
NESR lands multiple downhole drilling contracts in Kuwait
These incremental, multi-year awards span a number of drilling and evaluation (D&E) segments, including fishing and remedial services, downhole tools, tubing & casing running, and scope for other advanced drilling services.
This comes close on the heels of the group snapping up slickline contracts worth $200 million in Kuwait and Oman.
Founded in 2017, NESR is one of the largest national oilfield services providers in the MENA and Asia Pacific regions, headquartered in Houston, US.
These awards reflect continued NESR leadership in an important sector of drilling services, extended from the company's strong position in Oman, and in a Kuwait market that remains a bastion for robust activity growth within the Mena region, it added.
NESR CEO & Chairman Sherif Foda said: "These awards further cement our position in Kuwait, following our recently announced contract win in Slickline, and support our advancement across a broad swath of services within D&E."
"We sincerely thank our dear clients for their trust in our capabilities, support of our healthy investment in people and innovation in the country, especially with the significant investment we are undertaking for the AIV Advanced Innovation Valley to enhance our position as one of the preferred service leaders in Kuwait," he added.
Copyright 2025 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Zawya
30 minutes ago
- Zawya
NBK-Egypt reports EGP4.1bln net profit in 1H2025
Al-Bahar: NBK Egypt delivered solid profit growth, underpinned by resilient operating performance amid challenging conditions The Bank continues to rank among the fastestgrowing financial institutions in Egypt, with a clearly defined and expanding presence in the local market Our financial indicators underscore the strength of our trajectory and affirm that we remain well positioned to further reinforce our market share Egypt remains a core strategic market contributing to the Group's growth El-Tayeb: NBK – Egypt continues to deliver strong performance, with solid growth across all key financial indicators The Bank remains focused on reinforcing its position in both the retail and corporate banking sectors We are fasttracking digital transformation by expanding our digital services Sustainable finance stands as a core strategic priority in line with our commitment to supporting environmentally responsible projects National Bank of Kuwait - Egypt (NBK-Egypt) has reported net profits of EGP 4.1 billion (Equivalent to KWD 25.65 million) for the first six months of 2025, a significant increase from the EGP 3.2 billion (Equivalent to KWD 24.9 million) reported in the corresponding period of 2024, showcasing an impressive growth rate of 30%. Net Operating Income stood at EGP 7.7 billion in 1H2025, recording a substantial increase of 28% from EGP 6.1 billion recorded in the corresponding period of 2024. In the meantime, Net Interest Income grew by 31%, reaching EGP 6.7 billion compared to EGP 5.2 billion in 1H2024. Meanwhile, Net Operating Income (excluding interests) increased to EGP 199 million in 1H2025, compared to EGP 147 million in 1H2024, up by 35%, while Cost to Net Operating Income grew by 1% in 1H2024 to 24% in 1H2025. Total assets reached EGP 206 billion by the end of 1H2025, up by 5% compared to EGP 196 billion by the end of 2024. Furthermore, total loans and credit facilities expanded to EGP 115 billion in 1H2025, reflecting a growth rate of 10% compared to EGP 104 billion recorded at the end of 2024. Additionally, customer deposits increased to EGP 166 billion by the end of 1H2025, up from EGP 160 billion at the end of 2024, representing a growth rate of 4%. The ratio of operating income to total net income increased to 87% as of 1H2025, compared to 85% in the corresponding period of 2024. Moreover, the Return on Average Assets (ROAA) improved to 4% in 1H2025, while the Return on Average Equity (ROAE) stood at 35%. Commenting on the financial results announced by NBK-Egypt, Ms. Shaikha Al-Bahar, Deputy Group Chief Executive Officer, National Bank of Kuwait, and Chairman of NBK-Egypt, said: 'The strong earnings growth achieved by NBK–Egypt in the first half of 2025 highlights the bank's solid financial standing and the enduring strength of its business model, which continues to generate sustainable profitability despite prevailing operational challenges. This performance stands as a testament to the Group's long-term strategic vision since its entry into the Egyptian market in 2007, reaffirming its confidence in the significant growth potential and strategic importance of one of the region's largest and most dynamic banking landscapes.' Al-Bahar affirmed that Egypt remains one of the Group's most prominent strategic markets, playing a role in driving growth, and is consistently regarded as its second home market. As the largest Kuwaiti investment in Egypt, NBK has established a clear and growing footprint within the Egyptian banking sector. The Bank ranks among the fastest-growing institutions in the market, a position reinforced by its robust financial indicators, which underscore its solid trajectory toward further expansion and enhanced market Al-Bahar emphasized that the Group views the Egyptian market as a long-term strategic investment and remains committed to expanding its presence. She noted that NBK's operations in Egypt continue to rank among the most profitable within the Group, consistently delivering high returns on equity and assets. Al-Bahar explained that the easing of geopolitical tensions in the region would significantly support the Egyptian economy and unlock greater investment opportunities. She also noted that the country's future outlook, continues to gain momentum from the ongoing reform efforts and the exceptional measures undertaken by the Egyptian government and the Central Bank of Egypt. Meanwhile, Vice Chairman, CEO, and Managing Director of National Bank of Kuwait-Egypt, Mr. Yasser El-Tayeb, said: 'The Bank's solid financial indicators in the first half of the year underscore its ability to sustain growth and deliver strong business results, despite the exceptional challenges facing the business environment on the local and global fronts due to ongoing political instability and its economic ramifications.' El-Tayeb emphasized that NBK–Egypt's growth remains well-balanced across all business lines, supported by efficiency and risk metrics aligned with both sustainable expansion and long-term resilience. He attributed this performance to the Bank's prudent policies and sound business model, which enable it to meet customer needs with agility and confidence. He added that the majority of NBK–Egypt's income is generated from credit operations, primarily through the corporate banking segment, while the retail banking sector has also witnessed notable growth in recent years. The Bank's credit portfolio spans a broad spectrum of clients, ranging from large corporations to medium and small enterprises, while its retail portfolio serves diverse customer segments. This breadth underscores the strength and diversification of NBK–Egypt's income sources. El-Tayeb emphasized the bank's commitment to further strengthening its position in the retail banking sector by offering advanced services and products tailored to diverse customer segments, aiming to establish itself as a comprehensive bank that fulfills all their financial needs. Furthermore, he also emphasized NBKE's firm belief in the pivotal role of technology and digital channels in shaping the future of the banking sector. Recognizing their importance in strengthening competitive advantage, NBK–Egypt has made substantial investments to upgrade its core banking systems and significantly expand its suite of digital services. These efforts are aimed at delivering a seamless and distinctive banking experience, enabling customers to carry out their transactions anytime, anywhere. In parallel, the Bank is committed to encouraging broader adoption of electronic payment methods, in alignment with the strategic direction of the Egyptian government and the Central Bank of Egypt. El-Tayeb emphasized that NBK–Egypt is committed to supporting the global shift toward sustainable finance and the transition to a green economy. The Bank actively backs environmentally responsible projects that promote sustainability and greater reliance on renewable energy sources. It also continues to explore viable solutions to mitigate the adverse impacts of climate change and reduce carbon emissions. Finally, El-Tayeb noted that sustainable finance has become one of the most critical instruments for promoting and preserving long-term financial stability. About the Bank: NBK-Egypt has a vast network of 52 branches spread over premium locations in various Egyptian governorates and cities, including Cairo, Giza, Alexandria, Delta, Red Sea, Port Said, Upper Egypt, and the industrial zones in 6th of October 10th of Ramadan cities. The Bank is also privileged to be among the elite banks within the Egyptian market that offer Islamic banking services in addition to its conventional products throughout its Islamic branches. Moreover, NBK-Egypt has a vast network of ATMs nationwide to service the Bank's clients around the clock. Furthermore, the bank offers a wide range of digital and electronic services, providing its customers with a unique banking experience. These services enable customers to conveniently conduct their banking transactions anytime and anywhere, eliminating the need to visit the bank for every transaction. National Bank of Kuwait (NBK) was incorporated in 1952 as the first local bank and the first shareholding company in Kuwait and the Gulf region. NBK continues to enjoy collectively one of the highest ratings among all banks in the Middle East from the three international rating agencies Moody's (A1), Standard and Poor's (A), and Fitch Ratings (A+). The Bank's ratings are supported by its strong financial indicators, asset quality, and high capitalization, in addition to its highly recognized and very stable management team, as well as strategic vision and stable funding base. NBK enjoys the most comprehensive banking presence with a local and international network with international presence in the world's leading financial centers including China, Geneva, London, Paris, New York, and Singapore, in addition to its regional presence in Egypt, Lebanon, Bahrain, Saudi Arabia, Iraq, and the UAE.


Khaleej Times
30 minutes ago
- Khaleej Times
Ajman Bank hosts strategic corporate tax seminar to empower UAE businesses
Ajman Bank, a leading Islamic financial institution in the UAE, recently hosted a corporate tax seminar to support small and medium enterprises (SME) clients in navigating the evolving tax landscape. Held in collaboration with MICS, the event underscored Ajman Bank's ongoing commitment to empowering businesses through financial expertise, regulatory awareness, and strategic guidance. The seminar brought together industry experts, senior banking professionals, and SME leaders for knowledge-sharing, discussion, and networking. Designed to address the real-time concerns of businesses in light of the UAE's corporate tax regime, the event focused on actionable insights and compliance essentials. Faizal Kundil, Head of Consumer Banking at Ajman Bank, emphasised the importance of staying informed amid shifting fiscal policies. He stated, ''In an era where regulatory frameworks are rapidly evolving, particularly with the introduction of corporate tax, it is essential for businesses, especially SMEs, to stay ahead of change. At Ajman Bank, we believe our responsibility as a financial partner extends far beyond banking transactions. We are committed to empowering our clients through strategic insights, expert guidance, and tailored support to help them navigate complexity, ensure compliance, and drive sustainable growth.' The seminar featured expert-led sessions by specialists from MICS, including Kinjal Sampat, FCA and Associate Director – with extensive experience from PwC India; Kushal Kumar, CA and Manager – a specialist in transfer pricing and international tax; and Prateek Tosniwal – a global subject matter expert on international tax structuring The presentations covered critical topics such as key filing timelines, tax reliefs, documentation requirements, allowable deductions, and essential financial and non-financial disclosures. The seminar also featured a live Q&A session, where attendees addressed specific concerns directly with the experts. Concluding the session, Jyoti Ranjan, Head of Business Banking at Ajman Bank, said, 'Ajman Bank is proud to serve as a strategic ally to our SME clients, helping them stay ahead of regulatory changes and supporting their long-term growth journey. The seminar concluded with a networking lunch, offering attendees the chance to engage with peers and speakers in an informal setting. Ajman Bank continues to strengthen its role as a trusted advisor to the SME sector, providing not only financial solutions but also business intelligence and thought leadership as part of its holistic approach to client success.


The National
an hour ago
- The National
Dubai's sleepy summers a thing of the past as economic activity heats up
The summer months in Dubai have typically been a time when many travel, move house or depart for good. The events season takes a breather and those who remain enjoy a couple of relatively more peaceful months. But as Dubai's population continues to rise, is the city starting to shake off the traditional summer slowdown and become a place of year-round activity? The National spoke to experts from hospitality to property to try to gauge if things were changing. 'There is no such thing as a downtime any more,' said V Nandakumar, director of marketing and communications at Lulu Group which operates retail outlets across the UAE. 'Traditionally, July and August were always seen as non-peak … because of the weather conditions and the fact people travel out of the UAE,' he said. 'But that is not the case now.' 'People don't want to leave' Hitesh Vachhani, team lead of commercial at Santa Fe Relocation in Dubai, said June to August used to be peak time for their moving business but that is no longer the case. 'Fifty per cent to 60 per cent of our volume used to happen in the summer months,' said Mr Vachhani. 'Now it is only 20 per cent because it is spread out during the year. 'There are a few schools now who are even accommodating mid-year admissions if they have space. And this was never the case before.' Authorities have made major efforts over the past few years to get more people to visit and stay in Dubai through initiatives such as liberalised visa rules, investment in education, and new residential developments. Growing population Dubai's population is increasing – at 3.98 million on Monday – up from 3.77m on the same day a year ago – and this may also partially explain why the city feels slightly busier in the summer. Mr Vachhani said there was a time when people moved with their families, stayed for an assignment period and then went home but this was also no longer valid, meaning Dubai is a less transient place. 'People don't want to leave,' he said. 'Because going back is the last resort.' And even of those who move to a new assignment − often to other regional countries − their families often stay here. 'That has never happened in the past. People don't want to leave in the summers.' Hotel occupancy on the rise Statistics shared with The National by the CoStar Group, parent company of hotel analytics provider STR, showed that yearly occupancy data to June is 81.4 per cent – up 4.5 per cent on 2024. And monthly occupancy data to July 26 stands at 70.3 per cent – a rise of 3.7 per cent per cent on last year. 'We can't really identify if it's staycations or tourists at this point without knowing how tourism arrivals are trending at the same time,' said Kostas Nikolaidis, senior account manager for the Middle East and Africa at STR. 'But one thing is for sure, hotels are busier as occupancies are growing.' Mr Nikolaidis said summer still had significant room for growth as 'overcoming seasonality is a monumental challenge for all destinations'. 'However, Dubai is taking steady steps in the right direction. Even now in the heat of summer.' Hospitality groups also said they had noticed a rise in business over the summer. Paul Stevens, chief operating officer, Middle East, Africa and Turkey, for the premium, midscale and economy division at Accor, said it was clear that Dubai's traditional summer slowdown was 'softening' with marketwide demand 'up two per cent over summer 2024'. 'While July had a brief dip due to regional events earlier in the month, overall, this summer is shaping up stronger than last year,' he said. Mr Stevens said the strength of the euro against the dirham made Dubai about 10 per cent more affordable for many European travellers compared with last year and an increase in inbound flight capacity – up around two per cent to four per cent from 2024 – was also important. 'Across our Accor portfolio in Dubai, we've seen a noticeable sharp rise in both international arrivals and staycations, despite the Middle East tensions in June and early July,' he said, with the city's investment in experiences that were indoors and climate-controlled bolstering this. 'For us, that's a shift worth watching,' he said. 'Dubai isn't just a seasonal hotspot any more, it's a 12-month destination and summer is increasingly part of that success story.' Even at Dubai Gold Souq, there were signs that long term trends pointed to the city getting busier. 'If we compare from the past two to three years, then this summer is quiet,' said Arjun Dhanak, director of Kanz Jewels, who said gold reaching record highs meant some customers were waiting to buy. 'But if we compare with 10 years ago, it is busier.' There are also signs of growth in the property market. According to the Dubai Land Department, property transactions were up 26 per cent in first half of the year as more tenants convert to buyers. 'Contrary to the typical seasonal slowdown often associated with the summer months, this year the Dubai real estate market has continued to perform robustly,' said Zacky Sajjad, director of business development and client relations at the Cavendish Maxwell property consultancy. 'Our data shows that residential transaction volumes in June and July 2025 increased by 18.6 per cent year-on-year, with the total value of transactions rising by 19.5 per cent compared to the same period last year. Mr Sajjad pointed to the fact Dubai International Airport reported a record first half of the year, how hotel occupancy levels are growing every year and the fact Dubai's population increases bring further demand to the residential and hospitality sectors. 'From a practical standpoint across the industry and asset classes, it is clear there has been no significant summer slowdown, so far,' he said. 'On the contrary, the market appears to be maintaining strong transactional and operational activity, reinforcing Dubai's position as a resilient and attractive global real estate hub, even during the traditionally quieter summer season.'