Latest news with #Al-Ghanim
Arab Times
5 days ago
- Business
- Arab Times
Expert Urges Kuwait to Build Overseas Oil Reserves
KUWAIT CITY, July 14: As tensions between Iran and Israel have subsided and in light of the possibility of a resurgence in the future, international and geopolitical affairs researcher Abdullah Khaled Al-Ghanim stressed the need to increase Kuwait's sovereignty over energy and water resources. In an exclusive statement to the newspaper, Al-Ghanim explained that the situation between Iran and Israel is currently experiencing a period of relative stability and a temporary guarantee of navigational security in the Strait of Hormuz. 'Therefore, the opportunity now is available for Kuwait to adopt a proactive strategic approach that ensures balance between taking advantage of the safe period and preparing for emergency scenarios,' he suggested. He pointed out that this can be achieved through two parallel paths: accumulating oil reserves abroad to the maximum point that cumulative daily production can accommodate, and strengthening the sovereign reserve of consumable water. He stated that 'oil is the artery of the Kuwaiti economy; hence, any disruption in its export, even for one day, could lead to a widespread economic suffocation, which necessitates raising Kuwaiti oil stored abroad -- up to a ceiling of 450 million barrels or as much as we can. This will be used in the event of any developments in the region.' He is hoping that the oil storage will reach the equivalent of Kuwait's current daily oil production quota for half a year or less, as the higher the storage ceiling from 200 million to 450 million barrels abroad, the better prepared the country will be for the worst military scenario in the region. He explained that storing Kuwaiti oil in large quantities outside Kuwaiti borders is part of the steps to mitigate the risks associated with any emergency closure of the Strait of Hormuz. Regarding other important benefits of storing oil abroad, Al-Ghanim said that it gives Kuwait strong negotiating power in the global market, even during a crisis. 'This allows for the potential to capitalize on rising oil prices by initiating sales from external storage in the event of disruptions in Gulf energy flows to global markets. Furthermore, external storage maintains cash flow in case of temporary disruptions to local oil production infrastructure for any reason,' he elaborated. On the mechanisms by which Kuwaiti oil storage capacity abroad can be increased, Al-Ghanim stressed this can be done by expanding strategic storage contracts with partners such as South Korea, India, Japan and Oman. He also emphasized the need to expand storage and add new storage sites like Pakistan, Turkiye, Vietnam, Indonesia and China. On the importance of protecting water in case the Strait of Hormuz is exposed to any unexpected danger, Al-Ghanim asserted that 'water, before it becomes scarce, is a reserve of life that is priceless, especially since Kuwait is a desert country and pure water is a sovereign commodity that is not less important than oil, and may even precede the latter in unconventional wars. Based on the average consumption of drinking and cooking water per Kuwaiti, the country needs to import not less than nine billion liters of drinking and cooking water to cover the consumption of nearly five million people for a period ranging from six to nine months to ensure the country's protection from any interruption in desalination facilities as a result of any military developments in the region.'
Arab Times
29-06-2025
- Sport
- Arab Times
Kuwait Club continues Handball Cup dominance
KUWAIT CITY, June 29: Kuwait Club continued its stronghold on local handball by narrowly defeating Al-Qadsia 30-29 in the final of the 57th edition of the Handball Cup at Sheikh Saad Al-Abdullah Sports Complex in Sabah Al-Salem. In the third-place playoff, Al-Salmiya secured a 34-28 win over Kazma. This latest triumph marks Kuwait Club's 15th Handball Cup title and its 12th consecutive victory in the competition. The win also completes a remarkable league and cup double for the 2024-2025 season, while Kazma claimed the Super Cup. Khaled Al-Ghanim, Chairman of Kuwait Club's Board of Directors, emphasized that the championship was the result of exceptional teamwork and collective effort, which have cemented the club's prominence in the local handball scene. 'Our successes come not only from the dedication of our players and staff but also from the unwavering support of our fans—the strongest and most vital link in our journey,' he said. Al-Ghanim expressed gratitude to the Minister of Information and Culture and Minister of State for Youth Affairs, Abdulrahman Al-Mutairi, for his dedication to Kuwaiti sports and for fostering media coverage that enhances the nation's sporting achievements. He also congratulated Al-Qadsia for their spirited performance and exemplary sportsmanship during the final. He praised the Handball Association's Secretary-General, Qaid Al-Adwani, and the Board of Directors for organizing a highly successful season, noting that the intense final between Kuwait Club and Al-Qadsia was among the most competitive in recent years. Highlighting Kuwait Club's dominance, Al-Ghanim remarked that winning nearly all team sports championships this season aligns with the club's long-term ambition to consistently reach the top. Looking ahead, he revealed that the club's technical and administrative teams will convene soon to develop plans for the upcoming season, including decisions on both professional and local player lineups. Kuwait Handball Association Secretary Qaid Al-Adwani thanked the enthusiastic crowds at the final, underscoring how their presence added a special atmosphere. 'Kuwait Club and Al-Qadsia delivered a spectacular match that showcased the strength and evolution of Kuwaiti handball,' he said. Adwani also shared optimism about the 2025-2026 season, which promises to feature an even higher level of competition and innovative initiatives from the Board. The association is exploring sponsorship opportunities for the Premier League, including financial incentives for players, aimed at raising the quality and excitement of the league. Ali Al-Khader, head coach of the Al-Ameed handball team, reflected on the long and challenging season, noting it spanned from national team commitments with Haitham Al-Rashidi to the leadership of esteemed Saeed Hejazi. He highlighted the team's achievement in winning both the league and cup titles and revealed plans to participate in six local and international tournaments, with preparations set to begin in August. Abdulaziz Al-Shammari of Al-Abyad congratulated his teammates for overcoming injuries and player absences to defeat a strong Al-Qadsiya squad. He also praised the fans and club management for their vital roles in this success. Meanwhile, Kuwait Club's Hussein Al-Mutawa credited the team's excellent performance this season to the hard work of the technical and administrative staff, and the steadfast support of club management led by Khaled Al-Ghanim, who helped the team overcome challenges to secure both league and cup titles.
Arab Times
22-02-2025
- Business
- Arab Times
Experts urge action on Kuwait's growing budget deficit
KUWAIT CITY, Feb 22: Two experts have underscored the urgent need for Kuwait to expedite the implementation of economic projects to tackle its growing budget deficit. The Ministry of Finance has projected a KD 6.3 billion deficit in the upcoming budget, with oil revenue barely covering salary expenditures and non-oil revenues continuing to decline. The experts warned that Kuwait's ongoing dependence on oil revenue — a commodity subject to international price fluctuations — poses significant risks. They suggested that borrowing from abroad, following the issuance of the Public Debt Law Decree, could be a viable option; provided the funds are used effectively. Businessman and economic expert Qais Al-Ghanim agreed that utilizing public debt to finance development projects is not inherently problematic, as long as the projects generate sufficient returns to allow the government to repay the debt. He emphasized the importance of conducting thorough studies to ensure that borrowed funds are allocated wisely. He also recommended that the State evaluate its assets and consider putting them under a specialized body to improve Kuwait's credibility with international financial institutions. Both Al-Ghanim and economic expert Dr. Salah Borsali stressed the need for Kuwait to diversify its economy to reduce reliance on oil. Borsali proposed using profits from the State's trillion-dollar sovereign fund to support local projects. While recognizing that borrowing is common even in strong economies like the United States, he stressed that borrowed funds should be invested in projects that strengthen Kuwait's economic and service infrastructure. Al-Ghanim voiced concerns about the entry of foreign investments into Kuwaiti bank shares and the exit of private companies to neighboring countries. He attributed these trends to the absence of taxes in Kuwait's financial system and the lack of a favorable investment environment for the private sector. He also pointed out that banks are not providing sufficient loans for construction projects, and that private sector capital is often invested abroad due to higher returns. He suggested that raising government service fees could improve the budget, although he acknowledged that it would take time for the government to realize profits from its development projects. Borsali recommended opening the door to foreign labor in the private sector to support the execution of development projects and bolster the national economy. In general, these experts' recommendations emphasize the urgent need for Kuwait to address its financial challenges through strategic investments, a more diversified economy, and a more attractive business environment for both local and foreign investors.
Arab Times
29-01-2025
- Sport
- Arab Times
Kuwait Club extends Super Cup legacy
KUWAIT CITY, Jan 29: Chairman of the Board of Directors of the Kuwait Football Association, Sheikh Ahmad Al-Yousef, congratulated Kuwait Club on securing the Super Cup title for the eighth time in its history. He extended his best wishes to Al-Qadisiya and all other teams for success in the upcoming tournaments. Kuwait Club triumphed over Al-Qadsiya 7-6 on penalties after a 1-1 draw in a thrilling final held at Jaber Al-Ahmad International Stadium. Sheikh Al-Yousef remarked that Al-Qadsiya was the better team overall, but Kuwait Club's experience, particularly that of its professional players, was key in clinching the title." He highlighted the electric atmosphere of the match, emphasizing that the turnout exceeded 22,000 spectators. Sheikh Al-Yousef also praised the efforts of various organizing committees and the "Kuwaiti Youth" for orchestrating a successful and distinguished final. He noted that the efficiency of Kuwaiti cadres in managing the event bodes well for their role in future finals. Discussing the venue change, Sheikh Al-Yousef explained that Jaber Al-Ahmad International Stadium was chosen due to its advanced lighting facilities and greater capacity, making it a more suitable location for the final compared to Jaber Al-Mubarak Stadium. Kuwait Club President Khaled Al-Ghanim expressed his delight at his team's Super Cup victory, describing the achievement as reinforcing its status as "Leader and Super Champion." He credited the team's experience for their success and commended the players, technical staff, administrative personnel, and medical team for their collective efforts. Al-Ghanim congratulated the club's honorary president, Marzouq Al-Ghanim, and wished Al-Qadsiya's players and fans success in future competitions. "The match was challenging against Al-Qadsiya, but Kuwait Club's experience in finals played a crucial role in securing the victory, even if the performance was not at its best throughout the game," he stated. Dismissing any immediate changes to the team, Al-Ghanim affirmed that the squad, including both the technical staff and professional players, remains stable. He emphasized that Kuwait Club's performance in local tournaments continues to be strong and consistent. Adel Aqla acknowledged that Kuwait Club faced a determined opponent in Al-Qadsiya. However, he credited the team's confidence and experience in deciding the title despite their rival's advantage at times during the match. Aqla also dismissed any attempts to downplay the tournament's significance, stressing that every competition held under the Federation's umbrella holds great value. He criticized those who underestimate such achievements, reminding them of the extensive efforts made by club administrations throughout the season.
