Minister of Education Ali Al-Abab, praised the efforts of donor countries, including Kuwait, in supporting education and global humanitarian work. Al-Abab said the conference aims to mobilize funding specifically for education projects, considering education 'a key gateway to Yemen's progress and future.' He added the conference will discuss the challenges facing education and the humanitarian situation in Yemen and exchange ideas, experiences, and initiatives to confront these challenges. The opening ceremony included representatives from several regional and international institutions. Over two days, the conference sessions will address Yemen's worsening humanitarian crisis, one of the world's largest, highlighting the devastating impact of war on education, health, and the economy. Discussions will also focus on the limited international presence of Yemeni institutions, calling for new partnerships and ensuring the sustainability of humanitarian projects and efforts. — KUNA
Kuwait News Agency
20 hours ago
- Kuwait News Agency
Yemeni coffee looks to regain global presence amid resurgence efforts
News report by Sami Numan ADEN, Aug 9 (KUNA) -- A journey deep into Yemen's ancient mountains and sun-kissed slopes leads you to the southwestern Arab Peninsula nation's renowned coffee plantations, churning out an earthy and aromatic coffee that at one point dominated the international market. Often referred to as the "Mother of all Coffees," Yemen's renowned coffee beans take you on a wonderous journey through the port of Mocha, an ancient Red Sea port that had been crucial to coffee trade from the 15th to 17th centuries, where the first beans for the modern-day chocolate version variation of caffe latte were grown. At a time where the impoverished nation is mired in conflict and unrest, it is practically impossible for the government to provide updated statistics on coffee production, the last of which showed a cultivation figure of 22,000 tons across 36,000 hectares of land. Employing techniques that are in line with conventional and historic methods, Yemeni farmers cultivate coffee on steep slopes and high-altitude mountains, resulting in a natural product that is free of chemical residues, which offers a lifeline to rural families that depend on coffee cultivation for a living. In a testament to its ingenuity and quality, the Yemeni government last March had submitted a bid to nominate the country's rich coffee culture for UNESCO's Intangible Cultural Heritage of Humanity list, an ode to the world's oldest coffee origins and an effort to garner global recognition while simultaneously aiming for a global resurgence. In spite of the persistence of such efforts, restoring Yemeni coffee to the upper echelons of the international market remains a difficult task, partly thanks to the need of vigorous marketing at a time where the production of a green stimulant drug known as Qat accounts for the lion's share of the country's agricultural resources. On the factors behind the regression of Yemeni coffee, the head of a national coffee club Hashem Numaan cited various reasons, chief among them the dominance of Qat production coupled with the lack of state support, which primarily entails providing farmers with the proper agricultural infrastructure, he said. He lamented a bygone era where Yemeni coffee production was the "pulse" of the national economy, accounting for some 80 percent of national exports, however, with a sense of optimism, renewed investment can bring back Yemeni coffee to its heyday, he said. Despite a civil war that has raged on for more than decade, he clings to a glimmer of hope that Yemeni coffee can return to international prominence again, starting with putting in place the proper infrastructure for a coffee production boom, which is possible thanks to rising global demand, he told KUNA. Going far beyond the notion of a warm beverage, Yemenis view their coffee as a cultural, civil and spiritual emblem, where the state's backing along with international support, can allow Yemen to once again become a powerhouse for coffee production. (end)
