Business
Kuwait Hosts GCC Energy Workshop
Participants pose for a group photo during the Gulf Cooperation Council workshop.
KUWAIT CITY, July 2: A high-level Gulf Cooperation Council (GCC) workshop on protecting the infrastructure of the oil and gas sector and crisis management kicked off Tuesday, at the Ahmad Al-Jaber Oil and Gas Exhibition in Ahmadi, Kuwait. The three-day event is jointly organized by the United Nations Office of Counterterrorism, Kuwait Oil Company (KOC), and the GCC Emergency Management Center. During the workshop, GCC Secretary General Jassem Al-Budaiwi said in a recorded speech that GCC energy supplies represent a fundamental pillar of global supply, concurrently noting that the Gulf states are working to implement ambitious development plans, which in turn would lead to an increase in local energy demand. The GCC chief said that the developing world is witnessing rapid progress and a growing demand for energy, noting that the Asia-Pacific region is expected to account for 50 percent of the global GDP by 2040, making it one of the fastest-growing regions in the world. GCC faces three main challenges; adapting to the global energy transition, meeting increasing domestic demand, and ensuring the security and stability of the global energy market, he pointed out.
The security and safety of energy assets in the Gulf region are fundamental to the global market, as ongoing developments and conflicts in the region indicated that any future events in the Middle East could directly impact three out of the world’s seven strategic maritime chokepoints: the Strait of Hormuz, the Bab al-Mandab Strait, and the Suez Canal, Al-Budaiwi stressed. The current conflicts not only threaten global supply chains, Al-Budaiwi emphasized, but also affect national and cross-border development projects such as connectivity initiatives between the European Union and the Middle East, which rely on safe passage through the Levant and the Mediterranean Sea. In a similar recorded statement, United Nations Undersecretary General for Counter-Terrorism Vladimir Voronkov emphasized that the meeting takes place amid a period of escalating global security threats. He highlighted that UN General Assembly Resolution 77/298 unequivocally condemns terrorist attacks targeting energy infrastructure and underscores the need for strengthened cooperation among governments, international organizations, and the private sector.
Voronkov further noted that the Security Council has introduced a technical guide for the protection of critical energy infrastructure from terrorist threats, developed with the support of the Russia and Turkmenistan. He underscored that the guide is the product of in-depth research, broad international consultations, and the collective expertise of the United Nations Global Counter-Terrorism Coordination Compact, in collaboration with the Working Group on Emerging Threats and Infrastructure Protection.
In her remarks at the workshop, UN Resident Coordinator in Kuwait Ghada Al-Tahir emphasized that this meeting offers a key opportunity to promote best practices, share expertise, and highlight the Gulf countries’ progress in building comprehensive security frameworks regionally and nationally. Al-Tahir highlighted that, for decades, the Gulf states have served as a cornerstone of global energy security and sustainable development, being home to vast reserves of oil and natural gas and playing a vital role in ensuring stable energy supplies worldwide. She reaffirmed the UN’s role, especially the Kuwait office, in supporting shared security goals, expressing confidence that the meeting would yield practical, impactful results.
Dr. Rashid Al-Marri, Head of the GCC Emergency Management Center, emphasized that the meeting offers a vital platform to boost cooperation to protect oil and gas infrastructure; key pillars of Gulf economies and global energy stability. He highlighted the need for greater readiness amid growing threats, including terrorism, cyberattacks, and geopolitical tensions. He noted the center’s role in coordinating crisis response among member states, developing a regional emergency plan covering 13 types of risks, and working closely with the UN Office of Counterterrorism on training and capacity-building. On his part, KOC’s Assistant CEO, Musaed Al-Rasheed, stressed the importance of strengthening regional and international partnerships to secure maritime routes and energy supplies, especially as the industry faces complex geopolitical, industrial, and natural threats.(KUNA)
The US Treasury Department building is seen on March 13, 2025, in Washington. (AP)
MEXICO CITY, July 2, (AP): Three Mexican financial institutions sanctioned by the Trump administration last week have felt a cascade of economic consequences following the allegations that they helped launder millions of dollars for drug cartels. The US Treasury Department announced that it was blocking transactions between US banks and Mexican branches of CIBanco and Intercam Banco, as well as the brokering firm Vector Casa de Bolsa.
All three have fiercely rejected the claims. Mexico’s President Claudia Sheinbaum accused US officials of providing no evidence to back their allegations, though the sanctions announcement made specific accusations on how money was transferred through the companies. It detailed how “mules” moved money through accounts in the US, as well as transactions carried out with Chinese companies that US officials said provided materials to produce fentanyl.
Mexico’s banking authority has announced that it is temporarily taking over management of CIBanco and Intercam Banco to protect creditors. Sheinbaum said Tuesday that the Mexican government is doing everything within its power to ensure that creditors aren’t affected, and said they were well “within their right” to pull their money from the banks.
The US Treasury Department said that the sanctions would go into effect 21 days after the announcement. Fitch Ratings has downgraded the three institutions and other affiliates, citing “anti-money laundering concerns” and saying the drop “reflects the imminent negative impact” that the sanctions could have.
“The new ratings reflect the significantly more vulnerable credit profile of these entities in response to the aforementioned warnings, given the potential impact on their ability to meet their financial obligations,” the credit rating agency wrote in a statement. On Monday, CIBanco announced that Visa Inc. had announced to them with little warning that it had “unilaterally decided to disconnect its platform for all international transactions” through CIBanco.
The bank accused Visa of not complying with the 21-day grace period laid out by the sanctions. “We would like to reiterate that your funds are safe and can be reimbursed through our branch network,” the bank wrote. “We reiterate to our customers that this was a decision beyond CIBanco’s control.”
Kuwait’s Central Agency for Information Technology headquarters.
KUWAIT CITY, July 2: The Central Agency for Information Technology (CAIT) announced the opening of applications for the sixth edition of the Gulf Cooperation Council (GCC) Digital Government Award.
Acting CAIT Director General Najat Ibrahim told KUNA on Wednesday that the award aims to recognize and honor outstanding achievements in digital transformation across GCC countries.
Applications are now open via the official website awards.cait.gov.kw, with the submission period running from early July until August 31. Ibrahim emphasized that the award serves as a pioneering platform to foster competition and innovation among government agencies in the field of digital transformation.
The award features nine main categories covering diverse aspects of digital excellence, including best government digital service, best use of artificial intelligence, best open data initiative, best digital inclusion initiative, and best digital community participation. Other categories include best comprehensive government application, best purposeful digital game, best initiative to build government competencies, and an award recognizing the distinguished government institution in digital transformation.
Ibrahim highlighted that the award reflects the broad scope of digital innovation and supports multiple pathways to excellence in government digital services.
She further explained that the award aligns with Gulf regional trends to enhance digital cooperation, boost the preparedness of government institutions for future challenges, and achieve sustainable digital development goals within the GCC.
Entities interested in participating are required to submit their applications through the authorized contact officer in their respective countries to ensure an organized and coordinated submission process.
For further inquiries, applicants may contact the agency at +965 22929293.
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