Business

Gold price drops to USD 3,310 per ounce

Published

1 month ago

June 10, 2025

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KUWAIT CITY, June 10: Gold prices declined to USD 3,310 per ounce last week affected by strong American labor market data, specialized economic report showed. A report by Kuwaiti Dar Al-Sabaek mentioned that the week started with a high of USD 3,403 an ounce, but gradually decreased due to lack of incentives profit making. American jobs report for the month of May included the addition of 139,00 job, surpassing expectations of 125,000, with unemployment rates remaining at 4.2 percent, supporting strength of the dollar and increasing bond yields.

The report stated that trade talks between the United States and China played a role in limiting gold’s gains after the two presidents held a phone call that helped calm tensions, followed by the announcement of an upcoming trade meeting in the British capital, London. It indicated that geopolitical tensions in other regions, such as the Russian-Ukrainian crisis and escalating events in the Middle East remain supportive factors for gold prices, in addition to the continuous intensified purchases the precious metal by central banks around the world, in a strategic shift away from dollar-denominated assets.

The report noted that global markets are awaiting the release of US inflation data this week, starting with the Consumer Price Index on Wednesday, followed by the Producer Price Index on Thursday, followed by the University of Michigan’s Consumer Confidence Survey on Friday. It indicated that this kind of data is pivotal in determining the path of monetary policy by the US Federal Reserve ahead of its meeting scheduled for the 17th and 18th of this month. Locally, the price of 24-karat gold reached KD 32.750 per gram (approx. USD 107), while the price of the 22-karat gram reached KD 30 (approx. USD 98) and the silver kilogram KD 407 (approx. USD 1,329). (KUNA)

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Kuwait unveils e-tax platform | arabtimes

Published

16 hours ago

July 17, 2025

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KUWAIT CITY, July 17: The Ministry of Finance announced the launch of an online registration service for companies subject to the Multinational Entities Tax Law through its official website. This service falls within the framework of the ministry’s commitment to implementing the provisions of Law No. 157/2024 and advancing digital transformation in service delivery. It is designed to streamline the registration process for companies subject to the law, per Article 75 “Self-Registration of the Taxpayer” of the law’s executive regulations. This service allows companies to complete the registration process electronically through the Ministry of Finance’s official website by following these steps:

1. Visit the Ministry of Finance website at www.mof.gov.kw.

2. From the main menu, select “Corporate and Institutional Tax,” or choose “Electronic Tax Services” from the list of e-services. This will direct you to www. mof.gov.kw/TCRS_Public

3. Log in using your existing username and password, or click on “Create Account” if you do not have one.

4. Once logged in, select the desired service and submit your registration request.

It is worth noting that the Ministry of Finance reaffirms its commitment to developing the digital services system, which helps enhance institutional efficiency and improve compliance with tax legislation in the State of Kuwait. (KUNA)

Business

Jahra Council greenlights KOTC LNG water pipeline

Published

17 hours ago

July 17, 2025

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KUWAIT CITY, July 17: The Jahra Governorate Committee at the Municipal Council, chaired by Abdullah Al-Enezi, on Wednesday approved the request of the Ministry of Electricity, Water and Renewable Energy to allocate a freshwater route to feed the liquefied natural gas (LNG) plant of Kuwait Oil Tankers Company (KOTC) in Umm Al-Aish. During the meeting, the committee also approved the following:

Request of one of the companies that own plots 42 and 48 in Jahra Administrative and Commercial Center (Block 93) to change the height of the pedestrian bridge linking the two plots from six meters to 4.8 meters above ground level;
Request of the Public Authority for Agriculture Affairs and Fish Resources (PAAAFR) to allocate an alternative site for Naif Poultry Company in Sulaibiya Agricultural Area. In addition, the committee referred to the executive authority the request of the Ministry of Health to change the use of the site of the pest control center in Jahra to become a kidney dialysis center, with the amendment of its borders and the expansion of its area; as well as the letter of Jahra Governor Hamad Al-Habashi regarding the allocation of land to establish a walkway, for further study and to present its technical opinion on these requests.

By Inaas Awadh
Al-Seyassah/Arab Times Staff

Business

MEW secures SAB approval for KD169mn GCCIA power import

Published

18 hours ago

July 17, 2025

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KUWAIT CITY, July 17: The total amount for which the Ministry of Electricity, Water and Renewable Energy obtained conditional approval from the State Audit Bureau (SAB) to contract for the import of electricity from the Gulf Cooperation Council Interconnection Authority (GCCIA) reached KD169.126 million over nine months — from April to December.

According to reliable sources, the ministry got approval for the import in April, amounting to KD2.641 million, two approvals in May the first for KD1.756 million and the second for KD3.348 million, in addition to an approval from June until December for KD161.381 million. Sources indicated that the energy import is through the coordinated efforts of the ministry and GCCIA to support the grid, maintain the stability of the electrical system during summer, and avoid resorting to scheduled power outages as much as possible, given the increased loads resulting from high temperatures and increased consumption rates in summer.

Sources disclosed that the ministry utilized the GCCIA as one of the solutions to address the energy crisis until production rates increase and new projects are implemented shortly. Sources said these projects include the installation of gas turbine units operating on a combined cycle system to increase power production at Al-Subiya power station by 900 megawatts, indicating the ministry is racing against time to complete the fourth phase that includes the tender, award, contracting, and implementation procedures.

By Mohammad Ghanem
Al-Seyassah/Arab Times Staff