Kuwait stresses green economy and carbon goals at SCO Energy Ministers' meeting
Counselor Abdulaziz Al-Dakhil, representing the Kuwaiti Embassy at the conference, reaffirmed Kuwait's full support for the SCO's objectives, especially under China's rotating presidency for 2024 and 2025, designated as the 'Year of Sustainable Development.' He noted that this initiative highlights a collective regional commitment to addressing climate change, ensuring energy security, and transitioning towards a green economy.
Al-Dakhil emphasized Kuwait's active role as a dialogue partner within the SCO, strengthening cooperation in energy transition and environmental sustainability. He underscored the strategic Kuwaiti-Chinese partnership in the energy sector, marked notably by a memorandum of understanding signed in July 2024 between Kuwait's Ministry of Electricity, Water and Renewable Energy, China's SPIC Corporation, and the National Energy Administration. The agreement focuses on renewable energy, technical cooperation to meet peak demand, and clean energy infrastructure planning.
Highlighting the significance of this partnership, Al-Dakhil mentioned the visit of a high-level Chinese delegation to Kuwait's Shagaya Renewable Energy Complex in May, reflecting mutual dedication to expanding collaborative efforts.
He further explained that Kuwait's initiatives align with the SCO's energy strategy up to 2030, adopted at the 2024 energy ministers' meeting in Astana. Kuwait's advancements in clean energy serve as a valuable model for exchange among SCO members, particularly in renewable energy projects, capacity building, and smart city planning.
Concluding his remarks, Al-Dakhil acknowledged the challenges on the path to carbon neutrality but highlighted the vast opportunities for cooperation and innovation. He affirmed Kuwait's ongoing commitment to building a sustainable, integrated future through its regional and international partnerships.
Kuwait's participation at the SCO conference demonstrates its strategic focus on deepening international collaborations in clean energy and environmental innovation, reinforcing its role as a key dialogue partner within major regional organizations, and advancing its national carbon neutrality goals.
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Arab Times
a few seconds ago
- Arab Times
Kuwait Hotels, cafes brace for visitor influx
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Kuwait Times
an hour ago
- Kuwait Times
Egypt Kuwait Holding revenues surge 32% during H1 2025 to $397 million
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On a quarterly basis, revenues rose 75 percent y-o-y and 18 percent q-o-q to $215 million in Q2 2025, translating into net profit more than doubling y-o-y and rising 57 percent q-o-q to $62 million, supported by solid operational performance and portfolio optimization efforts. Commenting on the Group's Performance, Loay Jassim Al-Kharafi, Chairman of Egypt Kuwait Holding (EKH), expressed his satisfaction with the progress achieved in executing the Group's strategy, which focuses on diversifying its portfolio across sectors and geographies, while rebalancing its asset base to simplify the balance sheet, unlock value, and ensure resilience and sustainable growth. He highlighted that the Group launched commercial operations in the Kingdom of Saudi Arabia, supplying natural gas to industrial clients in Dammam Industrial City 3, a rapidly developing hub. This achievement represents a milestone in the Group's journey, positioning EKH as a contributor to the Kingdom's Vision 2030 industrial development agenda. Al-Kharafi further noted that the Group continues to advance its new clean energy project in the United Kingdom, which represents a compelling investment opportunity that will generate foreign currency revenues while enhancing the Group's ability to scale its investment activities into new global markets over the long term. He also emphasized the significant progress made in implementing the Group's exit strategy from Delta Insurance, where the process is progressing as planned and is expected to close in 2H25, pending the necessary regulatory approvals. Al-Kharafi also noted that the Group continues to advance its corporate identity transformation, with the Board having resolved to call for a General Assembly to vote on changing the company's name to 'Valmore Holding'. This new identity builds on EKH's legacy of success while aligning the Group's positioning with its future growth strategy and international expansion plans, reflecting its ambition to transform into a global investment company. He concluded by affirming that EKH will continue to strengthen its portfolio, ensure sustainable value creation, maximize shareholder returns, and unlock long-term growth opportunities across its platform Commenting on the Group's Performance, Jon Rokk, CEO of Egypt Kuwait Holding (EKH), expressed his pride in the strong results achieved by the Group in the first half of 2025, supported by exceptional operational performance, notable growth across key subsidiaries, and tangible progress in implementing strategic objectives. Rokk confirmed that despite the operational challenges faced by AlexFert, which included a temporary suspension of feedstock supplies during Q2 and its impact on utilization rates, the company succeeded in growing both revenues and net profit to surpass last year's levels. Sprea Misr also delivered a notable performance, with revenues increasing 21 percent in USD terms during y-o-y H1 2025, in line with management's strategy to expand market share. At the same time, Nilewood produced its first MDF board in June, with final commissioning works nearing completion in preparation for the full commercial launch in 4Q25. He added that NatEnergy continued to expand gas connection services within its concession areas, achieving sustained growth and underscoring management's focus on margin-accretive activities. Meanwhile, ONS recorded revenue growth of 9 percent y-o-y in 1H25, supported by higher production from the two newly commissioned wells. Rokk highlighted the clear progress made in portfolio optimization plans. The signing of the agreement to manage the divestment of Delta Insurance, followed by the subsequent offer submitted by Wafa Assurance, represented important milestones in the program. In addition, the Group successfully divested Shield Gas in the UAE during Q1 2025, along with other investment exits in Q2 2025, generating proceeds of $35 million during H1 2025. He reaffirmed the Group's continued commitment to executing its strategy, strengthening its investment portfolio and balance sheet, and creating sustainable value: Fertilizers - AlexFert AlexFert recorded revenues of $118 million in H1 2025, up 11 percent y-o-y, driven by the increase in global urea prices, which averaged $396/ton vs $333/ton in H1 2024, reflecting a 19 percent y-o-y increase. Gross profit and EBITDA margins expanded by 2pp y-o-y in H1 2025 to 40 percent and 47 percent, respectively. Net profit came in at $40 million, with net profit margin expanding by 2pp y-o-y to reach 34 percent in H1 2025. AlexFert is expected to deliver a solid operational trajectory, with management demonstrating agility in addressing feedstock supply challenges. The financial outlook remains positive, supported by a favorable pricing environment, with export urea prices surpassing $400/ton in June and further rising to $476/ton in July. Petrochemicals - Sprea Misr Sprea Misr reported revenues of $90 million in H1 2025, up 21 percent y-o-y, driven by higher sales volumes in line with management's strategy to grow market share. Gross profit margin landed at 21 percent. While EBITDA margins stood at 20 percent. Net profit came in at $18 million, with a net profit margin of 20 percent. Sprea's medium-term outlook remains favorable, supported by stable local prices at current levels, as well as increasing demand from the recovery in construction activity. 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This is further complemented by management's ongoing execution of a revenue diversification strategy and continued cost optimization initiatives. Utilities & related activities - Kahraba Kahraba's revenues recorded notable growth in H1 2025, supported by strong momentum in its electricity distribution business, with distribution volumes rising 40 percent y-o-y. Gross profit and EBITDA margins came in at 17 percent and 19 percent, respectively. Net profit reached $3 million in H1 2025, reflecting a net profit margin of 11 percent. Kahraba is moving forward with its expansion plans, including investment in a second substation within its 10th of Ramadan concession area to meet rising electricity demand driven by accelerating industrial activity. In addition, management continues to explore potential strategic concession acquisitions in 10th of Ramadan and other high-potential areas. Oil & gas - ONS The North Sinai Offshore Concession recorded revenues of $31 million in H1 2025, up 9 percent y-o-y, while maintaining strong profitability with gross profit and EBITDA margins of 54 percent and 82 percent, respectively. Net profit came in at $15 million in 1H25, reflecting a healthy net profit margin of 49 percent. The outlook for ONS remains positive in 2025, supported by stable production volumes from recently commissioned wells and ongoing efforts to enhance operational efficiency. In addition, the company will continue to benefit from the 10-year extension of its Concession Agreement, as well as the awarding of the strategically located Fayrouz Onshore Concession, which offers low tie-in costs, rapid monetization potential, and supports long-term operational sustainability and profitability. Non-banking financial services & other diversified sectors The diversified segment reported revenues of $97 million in H1 2025, supported by a number of factors, including the divestment of Shield Gas and other investment exits as part of management's ongoing portfolio optimization efforts aimed at simplifying the balance sheet. Mohandes Insurance delivered net profit growth of 21 percent y-o-y, reflecting the promising fundamentals of Egypt's insurance sector. Meanwhile, Bedayti posted net profit attributable to equity holders of EGP 42 million in H1 2025, up 42 percent y-o-y, demonstrating sustained growth within this fast-expanding sector despite elevated interest rates. Egypt Kuwait Holding (EKH), established in 1997 with an issued and paid-in capital of $296 million, is dual-listed on both Boursa Kuwait and the Egyptian Exchange. The company is one of the Middle East's leading and fastest-growing investment entities, with a diversified investment portfolio spanning five key sectors: fertilizers and petrochemicals, gas distribution, power generation and distribution, insurance, and non-banking financial services.
Arab Times
7 hours ago
- Arab Times
KRCS chairman: Humanitarian work is a core Kuwaiti value
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