Latest news with #developmentprojects
Malay Mail
3 days ago
- Business
- Malay Mail
‘Political developments are normal': Umno-PKR unity intact despite Tengku Zafrul exit, says Johari Ghani
BATU PAHAT, May 31 — Umno's cooperation with Parti Keadilan Rakyat (PKR) within the unity government remains intact despite Tengku Datuk Seri Zafrul Abdul Aziz's resignation from the party, said Datuk Seri Johari Abdul Ghani. Johari, who is Umno vice-president, said both parties must remain united in their efforts to ensure the country's political stability. 'For example, in government, I play a role in national development as a minister. Political developments are normal, but they should not affect the strength of our coalition within the unity government and the country,' he said. He was speaking to reporters after officiating the Madani Adopted Village (KAM) programme handover ceremony for the Plantation and Commodities Ministry (KPK) at Kampung Parit Bilal here today. Yesterday, Tengku Zafrul, who is Minister of Investment, Trade and Industry, announced his resignation as an Umno Supreme Council member, Kota Raja division chief and party member. On today's programme, Johari, who is also Plantation and Commodities Minister, said a total of RM2.5 million has been allocated to Kampung Parit Bilal and Kampung Parit Ahmad under the KPK Madani Adopted Village initiative. The funds will go toward implementing various development projects, including upgrading educational facilities, houses of worship and basic infrastructure, he said. He said the initiative also involves strategic cooperation with relevant ministries and agencies, the Batu Pahat district office, Johor state development office, village development and security committees (JPKK) and local community leaders. 'Among the activities planned are entrepreneurship training, such as chocolate-making courses and outreach programmes under the Technical and Vocational Education and Training (TVET) MyCommodity initiative,' Johari added. — Bernama
LBCI
21-05-2025
- Business
- LBCI
Lebanon prepares for high-level visit to Iraq to boost bilateral cooperation
Prime Minister Nawaf Salam chaired a ministerial meeting attended by Finance Minister Yassine Jaber, Economy Minister Amer Bisat, and Energy and Water Minister Joe Saddi, as part of preparations for an upcoming official visit to Iraq aimed at strengthening cooperation on shared development projects. The visit follows ongoing coordination between Prime Minister Salam and Iraqi Prime Minister Mohammed Shia Al-Sudani, focusing on expanding bilateral ties, particularly in the energy sector. Central to the talks will be the rehabilitation and activation of the oil pipeline between Iraq and Lebanon, establishing a special economic zone for petrochemical manufacturing and storage, and developing a fiber optic line from Iraq through Lebanon to Europe. The agenda also includes reactivating the Iraqi-Lebanese joint committee and encouraging private sector investments between the two countries. The Lebanese delegation aims to deepen economic and strategic cooperation in ways that serve both nations' long-term development goals.
Zawya
21-05-2025
- Business
- Zawya
Kuwait: New Public Debt Law aims to boost financing and liquidity
KUWAIT CITY - Undersecretary of the Ministry of Finance Aseel Al-Munifi has emphasized the core objectives of the newly issued Public Debt Law -- Financing and Liquidity, highlighting its role in providing the State with diversified financial resources, both locally and internationally, to support development projects. In a media briefing on Monday, Al-Munifi explained that the law is designed to strengthen domestic financial markets, stimulate the banking sector, and reflect the State's capacity to borrow responsibly. She stressed that access to liquidity will enhance the financial reserves of the country, helping it to meet obligations amid evolving global economic conditions. Al-Munifi stated that the Public Debt Law will play a pivotal role in advancing numerous development initiatives, ultimately driving economic growth and supporting Kuwait's vision of becoming a regional financial hub. 'Among the key projects to be financed under this law are strategic initiatives in infrastructure, housing and health cities, which form a cornerstone of the national development agenda,' she revealed. She added that the law provides flexible and sustainable financial instruments, reinforcing the government's commitment to diversifying funding sources. In this context, Al-Munifi revealed that a sukuk issuance law will soon follow, pending final procedures. She affirmed that the law is sovereign, with the Ministry of Finance authorized to mandate the Central Bank or Kuwait Investment Authority to act on its behalf in securing financing. The ministry, she added, remains committed to developing a robust legislative framework to enhance the country's fiscal environment. Faisal Al-Muzaini, Director of the Public Debt Department at the ministry, confirmed that borrowing from both domestic and international sources is incorporated into the 2025/2026 budget, with estimated borrowing expected to range between KD3 and KD6 billion. He pointed out major differences between the current and previous debt laws, indicating the new legislation raises the borrowing ceiling from KD10 billion to KD30 billion; and extends the borrowing term from 10 to 50 years. 'It also introduces specific expenditure guidelines, a new element compared to the earlier framework,' he stated. He stressed the importance of leveraging local markets alongside global ones, explaining that the new debt law will positively influence Kuwait's credit rating by showcasing its fiscal discipline and ability to manage development financing effectively. He described the law as 'one of the most significant financial reforms in Kuwait's history.' He also revealed that a flexible financing strategy has been developed to engage confidently with global markets, focusing on minimizing borrowing costs and diversifying the investor base across regions and institutions. He said the main goal is to develop a local debt market by establishing a reliable yield curve, which will serve as a benchmark for domestic investors. He added Kuwait's debt-to-GDP ratio stands at just 2.9 percent, significantly lower than international benchmarks, where this ratio often exceeds 50 percent or 60 percent. He confirmed this low ratio positions Kuwait advantageously to enter capital markets after an eight-year hiatus. Asked whether public debt could be used to repay existing obligations, he confirmed that the law does not prohibit such use and that it will be considered within the broader financing strategy. Although no specific timeline has been set for the initial borrowing, he stated that preparations are underway and that the ministry is nearing the final stages before entering the markets. Regarding borrowing models, he clarified that Kuwait will follow a strategy tailored to its unique fiscal position, leveraging its sovereign reserves and national standards rather than adopting any predefined international model. Arab Times | © Copyright 2024, All Rights Reserved Provided by SyndiGate Media Inc. (
Argaam
19-05-2025
- Business
- Argaam
SPGA denies rumors about residential land distribution in Riyadh
The State Properties General Authority (SPGA) denied rumors regarding the distribution of residential land plots in Riyadh. In a statement, the authority emphasized that all major initiatives and development projects are only announced through official channels.
Zawya
14-05-2025
- Business
- Zawya
Oman: 3 agreements signed for Sultan Said bin Taimour Road dualisation
Muscat: The Ministry of Transport, Communications and Information Technology (MTCIT) signed three agreements to implement the third, fourth, and fifth parts of the dual carriageway of Sultan Said bin Taimur Road (Adam-Thumrait), with a total length of 400 km at a total cost of RO258 million. Three Agreements Signed to Implement Parts Three, Four, and Five of the Dualization of Sultan Said bin Taimour Road at a Total Cost Exceeding OMR 258 Million The total length of the three sections is 400 km, with a total cost exceeding RO258 million. It may be noted that the General Budget 2025 allocated RO 900 million for development projects under 'development expenditure' and programs approved within the budgets of civil ministries and government units. Of these, 36 percent has been allocated for the infrastructure sector, which includes major road projects to be implemented and completed this year, such as the Khasab-Daba-Lima Road, Al Sharqiyah Expressway, Adam-Thumrait Road, and Ansab-Jafnain dualisation project. This road project is a major one as it is used by a large number of tourists, especially during the Khareef season. The highway stretches 717.5km, of which 280km between Adam to Haima are dual carriageways. It may be noted that nearly 70 percent travelling to the Dhofar Governorate from the rest of the country and neighbouring nations travel by road. Agreements The agreements were signed on behalf of the Ministry by H.E. Eng. Said bin Hamoud Al Maawali, Minister of Transport, Communications, and Information Technology. Later, the minister said, "The project implementation period is 36 months, as the contractors have begun preparations that include housing for workers and delivering equipment. The road will contribute to raising the efficiency of logistical transport between the governorates of the Sultanate of Oman and between the border crossings in the north and the south, as well as to the concession areas." Part Three The first agreement, signed with an Omani-Saudi joint venture between Sarooj Construction Company (Sultanate of Oman) and Rawaf Contracting Company (Kingdom of Saudi Arabia), covers the implementation of Part Three of the Sultan Said bin Taimour Road dualization project. This section extends 132.5 kilometers from the Wilayat of Haima to the Wilayat of Muqshin, with an execution period of 36 months. The project includes the construction of a new dual carriageway with two lanes in each direction. It entails the design and construction of 16 ground-level bypass lanes, one overpass bridge, 115 reinforced concrete box culverts for surface water drainage, and 88 pipe culverts for median drainage. The project will also involve the installation of future utility ducts (broadband corridor) along the road. Additionally, the project includes the construction of 4 rest areas, 21 public parking areas, 8 emergency openings in the central median, and 22 parking bays for the Royal Oman Police. It also covers the reconstruction of the existing road at Wadi crossings and the rehabilitation of certain segments, along with the implementation of road safety features (concrete and metal barriers, road studs, road markings, and directional and warning signs). Part Four The second agreement, signed with an Omani-Saudi joint venture between Galfar Engineering and Contracting SAOG (Sultanate of Oman) and alomaier Trading and Contracting Company (Kingdom of Saudi Arabia), covers the implementation of Part Four of the project. This section extends 135 kilometers from the Wilayat of Muqshin to the Duka area, with an execution period of 36 months. This part includes the construction of a new dual carriageway with two lanes in each direction. It involves the design and construction of 14 ground-level bypass lanes, one overpass bridge, 241 reinforced concrete box culverts for surface water drainage, and 95 pipe culverts in the median. It also includes the installation of future utility ducts (broadband corridor) along the road. The project further includes 3 rest areas, 8 emergency openings in the central median, and 25 parking bays for the Royal Oman Police. It also involves the reconstruction of the existing road at wadi crossings and the implementation of road safety measures (concrete and metal barriers, road studs, road markings, and directional and warning signs). Part Five The third agreement, signed with an Omani-Saudi joint venture between Oman Gulf Company (Sultanate of Oman) and Kom Al Fahd Trading, Industry, and Contracting Company (Kingdom of Saudi Arabia), covers the implementation of Part Five of the dualization project. This section extends 132.5 kilometers from the Duka area to the Wilayat of Thumrait, with an execution period of 36 months. This section includes the construction of a new dual carriageway with two lanes in each direction. It entails the design and construction of 20 ground-level bypass lanes, 101 reinforced concrete box culverts for surface water drainage, and 110 pipe culverts in the median. It also includes 5 rest areas, 16 public parking areas, 8 emergency openings in the median, and 25 parking bays for the Royal Oman Police. In addition, the project includes reconstruction of the existing road at wadi crossings and the implementation of road safety features (concrete and metal barriers, road studs, road markings, and directional and warning signs). The implementation of these three sections follows the previously completed parts of the road from the Wilayat of Adam in Al Dakhiliyah Governorate to the Wilayat of Haima in Al Wusta Governorate, with a total length of 317 kilometers. Upon completion, the dualized road will provide a safer and more efficient transportation route, improve traffic flow, reduce road accidents, and stimulate economic, social, and tourism activities in the areas it serves. Moreover, when fully completed, the road will become the longest dual carriageway in the Sultanate, stretching from Muscat Governorate to Dhofar Governorate. The project will significantly enhance logistic connectivity across the Sultanate and open up new opportunities for economic and urban development. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
