Muthanna Complex tenants face July 30 eviction deadline
The letter emphasized the necessity of vacating the entire complex, including all commercial and residential units, within a maximum period of 30 days from the date of the letter. However, legal experts confirmed that this procedure is illegal, as eviction can only be carried out following a demolition permit, with tenants granted a six-month grace period. In cases of renovations, eviction and evacuation of the leased property are not required. In a related development, the Public-Private Partnership Authority announced an invitation to submit bids for public auction No. 2/2025 concerning the modernization, development, repair, radical maintenance, management, operation, and periodic maintenance of the Muthanna Complex project.
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Kuwait Times
5 hours ago
- Kuwait Times
NBK's strong operational performance continues with robust profits: Al-Sager
Vice Chairman and Group CEO speaks on the sidelines of H1 2025 analysts' conference call KUWAIT: Isam Al-Sager, Vice Chairman and Group Chief Executive Officer of National Bank of Kuwait (NBK), stated that the Bank reported a net profit of KD 315.3 million for the first half of 2025, marking a 7.8 percent increase from KD 292.4 million in the corresponding period of 2024. Speaking on the sidelines of the analysts' conference call for the first-half 2025 results, Al-Sager highlighted that profit before tax surged by 17.0 percent year-on-year, reaching KD 401.5 million in the first six months of the year. He explained that the new tax regime weighed on profitability, with the effective tax rate rising to 16.0 percent in the first half of 2025, up from 9.2 percent in the first half of 2024. Al-Sager added that the Bank's pre-tax profit was further supported by the release of provisions for credit and impairment losses amounting to KD 10 million, compared to a charge of KD 43 million in the six-month period ended June 30, 2024. 'Our returns remained robust, with Return on Average Assets reaching (ROAA) 1.52 percent and Return on Average Equity (ROAE) standing at 15.1 percent for the period', Al-Sager said. He explained that the Bank is confident in its ability to adapt and maintain its leadership in the local market, highlighting its readiness to navigate economic headwinds and emerge even stronger, supported by its resilience, continued investment in technology and innovation, and steadfast commitment to meeting the evolving needs of its customers. Isam Al-Sager, Vice Chairman and Group Chief Executive Officer Dividend distribution policy Regarding the dividend distribution policy, Al-Sager stated that NBK's approach remains unchanged, maintaining a sustainable framework that strikes a balance between delivering attractive shareholder returns and prudently managing capital ratios. He added that the Bank continues to prioritize effective capital planning to ensure capital levels align with its future growth ambitions, an approach it has consistently upheld and will continue to follow going forward. Al-Sager stressed that the Bank remains committed to its approved dividend policy, noting that in light of the strong growth in its loan portfolio both locally and internationally, the Bank has opted to retain interim profits until year-end, with a focus on year-end final dividend distribution. This approach provides greater flexibility to capitalize on growth opportunities as they emerge throughout the year, in alignment with the Bank's strategic priorities. He pointed out that NBK's regional and international presence plays a vital role in mitigating risks, sustaining stable returns, and enhancing operational efficiency. Furthermore, he added that the Bank remains focused on leveraging cross-selling opportunities across its diverse geographical footprint. At the same time, its wealth management arm will continue to capitalize on deep expertise to deliver a comprehensive suite of portfolio management, advisory services, and investment solutions. Meanwhile, the Bank's Islamic banking services will further strengthen their local footprint while diversifying sources of profitability. Projects market momentum Al-Sager emphasized that following a strong year of project market activity in 2024, particularly in the second half of the year, the pace of activity moderated slightly during the first half of 2025. He noted that this moderation largely reflects a normalization from the elevated levels seen last year. Nonetheless, the outlook remains encouraging, supported by a pipeline of ongoing projects valued at KD 10 billion, signaling the government's continued commitment to advancing its development and reform agenda. Al-Sager affirmed the Bank's ongoing commitment to sustainability and the advancement of its sustainable finance agenda, highlighting the recent publication of its first Green Bond Allocation and Impact Report, as well as its inaugural TCFD Report. These disclosures underscore NBK's efforts to enhance transparency and accountability in its ESG and sustainable finance strategy. They also reflect the Bank's significant progress in integrating climate considerations across its operations, with a strong emphasis on portfolio diversification and climate risk management. Meanwhile, Sujit Ronghe, Group Chief Financial Officer at NBK, stated that the Group continues to demonstrate strong operational momentum, driven by robust growth in business volumes, most notably across the loan and investment portfolios. He added that the Group continues to benefit from the strength of its loan portfolio, which demonstrates high asset quality and a well-considered diversification of growth sources. Ronghe explained that key business segments made strong contributions to net profit in the first half of 2025, highlighting their effectiveness as core pillars of the Group's diversification strategy and their role in reinforcing profit resilience. He stressed that NBK Group continues to leverage its unique competitive advantages among Kuwaiti banks, particularly its broad geographic footprint and its ability to operate across both conventional and Islamic banking. Amid growing concerns over the impact of the ongoing tariff war and its implications for the global business landscape, Ronghe explained that NBK remains well-positioned to navigate this volatile environment, a testament to the strength and resilience of its diversified business model. Regarding the catalysts for loan growth during the first half of 2025, Ronghe stated that corporate credit was the primary driver, emphasizing that demand was not concentrated in any single geographic area. Instead, it was well distributed across NBK's network, including the GCC region, international markets, and Boubyan Bank.
Kuwait Times
5 hours ago
- Kuwait Times
Al-Bahar: Kuwait's operating landscape is promisingIn an interview with CNBC International
'We remain optimistic about sustained momentum into H2 2025' KUWAIT: Shaikha Al-Bahar, Deputy Group Chief Executive Officer at National Bank of Kuwait (NBK), affirmed that the Bank delivered a strong quarterly performance, recording a 24 percent increase, while profitability for the first half of the year grew by 7.8 percent year-on-year. In an interview with CNBC International, Al-Bahar noted that second-quarter profits were supported by provision recoveries and lower credit provisions, in addition to a healthy mix of interest income, which grew by 1.5 percent year-on-year, and a strong 8.9 percent increase in non-interest income. Al-Bahar pointed out that net operating income grew by 3.1 percent, as the Bank delivered solid year-on-year growth in business volume, an outcome that underscores the success of its diversification strategy. She noted that this performance was fueled by continued momentum across various business segments and the Bank's branch network, adding that the loan portfolio grew by 12.1 percent as of June 2025. Al-Bahar stated that the government has recently issued the executive regulations of the new corporate tax law, indicating its effective implementation in 2025. She explained that, as NBK Group is classified as a multinational entity under the new law, its effective tax rate rose from 9.2 percent in the first half of 2024 to 16 percent. This impact will be reflected in the Group's quarterly reports throughout the year, though its effect on full-year results is expected to fade beyond 2025. Dividend distribution Commenting on the decision to retain interim dividends, Al-Bahar said: 'NBK remains committed to rewarding its shareholders while maintaining a focus on long-term value creation. The decision to carry forward first-half profits to the end of the year and prioritize final dividend distribution was driven by the promising development opportunities across our markets, as well as the anticipated uptick in local activity. Kuwait is currently entering the execution phase of several mega projects, which will present significant opportunities for the banking sector, and for NBK in particular.' Al-Bahar added that the temporary capital ratio constraints resulting from an interim distribution would have limited the Bank's growth prospects over the course of the year. Kuwait's operating environment Responding to a question on the outlook for the operating environment in Kuwait, Al-Bahar stated that conditions remain highly favorable, with a very positive outlook for the period ahead. She added that the current economic climate presents promising opportunities for the Bank both in Kuwait and across other markets where it operates. Commenting on the impact of the new tariffs and taxes imposed by the US administration, Al-Bahar emphasized that GCC economies are closely tied to fluctuations in the oil market. Fortunately, she noted, the tariffs do not extend to oil and gas, although some price volatility may persist due to ongoing adjustments in the global economic growth outlook. Al-Bahar stressed that a prolonged decline in oil prices could pose challenges to the fiscal positions of GCC countries. However, she pointed out that most of these countries possess substantial sovereign reserves, which would significantly support the financing of major projects and business opportunities. Kuwait's economic outlook Regarding the prospects of the Kuwaiti economy, Al-Bahar reiterated her optimistic outlook, noting that the outlook remains highly positive, driven by emerging growth opportunities, steady progress in implementing strategic government plans, and strong momentum to empower the private sector. She added that the government continues to stimulate the economy, which will generate significant benefits for the banking sector. Furthermore, she explained that a near-term challenge for banking sector profitability may stem from tightening margins. Despite some liquidity declines in other markets, margins remain compressed, and the anticipated shift by the US Federal Reserve toward lower interest rates will undoubtedly place additional pressure on spreads and, consequently, profitability. That said, this impact may be mitigated by stronger economic momentum and broad-based growth across multiple sectors. She explained that NBK's regional and international growth plays a vital role in diversifying income streams and reinforcing the strength of its business operations. H2 2025 forecast Commenting on the outlook for the second half of the year, Al-Bahar emphasized that the government's approval of the Financing and Liquidity Law marks a positive step for the economy, as it supports the government's ability to implement its expansionary plans. She noted that following the law's approval, the Central Bank began issuing local debt instruments on behalf of the government amounting to KD 700 million — a move that enables the deployment of previously non-interest-bearing deposits with the Central Bank and significantly boosts the Bank's profitability. 'We look forward to continued issuances through year-end as a means to effectively deploy excess liquidity,' Al-Bahar said. 'Our optimism is further reinforced by the government's stated intention to issue between KD 3 billion and KD 6 billion in debt instruments over 2025–2026. Similarly, Kuwait Investment Authority (KIA) has issued RFPs to international parties, signaling the potential issuance of sovereign bonds worth up to $6 billion. All of this points to a wealth of promising opportunities for banks operating in Kuwait.' • We recorded substantial growth in business volumes, fueled by sustained momentum across multiple sectors and our international branch network • Our ongoing regional and international expansion continues to diversify revenue streams and reinforce the Group's operational strength • The economic outlook remains positive, supported by emerging growth opportunities and steady progress on government-led reform initiatives • We have a lucrative dividend policy - one that strikes a balance between delivering attractive returns to shareholders and managing capital ratios prudently
Arab Times
6 hours ago
- Arab Times
This Simple Change Could Cut Your Kuwait Utility Bill by 90%
KUWAIT CITY, July 24: Chair of the Technical Committee for Incentive Grants and Director of the Automated Center Department in the Customer Service Sector at the Ministry of Electricity, Water, and Renewable Energy Saud Al-Hayyan revealed that the 'Hafez' (catalyst) Conservation Program targets 180,000 citizen customers living in private and commercial housing. He said if the ministry succeeds in reducing subsidies by just half, it will achieve huge savings that can be redirected to development projects. During an introductory lecture on the Hafez Conservation Program held recently at the ministry's headquarters, Al-Hayyan explained that customers who reduce their consumption by 20 percent or less will receive a 40 percent discount on their bill. Those who save more than 25 percent on water consumption will enjoy a 50 percent discount. If customers save on both electricity and water combined, the incentive may reach up to a 90 percent discount on their bill. In cases where a renewable energy system is installed, the incentive increases to three times the usual discount. Al-Hayyan clarified that the incentive is a discount on bills, not a cash payment. This discount is applied in January or February each year after obtaining official approvals, and it will positively impact citizens' bills. He further explained that the state bears a major portion of the cost of energy and water production. While customers pay 2 fils per kilowatt-hour, the ministry covers the cost of 46 fils. The cost of producing 1,000 gallons of water is approximately KD 5, rising to KD 8 in 2024, while citizens pay only 800 fils.
