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)
Jamal Al-Loughani, Secretary-General of the Arab Energy Organization (AEO), formerly known as OAPEC.
KUWAIT CITY, Aug 13: The global economy showed signs of relative improvement in the second quarter of 2025, driven primarily by accelerated spending on imports in anticipation of higher US tariffs, alongside a general improvement in global financial conditions. This was revealed by Jamal Al-Loughani, Secretary-General of the Arab Energy Organization (AEO), in a statement to Kuwait News Agency (KUNA) on Wednesday, following the release of the organization’s second quarterly report on the global oil market.
Al-Loughani noted that the global economic growth rate forecast for 2025 was revised upward to 3%, compared to the earlier forecast of 2.8%. He attributed this positive shift to factors such as improved financial conditions and preemptive import spending. However, he cautioned that the lack of comprehensive trade agreements continues to stir concerns about the long-term impact of ongoing global trade uncertainties.
Despite this uptick in global growth, Al-Loughani pointed to a concerning 12.1% decline in the average spot prices of the OPEC basket of crudes, which fell to USD 67.4 per barrel during the second quarter. The prices of crude oil futures also recorded quarterly losses, with Brent crude and US West Texas Intermediate (WTI) falling by 10.8%, reaching $66.8 and $63.7 per barrel, respectively.
The AEO Secretary-General attributed the drop in oil prices to several factors, including shifts in US trade policy, growing concerns about a potential slowdown in global economic growth, and weaker oil demand. Additionally, he mentioned that the downgrade of the US sovereign credit rating due to rising government debt and a slowdown in China’s industrial production and retail sales further dampened investor sentiment.
Global oil supplies showed a slight increase, rising by 0.4% compared to the previous quarter, reaching 104 million barrels per day. This uptick was largely due to increased output from OPEC+ nations and the United States. On the demand side, however, global oil consumption saw a modest decline of 0.03% quarter-on-quarter, influenced by weaker demand from China and other Asian countries.
OPEC member states experienced a 9.5% decrease in crude oil exports during the second quarter of 2025, dropping to approximately $100 billion. This drop in revenue was primarily attributed to falling oil prices. Al-Loughani noted that these developments had a direct impact on the economic performance of member states, with a decline in oil revenues negatively affecting public finances and external accounts.
Despite these challenges, he emphasized that OPEC member states continued to pursue economic reforms aimed at reducing inflation, stimulating investment, and boosting labor market growth. Furthermore, the non-oil sector provided some support to these economies, helping to mitigate the overall economic impact.
Looking ahead, Al-Loughani expressed optimism for the continued growth of the oil sector, particularly with the OPEC+ decision to implement additional voluntary cuts in April and November 2023. These cuts are set to gradually increase production, reaching 411,000 barrels per day in July, 548,000 barrels per day in August, and 457,000 barrels per day in September. This increase in oil production is expected to positively affect oil revenues, which remain a crucial source of national income for member states.
Despite these positive steps, Al-Loughani warned that the global oil market remains surrounded by uncertainty. While OPEC forecasts indicate a decline in oil supplies from non-OPEC+ countries in the third quarter of 2025, global oil demand is expected to rise to approximately 105.5 million barrels per day. These projections, however, remain speculative due to several ongoing uncertainties, including escalating global trade tensions, geopolitical risks in the Middle East and Eastern Europe, and concerns over global economic growth.
Al-Loughani praised the continued efforts by OPEC+ countries, including six members of the Arab Energy Organization, to maintain balance and stability in the global oil market. These ongoing precautionary measures are aimed at ensuring the oil market remains resilient amid global economic and geopolitical challenges.
While the global economy has shown signs of recovery in the second quarter of 2025, the outlook for the oil market remains volatile, with both supply and demand factors contributing to continued uncertainty.
Business
Gulf Bank Concludes Successful Participation in University Admission Fairs at Kuwait University and Abdullah Al-Salem University
KUWAIT CITY, Aug 12: As part of its ongoing commitment to supporting education and empowering Kuwaiti youth, Gulf Bank has successfully concluded its distinguished participation in the university admission fairs at Kuwait University and Abdullah Al-Salem University. The Bank actively engaged with new students, introducing them to its tailored banking solutions designed specifically for young people.
Gulf Bank took part in the interactive admission fair held at Kuwait University’s Sabah Al-Salem University City in Al-Shadadiya from 19 to 29 July 2025. The Bank’s booth attracted a high turnout from students and parents, who showed great interest in the banking services designed for university students.
Similarly, the Bank participated in the admission fair hosted by Abdullah Al-Salem University at its Khaldiya campus from 6 to 17 July 2025. Gulf Bank’s presence featured direct interaction with visitors, providing comprehensive information on student accounts and other tailored services.
These participations are part of Gulf Bank’s continuous efforts to strengthen engagement with youth and support them in the early stages of their academic journey. Alongside sharing information on academic majors and admission processes, the Bank also offered financial tips to help students manage their resources effectively from the start of their university life.
At both events, Gulf Bank showcased its red account, one of its leading banking solutions designed for customers aged 15 to 25. The account offers a wide range of benefits, including prepaid cards, exclusive discounts, rewards on purchases, and access to unique events and experiences that enrich both personal and professional growth.
Beyond its features, the red account serves as a platform to promote financial literacy among youth, equipping them with the knowledge and skills to make informed financial decisions early in life – positively shaping their future and fostering a generation that is financially aware and capable of managing resources effectively.
Gulf Bank’s team expressed pride in supporting students throughout their high school and university years, offering innovative banking services designed to keep pace with their fast-paced lifestyles.
Gulf Bank concluded its participation by thanking the administrations of both universities for organizing the fairs, which serve as valuable platforms to connect with youth. The Bank reaffirmed its commitment to continuing its support for educational and youth initiatives that contribute to Kuwait’s development and enhance the quality of life for its students and community.
KUWAIT / LODNON, Aug 12: Menzies Aviation, the leading service partner to the world’s airports and airlines, has announced it will deliver ground, air cargo and fuelling services at Mosul International Airport (OSM) in Iraq through MASIL, its joint venture with Iraqi Airways, Air BP and Al-Burhan Group.
One fully operational, MASIL will provide a full suite of aviation services at OSM, under a new 10-year license, further strengthening its footprint in the region. This builds on MASIL’s operations at Baghdad International Airport (BGW).
MASIL provided ground services for the presidential flight that signified the official reopening of OSM. The flight, attended by Iraq’s Prime Minister Mohammed Shia’ Al Sudani, represented a landmark moment in the airport’s history, which has been non-operational since 2014.
The milestone underscores the joint venture’s capabilities and readiness to support future air traffic at the revitalised airport.
Mosul International Airport has undergone extensive reconstruction and is now equipped with a main terminal, VIP lounge, and advanced radar surveillance system. The airport is expected to be fully operational within the coming months, supporting both domestic and international flights and handling an estimated 630,000 passengers annually.
The expansion marks a significant milestone in the continued growth of the MASIL joint venture across Iraq and demonstrates Menzies’ commitment to supporting the country’s aviation infrastructure and long-term development.
Charles Wyley, Executive Vice President Middle East, Africa and Asia, Menzies Aviation, said: “We’re proud to expand our presence in Iraq with new operations at Mosul International Airport through our MASIL joint venture. This is a major step in our journey to support the redevelopment of Iraq’s aviation sector and bring world-class standards to the country’s airports. Handling the presidential flight was a privilege and a clear signal of MASIL’s professionalism and reliability as a trusted service provider.”
Menzies Aviation and Iraqi Airways formed MASIL in 2021 to provide ground handling, cargo, and fuelling services. The joint venture includes operations at key airports including Baghdad and will soon include Mosul, as it continues to support the modernisation of Iraq’s aviation sector.
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