Kuwait to host 4 delegations from China as part of development push
KUWAIT: Kuwait is set to receive four official delegations from major Chinese state-owned companies next month to explore investment opportunities in infrastructure, logistics, and other key development projects, a senior official announced Wednesday.
The announcement came during a high-level meeting chaired by His Highness the Prime Minister Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah at Bayan Palace. The session brought together members of the ministerial committee tasked with following up on agreements and memoranda of understanding (MoUs) between Kuwait and China.
'The official high-level communications with the Chinese government are progressing rapidly,' said Assistant Foreign Minister for Asian Affairs, Ambassador Sameeh Johar Hayat, in a statement published by Kuwait News Agency (KUNA). 'Next month, Kuwait will welcome four official delegations representing major Chinese state-owned enterprises to discuss avenues for cooperation and investment with the Kuwaiti government in areas such as infrastructure, logistics, and other development sectors.'
The meeting reviewed the latest developments in implementing a number of MoUs between the two governments, covering strategic sectors like Mubarak Al-Kabeer Port, renewable energy, low-carbon waste recycling, public housing development, wastewater treatment, and free economic zones. Discussions also touched on joint efforts to combat desertification.
HH the Prime Minister Sheikh Ahmad Al-Abdullah underscored Kuwait's commitment to moving forward with large-scale development plans and strengthening its strategic partnership with China. 'What has been achieved in terms of positive economic growth indicators and attracting foreign investments confirms that we are on the right path,' he said, stressing the importance of 'promoting initiative and achievement across all aspects of economic development.'
He added that the deepening collaboration with China 'represents an important step toward expanding major development projects in the country and strengthening economic ties between the two nations.'
As part of recent collaborative efforts, a high-level technical delegation from Kuwait's Ministry of Public Works was set to travel to China early this week to discuss the launch of a major wastewater treatment initiative, the committee noted during its meeting last week. However, no further details were provided on the visit in this week's press statement.
The meeting was attended by senior government officials, including Foreign Minister Abdullah Al-Yahya, Housing Minister Abdullatif Al-Meshari, Electricity and Renewable Energy Minister Dr Sabeeh Al-Mukhaizeem, and Director General of the Kuwait Direct Investment Promotion Authority Sheikh Dr Meshaal Jaber Al-Ahmad Al-Sabah.
Telecom deal
Kuwait's Minister of State for Communications Affairs, Omar Al-Omar, held talks this week with Liu Xiang, the Chargé d'Affaires at the Chinese Embassy in Kuwait, to explore deeper cooperation in the fields of telecommunications and technology.
In a press statement issued Thursday, the Ministry of Communications said the meeting reviewed a proposed memorandum of understanding between the two countries and stressed the importance of aligning joint initiatives with Kuwait's national strategic goals. Both sides emphasized the value of strengthening their technical partnership, the ministry noted.
The Chinese diplomat praised Kuwait's current presidency of the Digital Cooperation Organization, saying it reflects the country's active role in promoting innovation and shaping digital policy across the region and globally. 'This meeting comes as part of efforts to enhance constructive dialogue between the State of Kuwait and the People's Republic of China toward sustainable and fruitful digital cooperation,' Liu said in the statement. He also invited Minister Al-Omar to attend the upcoming PartNIR Forum—a global event on Fourth Industrial Revolution partnerships—scheduled for September. — Agencies
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Kuwait Times
33 minutes ago
- Kuwait Times
NBK-Egypt reports EGP 4.1 billion net profit in H1 2025, a y-o-y growth of 30%
KUWAIT: National Bank of Kuwait - Egypt (NBK-Egypt) has reported net profits of EGP 4.1 billion (equivalent to KD 25.65 million) for the first six months of 2025, a significant increase from the EGP 3.2 billion (Equivalent to KD 24.9 million) reported in the corresponding period of 2024, showcasing an impressive growth rate of 30 percent. Net Operating Income stood at EGP 7.7 billion in H1 2025, recording a substantial increase of 28 percent from EGP 6.1 billion recorded in the corresponding period of 2024. In the meantime, Net Interest Income grew by 31 percent, reaching EGP 6.7 billion compared to EGP 5.2 billion in H1 2024. Meanwhile, Net Operating Income (excluding interests) increased to EGP 199 million in H1 2025, compared to EGP 147 million in H1 2024, up by 35 percent, while Cost to Net Operating Income grew by1 percent in H1 2024 to 24 percent in H1 2025. Total assets reached EGP 206 billion by the end of H1 2025, up by 5 percent compared to EGP 196 billion by the end of 2024. Furthermore, total loans and credit facilities expanded to EGP 115 billion in H1 2025, reflecting a growth rate of 10 percent 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 percent. The ratio of operating income to total net income increased to 87 percent as of H1 2025, compared to 85 percent in the corresponding period of 2024. Moreover, the Return on Average Assets (ROAA) improved to 4 percent in 1H2025, while the Return on Average Equity (ROAE) stood at 35 percent. Commenting on the financial results announced by NBK-Egypt, 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 share. Furthermore, 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, 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.
Kuwait Times
5 hours ago
- Kuwait Times
Kuwait environmental sustainability constitutes developmental strategic pillar, effective partnerships
KUWAIT: Kuwait is prioritizing environmental concerns as a pivotal and strategic pillar within its national plans and future programs. Over the past two years, the government has intensified its efforts to adopt strategies for environmental sustainability, guided by the directives of His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah. The Cabinet has played a key role in advancing the national vision for environmental sustainability, regularly placing the long-term low-carbon development roadmap at the forefront of its this context, Oil Minister Tareq Al-Roumi and officials from the Environment Public Authority (EPA) presented a visual outline of the roadmap in July. This plan aims to enhance resilience against climate change by employing integrated, innovative, and technical solutions within a circular carbon economy, and it also includes supportive initiatives for environmental innovation and green investment across multiple sectors. Kuwait has strengthened coordination with China to activate memoranda of understanding (MoU) in key areas, such as low-carbon green systems for waste recycling, electrical infrastructure, renewable energy, and the environmental development of sewage treatment facilities. These agreements serve as key components in translating the country's ambitious goals into tangible steps toward a sustainable future aligned with Kuwait Vision 2035. A central aim is to preserve the environment for future generations. In parallel, Kuwait's 2050 Low-Carbon Strategy, launched by the EPA in November 2023 in collaboration with the UN Environment Programme and other state sectors, underscores its commitment to the UN Framework Convention on Climate Change (UNFCCC). Kuwait became the second Gulf country to present such a strategy. The country is targeting carbon neutrality by 2060, with a focus on diversifying energy revenue, increasing renewable energy use, replacing fossil fuels with natural gas, and utilizing waste to support environmental sustainability. The first State of the Environment Report, issued by the EPA last year, marks a major milestone in assessing environmental conditions and exemplifies successful cooperation among governmental in collaboration with the UN, the report focuses on seven key areas: Climate change, waste management, water resources, biodiversity, marine and coastal environments, and EPA's efforts have led to the launch of four strategic projects focused on environmental protection, sustainable development, waste management, and combating desertification. These initiatives aim to improve performance indicators and foster public-private partnerships in environmental planning efforts, such as Kuwait's Fourth Structural Plan (2040 Master Plan), promote green buildings and healthier living environments. On the legislative side, Kuwait's environmental protection law includes policies aimed at conserving natural resources and ecosystems. These measures are designed to prevent or reduce air pollution, ensure biodiversity, and promote sustainable living conditions. The law mandates the identification and regulation of fixed pollution sources and enforces penalties for environmental violations. During the recent Sustainable Energy Conference, Kuwait reaffirmed its commitment to achieving a balanced energy mix, aiming for 50 percent of its electricity to come from renewable sources by 2025. In his speech, Minister of Electricity, Water and Renewable Energy and Acting Minister of Finance and Minister of State for Economic and Investment Affairs, Sabeeh Al-Mukhaizeem, emphasized the adoption of comprehensive plans and ambitious projects that align with Kuwait's global commitments and its vision for a sustainable renewable energy strategy involves three tracks: Long-term projects like the Shagaya Renewable Energy Park, short-term solutions, and smaller-scale initiatives requiring all facilities to generate 10 percent of their electricity from renewable sources. The Shagaya project, a public-private partnership, is being developed in two phases: the first will generate 1,100 MW, and the second 500 Public Authority of Agriculture Affairs and Fish Resources is also advancing initiatives to expand green cover across the country by planting trees and increasing green spaces in parks and along streets. The authority has implemented plans for artificial barriers and redistributed agricultural areas to help control sand dunes, fight desertification, and mitigate pollution. Public parks remain a cornerstone of Kuwait's environmental efforts, offering diverse green spaces across the has consistently affirmed its commitment to regional and international environmental agreements and has actively collaborated with global organizations in this field. In this context, Sami Dimassi, United Nations Environment Programme (UNEP) representative and Regional Director for West Asia, praised Kuwait's commitment to developing responsive strategies and action plans that address urgent environmental needs. He highlighted the progress Kuwait has made in promoting environmental initiatives and sustainable development. Ghada Al-Taher, UN Resident Coordinator in Kuwait, lauded the country's active role in environmental sustainability and its participation in initiatives addressing critical issues such as desertification, water scarcity, and biodiversity loss. Kuwait ratified the United Nations Framework Convention on Climate Change (UNFCCC) in 1995 and the Kyoto Protocol in 2005 and has consistently participated in global climate the Middle East Green Initiative Summit 2022 in Sharm Al-Sheikh in Egypt, Kuwait reaffirmed its full commitment to the initiative's outcomes-marking a key regional turning point in climate action and a foundation for regional collaboration in combating climate change. — KUNA
Kuwait News Agency
5 hours ago
- Kuwait News Agency
Kuwait Premier departs Saudi Arabia after official visit
حكومة LOC21:29 18:29 GMT NEOM, Saudi Arabia, Aug 4 (KUNA) -- His Highness the Prime Minister Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah and his accompanying delegation departed the Kingdom of Saudi Arabia after an official one-day visit on Monday. His Highness was seen off by Saudi Minister of State and Member of the Cabinet Prince Turki bin Mohammad bin Fahad bin Abdulaziz Al Saud; Saudi Ambassador to Kuwait Prince Sultan bin Saad bin Khalid Al Saud; Acting Charge d'Affaires at the Embassy of the State of Kuwait to the Kingdom Hamad Ibrahim Al-Salloum; and Kuwait's Consul General in Jeddah and Permanent Representative to the Organization of Islamic Cooperation Yousef Abdullah Al-Tunaib. In a statement prior to his departure, His Highness the Prime Minister expressed his deep thanks and appreciation to the Kingdom of Saudi Arabia, its leadership, government, and people, for the warm welcome and generous hospitality he received during his visit, wishing the Kingdom further stability and prosperity. (end) ibi
