Kuwait opens shrimp fishing season in economic zone
In a statement issued by the Authority, Al-Hai explained that the decision aims to support the sustainability of fish stocks and ensure the availability of shrimp in the local market following the end of the seasonal fishing ban. He urged all fishermen and stakeholders to strictly follow the relevant laws and regulations to protect the country's marine resources.
Al-Hai also noted that shrimp fishing in Kuwait's territorial waters will be permitted starting September 1st, but only by trawling with eco-friendly 'Kofa' nets — a method designed to minimize environmental impact.
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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.
