Latest news with #Kuwait-based
Biz Bahrain
5 days ago
- Business
- Biz Bahrain
GFH Capital Announces a Partnership with Al Tijaria in the GCC Logistics Sector
GFH Capital (GFHC), a KSA based Subsidiary of GFH Financial Group (GFH), a leading regional financial institution, has announced a strategic partnership with The Commercial Real Estate Company K.P.S.C. ('Al Tijaria'). Under the agreement, Al Tijaria, a prominent Kuwait-based real estate company will act as a technical advisory for one of GFHC's Logistics Funds and will gain exposure to the Group's growing investments and exposures in the warehousing and logistics sector across Saudi Arabia and the wider Gulf region. GFH Capital is delighted to work with Al-Tijaria as an experienced real estate company on this opportunity and is confident that this partnership will lead to developing a successful logistics platform regionally. This partnership underscores GFH Group's growing reputation in structuring and delivering investment opportunities to its partners. GFH Financial Group has significantly expanded its investments in the logistics sector, with an estimated exposure of approximately US$2 billion diversified across various logistics facilities, including cold storage, last-mile delivery hubs, and fulfillment centers, ensuring a diversified presence across the logistics value chain. Al Tijaria remains committed to enhancing performance and delivering strong results by creating new opportunities and diversifying income sources across KSA, the GCC, and international markets. With a proven track record of delivering landmark projects, the company continues to pursue sustainable growth, strengthen shareholder value, and reinforce its financial position. Through this collaboration, Al Tijaria leverages GFH's market expertise to capitalize on the growing opportunities within the logistics sector, further solidifying its strategic growth trajectory. Commenting on the partnership, Mr. Razi Al Murbati, CEO of GFH Capital, said, 'We are pleased to partner with Al Tijaria in this critical sector. It reflects the growing importance of logistics as a key driver of economic development in KSA and the wider Gulf and the strong opportunities this expansion is creating. This partnership aligns with our strategy to offer high-growth investments that deliver sustainable returns while also supporting regional development goals.' Eng. Abdulmutaleb Marafie, CEO of Al Tijaria, added: 'Foreseen partnership with GFH Capital provides us with unique access to the region's rapidly expanding logistics market. Together, we aim to develop state-of-the-art infrastructure and create value for the investors.' The collaboration reaffirms the commitment of both organizations to advancing logistics infrastructure, fostering innovation, and supporting the region's economic diversification goals.
Express Tribune
6 days ago
- Business
- Express Tribune
Kuwait resumes visa access for Pakistanis
The Kuwaiti government officially resumed issuing a wide range of visas to Pakistani nationals, in a significant step towards bolstering bilateral relations and addressing critical labour needs, several media outlets in the Gulf region reported on Monday. UAE-based Gulf News quoted Pakistan's Ambassador to Kuwait, Dr Zaffar Iqbal, as announcing plans to bring 1,200 Pakistani nurses to Kuwait's healthcare sector, adding that an initial group of 125 nurses had reached the Gulf state last week. According to media reports, Kuwait stopped issuing visas to people holding passports of Pakistan, Iran, Syria and Afghanistan in 2011 because of security concerns. Now, it decided to allow work, family, visit, tourist and commercial visas to Pakistani citizens. The focal person of the Overseas Pakistanis Ministry welcomed Kuwait's decision, saying that the lifting of the visa ban would provide employment, trade and tourism opportunities to thousands of Pakistanis in Kuwait. He hoped Pakistan would earn valuable foreign exchange after this decision. According to Kuwait-based Arab Times, Ambassador Iqbal confirmed that Pakistani citizens had begun receiving approvals for various visa applications from this month that restored a vital channel for travel and employment between the two countries. Iqbal also told Arab News that Pakistan and Kuwait were in the final stages of signing a new labour memorandum of understanding (MoU), designed to streamline worker mobility and cooperation. "Some provisions are already being implemented ahead of the formal signing," he noted.
Muscat Daily
20-05-2025
- Business
- Muscat Daily
GCC projects pipeline remains strong despite Q1 dip
Muscat – Following a record-breaking year for project awards, the GCC region is projected to experience another year of robust contracts activity, with the outlook for the GCC project market remaining strong for 2025, according to a new report released by Kamco Investment. Numerous favourable factors across the GCC are expected to support momentum in the project market in 2025. Among these is notable growth in GCC hospitality projects during the year, Kuwait-based Kamco Investment said in its recently released GCC Projects Market report. Overall, GCC countries hold approximately $1.54tn in contracts at the pre-execution stage, with Saudi Arabia accounting for the largest share (52.1%), the report said, citing MEED Projects data. 'A number of these projects are anticipated to be awarded within the next 6–12 months, indicating that 2025 could rival or surpass the award volumes of 2024,' the report noted. 'Roughly 34.3% of these contracts are in the design phase, while about 8.1% are currently under bid evaluation.' Looking at country-specific project pipelines, the report highlighted that Saudi Arabia leads with $801.2bn in pre-execution stage projects, followed by the UAE ($312.3bn), Oman ($169.9bn), and Kuwait ($130.8bn), respectively. According to MEED Projects data, healthcare contracts worth over $3bn are currently out to bid, signalling a strong project pipeline. Saudi Arabia leads with 51% of the total value of the GCC healthcare pipeline in 2025. In comparison, the UAE has $6.8bn in contracts under planning and execution, while Kuwait has $3.6bn in hospitality projects at similar stages. Impact of US tariffs The Kamco Investment report noted that, on the surface, there appears to be no immediate threat of US tariffs impacting the GCC projects market, as most GCC countries have limited trade exposure to the US in both imports and exports. It further stated that the US maintains trade surpluses with five of the six GCC markets, and as a result, a basic tariff of 10% has been imposed. In addition, hydrocarbons – the primary export commodity of GCC nations – are among the goods exempted from tariffs. 'However, declining oil prices, driven by negative global economic sentiment linked to the effects of US tariffs on trade, may have an impact on GCC revenues and, consequently, their project funding capabilities. Reduced oil prices lead to lower government income across the GCC, which in turn may result in reduced spending on projects,' the report added. Contracts decline in Q1 The total value of contracts awarded in the GCC declined after three of the six member countries recorded year-on-year decreases in project awards during Q1 2025. The total value of contracts awarded in the GCC fell by 26.8% year-on-year in Q1 2025, totalling $52.4bn – the lowest figure in the past eight quarters – compared to $71.5bn in Q1 2024. 'This downturn was primarily attributable to a sharp contraction in Saudi Arabia's project awards, despite resilient performance from the UAE, which recorded moderate year-on-year growth. The power and construction sectors were the main contributors to the decline in Qatar, Bahrain, and Saudi Arabia during Q1 2025,' the report said. However, despite the significant year-on-year drop in Q1 2025, GCC project awards are projected to align with 2024 levels. MEED Projects, as cited in the Kamco Investment report, estimates that approximately $235bn worth of contracts are currently tendered or under bid evaluation across the GCC, with Saudi Arabia accounting for nearly two-thirds of this pipeline. On a quarterly basis, Saudi Arabia's total contract awards plummeted by 49.9% in Q1 2025 to $17bn, down from $33.9bn in Q1 2024. In contrast, Kuwait's aggregate project awards surged by 197.6% in Q1 2025, reaching $1.4bn. Meanwhile, the UAE posted an 11.7% increase in contract awards during Q1 2025, totalling $26.1bn, up from $23.4bn in Q1 2024.
Indian Express
15-05-2025
- Business
- Indian Express
India revokes security clearance of Turkish ground handling major Çelebi's India arm in interest of ‘national security'
Amid the backlash in India over Turkey's support for Pakistan in the in the India-Pakistan conflict, India's aviation security regulator Bureau of Civil Aviation Security (BCAS) on Thursday revoked the security clearance of an Indian arm of Turkish airport ground handling major Çelebi Aviation Holding in the interest of 'national security' with immediate effect. The past few days have seen a growing clamour for a travel boycott of Turkey and review of Turkish firms' presence in India in the wake of Operation Sindoor. Apart from Ankara's open support for Islamabad amid the India-Pakistan military conflagration of last week, the use of Turkish drones by Pakistan against India has added to the disapproval for Turkey in India. Questions were also raised particularly on Çelebi from some quarters, as the company operates at a number of Indian airports, which are seen as part of critical and security-related infrastructure. 'In the exercise of power conferred upon DG (Director General), BCAS, the security clearance in r/o Celebi Airport Services India Pvt. Ltd is hereby revoked with immediate effect in the interest of National Security. This issues with the approval of DG, BCAS,' a BCAS order issued on Thursday stated. The decision effectively brings most of Çelebi Airport Services India's operations to a grinding halt. Çelebi provides ground handling services to various international and domestic airlines operating out of nine airports, including Mumbai, Delhi, Kochi, Kannur, Bengaluru, Hyderabad, Ahmedabad, Chennai, and Goa (Mopa). The Çelebi group has presence in India through two other companies apart from Çelebi Airport Services India. These are joint venture companies ÇelebiNAS Airport Services India and Çelebi Delhi Cargo Terminal Management India. The BCAS order mentions only Çelebi Airport Services India, and the government has so far not commented on whether the order has any implications for the other two Çelebi firms in the country. ÇelebiNAS Airport Services India—a joint venture between Çelebi and Kuwait-based NAS—is a ground handling agent at the Mumbai airport, while Çelebi Delhi Cargo Terminal Management is a joint venture between Çelebi and Delhi International Airport Ltd (DIAL), and provides cargo services. According to information on Çelebi Aviation Holding's website, its India operations span 58,000 flights and 5.4 lakh tonnes of cargo annually, with a workforce of around 7,800 employees. The sudden cancellation of Çelebi Airport Services India's security clearance could lead to some problems for airlines that are availing its services, who would now have to quickly make arrangements for ground handling by other firms. The other major ground handling players in India's aviation sector include AI Airport Services, Air India SATS Airport Services, and the Bird group. Ground handling refers to operations that are critical for flights to be prepared and operated. These include passenger handling and check-in, baggage handling, cargo handling and management, aircraft servicing and maintenance, ramp services, and catering.
RTHK
13-05-2025
- Business
- RTHK
CE courts Kuwait's support for free trade deal
CE courts Kuwait's support for free trade deal Chief Executive John Lee meets the Amir of Kuwait, Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah. Photo: Information Services Department Chief executive John Lee on Tuesday highlighted Hong Kong's intent to promote trade ties with its Belt and Road partners on the second leg of his Middle East tour in Kuwait. Lee was hosted by the Amir of Kuwait, Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, as well as Crown Prince Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah and Acting Prime Minister Sheikh Fahad Yusuf Saud Al-Sabah. The CE told the Kuwaiti leaders that the SAR and Gulf Cooperation Council (GCC) countries share common visions and goals. He called for closer cooperation between the two sides. Noting that Kuwait is serving as GCC chair this year, Lee called for the Gulf nation's support as Hong Kong aims to strike a free trade agreement with other member states. He also encouraged Kuwait's sovereign wealth fund to look for investment opportunities in Hong Kong. After attending a roundtable conference with other Kuwaiti ministers, the chief executive paid a visit to Bukhamseen Group, a Kuwait-based conglomerate with stakes in hospitality, banking and finance. He also visited a cultural centre fostering exchanges between the two regions.
