Latest news with #Al-Salmi
Arab Times
2 days ago
- General
- Arab Times
Kuwait oil tanker rescues 40 refugees stranded in the Mediterranean
KUWAIT CITY, June 12: In a remarkable humanitarian effort, the Kuwaiti oil tanker Al-Dasma, owned by the Kuwait Oil Tanker Company (KOTC), successfully rescued 40 refugees stranded at sea after their vessel broke down in the Mediterranean. The refugees, who had been left without food or water, were located and brought to safety during Al-Dasma's voyage to Egypt. In a statement to the Kuwait News Agency (KUNA) on Thursday, KOTC confirmed that the rescue operation reflects Kuwait's steadfast commitment to international maritime principles and highlights its longstanding dedication to humanitarian causes. According to the company, the incident took place Tuesday evening, when Al-Dasma's crew spotted the distressed vessel while en route to Port Said. Coordinating swiftly with the Egyptian Search and Rescue Authority and the KOTC operations office, the tanker changed course to render assistance. The crew provided the stranded individuals with water, food, and temporary shelter. Upon arrival at Port Said, the rescued refugees were handed over to the appropriate Egyptian authorities on Thursday, following all necessary procedures in accordance with international maritime and humanitarian laws. KOTC noted that this was not the first time its fleet had participated in a life-saving mission. In a similar incident in 2014, the crude oil tanker Al-Salmi rescued a group of refugees off the coast of Italy — an operation that drew widespread international praise and was recognized by the International Maritime Organization (IMO). The company emphasized that safety at sea and the protection of the marine environment are core priorities in its operational strategy. It stressed that humanitarian efforts such as these reflect its dedication to integrating moral and ethical values into its commercial operations, reinforcing its leadership in the maritime transport industry. The Al-Dasma rescue mission, the statement added, serves as tangible proof of the company's ability to balance operational efficiency with humanitarian responsibility. It is also a reflection of the State of Kuwait's broader commitment to placing human dignity and life at the center of its global engagements, whether through its maritime fleet or developmental initiatives. 'Saving lives at sea is not only a legal obligation but also a moral duty,' the company stated. 'It represents the deeply rooted humanitarian values that define the State of Kuwait.'
Arab Times
2 days ago
- General
- Arab Times
Kuwaiti oil tanker rescues 40 refugees stranded in the Mediterranean
KUWAIT CITY, June 12: In a remarkable humanitarian effort, the Kuwaiti oil tanker Al-Dasma, owned by the Kuwait Oil Tanker Company (KOTC), successfully rescued 40 refugees stranded at sea after their vessel broke down in the Mediterranean. The refugees, who had been left without food or water, were located and brought to safety during Al-Dasma's voyage to Egypt. In a statement to the Kuwait News Agency (KUNA) on Thursday, KOTC confirmed that the rescue operation reflects Kuwait's steadfast commitment to international maritime principles and highlights its longstanding dedication to humanitarian causes. According to the company, the incident took place Tuesday evening, when Al-Dasma's crew spotted the distressed vessel while en route to Port Said. Coordinating swiftly with the Egyptian Search and Rescue Authority and the KOTC operations office, the tanker changed course to render assistance. The crew provided the stranded individuals with water, food, and temporary shelter. Upon arrival at Port Said, the rescued refugees were handed over to the appropriate Egyptian authorities on Thursday, following all necessary procedures in accordance with international maritime and humanitarian laws. KOTC noted that this was not the first time its fleet had participated in a life-saving mission. In a similar incident in 2014, the crude oil tanker Al-Salmi rescued a group of refugees off the coast of Italy — an operation that drew widespread international praise and was recognized by the International Maritime Organization (IMO). The company emphasized that safety at sea and the protection of the marine environment are core priorities in its operational strategy. It stressed that humanitarian efforts such as these reflect its dedication to integrating moral and ethical values into its commercial operations, reinforcing its leadership in the maritime transport industry. The Al-Dasma rescue mission, the statement added, serves as tangible proof of the company's ability to balance operational efficiency with humanitarian responsibility. It is also a reflection of the State of Kuwait's broader commitment to placing human dignity and life at the center of its global engagements, whether through its maritime fleet or developmental initiatives. 'Saving lives at sea is not only a legal obligation but also a moral duty,' the company stated. 'It represents the deeply rooted humanitarian values that define the State of Kuwait.'
Arab News
25-02-2025
- Business
- Arab News
Oman and Palestine strengthen financial ties with stock exchange deal
RIYADH: Muscat and Palestine's stock exchanges have signed a cooperation agreement to enhance financial integration, facilitate cross-border investments, and bolster market access. The memorandum of cooperation between the Muscat Stock Exchange and the Palestine Exchange outlines a framework for information sharing, dual listings, and broker participation, Oman News Agency reported. The initiative is expected to strengthen both markets by improving operational efficiency and aligning financial disclosure practices with international standards. While Oman-Palestine trade remains relatively small, the agreement reflects broader regional trends. As of 2023, Oman's exports to Palestine totaled approximately $10.59 million, while imports stood at $145,770, according to the UN COMTRADE database. The pact comes amid a record year for Arab stock markets, with Gulf Cooperation Council exchanges witnessing the highest initial public offering volumes on record in 2024 — 53 listings across the region, according to PwC's latest market review. The agreement was signed by Haitham bin Salem Al-Salmi, the CEO of Muscat Stock Exchange, and Nihad Kamal, the director general of Palestine Exchange. The two sides emphasized the importance of the memorandum as a key milestone in enhancing financial integration between Arab stock exchanges and improving financial services in both markets. They also highlighted the need to develop advisory services and offer specialized training programs for stock exchange employees and investors, thereby increasing knowledge of financial markets and trading mechanisms. Additional collaboration will focus on governance and sustainability, as well as initiatives to improve financial literacy through educational and cultural programs. Earlier this month, during a panel discussion at the Capital Markets Forum in Riyadh, Al-Salmi said Oman is working to elevate its market to Emerging Market status and is implementing various initiatives as part of Vision 2040. He added that the exchange has begun aligning its market infrastructure with the required standards to enhance accessibility and attractiveness. Al-Salmi also said that in 2024, Oman's exchange was highly active in boosting liquidity and market capitalization, adding the exchange had two listings, one of which was the country's largest IPO, adding $8 billion to the market. Founded in 1995, PEX has been key to promoting investment in Palestine. It became a publicly traded company in 2010, making it the second Arab stock exchange fully privately owned. As of 2024, it lists 49 companies with a market cap of $4.3 billion but has been hit hard by the war in Gaza and West Bank restrictions. PEX reported a 59 percent drop in net profit for 2024, down to $336,667 from $829,762 in 2023. Trading value fell 50 percent to $164 million, while the Al-Quds Index dropped 90 points or 15 percent. In a press release earlier this month, Chairman Samir Hulileh attributed the losses to the ongoing conflict in Gaza and restrictions in the West Bank, citing a 28 percent economic contraction and a rise in unemployment to 51 percent. Despite these setbacks, PEX remains listed in global financial indices, including FTSE Global, Morgan Stanley, and Standard & Poor's Frontier Markets. The exchange aims to enhance financial disclosure, improve governance standards, and promote sustainability under the new partnership with MSX.
