Latest news with #KD
Arab Times
an hour ago
- Arab Times
Addict Snatches Car in Salmiya, Blows KD 1,200 on Drugs
KUWAIT CITY, July 24: The Operations Sector, represented by the General Traffic Department, has closed the case involving the theft of a citizen's vehicle, which contained KD 1,200 in cash. According to official details, a Kuwaiti citizen filed a report at the Salmiya police station, stating that an unknown individual had stolen his 2018 bronze color saloon car. He added that he had recently withdrawn KD 1,200 and left the cash inside the vehicle. He suspected that someone may have followed him, but did not accuse anyone specifically. Authorities immediately circulated a description of the stolen vehicle. Shortly thereafter, a traffic patrol located and stopped the car, detaining the individual driving it. The suspect was then referred to the Investigations Department. During questioning, the suspect admitted to stealing the vehicle but denied having followed the victim or being aware of the money beforehand. He claimed he was unaware of the cash until after taking the car and confessed to spending it on drug use. The investigation file was forwarded to the Public Prosecution, which concluded that the accused was responsible for the theft. It was also revealed that he has a criminal history involving both theft and drug-related offenses.
Arab Times
2 hours ago
- Arab Times
4 Million Captagon Pills Found Hidden in Water Pipes
KUWAIT CITY, July 23: As part of ongoing nationwide efforts to combat drug trafficking and safeguard public health, Kuwait's Criminal Security Sector—represented by the General Department for Drug Control—has successfully thwarted an attempt to smuggle a massive quantity of psychotropic substances into the country. In a coordinated operation with the General Administration of Customs and the General Fire Force, authorities seized approximately 4 million Captagon pills, concealed innovatively inside water treatment pipes. The estimated street value of the haul is around KD 12 million. The operation began when the General Department for Drug Control received confidential intelligence about an attempt to smuggle a large shipment of Captagon into the country using unconventional methods. In response, immediate coordination was initiated with Customs to allow the shipment to clear entry points, enabling authorities to monitor its movement and identify the culprits. As a result, one suspect was arrested inside Kuwait. Meanwhile, the primary suspect was located abroad. The Ministry of Interior confirmed that coordination is underway with a counterpart drug control agency in a foreign country to apprehend the individual and initiate legal proceedings. Investigations revealed that the shipment had traveled through an Arab country and then passed through a European country—intended as a tactic to obscure its origin—before arriving in Kuwait. The Ministry of Interior praised the effective collaboration among all agencies involved in this high-profile seizure. It reaffirmed its unwavering commitment to continue its nationwide crackdown on drug smuggling and trafficking networks, vowing zero tolerance toward anyone who endangers the country's security or public safety.
Kuwait Times
2 hours ago
- Business
- Kuwait Times
Cabinet calls for nationalizing health services for better care
Ministers review fiscal deficit and climate roadmap KUWAIT: The Cabinet has emphasized the importance of nationalizing health services to enhance the quality of medical care and strengthen the efficiency of national human resources. The directive was issued during the weekly Cabinet meeting held Tuesday at Bayan Palace under the chairmanship of His Highness the Prime Minister Sheikh Ahmad Al-Abdullah Al-Ahmad Al-Sabah. Following the session, Deputy Prime Minister and Minister of State for Cabinet Affairs Shareeda Abdullah Al-Maousherji said the ministers were briefed on the outcomes of Health Minister Dr Ahmad Al-Awadhi's official visit to France. The visit included the signing of several memoranda of understanding with leading French medical institutions, as part of efforts to bolster Kuwait's healthcare sector. The Cabinet also reviewed letters sent to His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah from leaders of friendly and sisterly nations, focused on enhancing bilateral ties and fostering mutual cooperation. Ministers were also informed of His Highness the Prime Minister's recent meeting with Egypt's Deputy Prime Minister and Minister of Transport and Industry Kamel Al-Wazir and his accompanying delegation, during which ways to deepen cooperation between the two countries were discussed. Regional and environmental cooperation First Deputy Prime Minister and Minister of Interior Sheikh Fahad Al-Yousef Saud Al-Sabah briefed the Cabinet on the outcomes of his official visits to Lebanon and Syria. During these visits, he met with senior officials to discuss avenues for strengthening bilateral relations, particularly in the field of security. In line with Kuwait's commitment to combating climate change, Minister of Oil Dr. Tareq Al-Roumi, along with senior officials from the Environment Public Authority, presented a long-term national roadmap aimed at reducing carbon emissions and promoting sustainable development. The strategy focuses on adopting innovative, integrated solutions to drive sustainable economic growth and enhance national resilience to climate change impacts. Economic outlook and fiscal performance Minister of Finance and Minister of State for Economic Affairs and Investments Noura Al-Fassam delivered a detailed briefing on preparations for Kuwait's upcoming economic evaluation and assessment. She also presented the State's final financial statement for fiscal year 2024-2025, which recorded a deficit of KD 1.056 billion. The Cabinet acknowledged the urgency of addressing financial waste and boosting non-oil revenues, calling for collective action across all government entities. It reviewed and approved draft laws related to final financial statements for the fiscal year, which will be referred to His Highness the Amir for endorsement. Citizenship review Lastly, the Cabinet approved the report submitted by the Supreme Committee for the Investigation of Kuwaiti Citizenship, concerning cases involving the loss and withdrawal of nationality. The decisions were made in accordance with the provisions of Law No 15 of 1959 regulating Kuwaiti nationality. — KUNA
Kuwait Times
5 hours ago
- Business
- Kuwait Times
NBK ECONOMIC REPORTInvestment segment leads Kuwait real estate rebound in Q2 2025
Public sector initiatives target housing supply bottlenecks KUWAIT: Kuwait's real estate activity witnessed a rebound in Q2 2025, supported by fading seasonal factors from Q1 and optimism about market reforms. The rise was driven by a surge in investment sector sales to an 11-year high while the residential segment lagged behind, still constrained by affordability issues and a lack of fresh supply. However, the multi-year fall in prices in the residential sector seems to have abated, with prices now almost flat year-on-year. Looking ahead, aside from the anticipated summer lull in Q3, we see developer sentiment benefitting from amendments to the real estate developer law and changes to investment regulations, while the expected approval of the housing finance law will improve access to home financing. These dynamics, in conjunction with decent non-oil economic growth and potential interest rate cuts, will underpin property market activity ahead. Investment sales Total real estate sales surged to KD 1.0 billion in Q2 2025, marking a 15.5 percent increase compared to the 2024 quarterly average. This upswing follows a seasonal contraction in Q1 and was driven primarily by robust performance in the investment (i.e. apartments and buildings) segment, while the residential and commercial segments contributed more modestly. Strong investment sales were supported by robust credit growth to the real estate sector, higher demand in inner urban districts and recent changes to investment housing regulations aimed at advancing the country's urban development model. Residential sales rebounded in Q2 following Q1's sharp contraction while the number of transactions rose to its highest level since Q2 2022. Despite the rise in Q2 and a mildly improving trend, residential sales in H1 2025 were well below the levels seen during the same period of 2021 & 2022. The increase in Q2 was also likely aided by the fading impact of seasonal factors in Q1, which could go into reverse in Q3. Other headwinds facing the sector include the potential release of idle lands due to the vacant residential lands law coming into effect (January 2026 – although this might boost transactions levels in the near term, it may have a negative impact on prices), ongoing discussions for utility fee adjustments and lingering affordability pressures. But on the upside, the potential approval of the real estate financing law over the coming months could provide a big boost to home financing availability and demand in the medium term. Investment sales in Q2 hit KD 483 million, continuing a positive recent trend and reflected in strong credit growth. Year-to-date, investment sales surged by 82 percent y/y, mainly on the rising demand in apartment-heavy inner urban areas (Kuwait City and Hawally governorates). Sentiment towards the segment may also have received a boost from recent updates to investment housing regulations aimed at modernizing the urban planning framework and incentivizing developers. The changes include allowing mixed-use investment buildings in Kuwait City, recognizing studio apartments under the investment category, regulating the use of basements, adding new permissible activities such as charities and libraries, and increasing the building-to-land ratio by 50 percent for some property categories. Commercial property sales remained broadly stable on a quarterly basis at KD 104 million but fell sharply by 65 percent y/y due to the high-value deals that took place in the corresponding period in 2024. The subdued performance in this segment reflects still cautious overall business sentiment and a shift in capital toward more liquid or higher-yielding real estate classes. Real estate prices mixed The overall price index edged up by 0.2 percent q/q in Q2, supported by a 1.2 percent q/q increase in residential prices – higher than the 0.5 percent recorded in Q1. On an annual basis, real estate prices rose by 2.9 percent y/y as investment prices led the way, up by 7.1 percent. Residential prices showed signs of stabilization, declining by just 0.5 percent y/y compared with a 1.7 percent contraction in Q1. The divergence in the price trends has helped to narrow the price gap between the two segments with investment properties showing upward momentum but residential prices relatively flat. While the residential segment still suffers from affordability constraints, the quarter-on-quarter price hikes for the past three consecutive quarters suggests that these pressures are abating – helped perhaps by anticipation of the approval of the real estate financing law that would ease borrowing bottlenecks. In response to the long-standing housing backlog – now at 103,110 applicants in July 14 – the Public Authority for Housing & Welfare (PAHW) is pushing ahead with its development agenda by initiating tenders for the design and infrastructure planning of three residential cities: Al-Khiran, Nawaf Al-Ahmad, and Al-Sabriyah, collectively providing 170,000 units. The cabinet has also approved amendments to the real estate developer law to allow the private sector to help resolve the housing crisis by developing new residential cities and to attract foreign and local investors. However, PAHW's project awards slowed notably in Q2 to a two-year low of KD 121 million, as reported by MEED. A follow-up report by the Supreme Council for Planning and Development for FY24/25 (April-December) indicated that Jaber Al-Ahmad and South Abdullah Al-Mubarak cities are nearing completion, with progress rates of 94.7 percent and 90.4 percent. Other major projects, however, continue to face execution delays with completion rates in the Al-Mutla' (76.9 percent), affordable housing (37 percent), and South Saad Al-Abdullah (20.3 percent) projects remaining behind schedule. That said, there are signs of progress in infrastructure works in South Sabah Al-Ahmad and South Saad Al-Abdullah. On the financing front, the Kuwait Credit Bank reported a 48 percent q/q increase in approved housing loans in Q2, totaling KD 47.6 million. This marks a modest recovery from the four-year low observed in Q1. However, disbursed loan volumes fell by 3.7 percent q/q to KD 109.4 million, continuing the downward trend from Q1, likely due to the suspension in plot distributions.
Kuwait Times
a day ago
- Business
- Kuwait Times
KD 174.6 million stc's revenues for six months ended June 30, 2025
Net profit increased by 2.7% to KD 17.3m • stc's customer base reaches 2.2m KUWAIT: Kuwait Telecommunications Company (stc), a world-class digital leader providing innovative services and platforms to customers and enabling the digital transformation in Kuwait, announced its financial results for the six months period ended June 30, 2025, highlighting the most significant achievements as well as the financial and operational performance. In this regard, Eng Muataz Abdullah Aldharrab, the company's CEO, stated: 'By the grace of Allah, Kuwait Telecommunications Company (stc) delivered strong operational and financial results during the first half of 2025, reflecting the strength of its strategic plan focused on quality growth, operational efficiency, and the flexibility of its business model. As part of its efforts to expand market share, stc continued to roll out advanced and innovative solutions that cater to the needs of both individual and enterprise customers. The company is also enhancing its technical capabilities, aligning with the increasing demand for digital services and reaffirming its commitment to delivering sustainable and added value to all customer segments.' Commenting on stc's key achievements during the first six months of 2025, Eng. Aldharrab, stated:' The second quarter of 2025 marked a new phase of progress and excellence for stc, reflected in a series of high-quality milestones that reflect the company's ambitious vision and strong commitment to providing the best-in-class digital services and products. In this context, it is worth highlighting that Kuwait stands at the forefront of global innovation as one of the first countries to adopt 5G Advanced in June 2025, representing a key step toward upgrading the digital infrastructure. This reaffirms Kuwait's leadership in next-generation technologies and solidifying its status as a premier digital hub in the region. Consequently, stc launched its 5G Advanced network to provide an exceptional digital experience, in line with its ongoing commitment to supporting Kuwait Vision 2035 through more precise connectivity, faster speeds and smarter networks. While 5G Advanced represents the evolution of 5G technology which is poised to transform the digital experience for both individuals and businesses, this cutting-edge advancement will offer users enhanced capabilities to improve their operations and online activities, paving the way for the widespread adoption of intelligent solutions across multiple industries. As part of its efforts to strengthen its market position and enhance institutional performance within a framework of effective governance and social responsibility, stc obtained the ISO 45001:2018 certification for implementing international standards in occupational health and safety management. This achievement affirms the company's commitment to providing a safe and healthy work environment for its employees and ensuring operational efficiency at the highest global standards. Additionally, during the second quarter, stc launched the third edition of its flagship accelerator program 'inspireU,' designed to support tech startups and small and medium-sized enterprises (SMEs) in Kuwait. The program aims to empower them to reach new levels of growth and innovation, in line with stc's strategic framework that focuses on enabling entrepreneurs to enhance digital innovation and business growth in the region.' Commenting on the financial results for the period ended June30, 2025, Eng Muataz Aldharrab stated: 'stc delivered strong financial performance during the first half of 2025, supported by sustainable growth across its operating segments. Total revenue reached KD 174.6 million during the first half of 2025, representing a growth of 5.2 percent compared to KD 166.0 million during the same period last year. This growth was primarily driven by the rise in the consumer segment revenues, which accounted for 77 percent of total revenue. Meanwhile, the enterprise segment contributed to 23 percent of total revenue, supported by ongoing efforts to enhance the company's business model, digital services, and providing integrated technological solutions that meet the needs of companies across various industries.' Aldharrab added: 'These results led to an increase in EBITDA by 5.7 percent, reaching KD 45.5 million during the first half of 2025, compared to KD 43.1 million in the same period of 2024, driven by higher revenues and improved operational efficiency. Net profit amounted to KD 17.3 million (earnings per share of 17 fils) during the first half of 2025, representing a growth of 2.7 percent, compared to KD 16.9 million (earnings per share of 17 fils) during the same period in 2024. This resilient financial performance reflects the company's success in cost management, balancing growth with future investments, and capitalizing on the accelerated digital transformation in the local market. Along with the continued focus on efficiency and innovation, the solid results highlight stc's ability to enhance profitability and achieve sustainable growth. It is also worth noting that stc's customer base reached approximately 2.2 million by the end of June 2025.' Commenting on the company's financial position as of June 30, 2025, Aldharrab stated: 'The company's total assets reached KD 470.4 million by the end of the first half of 2025, while total shareholders' equity stood at KD 222.9 million, reflecting a solid financial position and a stable capital structure. stc continues to maintain strong financial solvency, ranking among the best in the telecom sector across the region. This enables the company to pursue growth and expansion projects without compromising financial stability. The strength of stc's financial position allows it to respond flexibly to future opportunities and market shifts while supporting its expansion strategies in line with its vision for digital transformation and sustainable growth, striking a balance between investment-driven growth and operational returns. Through this approach, stc aims to diversify its revenue streams, enhance cost and resource management efficiency, and generate sustainable and rewarding returns for its shareholders. The company is also committed to closely monitoring and analyzing key performance indicators, while executing its operational and investment initiatives with high efficiency, relying on its advanced digital infrastructure and well-structured long-term growth plans. These efforts reflect stc's commitment to upholding the highest standards of governance and internal control, fostering a culture of transparency and institutional excellence, and ensuring business continuity while strengthening the company's ability to achieve excellence and competitive superiority in a rapidly evolving business environment.'
