Latest news with #Kuwait
Zawya
5 hours ago
- Business
- Zawya
Kuwait oil price down 15 cents to $70.86 pb -KPC
KUWAIT -- Price of Kuwaiti oil dropped by 15 cents, reaching US 70.86 per barrel in Wednesday's trading, down from USD 71.01 per barrel on Tuesday, according to the Kuwait Petroleum Corporation on Thursday. Globally, price of Brent crude dropped by 8 cents to USD 68.51 pb, while West Texas Intermediate crude fell by 6 cents to USD 65.25 pb. All KUNA right are reserved © 2022. Provided by SyndiGate Media Inc. (
Zawya
9 hours ago
- Business
- Zawya
Kuwait: Renewable energy lights up South Abdullah Al-Mubarak streets
KUWAIT CITY - The Public Authority for Housing Welfare (PAHW) has officially commenced the operation of street lighting in the South Abdullah Al-Mubarak suburb, marking a milestone in its adoption of sustainable infrastructure. In a press statement issued Wednesday, the authority confirmed that this project represents the first of its kind across its portfolio to utilize renewable energy sources for street lighting. This shift reflects the Housing Authority's broader commitment to promoting energy conservation and sustainable practices within residential developments. The authority emphasized its dedication to rationalizing energy consumption through the integration of smart technologies — whether in road lighting systems or through the development of intelligent public buildings within its housing projects. Furthermore, the statement noted that the institution is currently overseeing the construction and implementation of 31 public buildings in South Abdullah Al-Mubarak. In addition, work is ongoing on 186 buildings in various other residential areas as part of its continued efforts to develop modern, eco-conscious urban infrastructure. This initiative underscores Kuwait's strategic push toward embracing renewable energy and enhancing energy efficiency in line with its national development goals.
Al Bawaba
10 hours ago
- Business
- Al Bawaba
KIB Group reports net profit of KD 14.8 million for H1 of 2025
Sheikh Mohammed Jarrah Al-Sabah, Chairman of Kuwait International Bank (KIB), announced the Group's financial results for the first half (H1) ended 30 June 2025. KIB Group achieved net profit attributable to shareholders amounting to KD 14.8 million, compared to KD 12 million in H1 2024, reflecting a growth of 23%. Earnings per share (EPS) stood at 7.11 fils, compared to 5.70 fils for the same period last year. Total operating income was almost KD 46.3 million, registering a growth of 10% compared to the first half of 2024. Commenting on the latest financial results, Al-Jarrah emphasized that this outstanding performance marks a starting point towards achieving the Bank's ambitious goals under its new five-year strategy, which aims to strengthen its position in the banking sector through continued innovation in services and products, expansion of the operational base, and a focus on delivering added value to both shareholders and also affirmed that KIB is focused on developing digital banking solutions to provide customers with a seamless and innovative banking experience. This goes hand in hand with expanding the customer base and targeting new segments, while placing emphasis on sustainability and social responsibility as integral components of the Bank's comprehensive growth strategy, ensuring strong and sustainable long-term the Bank's financial statements for the first half of 2025, Al-Jarrah stated that KIB's total assets grew by 20% to reach KD 4.19 billion, compared to KD 3.50 billion as of 30 June 2024. This growth was driven by an increase in the financing portfolio, which rose by 23% or KD 572 million as of end of June 2025 to reach KD 3.09 billion, compared to KD 2.52 billion for the same period of 2024. Meanwhile, its investment and high-quality Sukuk portfolio grew by KD 117 million, reaching almost KD 522 million as of end of June 2025, compared to KD 405 million as of 30 June Al-Jarrah stated that the Bank places strong emphasis on human capital by attracting and developing talent and grooming future leaders, in parallel with its firm commitment to social his part, Raed Jawad Bukhamseen, Vice Chairman and CEO of KIB, expressed his pride in KIB's performance during the first half of 2025, noting that the bank have strong capital base, and improvement in assets quality and profitability along with balanced growth in financing and deposits, reflecting successful implementation of the strategy and improvement in sustainable performance added that KIB is making strides in strengthening its institutional foundation and developing a more flexible business model that can adapt to market dynamics, ensuring an effective response to customer needs and ongoing developments in the banking sector. He emphasized that KIB places customer experience at the core of its priorities and plays an active role in delivering value by adopting a customer-centric approach and striving for operational excellence. He also noted that the Bank is intensifying its efforts to support the local and national economy, as well as the wider community, through strategic social responsibility initiatives grounded in inclusion and provided a detailed overview of the key financial results for the first half of 2025 compared to the same period of last year, where fees and commission income, reaching KD 9.3 million compared to KD 7.8 million in the previous period, reflecting a growth rate of 20%. The Bank also recorded an increase in investment income, reaching KD 2.9 million compared to KD 1.9 million in the previous period, reflecting a growth rate of 51%. This contributed to a rise in total operating income, which reached almost KD 46.3 million, marking a growth of 10%.Regarding the Bank's financial position, Bukhamseen said that KIB's customers' deposits grew by 34% to reach KD 2.84 billion as of 30 June 2025 compared to KD 2.12 billion as of 30 June 2024. In addition, the total shareholders equity grew 6% to reach KD 358 million as of 30 June 2025 compared to KD 336 million for the same period of last year. He noted that KIB continues to maintain high levels of total capital adequacy ratio, in accordance with Basel III instructions, of 21.96% at of 30 June a related context, Bukhamseen emphasized KIB's strong commitment to its social role, reaffirming its continued support for the 'Let's Be Aware' (Diraya) banking awareness campaign for the fifth consecutive year. This commitment to the initiative, launched by the Central Bank of Kuwait in collaboration with the Kuwait Banking Association and local banks, is an integral part of the Bank's strategy to foster a more financially aware and educated society, thereby contributing to economic stability and supporting comprehensive development efforts in Kuwait. In their concluding remarks, Al-Jarrah and Bukhamseen expressed their appreciation to the Central Bank of Kuwait for its exceptional regulatory and supervisory roles, as well as its consistent support. They also expressed their gratitude to the Capital Markets Authority for its supportive role in fostering an attractive and competitive investment environment in Kuwait. In addition, they praised the tireless efforts of all KIB teams, highlighting their contributions to achieving these results. They also expressed their profound appreciation to the Board of Directors and Executive Management for their ongoing support and wise guidance, which have been crucial in enhancing KIB's financial standing and meeting all environmental, social, and corporate governance (ESG) requirements.
Zawya
a day ago
- Business
- Zawya
KIB Group reports net profit of KD 14.8mln for H1 of 2025
Kuwait: Sheikh Mohammed Jarrah Al-Sabah, Chairman of Kuwait International Bank (KIB), announced the Group's financial results for the first half (H1) ended 30 June 2025. KIB Group achieved net profit attributable to shareholders amounting to KD 14.8 million, compared to KD 12 million in H1 2024, reflecting a growth of 23%. Earnings per share (EPS) stood at 7.11 fils, compared to 5.70 fils for the same period last year. Total operating income was almost KD 46.3 million, registering a growth of 10% compared to the first half of 2024. Commenting on the latest financial results, Al-Jarrah emphasized that this outstanding performance marks a starting point towards achieving the Bank's ambitious goals under its new five-year strategy, which aims to strengthen its position in the banking sector through continued innovation in services and products, expansion of the operational base, and a focus on delivering added value to both shareholders and customers. Al-Jarrah also affirmed that KIB is focused on developing digital banking solutions to provide customers with a seamless and innovative banking experience. This goes hand in hand with expanding the customer base and targeting new segments, while placing emphasis on sustainability and social responsibility as integral components of the Bank's comprehensive growth strategy, ensuring strong and sustainable long-term returns. Regarding the Bank's financial statements for the first half of 2025, Al-Jarrah stated that KIB's total assets grew by 20% to reach KD 4.19 billion, compared to KD 3.50 billion as of 30 June 2024. This growth was driven by an increase in the financing portfolio, which rose by 23% or KD 572 million as of end of June 2025 to reach KD 3.09 billion, compared to KD 2.52 billion for the same period of 2024. Meanwhile, its investment and high-quality Sukuk portfolio grew by KD 117 million, reaching almost KD 522 million as of end of June 2025, compared to KD 405 million as of 30 June 2024. Moreover, Al-Jarrah stated that the Bank places strong emphasis on human capital by attracting and developing talent and grooming future leaders, in parallel with its firm commitment to social responsibility. On his part, Raed Jawad Bukhamseen, Vice Chairman and CEO of KIB, expressed his pride in KIB's performance during the first half of 2025, noting that the bank have strong capital base, and improvement in assets quality and profitability along with balanced growth in financing and deposits, reflecting successful implementation of the strategy and improvement in sustainable performance indicators. He added that KIB is making strides in strengthening its institutional foundation and developing a more flexible business model that can adapt to market dynamics, ensuring an effective response to customer needs and ongoing developments in the banking sector. He emphasized that KIB places customer experience at the core of its priorities and plays an active role in delivering value by adopting a customer-centric approach and striving for operational excellence. He also noted that the Bank is intensifying its efforts to support the local and national economy, as well as the wider community, through strategic social responsibility initiatives grounded in inclusion and sustainability. Bukhamseen provided a detailed overview of the key financial results for the first half of 2025 compared to the same period of last year, where fees and commission income, reaching KD 9.3 million compared to KD 7.8 million in the previous period, reflecting a growth rate of 20%. The Bank also recorded an increase in investment income, reaching KD 2.9 million compared to KD 1.9 million in the previous period, reflecting a growth rate of 51%. This contributed to a rise in total operating income, which reached almost KD 46.3 million, marking a growth of 10%. Regarding the Bank's financial position, Bukhamseen said that KIB's customers' deposits grew by 34% to reach KD 2.84 billion as of 30 June 2025 compared to KD 2.12 billion as of 30 June 2024. In addition, the total shareholders equity grew 6% to reach KD 358 million as of 30 June 2025 compared to KD 336 million for the same period of last year. He noted that KIB continues to maintain high levels of total capital adequacy ratio, in accordance with Basel III instructions, of 21.96% at of 30 June 2025. In a related context, Bukhamseen emphasized KIB's strong commitment to its social role, reaffirming its continued support for the 'Let's Be Aware' (Diraya) banking awareness campaign for the fifth consecutive year. This commitment to the initiative, launched by the Central Bank of Kuwait in collaboration with the Kuwait Banking Association and local banks, is an integral part of the Bank's strategy to foster a more financially aware and educated society, thereby contributing to economic stability and supporting comprehensive development efforts in Kuwait. In their concluding remarks, Al-Jarrah and Bukhamseen expressed their appreciation to the Central Bank of Kuwait for its exceptional regulatory and supervisory roles, as well as its consistent support. They also expressed their gratitude to the Capital Markets Authority for its supportive role in fostering an attractive and competitive investment environment in Kuwait. In addition, they praised the tireless efforts of all KIB teams, highlighting their contributions to achieving these results. They also expressed their profound appreciation to the Board of Directors and Executive Management for their ongoing support and wise guidance, which have been crucial in enhancing KIB's financial standing and meeting all environmental, social, and corporate governance (ESG) requirements. About KIB Kuwait International Bank (KIB) is a bank that operates according to the Islamic Shari'ah, based in the State of Kuwait. Incorporated in 1973, and originally known as Kuwait Real Estate Bank, KIB made the transition to its current Islamic operating model in 2007. In 2018, KIB embarked on a new phase of its journey full of innovation and development. As part of its new strategic direction, the Bank focuses on offering a next-level customer experience under the slogan: 'Bank for Life'. Through a network of branches spread across the State of Kuwait, KIB offers a broad range of banking products and services, as well as innovative digital banking solutions in line with international best standards. As part of its duty towards the community, the Bank also encompasses a leading social responsibility program that aims at positively impacting all members of the community through a wide range of impactful initiatives and activities. Today, KIB has taken concrete steps in implementing its new strategic objectives. The Bank has cemented its role as a key player in the local banking industry and has continued to maintain its strong financial performance; enabling it to be globally recognized for its strong credit rating and financial position.
Zawya
a day ago
- Business
- Zawya
Talabat rolls out rest stations across Kuwait to provide riders with comfortable work environment
Kuwait: As part of its annual summer campaign for riders, talabat, the leading on-demand online ordering and delivery platform in the MENA region, is bringing back its rest stop initiative, with four strategically located, air-conditioned buses across Kuwait. This initiative aligns with the company's corporate social responsibility (CSR) strategy and commitment to providing riders with a safe working environment where their health and wellbeing remains the top priority, especially during summertime. Building on the initiative's success for four consecutive years, talabat continues to extend its welcome this year to all riders across Kuwait. Including those from outside its network, to rest and replenish at any of its bus stop rest areas. These stations are well-equipped with comfortable seating, water, and first-aid essentials, reinforcing talabat's role in promoting inclusivity and accessibility for all. Commenting on the revival of the initiative, Bader Al-Ghanim, Vice President and Managing Director of talabat Kuwait, said: 'Our role in the communities we serve extends beyond delivery. We are invested in the wellbeing of every individual who contributes to keeping our ecosystem running, starting with the riders. These rest stations, launched as part of our summer campaign for the fourth year in a row, reflect our continued efforts to ensure safe and comfortable working conditions for riders all year long.' He added: 'As part of our day to day operation, which is powered by a wide network of riders, logistics partners, and support teams, we remain deeply aware of the unique challenges they face on the ground every day. This understanding drives us to provide meaningful support that responds to the nature of their work, with a strong focus on health, wellbeing and improving the overall work environment.' Although talabat riders are hired through logistics partners, Al-Ghanim confirmed that the talabat remains responsible for ensuring they receive insurance coverage, summer kits, and regular access to road safety workshops and health screenings. He emphasized that riders are core contributors to the reliable, high-quality service that talabat delivers to its customers, and as such, remain a top priority within the company's wellbeing efforts. It's worth noting that the fully equipped rest station initiative rolled out across Kuwait is just one of several efforts talabat has launched during the summer to support rider wellbeing and promote safer, more comfortable working conditions on the road. Through initiatives like these, talabat continues to lead by example, demonstrating how companies can adopt a people-first approach rooted in long-term commitment to those at the heart of the delivery ecosystem.
