Kuwait Airways starts self-service check-in at T4 terminal
The company will release an explanatory video to guide passengers on using the new service with ease and convenience. He affirmed Kuwait Airways' commitment to enhancing the travel experience by meeting passengers' needs from the moment they enter the terminal, ensuring smooth procedures, boarding, and access to top-quality services. Captain Al-Faqan stressed that Kuwait Airways spares no effort in providing comfort to its customers by pursuing a strategy focused on achieving the highest service standards and expanding its network with new and diverse destinations and services. It is worth highlighting that Kuwait Airways operates a modern fleet consisting of the latest Boeing and Airbus aircraft models, equipped with advanced technologies that meet the highest international aviation standards. The fleet offers state-of-the-art entertainment systems and ergonomically designed seats to ensure maximum passenger comfort. The company also employs a select team of highly qualified technical specialists, according to the highest industry standards
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Kuwait Times
8 hours ago
- Kuwait Times
KFH holds H1 2025 earnings webcast
KUWAIT: Kuwait Finance House (KFH) held the earnings webcast for highlighting the Group's financial performance and results during H1 2025. The webcast was attended by KFH Group Chief Executive Officer, Khaled Al-Shamlan, Group Chief Strategy Officer, Eng Fahad Al-Mukhaizeem, and Acting Group Chief Financial Officer and General Manager Investments, Planning and Reporting, Yameen Abdulsattar. Group CEO Khaled Al-Shamlan KFH Group Chief Executive Officer Khaled Al-Shamlan commenced the meeting by shedding light on the Bank's financial performance for H1-2025. He said that KFH has reported a net profit to the shareholders of KD 342.1 million for H1 2025. Earnings per share reached 19.23 fils for H1 2025. Net financing income for H1 2025 reached KD 607.3 million, reflecting a growth of 8.7 percent compared to the same period last year. Total operating income also saw a significant rise, reaching KD 876 million, with an increase of 6.4 percent compared to H1 2024. Additionally, Net operating income for the first half of the year reached KD 566.7 million; an increase of 7.9 percent compared to the same period last year. The cost-to-income ratio for H1 2025 improved to 35.3 percent compared to 36.2 percent for the same period last year. Financing receivables at the end of the first half of 2025 reached KD 20.4 billion, an increase of 7.1 percent compared to the end of last year. Total assets at the end of the first half of 2025 amounted to KD 38.5 billion, an increase of 4.9 percent compared to the end of last year. Shareholders' equity increased to reach KD 5.6 billion, and depositors' accounts totaled KD 19.7 billion an increase of 2.7 percent compared to the end of last year. The capital adequacy ratio remained strong at 18.01 percent, well above regulatory requirements, emphasizing the strength of KFH financial position. Al-Shamlan added: 'KFH continues to lead the banking sector and the Kuwaiti market in profitability. We are proud of this achievement since it comes despite the challenging operating environment and geopolitical tension in the region. Our success stems from carefully implemented plans that ensure sustainable profits and maintain the highest financial indicators, while upholding a solid financial position and performance.' KFH is consistently enhancing its operational efficiency, increasing revenues, and optimizing its capabilities in line with global standards. This approach will improve asset quality, enhance risk management, and help the bank rationalize expenses. Al-Shamlan mentioned: 'A key focus area has been enhancing integration across our Group banks. The KFH Group Service Center, which currently provides centralized support for our operations in Turkey and Egypt, has been instrumental in driving operational efficiencies and improving customer service. We plan to expand this model to additional markets in the near future, creating further synergies across our network.' He pointed out that KFH brand unification strategy reached an important milestone with the successful rebranding of Ahli United Bank - Bahrain as Kuwait Finance House-Bahrain. This move complements a series of achievements realized under the new brand identity 'Beyond Horizons' across the Bank's major markets, including Kuwait, the United Kingdom and Egypt. This initiative is part of KFH's expansion strategy as a global leader in Islamic banking. This launch marks the beginning of a new chapter of integration and excellence in banking services. In the domestic market, Al-Shamlan said that KFH continues to play a leading role in financing Kuwait's economic development. Its diverse Sharia-compliant financing solutions support projects across all sectors, from large infrastructure developments to SME growth initiatives. The Bank maintain its position as the preferred partner for major syndicated financing deals, leveraging its expertise in structuring innovative Islamic financing solutions. He emphasized that digital innovation continues to be a key differentiator for KFH. The launch of 'Fahad', Kuwait's first AI-powered virtual banking assistant, represents a significant milestone in KFH digital transformation journey. Additionally, KFH greatly enhanced KFHOnline app, which now offers customers access to over 200 digital banking services, one of the most comprehensive digital offerings in the region. Al-Shamlan concluded: 'Looking ahead, we remain focused on executing our strategy of sustainable growth through synergies, AI Driven digital innovation, and value creation for all our stakeholders, especially our customers. Our strong financial position, diversified business model, and talented team position us well to capitalize on emerging opportunities while navigating potential challenges in the economic environment.' Group Chief Strategy Officer Fahad Al-Mukhaizeem Meanwhile, KFH Group Chief Strategy Officer Fahad Al-Mukhaizeem shared insights into Kuwait's economic landscape and KFH's strategic progress during the first half of the year. He said: 'Global real GDP growth is forecasted to reach 2.8 percent in 2025, down from prior estimates of 3.3 percent, with a modest recovery to 3.0 percent expected in 2026. This slowdown reflects rising trade tensions, policy uncertainty, and geopolitical risks affecting major economies like the US and China. Al-Mukhaizeem added: 'Kuwait's economy remains robust, with real GDP growth projected at 1.9 percent in 2025, rebounding from a 2.8 percent contraction in 2024. This growth is driven by increased oil production and steady non-oil sector expansion, supported by diversification efforts and growing private sector participation. Stable sovereign credit ratings of A+ by (S&P), A1 by (Moody's), and AA- by (Fitch Ratings), underscore confidence in Kuwait's fiscal and institutional strength. He mentioned that Kuwait's project market excelled in H1 2025, with awarded contracts surging 37.5 percent year-on-year to $3.3 billion, driven by increased investments in key sectors such as transport, power, and a revival in upstream oil projects. This momentum is expected to continue in H2 2025, as the government advances strategic projects aligned with Kuwait Vision 2035. Several high-value tenders in oil projects are in progress and anticipated to be awarded. Al-Mukhaizeem pointed out: 'The annual Inflation Rate eased to almost 2.3 percent in June 2025 down from average of 2.9 percent in 2024, reflecting the Central Bank of Kuwait's prudent monetary policy. The Central Bank of Kuwait 'CBK' has maintained the discount rate at 4 percent, unchanged since September 2024, ensuring a balanced approach to economic stability.' He affirmed that Kuwait's banking sector remains strong, underpinned by robust regulation and ample liquidity. KFH delivered exceptional financial results in H1 2025, driven by its diversified business model. With solid capital, innovative digital capabilities, and an expanding regional presence, KFH is well positioned to support Kuwait's long-term economic vision while reinforcing its leadership in Islamic banking. On the innovation and technology front, KFH is dedicated to adopting innovative fintech solutions to enhance operational efficiency and customer experience. The Group is strongly committed to fostering synergy across its international branches, prioritizing seamless integration, knowledge sharing, and unified strategies to drive operational excellence and reinforce its global network. KFH continues to expand its global Sharia-compliant banking footprint, capitalizing on its regional presence post-acquisition, and seizing strategic opportunities to enhance its presence in key markets and solidify its status as a leading international Islamic financial institution. 'With the Central Bank of Kuwait issuing a draft regulatory framework for open banking, KFH is well positioned, given its digital track record and market leadership, building on its success of offering innovative services and seamless digital onboarding platforms,' commented Al-Mukhaizeem. From a legislative standpoint, the implementation of the Real Estate Developer Law is expected to boost private sector involvement in housing and infrastructure and help ease the housing backlog, while the proposed Mortgage Law is expected to streamline property processes and expand access to long-term, Sharia-compliant housing finance. These reforms foster a transparent and inclusive development model. Al-Mukhaizeem further noted: 'Kuwait's capital market sustained strong momentum in H1 2025, with the market capitalization of all listed companies in Boursa Kuwait increasing 23.2 percent year-on-year to KD 50.5 billion and traded volume recording 25.2 billion shares in Q2 2025 nearly doubling vs Q2 2024. KFH, the largest listed company, saw its market capitalization grow by nearly 23 percent to KD 14.4 billion, reflecting strong investor confidence in its strategy and performance. Acting Group CFO and GM Investments, Planning and Reporting Yameen Abdulsattar Acting Chief Financial Officer and General Manager Investments, Planning and Reporting at KFH Group, Yameen Abdulsattar said that the Group has achieved Net Profit After Tax attributable to Shareholders for the six months ended June 30, 2025 of KD 342.1 million higher by 0.3 percent compared to H1 2024. He noted that increase in net profit after tax attributable to shareholders is mainly from increase in total operating income and a decrease in net monetary loss, which is partly offset by increase in operating expenses, provision charge and taxes. Net financing income at KD 607.3 million increased by KD 48.5 million, or 8.7 percent compared to same period last year mainly due to increase in financing income by KD 47.3 million and decrease in finance cost and distribution to depositors by KD 1.3 million. Net Operating income at KD 566.7 million increased by KD 41.3 million, or 7.9 percent compared to same period last year. Looking at the total operating income profile, contribution of net financing income to total operating income increased from 67.86 percent in H1 2024 to 69.33 percent in H1 2025 mainly driven by an increase in net financing income. Cost to income ratio for H1 2025 improved, representing 35.30 percent compared to 36.19 percent for H1 2024. Looking at provisions and impairments, Group total impairment charge increased by KD 7.5 million compared to H1 2024. KFH's cautious approach towards provisioning has contributed to financing provision balance exceeding ECL required as per CBK IFRS 9 by KD 494 million as of June 30, 2025. On the financial position front, Abdulsattar added that Total Assets at KD 38.5 billion increased by KD 1.8 billion, or 4.9 percent in June 2025 compared to December 2024. Net financing receivables at KD 20.4 billion increased by KD 1.4 billion, or 7.1 percent compared to December 2024, mainly on account of increase in corporate portfolio. Deposits for H1 2025 at KD 19.7 billion have increased by KD 510 million, or 2.7 percent compared to December 2024, mainly due to increase in CASA deposits. Looking at the funding mix, contribution of customer deposits to total funding as of June 30, 2025 is 64.6 percent followed by due to banks and FI at 30.5 percent. These results reflected growth across all key financial indicators during the period.
Kuwait Times
8 hours ago
- Kuwait Times
Cabinet reviews planned Mabarak Hospital upgrade, Ahmadi project
Communication Minister notes Kuwait tops global tech index for second year KUWAIT: The Kuwaiti Cabinet on Tuesday discussed key plans by the Ministry of Health to convert the Ahmadi health zone into a fully integrated medical city and expand Mubarak Al-Kabeer Hospital, raising its operational efficiency as part of a broader push to improve the country's healthcare system. During its weekly meeting at Bayan Palace, chaired by Prime Minister Sheikh Ahmad Al-Abdullah Al-Ahmad Al-Sabah, the Cabinet reviewed a detailed presentation by Health Minister Dr Ahmad Al-Awadhi and senior ministry officials outlining the ministry's future strategy. According to Deputy Prime Minister and Minister of State for Cabinet Affairs Shereeda Abdullah Al-Mousherji, the presentation covered 'the transformation of the Ahmadi health area into a comprehensive medical city and the expansion and operational enhancement of Mubarak Al-Kabeer Hospital,' along with ongoing efforts to recruit medical and technical personnel and address administrative and technical challenges. Dr Al-Awadhi emphasized the ministry's commitment to 'continuing the implementation of its strategic plan in partnership with relevant stakeholders to ensure the delivery of advanced and sustainable healthcare services.' The Cabinet praised the minister, his leadership team, and ministry staff for their efforts to improve service quality across hospitals and clinics, saying these steps reflect Kuwait's growing strength in the medical field. ICT milestone The Cabinet also took note of an Amiri decree (No. 149 of 2025) accepting the resignation of Finance Minister and Minister of State for Economic Affairs and Investment Noura Al-Fassam, and a second decree (No. 150 of 2025) appointing Dr Sabeeh Al-Mukhaizeem as Acting Minister in those roles in addition to his current post as Minister of Electricity, Water, and Renewable Energy. In response, the Cabinet expressed its 'deep appreciation' to Al-Fassam for her dedicated service and wished her continued health and well-being. In another presentation, Minister of State for Communications Affairs Omar Al-Omar and officials from the Central Agency for Information Technology showcased Kuwait's performance in global telecommunications and IT indices. Al-Omar highlighted that Kuwait ranked first globally in the ICT Development Index (IDI) for 2024, issued by the International Telecommunication Union—for the second year running. He said the achievement reflects Kuwait's strong digital infrastructure and leadership in adopting modern technologies. The Cabinet commended Al-Omar and relevant government bodies for driving forward the country's digital strategy, aiming to secure a 'progressive and sustainable digital future.' — KUNA
Arab Times
11 hours ago
- Arab Times
The compassionate captain of Kuwait Airways
I did not expect to return to writing about Kuwait Airways so soon, but a message from a reader of my recent article in the Arab Times, along with an interview I came across with a former Kuwait Airways captain, compelled me to revisit the topic. The reader, a European, wrote, 'I read your article about Kuwait Airways in The Arab Times and appreciated its insight. I especially enjoyed the story about the dead horse. Your words resonated with me as both a regular flyer and someone working in aviation. 'I wanted to share this thought - We must learn from the experiences of other Gulf Cooperation Council countries. 'Their companies generate high profits and operate with clear efficiency. I work closely with them, and all have professional CEOs and management teams with extensive airline industry experience, drawn from a range of international backgrounds. 'The truth is that few industries are as global and professionally demanding as aviation, so airline management must be global in both mindset and expertise. 'I understand this may conflict with the goals of 'Kuwaitization,' but if the government wants to stop subsidizing a loss-making national carrier, while other Gulf airlines thrive, earn billions in profits, build strong reputations, and operate from world-class airports, then the only viable solution is to place the airline in the hands of professionals who adhere strictly to sound business rules.' I replied by saying I understood his perspective, and that I had previously advised more than one Kuwait Airways CEO to seek government approval to amend the regulations that prohibit hiring highly qualified foreign experts, even temporarily, until a capable Kuwaiti CEO can be trained to take over and manage the company efficiently before the foreign expert's contract ends. This is exactly what Kuwaiti banks did, and I personally witnessed both the foreign expertise phase and the rise of national talent. In the early days, most bank leadership teams were American, British, or French. But over time, and through proper training, dozens of outstanding Kuwaiti professionals emerged, including figures like Yousef Al-Awadhi, Yousef Al-Hussaini, Abdullah Al-Sumait, Adel Al-Majed, Imad Al-Saqr, Walid Mandani, and others. I apologize to those I may have unintentionally omitted. --- On another note, I recently listened to a podcast interview with a former Kuwait Airways captain. When asked by the host about the reasons behind the national carrier's decline in performance compared to other Gulf airlines, he responded without hesitation by explaining that he had served as a pilot at Kuwait Airways for 42 years, and described the company as one filled with compassion, warmth, and generosity. He emphasized that Kuwait Airways is not a profit-driven entity, but rather a service-oriented one. As an example, he pointed to the airline's humanitarian role during emergencies and natural disasters in various countries, where Kuwaiti citizens were stranded. In such cases, Kuwait Airways stepped in to rescue and return them home free of charge. He concluded by saying that Kuwait Airways is the best airline in the Gulf and proudly noted that it maintains a spotless safety record, unlike some of its regional counterparts. The captain either forgot or chose to overlook that his remarks amounted to an implicit criticism of the reputation and safety records of other Gulf airlines. By doing so, he suggested they lacked the 'love, compassion, and generosity' that Kuwait Airways reportedly shows, including failing to rescue their stranded citizens abroad. Moreover, his comparison of Kuwait Airways' safety record with those of other Gulf carriers was flawed, as if implying negligence on their part. This comparison is unfair and unrealistic. Naturally, there will be differences in performance and safety between an airline operating 20 or 30 aircraft and those managing fleets of hundreds. Kuwait Airways is our national carrier, and we all hope it achieves the highest standards. To do so, it needs to be privatized or at least granted its board of directors greater autonomy to hire international experts to manage the airline, without unnecessary interference by the relevant minister.
