Latest news with #KD1.7
Zawya
21-04-2025
- Business
- Zawya
Kuwait plans nearly $6bln spend on infrastructure in 2025-26
Kuwait has allocated nearly $6 billion towards infrastructure and services projects in its 2025-2026 budget with special focus on rail, roads, water, electricity as well as the construction of the Mubarak Al Khabeer Port, said media reports. The budget includes capital spending of nearly KD1.7 billion ($5.7 billion) and more than 90 projects, reported the Arabic language daily Alqabas, citing official papers. The government has set a number of goals to be achieved through such projects in the current include increasing growth rates, expanding the private sector's role in the economy and boosting non-oil revenues, it stated. The Kuwaiti government is embarking on 90 new projects in various sectors, including roads, education, health, and infrastructure, reported Arab Times citing a senior official. "For example, two new football stadiums are being planned in the new cities in the northern parts of Kuwait, at a total cost of KD1.7 billion," he stated. While the budget is ambitious, we need projects that provide long-term benefits, help maintain our competitive edge, and create job opportunities for the estimated 25,000 new graduates entering the workforce each year, Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
21-04-2025
- Business
- Trade Arabia
Kuwait plans nearly $6bn spend on infrastructure in 2025-26
Kuwait has allocated nearly $6 billion towards infrastructure and services projects in its 2025-2026 budget with special focus on rail, roads, water, electricity as well as the construction of the Mubarak Al Khabeer Port, said media reports. The budget includes capital spending of nearly KD1.7 billion ($5.7 billion) and more than 90 projects, reported the Arabic language daily Alqabas, citing official papers. The government has set a number of goals to be achieved through such projects in the current include increasing growth rates, expanding the private sector's role in the economy and boosting non-oil revenues, it stated. The Kuwaiti government is embarking on 90 new projects in various sectors, including roads, education, health, and infrastructure, reported Arab Times citing a senior official. "For example, two new football stadiums are being planned in the new cities in the northern parts of Kuwait, at a total cost of KD1.7 billion," he stated. While the budget is ambitious, we need projects that provide long-term benefits, help maintain our competitive edge, and create job opportunities for the estimated 25,000 new graduates entering the workforce each year, he added.
Zawya
06-02-2025
- Business
- Zawya
Al-Bahar: NBK maintains a strong financial position to sustain growth into 2025
The infrastructure development agenda and project awards have accelerated as the decision-making process is simplified Our performance affirms our ability to capture growth opportunities while maintaining our high asset quality and healthy capitalization levels Ms. Shaikha Al-Bahar, Deputy Group CEO at National Bank of Kuwait (NBK) mentioned that despite the spark of geopolitical tensions, its negative consequences on the business environment and the downside cycle of interest rates, the bank managed to sustain profit trends across different business lines in 2024. In an interview of CNBC International, Al-Bahar added, 'Our resilience against challenges testifies the success of our diverse strategic initiatives in creating value to customers, communities and stakeholders alike.' Government agenda priorities Al-Bahar went on to say that on the legislative front, developments on long-awaited laws are progressing with expectations of their passing in the near future. 'On the debt law front, it remains a top priority on the government's agenda given the ever-increasing level of public spending, volatile oil revenues, and efforts to elevate sovereign ratings.' 'The government seeks to promote FDIs through increasing investment opportunities in the field of renewable energy, infrastructure, tourism and technology, as well as increasing non-oil revenues to contribute initially to 10% of total revenues; with efforts to increase this contribution to higher levels in line with GCC peers through revisions of taxes and fees frameworks and diversifying income and limiting spending and injecting government investments in the domestic economy.' 'With regards to mortgages, we witnessed some adjustments to the underlying laws for housing as an instance, which shall facilitate in part the passing of the mortgage law. Overall and in the presence of such developments, we are becoming more and more optimistic with regards to the passing of key laws including the mortgage and debt law soon as the government is clearly pushing towards structural reforms,' she added. Strong year for project awards On the pickup in development project market, Al-Bahar commented, 'Project awards positive momentum in 2024 continued in each quarter. 'The government also recently announced the inclusion of more than 100 projects in the 2025-2026 budget, covering the state's needs in various sectors at a cost of KD1.7 billion,' she explained. Innovation and excellence Al-Bahar mentioned that NBK constantly strives for excellence and innovation in all products and services provided to customers as the cornerstones of its success. 'We will continue demonstrating agility and resilience in navigating the evolving economic landscape and seizing emerging opportunities with cutting-edge technologies and data-driven strategies,' she said. 'In Kuwait, on the retail front, we will continue with improving our digital offerings towards targeting various client segments and boosting customer satisfaction.' 'With the domestic corporate banking landscape poised to improve on the back of projects activity momentum, we will focus on capturing growth opportunities including enhanced services through a customer-centric approach. Beyond borders, our international banking group will continue to expand in key markets, optimizing costs and leveraging technology to enhance operational efficiency in addition to exploring opportunities in sustainable finance,' she explained 'Likewise, as we continue to stand-out in building a wealth management powerhouse, NBK Wealth aims to broaden reach by presence and advisory and investment offerings to enrich client experience.' High adaptability Al-Bahar emphasized that NBK's adaptable business model will operationally benefit the bank in diversifying revenue streams, focus on core banking activities and mitigate risks when it comes to facing global and regional challenges. 'Our ability to adjust to changing economic conditions is demonstrated through the execution of our strategic investments and diversification of our strategy, reflecting our high asset quality, ample liquidity and a historically strong balance sheet.' 'With our global presence across 13 markets, we stood resilient in the face of challenges and the modest domestic growth and are well positioned to build on our diverse strategic agenda during 2025,' she affirmed.
