KUWAIT CITY, Oct 15: The State Audit Bureau (SAB) approved the contract of the Ministry of Electricity, Water and Renewable Energy for the maintenance work in Doha Seawater Reverse Osmosis Desalination Plant, along with equipment, to increase the alkalinity of the produced water (Phase One) at a total cost of KD10.45 million. Sources informed the newspaper that SAB’s audit and review contributed to savings estimated at KD36,713,000 after reducing some items and deleting one due to redundancy.

In another development, the latest monthly report of the ministry revealed that electricity was supplied to 700 plots in various residential sectors in September. The private residential sector recorded the highest number of electricity connections with 672 plots, followed by the government and investment sectors with nine plots each, and the industrial and agricultural sectors with five plots each.

The newspaper obtained a copy of the report, indicating that the total load provided to new customers reached 81,599 kilowatts, with Jahra Governorate ranking first in terms of electricity connection, followed by Farwaniya Governorate, Ahmadi Governorate, Capital Governorate, Mubarak Al-Kabeer Governorate, and Hawally Governorate. According to the report, the total electricity connection load increased in September, reaching 81,599 kilowatts, compared to 75,881 kilowatts in August — a difference of 5,716 kilowatts. Meanwhile, the Statistics Department at the ministry disclosed that 563,751 megawatts were imported from the Gulf Interconnection Network in September.

By Mohammad Ghanem Al-Seyassah/Arab Times Staff 

The 47th preparatory meeting of Undersecretaries of Ministries of Industry of the Gulf Cooperation Council (GCC) countries

KUWAIT CITY, Oct 15: The industrial sector has become a crucial engine for economic diversification and a foundational element in building resilient economies, Acting Director General of Kuwait’s Public Authority for Industry (PAI), Shemlan Al-Juhaidli, declared on Wednesday.

Addressing the inaugural session of the 47th meeting of the Gulf Cooperation Council (GCC) undersecretaries of industries, Al-Juhaidli stressed the urgent need for unified regional efforts to confront global challenges and capitalize on opportunities presented by the industrial revolution and advanced technologies.

He described the session as a continuation of the GCC’s ongoing journey toward industrial cooperation, reflecting the visionary leadership’s prioritization of industry within sustainable economic development frameworks.

The meeting served as a precursor to the upcoming 55th session of the GCC Industrial Cooperation Committee and focused on deepening Gulf industrial integration, enhancing investment climates, and developing supply chains to sustain and grow national industries.

GCC Assistant Secretary-General for Economic and Development Affairs, Khaled Al-Snaidi, highlighted that the industrial sector accounted for 12.7 percent of the GCC’s GDP in the first quarter of 2025, underscoring its role as a principal contributor to non-oil sector growth and economic diversification.

Al-Snaidi noted significant improvements in the GCC’s rankings on the 2024 Competitive Industrial Performance Index, reflecting advancements in technology, innovation, productivity, and trade. The GCC collectively ranks among the top 60 industrial economies globally in manufacturing value added and exports.

The GCC countries pursue a unified industrial development strategy, harmonizing legislation and regulations to encourage industry, combat dumping, and enforce protective measures aimed at building a competitive, sustainable industrial base that enhances economic security and generates quality jobs.

The session addressed key issues such as strengthening Gulf industrial integration, setting standards for national product localization, managing exempted goods and penalties for violations, and promoting circular economy initiatives. It also covered the establishment of an industrial innovation center, cooperation with the United Nations Industrial Development Organization, and plans for the Gulf Industrial Platform and Gulf Industry Day.

Al-Juhaidli extended congratulations to Bahrain for hosting the next Industrial Cooperation Committee meeting, emphasizing the spirit of Gulf solidarity and collective action to further deepen industrial integration.

The discussions reflected the GCC’s commitment to advancing industrial development as a strategic pillar for regional prosperity and sustainable economic transformation.

The 47th preparatory meeting of Undersecretaries of Ministries of Industry of the Gulf Cooperation Council (GCC) countries.

A person walks in front of an electronic stock board showing Japan’s Nikkei index at a securities firm on Oct 15, in Tokyo. (AP)

BANGKOK, Oct 15, (AP): Shares swung higher Wednesday in Europe and Asia, supported by buying of technology shares, as hopes for a US interest rate cut helped to offset worries over simmering trade tensions between Washington and Beijing. Gold rose to new highs, hitting $4,217 per ounce. The precious metal has soared nearly 60% in 2025 as investors seek a hedge against a long list of uncertainties, including higher tariffs and the economy.

Federal Reserve Chair Jerome Powell signaled Tuesday that the Fed is slightly more worried about the job market, raising expectations that the central bank will come through with another rate hike. “Rising downside risks to employment have shifted our assessment of the balance of risks,” he said at a meeting of the National Association of Business Economics in Philadelphia.

Traders took heart from his words, given the lack of fresh data due to the US government shutdown, “reading Powell like a haiku – every pause, every syllable weighed for hidden meaning,” Stephen Innes of SPI Asset Management said in a commentary. “The message, once decoded, was clear enough: two rate cuts aren’t just a possibility, they’re the main course,” he said.

The future for the S&P 500 was up 0.4% while that for the Dow Jones Industrial Average gained 0.3%. Germany’s DAX edged 0.1% higher to 24,251.39, while the CAC 40 in Paris climbed 2.3% to 8,103.60. Britain’s FTSE 100 was nearly unchanged at 9,449.83. In Tokyo, the Nikkei 225 rose 1.8% to 47,672.67, while the Hang Seng in Hong Kong surged 2.1% to 25,973.55.

The Shanghai Composite index gained 1.2% to 3,912.21. In South Korea, the Kospi jumped 2.7% to 3,657.28 as market heavyweight Samsung Electronics advanced 3.7%. Taiwan’s Taiex added 1.8%. US indexes bounced Tuesday between gains and losses, weighed down by renewed jitters over friction between Washington and Beijing. The S&P 500 gave up 0.2% to 6,644.31.

The Dow climbed 0.4% to 46,270.46, while the Nasdaq composite dropped 0.8% to 22,521.70. Markets have gyrated as the U.S. and China have traded harsh words and threats of new trade sanctions and tariffs. Technology stocks are hypersensitive to trade issues since big chipmakers and other companies rely on China for raw materials and manufacturing. China’s large consumer base is also important for their sales growth. Chipmaker Nvidia slumped 2.6% and Broadcom fell 3.5%.