Kuwait aims to modernize power and water plants with skilled technical teams.

KUWAIT CITY, Sept 21: Officials at the Ministry of Electricity, Water and Renewable Energy discussed the paths and aspects of cooperation related to the electricity and water sectors in a recent videoconference with their counterparts in the Kingdom of Saudi Arabia. Sources from the ministry disclosed that the two sides discussed more than 10 paths, some of which have been completed, while coordination is underway to benefit from the experience of the Saudi Electricity Company in several areas, especially the rapid digital transformation. Sources added that the meeting is held every month, starting June 20, 2024. In another development, the Board of Directors of the Central Agency for Public Tenders (CAPT) approved the extension of the bid study period for Subiya Power Plant (Phase Four) and Reverse Osmosis Desalination Plant (Phase Two) tenders by one month. Sources said “the ministry is keen on completing the procedures related to these two tenders to improve its electricity and water production capacity to meet the electricity and water needs of the country, taking into consideration the present and future urban expansion in the country.”

Sources indicated that if the tender procedures for the Subiya project are completed, it will be operational in 2028, that is, before the second and third phases of the North Zour Power Plant start operating. Sources affirmed that the ministry is pushing towards completion of its production projects by overcoming obstacles in a bid to increase production capacity and strengthen the electricity and water networks. Furthermore, the ministry announced Sunday the connection of electricity to Plot N1 in Al-Mutlaa Residential City, specifically some parts of Block Four, in cooperation with the Public Authority for Housing Welfare (PAHW). It added that it will soon receive applications for connecting electricity to 455 residential plots in the area.

By Mohammad Ghanem
Al-Seyassah/Arab Times Staff

KUWAIT CITY, Sept 21: Minister of Commerce and Industry Khalifa Al-Ajeel has issued Decision No. 169/2025 for amending Decision No. 33/1986, which prohibits the import of gas cylinders of all types, sizes, and accessories, reports Al-Seyassah daily. The decision states the following: Article 1 – Clause 2 of Decision No. 33/1986 shall be amended to read, “The Kuwait Oil Tanker Company (KOTC) and the Kuwait National Petroleum Company (KNPC) shall have the exclusive right to import and distribute gas cylinders and accessories in the State of Kuwait. Article 2 – Article 1 of Decision No. 83/2003 shall be amended to prohibit the local circulation of gas cylinders and accessories, including gas regulators, and hoses of various types, sizes, and shapes, unless imported by KOTC or KNPC. Article 3 – KNPC shall replace KOTC in implementing the provisions of Decision No. 33/1986 and its amendments, following the completion of the executive and legal procedures related to the transfer of ownership of the gas cylinder filling plant assets to KNPC.

Article 4 – The provisions of Decision No. 33/1986 and Decision No. 83/2003 shall remain in effect except as amended by this resolution. Article 5 – All officials are obligated to implement this resolution within their respective jurisdictions. It shall take effect from the date of issuance and publication in the official gazette “Kuwait Al-Youm”.

24-karat gold in Kuwait hits KWD 36.270 as global prices surge.

KUWAIT CITY, Sept 21:  Gold continued its record-breaking surge, closing at $3,685 per ounce at the end of last week’s trading—marking the fifth consecutive week of gains, bolstered by the first U.S. interest rate cut this year and mounting expectations of further monetary easing before year-end.

In its weekly report issued Sunday, Dar Al-Sabayek Company noted that gold futures for December delivery rose by 0.74 percent, settling at $3,705 per ounce, while the spot price touched an all-time high of $3,707, before stabilizing within the $3,660–$3,690 range.

According to the report, the rally reflects a combination of monetary policy shifts and resilient physical demand, highlighting the U.S. Federal Reserve’s recent decision to cut interest rates by a quarter percentage point. The move, driven by a weakened labor market, has reshaped market expectations, with potential rate cuts in October and December becoming increasingly likely.

Dar Al-Sabayek explained that lower interest rates reduce the opportunity cost of holding gold, enhancing its appeal as a safe-haven asset amid inflationary pressures and global uncertainties.

Strong actual demand also played a key role in gold’s momentum. The report pointed to Indian gold purchases reaching a 10-month high, while Chinese imports from Switzerland tripled to 35 tons, signaling a robust shift in physical demand to Asia. Simultaneously, U.S. gold exports dropped sharply amid what the report described as “tariff confusion,” further redirecting supply flows eastward and reinforcing the demand base.

In addition to monetary and demand-driven factors, geopolitical tensions continued to lend support. The report cited ongoing conflicts in Ukraine and the Middle East, as well as uncertainty surrounding international trade negotiations, which contributed to a precautionary risk premium, though not considered the primary market driver.

Still, the report cautioned that the strong U.S. dollar, a rise in 10-year Treasury yields to 4.14 percent, and an increase in real yields to 1.76 percent have acted as modest headwinds to gold’s upward trajectory.

Looking ahead, the report highlighted that the upcoming week will be crucial, with the release of key U.S. economic indicators, including purchasing managers’ indices, durable goods orders, jobless claims, and the final GDP reading. Of particular importance will be the core PCE index, the Fed’s preferred inflation measure. A weak showing across these metrics could increase pressure on the U.S. economy and potentially push gold beyond the $3,710 level, with $3,750 per ounce in sight.

Market attention will also turn to speeches by Federal Reserve Chair Jerome Powell and other Fed officials, alongside monetary policy decisions expected in China, Switzerland, Sweden, and Mexico. Meanwhile, global tensions remain high as world leaders gather for the United Nations General Assembly in New York.

In terms of long-term projections, Dar Al-Sabayek stated that if the global financial easing cycle continues and central banks sustain gold purchases, the medium-term target of $4,000 per ounce remains firmly on the horizon.

Local market impact

The report also noted a significant impact on the local Kuwaiti market, where the price of 24-karat gold reached approximately KWD 36.270 (around USD 111), while 22-karat gold stood at KWD 33.250 (roughly USD 101). A kilogram of silver was recorded at KWD 467 (about USD 1,536).

For reference, the troy ounce, used for precious metals, equals 31.103 grams.