Latest news with #HusseinAli
Arab Times
28-06-2025
- Business
- Arab Times
Silver steals gold's spotlight in Kuwait
KUWAIT CITY, June 28: Despite the luster of gold even in times of crises, this appeal extends to all precious metals, including silver. A number of precious metal traders in Mubarakiya Market said they expected a silver price hike due to the Israeli-Iranian war. Silver jewelry sellers in the market disclosed that the price per gram now ranges from 360 to 400 fils, excluding the 'workmanship' fee -- an increase of about 11 percent compared to the previous prices. They added that if the 'workmanship' fee is included, the price ranges from KD1.5 to KD2. They attributed the recent increase in the price of 'white metal' to the remarkable increase in demand among citizens due to the regional developments. They stated that some people buy silver as an alternative to gold, whose price has increased dramatically. Furthermore, a group of investors prefers to store silver, along with gold, to benefit from a small profit margin or as a guarantee against the decline in paper currencies, amid price increase expectations due to the escalation of tension in the region. Amir Franji, a silver shop manager, told the newspaper that silver prices have increased from 360 to 400 fils per gram last month, with expectations of further price increases in the coming days due to the ongoing tensions between Iran and Israel. He confirmed the high demand for silver, especially since it is an alternative to gold for middle-income earners. 'Purchasing gold jewelry is currently beyond the means of the not-so-well-off, with the price of a 21-karat reaching nearly KD30 per gram. Nevertheless, investing in silver is completely different from investing in gold, as anyone who sells silver jewelry loses 30 to 50 percent, unlike gold, which is bought and sold based on the price ceiling set by the Ministry of Commerce and Industry,' he explained. Silver merchant Hussein Ali agreed, saying, 'Indeed, there has been a noticeable increase in silver sales during this period; particularly after the rise in gold prices as a result of the Iran-Israel war, because gold is considered a safe haven for investors amid political fluctuations.' He disclosed that Kuwait imports silver from Switzerland, the United Arab Emirates (UAE) and Italy. He said Swiss silver is the best type and most preferred by customers; hence, the price is around 15 fils higher than other types of silver. In a related development, Ahmed Abdul Redha, a gold trader, pointed out that silver -- like other commodities -- is vulnerable to political tensions sweeping the world. However, he believes that investing in silver is profitable in the long term, as those who buy a kilogram of silver will not receive a profitable return for at least five years. He cited the fact that a kilogram of silver 20 years ago was worth a little more than KD50, while the current price per kilogram is KD417. Gold trader Hamad Al-Saeedi stated that silver jewelry sales have been active since the outbreak of the war, with sales increasing by approximately 15 percent; but there has been no significant price increase, as the price of a gram of silver increased by around 15 fils. He revealed that the price of silver three months ago was less than 290 fils per gram and rose to 360 fils during Eid Al-Adha. Despite this, some traders sell one gram of silver at 410 fils, he added. He mentioned the multiple uses of silver in technology industries, tablets, solar panels, nuclear reactors and nuclear medicine. He thinks the price of silver will rise dramatically over the next five years with the proliferation of silver-related industries, considering the world is on the cusp of the Fourth Industrial Revolution, which relies heavily on silver. He said a group of investors prefers to store silver with gold to benefit from a profit margin, even if small, or as a guarantee in the event of a decline in paper currencies, especially since the value of the dollar is affected by international political events. Gold trader Bou Yaacoub noticed the revival of the silver market, as some consider silver an alternative to gold, whose price rises based on global political and financial events. He explained that the price of a gram of a crafted silver could reach KD1.500; while the price of a silver bar depends on its weight, as it is sold without the 'workmanship' fee and this is different from silver jewelry, whose price includes the 'workmanship' fee, so the price of a gram could range from KD1.500 to KD2 depending on the work method. He indicated that the best types of silver in the local market are 925 karat and 999 karat.
Shafaq News
20-05-2025
- Business
- Shafaq News
Erbil construction fair opens with broad International participation
Shafaq News/ The Erbil International Construction Fair, one of the most prominent events in Iraq and the Kurdistan Region, opened its 15th edition on Tuesday, drawing broad participation from local, regional, and international companies specializing in construction, equipment, and building materials. The event serves as a platform for investors, engineers, and professionals to network and highlight the developments in infrastructure, housing, and engineering services. Exhibitors also showcased a range of advanced machinery and logistics technologies, with several companies exploring plans to expand operations in the region. Speaking to Shafaq News, Hussein Ali, marketing director at a participating firm, described the fair as a key opportunity to engage with investors and stakeholders. He noted the event's contribution to infrastructure and transport projects and its role in introducing international technologies to the local market. Similarly, visitor Saman viewed the fair as a reflection of the Kurdistan Region's urban development, pointing to the presence of major local and global firms as a marker of sector growth. The multi-day fair includes live demonstrations, technical workshops, and seminars focused on sustainable construction, civil engineering, and renewable energy. Organizers expect thousands of visitors from across Iraq and abroad, positioning the event as a contributor to investment and economic activity in the Kurdistan Region and beyond.
TimesLIVE
25-04-2025
- Politics
- TimesLIVE
Al Shabaab battles Somalia's army for control of strategic military base
Al Shabaab fighters battled Somali troops and allied forces for control of a strategic army base in central Somalia on Thursday, the government and a military official said, as the al Qaeda-linked militants tried to extend recent gains in the region. Capturing the base in Wargaadhi town in the Middle Shabelle region, which houses soldiers, special forces and clan fighters, would enable al Shabaab to sever an important trunk road between the capital Mogadishu, 200km to the southwest, and Galmudug state. Al Shabaab, which has waged an insurgency in Somalia since 2007 to seize power, said in a statement that its fighters had captured the base and Wargaadhi town, something the government denied was the case. The information ministry said in a statement that government forces had killed more than 40 jihadists after they attempted to attack the base on Thursday morning. However, army officer Hussein Ali told Reuters the militants had taken the town of Wargaadhi after "fierce fighting". "Our forces lost 12 men, mostly [clan fighters]. Around 20 al Shabaab fighters were also killed," Ali said. "But finally al Shabaab got more reinforcements and managed to capture the town."
Al Jazeera
24-04-2025
- Politics
- Al Jazeera
Al-Shabab battles Somalia's army for strategic military base
Al-Shabab fighters have battled Somali troops and allied forces for control of a strategic army base in southern Somalia, according to the government and a military official. Capturing the base in Wargaadhi town in the Middle Shabelle region, which houses soldiers, special forces and clan fighters, would enable the al Qaeda-linked group to sever a crucial road between the capital, Mogadishu, 200km (124 miles) to the southwest, and the central Galmudug State as it tries to extend recent gains made in the region. Al-Shabab has been fighting the Somali government for more than 16 years and frequently targets government officials and military personnel. It said in a statement that its fighters had captured the base and Wargaadhi town – a claim the government denied. The Ministry of Information said in a statement that government forces had killed more than 40 people after they tried to attack the base on Thursday morning. However, army officer Hussein Ali told the news agency Reuters that the armed group had taken the town of Wargaadhi after 'fierce fighting'. 'Our forces lost 12 men, mostly [clan fighters]. Around 20 al-Shabab fighters were also killed,' Ali said. 'But finally al-Shabab got more reinforcements and managed to capture the town.' He added that Somalia's military was struggling to send reinforcements because it would need to use routes passing through al-Shabab-held areas. Two soldiers quoted by Reuters said government forces, backed by air strikes, had managed to recapture part of the town by midmorning. It was not possible to independently verify the claims made by either side. Last week, al-Shabab claimed to have seized control of nearby Adan Yabal, a town and logistical hub for government forces about 220km (130 miles) north of Mogadishu. However, Captain Hussein Olow, a military officer in Adan Yabaal, denied the report, telling Reuters government troops had pushed the group back. Both attacks are part of an offensive launched by al-Shabab last month. The group briefly captured villages within 50km (30 miles) of Mogadishu, raising fears among the capital's residents that the city could be targeted. While Somali forces have since recaptured those villages, al-Shabab has continued to advance in the countryside as the future of international security support to Somalia appears increasingly precarious. A new African Union peacekeeping mission, the AU Support and Stabilization Mission in Somalia, replaced a larger force in February, but its funding is uncertain as the United States remains opposed to transitioning to a United Nations financing model.
Straits Times
24-04-2025
- Politics
- Straits Times
Al Shabaab battles Somalia's army for control of strategic military base
FILE PHOTO: Members of Somali special police forces march, after being trained and equipped by the European Union, in a collaboration that aims to enhance safety and strengthen the fight against threat posed by Al-Shabaab militants, at the Halane Training Facility in Mogadishu, Somalia April 14, 2025. REUTERS/Feisal Omar/File Photo MOGADISHU - Al Shabaab fighters battled Somali troops and allied forces for control of a strategic army base in central Somalia on Thursday, the government and a military official said, as the al Qaeda-linked militants tried to extend recent gains in the region. Capturing the base in Wargaadhi town in the Middle Shabelle region, which houses soldiers, special forces and clan fighters, would enable al Shabaab to sever an important trunk road between the capital Mogadishu, 200 km (124 miles) to the southwest, and Galmudug State. Al Shabaab, which has waged an insurgency in Somalia since 2007 to seize power, said in a statement that its fighters had captured the base and Wargaadhi town, something the government denied was the case. The information ministry said in a statement that government forces had killed more than 40 jihadists after they attempted to attack the base on Thursday morning. However, army officer Hussein Ali told Reuters the militants had taken the town of Wargaadhi after "fierce fighting". "Our forces lost 12 men, mostly (clan fighters). Around 20 al Shabaab fighters were also killed," Ali said. "But finally al Shabaab got more reinforcements and managed to capture the town." He said Somalia's military was struggling to send reinforcements because they would need to use routes passing through areas held by al Shabaab. Two soldiers said the government forces, backed by air strikes, had managed to recapture part of the town by mid-morning. Reuters could not independently verify any of the claims made by either side about the fighting. Last week al Shabaab attacked the town of Adan Yabal, about 245 km (150 miles) north of Mogadishu which the military had been using as an operating base for raids on the group. The attacks are part of an offensive by the group launched last month. Al Shabaab briefly captured villages within 50 km (30 miles) of Mogadishu, raising fears among residents of the capital that the city could be targeted. Somali forces have since recaptured those villages but al Shabaab has continued to advance in the countryside, as the future of international security support to Somalia appears increasingly precarious. A new African Union peacekeeping mission replaced a larger force at the start of the year, but its funding is uncertain, with the United States opposed to a plan to transition to a U.N. financing model. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
