Latest news with #Kuwait-based
Middle East Eye
6 days ago
- Business
- Middle East Eye
Construction projects awarded by Gulf states plunge, as Saudi Arabia pulls back spending
The Gulf region commissioned its lowest number of construction contracts in more than three years according to data analysed by a regional asset manager, with Saudi Arabia falling the most as it curbs spending on megaprojects. The Gulf region awarded $28.4bn in contracts in the second quarter of 2025, according to a July brief by KAMCO Investment, a Kuwait-based asset manager. The overall value of all construction contracts awarded nosedived 58 percent compared to the same quarter last year. Saudi Arabia led the plunge with contract awards falling 72.5 percent, and the UAE followed at 47 percent. The UAE overtook Saudi Arabia as the most active country in the Gulf region sealing new construction contracts. "This downturn was primarily driven by a sharp contraction in project awards in Saudi Arabia, accompanied by a similarly weak performance in the UAE, which experienced a significant y-o-y [year-over-year] decline in contract awards during the period," the report said. New MEE newsletter: Jerusalem Dispatch Sign up to get the latest insights and analysis on Israel-Palestine, alongside Turkey Unpacked and other MEE newsletters The slump in commissioned projects comes amid a bevy of reports that suggest Saudi Arabia is curbing its ambitions on grand megaprojects designed to wean the country of its reliance on energy and diversify its economy. Why Saudi Arabia can spend more money than it makes, even as oil prices drop Read More » The kingdom has already had to scale back Neom, originally billed as a $1.5 trillion megacity project, which organisers claim will eventually be 33 times the size of New York City and include a 170km straight-line city known as "The Line". Instead of 1.5 million people living in the city by 2030, Saudi officials now anticipate fewer than 300,000 residents. Meanwhile, only 2.4km of the city will be completed by 2030. The Line is one part of Saudi Arabia's broader Neom project situated on its northwestern Red Sea coast that includes Red Sea resorts, industrial parks and a ski resort. Last week, Semafor reported Neom is considering laying off up to 1,000 employees - an estimated 20 percent of its full-time staff. The website reported that Neom was weighing the layoffs as part of a broader overhaul that could also see more than 1,000 employees leave Neom's construction site on the kingdom's northwestern Red Sea coast, and relocate to Riyadh. The wider Gulf region has been hit by falling oil prices. Brent, the international benchmark, was trading down about one percent on Tuesday at $68.53 per barrel. Oil prices have come down substantaily from their 2022 highs of around $100 per barrel.
Muscat Daily
21-07-2025
- Business
- Muscat Daily
GCC bond and sukuk issuances decline 22% to $100bn in H1
Muscat – Aggregate bond and sukuk issuances in the GCC region stood at $100.3bn during the first half of 2025, compared with $128.8bn during the same period last year, marking a year-on-year decline of $28.5bn or 22.1%. The drop was primarily driven by a more than 50% decline in government issuances during H1 2025, although a rise in corporate issuances helped partially offset the overall decline. Government bond and sukuk issuances across GCC countries fell to $36.6bn in H1 2025, down from $76.9bn in H1 2024. Meanwhile, corporate issuances rose to $63.7bn, up from $51.9bn in the first half of last year, according to a research report published by Kuwait-based Kamco Investment. By type, sukuk issuances saw a sharp decline in H1 2025, while bond issuances remained largely flat year-on-year. Total GCC bond issuances amounted to $60.9bn this year versus $60.2bn in H1 2024, whereas sukuk issuances dropped by nearly a third to $39.4bn from $68.6bn in the same period last year. Broad-based decline At the country level, a broad-based year-on-year decline in issuances was observed across the GCC in H1 2025, with the exception of marginal growth in the UAE and Bahrain. Issuances from the UAE rose 3.8% to $32.9bn, compared with $31.7bn in H1 2024. In contrast, Saudi Arabia, Oman, and Qatar recorded double-digit declines. Total issuances from Saudi Arabia stood at $50.2bn – still accounting for half of the GCC total – but this figure was down by nearly a third from $72.4bn in H1 2024. Issuances from Qatar and Oman nearly halved, falling to $8.7bn and $1.1bn, respectively. 'We believe that the GCC will witness back-end loaded issuances this year, in contrast to heavier issuances at the start of last year. Fixed income issuers are likely to focus on locking in lower rates as expectations for rate cuts gain momentum towards the end of the year, especially as uncertainty regarding tariffs becomes clearer,' Kamco Investment noted. Kamco Investment expects GCC sukuk issuances to regain momentum in the second half of 2025, supported by demand from niche investors and diversification of funding sources. Elevated debt maturities According to Kamco Investment, GCC governments are expected to face elevated levels of debt maturities over the next five years, particularly for bonds issued in the post-pandemic period. Data from Bloomberg shows that GCC sovereign debt maturities stand at $226.1bn between 2025 and 2029, while corporate debt maturities are slightly lower at $223bn. 'Both bond and sukuk maturities are projected to remain high from 2025 to 2029 before gradually tapering off. The elevated maturities reflect a concentration of short-term (less than five-year) issuances by both governments and corporates,' Kamco Investment said. A majority of these maturities are denominated in US dollars (59.3%), followed by local currency issuances in Saudi riyal and Qatari riyal, accounting for 16.9% and 7.0% respectively. Given the strong credit rating profile of GCC governments, a substantial portion of these maturities are categorised as high investment grade or A-rated instruments, totalling $158.5bn. Investment-grade maturities overall amounted to $171.7bn. By instrument type, conventional bonds dominate the GCC debt market, with $278bn in maturities expected over the next five years, compared with $171bn in sukuk maturities. Within the conventional bond category, corporate maturities amounted to $144.3bn, surpassing government bond maturities of $133.7bn. In the sukuk market, government maturities stood at $92.4bn, while corporate maturities totalled $78.6bn. At the country level, Saudi Arabia is forecasted to record the highest fixed income maturities from 2025 to 2029, totalling $166bn. It is followed by the UAE and Qatar, with maturities of $146.8bn and $74.7bn, respectively. However, the majority of Saudi Arabia's maturities are for government-issued bonds and sukuks ($96.7bn), whereas in the UAE, corporates account for the bulk of maturities at $119.1bn. Kuwait has the smallest maturities in the five-year period at $13.2bn, while Oman and Bahrain are expected to see maturities of approximately $24bn each.
Scroll.in
21-07-2025
- Health
- Scroll.in
How climate change could make it harder for Indians to manage diabetes
Mumbai-based registered dietician and diabetes educator Shilpa Joshi faces a new conundrum. For more than two decades, she has been helping people living with diabetes navigate their diet and lifestyles as they manage the disease. However, in recent times, Joshi's patients are approaching her with challenges that are beyond the dietician's purview. 'It is raining in Mumbai and Pune now. In May, we experienced heavy rains and floods, and in March, people were suffering from heat exhaustion. With so many changes, it is difficult for patients to adhere to the diet and lifestyle protocols we recommend. Unseasonal rains have increased the price of most vegetables, and between the rains and the heat, physical activities, like walking, have become challenging. Not everyone can afford to go to gyms,' shares Joshi. The day-to-day challenges outlined by Joshi provide a brief window into the life of a person living with diabetes in India under the shadow of climate change. According to a 2024 study published in The Lancet, India is home to 212 million people suffering from the disease, the highest in the world. Further, there has also been a marked increase in the incidence of diabetes. Between 1990 and 2021, the prevalence of diabetes in India has gone up from 162.74 people to 264.53 people per 100,000 population. In the same period, mortality from the disease has also increased from 23.09 to 31.12 per 100,000 population. Globally, several studies have examined the links between climate change and diabetes, however data from the Indian subcontinent is lacking. A 2017 US-based study showed that diabetes incidence increased by 0.314 per 1000 people for every 1 degrees celsius rise in temperature. A 2019 study from Brazil showed that a 5 degrees celsius rise in daily mean temperatures led to a 6% increase in diabetes-related hospital admissions, primarily among the elderly. Similarly, a recent Kuwait-based study also found that hot days (>33 degrees celsius) contributed to an excess of 282 diabetic admissions annually. Climate change diabetes Among the most common non-communicable diseases in the world, diabetes or diabetes mellitus, refers to a group of metabolic disorders characterised by high blood glucose levels or hyperglycaemia. The disease is broadly classified into type 1 and type 2 diabetes, denoting inadequate insulin production (type 1) or a combination of inadequate production and poor response to the produced insulin (type 2). Other categories also include prediabetes, where individuals are at a high risk of developing the disease, and gestational diabetes, marked by the presence of the disease during pregnancy. Existing research indicates that climate change can have varying impacts on people living with the disease. In a review article, Ratter-Rieck et al show that extreme heat can increase the incidence of the disease. The article explains that it also affects the patient's response to heat stress due to impaired blood flow in the skin and abnormal sweating. Some studies mentioned in the review article point to increased hospital admissions, both in extreme heat and cold conditions, and additional impacts due to comorbidities as a result of kidney and cardiovascular issues. Apart from temperature-related impacts, studies show that extreme weather events can also cause long-term disruptions in the patient's health and impair glycaemic control, while increasing the risks for related complications. Researchers now also warn that climate change can increase the incidence of infections globally. Fuelled by changing temperatures, rainfall patterns, as well as changes in animal migration patterns and coastal water temperatures, experts caution that physicians must be prepared for an altered landscape where infections will be on the rise along with the emergence of new ones. This is particularly important for people living with diabetes, as the disease makes them more susceptible to infections. Diabetes is a risk factor for infectious diseases such as encephalitis, chikungunya, West Nile virus and dengue, and therefore, the impacts of climate change on disease risks of people living with diabetes warrants a separate focus. Lack of data While existing research shows that climate change can further complicate the pathophysiology of diabetes and its management in patients, significant gaps exist in our understanding of these interconnections, explains a review article by researchers from the US, UK, India and South Africa. Based on data from 73 peer-reviewed human studies, the article shows that the majority of the observations exists from the North American and Caribbean regions. The researchers did not find relevant studies from India in their review and noted that most of the studies focused on high-income countries. A 2023 study examining the links between air pollution and diabetes in two Indian cities, Chennai and Delhi, shows that both short and medium-term exposure to airborne particulate matter less than 2.5 micrometres in diameter, increases fasting plasma glucose levels and glycated haemoglobin (a measure of long-term blood sugar control). The study also shows that long-term exposure to air pollution increases the risk of developing the disease. Commenting on the lack of observations from India, Siddhartha Mandal, lead author of the study and senior research scientist at Ashoka University, explains that epidemiological studies of this nature are sparse in the country not just for diabetes, but for other conditions as well. With air pollution, for example, Mandal explains that lack of monitoring data hindered assessing exposure at the ambient level, and recent developments in satellite-based models have aided in reducing some of this gap. 'Climate change by itself encompasses air pollution, and it will have other systemic issues as well, such as changes in food and agricultural patterns. A one-degree change in temperature can set in motion several factors that may ultimately lead to the prevalence of diabetes. To study the combined effects of all these influences is a massive challenge. It is crucial to have quality health data to understand the impacts of these exposures and its outcomes,' explains Mandal. While there is some increase in awareness on the impacts of air pollution and climate change on human health, it will take a while for the existing evidence to be collated for policy-level interventions in India, explains Mandal. 'But, the efforts are ongoing,' he says. An evolving landscape In April 2025, the International Diabetes Federation, launched a working group to develop treatment recommendations and diagnostic criteria for a newly recognised category of diabetes called type 5 or Malnutrition Modulated Diabetes Mellitus. With chronic undernutrition during the early stages of life being a leading cause for this category, the International Diabetes Federation states that the disease is prevalent among teens and young adults in low and middle-income countries. Dr Nihal Thomas, senior professor of endocrinology at Christian Medical College, Vellore, and co-chair of the working group, explains that type 5 diabetes was first reported in 1955 in Jamaica and was later classified in 1985 by the World Health Organisation. However, lack of physiological evidence and misdiagnosis as type 1 or 2 led to the classification being removed in 1999. He adds that the renewed interest in type 5 diabetes is especially crucial for India. In a study of low birth rates among 44 low and middle-income countries, India had the third highest prevalence of low birth-weight births. The Global Hunger Index 2024 also states that 13.7% of India's population is undernourished, and 35.5% of children in the country under the age of five are stunted as a result of chronic undernutrition. 'If there is low birth weight followed by undernutrition during the developmental years, it is a double hit, increasing one's risk for type 5 diabetes,' explains Dr Thomas. He adds that while other metabolic processes also contribute to the disorder, the role of dietary factors is of significance here and the impacts of climate change in this regard needs further investigation. Several studies have highlighted the fact that climate change not only reduces agricultural productivity; it also diminishes the nutritional value of crops, thereby contributing to food insecurity and undernutrition. Dr Thomas adds that looking at the links between climate change, undernutrition and the prevalence of diabetes will require more representative data at scale, which is challenging to obtain. Furthermore, he also emphasises the need to understand these influences in urban and rural settings as they will lead to differences in the way the disease develops and progresses. 'While it is important to look at the links between diabetes and climate change, it is not that straightforward. If you list all the risk factors for type 2 diabetes, for example, you will find that every factor will be a confounder when you study the others. Diet assessments will also need to consider physical activity, and conducting accurate physical activity evaluations are very difficult. These studies need to be well-planned,' he adds. Adding to the discussion, Charles E Leonard, associate professor of epidemiology at the Perelman School of Medicine in Philadelphia, emphasises the need for granular data so personalised diabetes management can factor in the individual's environment. 'Focus on extreme temperatures has largely been limited to curbing excess physical activity and issues with storing insulin. So far, there has been very little specific focus on how unusually high or low ambient temperatures, for example, could impact diabetes treatment decisions,' he explains. Apart from data generation, Leonard also emphasises the need for healthcare providers to build awareness among their patients. 'Healthcare providers may wish to educate their patients on potential risks of environmental extremes – and how such events (eg, a heatwave) in the setting of their chronic disease could place them at a disproportionate risk for harm. Furthermore, they may also consider designing personalised preparedness plans such that patients know the appropriate actions to take to manage their diabetes during extreme weather events,' he adds.
Business Wire
08-07-2025
- Business
- Business Wire
Alpaca and ZAD Partner to Bring Shariah-Compliant Investing Globally
NEW YORK & KUWAIT CITY--(BUSINESS WIRE)-- Alpaca, a self-clearing broker-dealer and brokerage infrastructure API, and ZAD, a leading Kuwait-based investment platform for Shariah-compliant US stocks and ETFs, today announced their strategic partnership to expand access to Shariah-compliant investment products. This partnership continues to open financial access for investors seeking to align their financial growth with Islamic principles. 'If we were a conventional investment application, we would not have reached the growth levels that we have in the past couple of years. It's very important for the people in the region,' explains Abdullah Alotaibi, ZAD's Co-Founder and Deputy CEO. Share With global Islamic finance assets surpassing $5.5 trillion USD in 2024, a report from Standard Chartered forecasts they could reach $7.5 trillion USD by 2028. This is largely from key markets like Saudi Arabia, Malaysia, Kuwait, and the UAE, with countries across Southeast Asia and Africa seeing increased demand for Shariah-compliant financial solutions. Recognizing this, ZAD is expanding access to their local Kuwait market and Gulf Cooperation Council (GCC) markets like Saudi Arabia. Their expansion plans and commitment to making Shariah-compliant investing accessible has been a cornerstone of their success. 'If we were a conventional investment application, we would not have reached the growth levels that we have in the past couple of years. It's very important for the people in the region. They really appreciate it, they want it, and they're very careful with what they buy,' says Abdullah Alotaibi, ZAD's Co-Founder and Deputy CEO of Fintech Brokerage. ZAD has partnered with Alpaca to build these products, including Shariah-compliant Instant Funding, which was launched recently. They are also collaborating to deliver margin trading, options trading, and high-yield cash accounts, becoming one of the leading platforms to offer these products in a Shariah-compliant way. While building Shariah-compliant infrastructure has presented unique challenges, the solutions developed with Alpaca's Broker API are scalable across other Islamic regions. For instance, the margin trading product is an asset-backed lending model rather than interest-based, adhering to Islamic law. 'There are service providers that tell you, 'this is what we have, take it or leave it.' Not Alpaca,' says Abdullah. 'They listen to us. They understand the region well. They're helping us offer the best possible products to our clients.' 'We're grateful to be innovating with ZAD in the rapidly growing Islamic finance and are excited to be their partner in delivering Shariah-compliant margin trading, options trading, instant funding, and more. Shariah-compliance is a key focus at Alpaca as we look to support and expand financial accessibility globally,' says Yoshi Yokokawa, CEO and Co-Founder of Alpaca. About Alpaca Alpaca is a US-headquartered self-clearing broker-dealer and brokerage infrastructure for stocks, ETFs, options, fixed income, and 24/5 trading – raising over USD170 million in funding. Alpaca is backed by top-tier investors globally, including Portage Ventures, Spark Capital, Tribe Capital, Social Leverage, Horizons Ventures, Unbound, SBI Group, Derayah Financial, Elefund, and Y Combinator. About ZAD ZAD is a Kuwait-based digital investment platform, offered by The Securities House, that provides global stock market access and offers Shariah-compliant products. ZAD aims to simplify the investment and trading process for people who adhere to the principles of Shariah. Options trading is not suitable for all investors due to its inherent high risk, which can potentially result in significant losses. Please read Characteristics and Risks of Standardized Options before investing. All investments involve risk; for more information, please see our Disclosure Library. Brokerage services are provided by Alpaca Securities LLC (member FINRA / SIPC), a subsidiary of AlpacaDB, Inc. Technology and Services offered by AlpacaDB, Inc. This is not an offer, solicitation, or advice to buy, sell, or open accounts in any jurisdiction where Alpaca is unlicensed.
Daily Tribune
16-06-2025
- Business
- Daily Tribune
Bahrain eyes Nigeria, Africa's largest economy
TDT | Manama Bahrain is deepening its outreach to Africa's largest economy, as the Bahrain Chamber signalled interest in boosting trade and investment ties with Nigeria during high-level talks on Sunday. Africa Strategy Chairman H.E. Sameer Nass received H.E. Murtala Jimoh, the Kuwait-based Charge d'Affaires of the Federal Republic of Nigeria accredited to Bahrain, for a meeting focused on bilateral trade, which reached $24.7 million in 2024. The discussion centred on expanding cooperation in sectors such as agriculture, agro-processing, and energy. Ambassador Jimoh suggested signing a Memorandum of Understanding (MoU) between the Bahrain Chamber and its Nigerian counterpart to facilitate direct links between entrepreneurs, business delegations, and investment forums. Chamber Role H.E. Nass highlighted the Chamber's role as a key enabler of Bahrain's economic diplomacy, noting that building ties with emerging economies like Nigeria is part of a broader vision to diversify trade partners and open up new global corridors for Bahraini businesses. H.E. reaffirmed the Chamber's commitment to working with both brotherly and friendly nations to strengthen private sector growth and global integration. Investment Potential H.E. Ambassador Jimoh, in turn, spoke about Nigeria's economic reforms and ongoing diversification, positioning the country as an appealing market for foreign investors from Bahrain. He expressed confidence that formal collaboration could unlock win-win opportunities. The meeting was also attended by Second Vice-Chairman Mohammed Al Kooheji, Vice-Treasurer Waleed Kanoo, and Board Member Youssuf Salahuddin. The Chamber is expected to explore next steps in formalising ties with Nigeria in the weeks ahead.
