Latest news with #KuwaitOilCompany
Trade Arabia
2 days ago
- Business
- Trade Arabia
Heisco lands key Kuwait Oil Company contract
Heavy Engineering Industries & Shipbuilding Company (Heisco) has announced that it has secured a new contract worth KD13.8 million ($45 million) from Kuwait Oil Company (KOC). A major EPC contracting company based in Kuwait, Heisco caters to a diversified range of business in oil and gas, petrochemicals, power, pressure equipment manufacturing, shipbuilding and repair, dredging and marine construction. On the contact win, Heisco said under this it will be providing repair and revamping services for KOC's production facilities in North Kuwait areas. The entire work will be completed within a five-year period, it added.- TradeArabia News Service
Zawya
7 days ago
- Business
- Zawya
Combined Group secures $338mln GCC infrastructure contracts
Kuwait-based Combined Group Contracting (CGC), a leading player in the Arab Gulf's contracting sector, has announced that it key subsidiaries have secured contracts worth $338.3 million from across the GCC region. The first contract worth AED 859.9 million ($234.1 million) for road construction works in UAE was snapped up by its local unit - CGC Company Emirates - from the Ministry of Energy & Infrastructure. As part of the contract, the company will execute the upgrade of Emirates Road from Al Bade'a Intersection to E55 Intersection. The scope of work involves the construction of new bridges and intersections, as well as the improvement of existing ones. The entire work will be completed within a two-year period, said the company in a statement. Also CGC said it had snapped up two contracts from Kuwait Oil Company (KOC) worth KD32 million ($104.2 million). The first contract is related to external works of Jurassic production facilities in Umm Naqa area which will be completed in 19 months, while the second contract is related to Wafra Joint Operations (WJO) Gas Export Pipeline project. The project involves the engineering, procurement, construction, and commissioning of a new export pipeline spanning 65km from WJO to the Kuwaiti company's gas booster station. This entire work will be completed within 30 months, it added. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
03-06-2025
- Business
- Trade Arabia
Combined Group secures $338m GCC infrastructure contracts
Kuwait-based Combined Group Contracting (CGC), a leading player in the Arab Gulf's contracting sector, has announced that it key subsidiaries have secured contracts worth $338.3 million from across the GCC region. The first contract worth AED 859.9 million ($234.1 million) for road construction works in UAE was snapped up by its local unit - CGC Company Emirates - from the Ministry of Energy & Infrastructure. As part of the contract, the company will execute the upgrade of Emirates Road from Al Bade'a Intersection to E55 Intersection. The scope of work involves the construction of new bridges and intersections, as well as the improvement of existing ones. The entire work will be completed within a two-year period, said the company in a statement. Also CGC said it had snapped up two contracts from Kuwait Oil Company (KOC) worth KD32 million ($104.2 million). The first contract is related to external works of Jurassic production facilities in Umm Naqa area which will be completed in 19 months, while the second contract is related to Wafra Joint Operations (WJO) Gas Export Pipeline project.
Kuwait Times
20-05-2025
- Business
- Kuwait Times
Kuwait committed to tech advancement
KUWAIT: Ahmadi Governor Sheikh Humoud Jaber Al-Ahmad Al-Sabah reaffirmed Kuwait's unwavering commitment to advancing technological innovation, emphasizing the country's focus on computing, artificial intelligence, and other fields that form the backbone of its developmental vision. Speaking to KUNA on Monday during the closing ceremony of the World Robot Olympiad – Kuwait 2025, Sheikh Humoud underscored the importance of nurturing digital skills and technological literacy among youth as a strategic investment in the nation's future. He praised the coordinated efforts of governmental bodies in supporting initiatives like the Olympiad, stating that such involvement reflects Kuwait's determination to keep pace with rapid global advancements and to contribute meaningfully to sustainable development goals. 'The world is witnessing rapid and continuous transformations in the fields of AI and robotics,' he said, adding that empowering the current generation of tech-savvy youth is essential for developing homegrown solutions that enhance quality of life. He expressed gratitude to the event's organizers, partners, and sponsors, and congratulated all qualifying teams, wishing them continued success. Officials participate in the closing ceremony of the second edition of the World Robot Olympiad - Kuwait 2025. Officials honor the teams that qualified for the Singapore final. Ahmadi Governor honors the winners. Ahmadi Governor honors all teams that qualified for the Singapore final. Also speaking to KUNA, Hamida Rahimi, national organizer of the World Robot Olympiad in Kuwait, noted that preparations for this year's season began in January, with more than 100 countries participating. She explained that the qualifiers concluded at the Ahmad Al-Jaber Oil and Gas Exhibition, where five teams earned spots in the upcoming finals in Singapore, while 11 other teams qualified for regional competitions. Rahimi commended the collaboration between key partners and sponsors, including the Kuwait Oil Company (KOC), the Sabah Al-Ahmad Center for Giftedness and Creativity, the American University of the Middle East, and the Public Authority for Youth. She also highlighted the significant participation from the Private Schools Union, which involved 180 private institutions. Salem Al-Baz, Director of the Technology Development Department at the Sabah Al-Ahmad Center, confirmed the center's ongoing support for participants through the provision of technical resources, training, and specialized robotics equipment. He praised the participants' dedication, noting their strong motivation and potential in the technology sector. The closing ceremony of the second edition of the World Robot Olympiad – Kuwait 2025 drew over 200 participants, including Kuwaiti citizens and residents aged between 8 and 22. Their projects were evaluated by a panel of 60 judges specializing in robotics design and programming. Five teams will represent Kuwait in the international finals in Singapore, with 11 more advancing to regional contests. — KUNA
Argaam
19-05-2025
- Business
- Argaam
ADES to unveil new contract awards in coming period: CEO
ADES Holding Co.'s CEO Mohamed Abdul Khaleq said that there are a number of new contracts that will be announced sequentially in the coming period, adding that discussions on these contracts are on track. In an interview with CNBC Arabia, the top executive stated that the company signed contracts worth SAR 3.6 billion during April and May, bringing its total projects backlog to SAR 29 billion, which is the highest in the company's history and also the highest at the industry level globally. Regarding the renewal of a platform contract with Saudi Aramco for a period of 10 years, at a value of SAR 1.61 billion, the top executive said that the contract with Aramco was renewed with an increase of 20% over its previous value, noting that the company has about 33 contracts with Aramco. Aramco represents about 70% of the total backlog, which amounts to about SAR 29 billion, Kuwait Oil Company (12%), Qatar (4%), Egypt (3%), and the rest is distributed among the countries of the world. The change in the exchange rate of the Egyptian pound had no impact on the company's contracts in Egypt, ss they are in the US dollar, said Abdul Khalek, indicating that even if there are some operations carried out in Egyptian pounds, they are in accordance with the exchange rate of the Central Bank of Egypt, which gives the company a hedge against the decline of the currency. The CEO also pointed out that ADES has about SAR 11.5 billion in debt, but the contracts backlog represents about three times the debt size, which enables the company to collect about SAR 14.5 billion from them to repay debts and distribute semi-annual cash dividends. He also stressed that the company currently has no intention of issuing Sukuk because the last financing secured by the company was almost not consumed, and there is still about $3 billion remaining. Asked about the impact of reducing interest rates on the company, the CEO said that each 25-bps reduction in interest rates reflects positively on the company's profits by about SAR 15 million annually.
