Waleed Al-Bahar, Acting Director General of KFAED, and Pakistani Ambassador Dr. Zafar Iqbal after signing the second loan for the Mohmand Dam project.

KUWAIT CITY, Sept 23:  In a significant step toward strengthening bilateral cooperation and advancing sustainable infrastructure, the Kuwait Fund for Arab Economic Development (KFAED) on Monday signed a second loan agreement with Pakistan valued at 7.5 million Kuwaiti dinars (approximately USD 24.5 million) to help finance the Mohmand Dam Hydroelectric Project.

The agreement was formally signed by Waleed Al-Bahar, Acting Director General of KFAED, and Dr. Zafar Iqbal, Ambassador of the Islamic Republic of Pakistan to the State of Kuwait, during a ceremony held at the Fund’s headquarters.

This second loan builds upon a previous funding agreement signed in June 2024, marking continued support for one of Pakistan’s key infrastructure undertakings. The Mohmand Dam project is a major initiative aimed at bolstering Pakistan’s water and energy sectors, particularly within the Khyber Pakhtunkhwa province.

In a press statement, KFAED emphasized that the project is designed to promote economic and social development by harnessing available water resources to meet growing electricity demands at a low cost. The dam is also expected to mitigate seasonal flooding, safeguard populated areas, and improve access to water for irrigation and drinking purposes.

Beyond immediate utility, the project is aligned with multiple Sustainable Development Goals (SDGs), including the eradication of poverty and hunger, provision of clean water and sanitation, affordable clean energy, climate action, job creation, and the advancement of infrastructure, innovation, and global partnerships.

KFAED clarified that the new loan has been merged with the previous loan, creating a consolidated loan term of 25 years, which includes a five-year grace period. Repayment will be made in 40 semi-annual installments, commencing after the end of the grace period, with an interest rate of 2 percent per annum, and an additional 0.5 percent annual fee to cover administrative and service costs associated with loan implementation.

This marks the 20th loan KFAED has extended to Pakistan, bringing the total value of loans provided to the country to approximately 137.3 million Kuwaiti dinars (around USD 448.7 million). These loans have supported projects across various sectors, underlining Kuwait’s ongoing commitment to development cooperation with Pakistan.

A currency trader passes by a screen showing the Korea Composite Stock Price Index (KOSPI), top center left, and the foreign exchange rate between US dollar and South Korean won, top center, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea on Sept 23. (AP)

TOKYO, Sept 23, (AP): Asian shares were trading mixed Tuesday in the absence of key market-driving news in the region, after a seemingly relentless rally continued on Wall Street. Tokyo trading was closed for a national holiday. Australia’s S&P/ASX 200 climbed 0.4% to 8,845.90. South Korea’s Kospi added 0.6% to 3,488.23. Hong Kong’s Hang Seng slipped 1.0% to 26,080.91, as investors continued to watch ongoing talks about US tariffs.

The Shanghai Composite dropped 0.7% to 3,800.21. On Wall Street, the S&P 500 rose 0.4% after erasing a modest loss from the morning. The Dow Jones Industrial Average added 66 points, or 0.1%, and the Nasdaq composite climbed 0.7%. It was the third straight day where all three indexes set an all-time high.

“Every time the market seems to be running out of momentum, it fools most of us by pushing to higher heights,” said Jay Woods, chief market strategist at Freedom Capital Markets. A familiar face was again the strongest force lifting the market: Nvidia. Wall Street’s most valuable company rose 3.9% after announcing a partnership to train and run OpenAI’s next generation of artificial-intelligence models.

As part of the deal, Nvidia will invest up to $100 billion in OpenAI. Oracle also pushed the market higher after climbing 6.3%. It named Clay Magouyrk and Mike Sicilia as its CEOs, with current CEO Safra Catz becoming executive vice chair of the technology company’s board. Some of the market’s sharpest action was among companies agreeing to buy one another.

Pfizer said it would buy Metsera and its pipeline of medicines to potentially treat obesity in a deal initially valuing it at $4.9 billion. The payout for Metsera investors could go up sharply if its candidates win approval from federal regulators and achieve other milestones. Metsera’s stock jumped 60.7%, and Pfizer’s edged up by less than 0.1%. ODP, which runs Office Depot and Office Max, leaped 32.9% after Atlas Holdings agreed to buy it in a deal valued at roughly $1 billion. All told, the S&P 500 rose 29.39 points to 6,693.75. The Dow Jones Industrial Average added 66.27 to 46,381.54, and the Nasdaq composite climbed 157.50 to 22,788.98.  

Oil Ministry says the offshore oil exploration project is securing Kuwait’s future as a key global energy provider.

KUWAIT CITY, Sept 22: The Ministry of Oil has underscored the critical role of the offshore oil exploration project in securing Kuwait’s future as a key global energy provider. Fully supported by the Kuwait Oil Company (KOC), the initiative is set to significantly bolster the country’s oil reserves and strengthen its status as a reliable player in the global energy market.

This was highlighted by Sheikha Tamader Khaled Al-Ahmad Al-Sabah, Director of Public Relations and Media at the Ministry of Oil, during a panel discussion organized by the Ministry on Monday. The event, titled “Opportunities and Challenges in Offshore Oil Exploration and Production…Julaia Offshore Field”, also featured representatives from KOC.

Al-Sabah emphasized that the offshore exploration project aligns with Kuwait’s long-term oil strategy, particularly its goals for 2040. She noted that it marks a pioneering step in the nation’s energy sector by introducing advanced offshore drilling and production technologies while simultaneously enhancing local expertise and nurturing the talents of young professionals.

“These recent discoveries in the Al-Nokhtha and Al-Julaia fields are the result of decades of dedicated research and work, not just happenstance,” Al-Sabah said. “What has been achieved so far forms the foundation for a new beginning in offshore exploration.”

The Ministry, in cooperation with KOC, plans to continue expanding these efforts, ensuring adherence to the highest safety standards and protecting the marine environment. Al-Sabah stressed that the offshore exploration project is crucial for securing Kuwait’s energy future, a responsibility the Ministry holds with full commitment.

In their segment of the panel, KOC representatives discussed the project’s national significance, emphasizing its role in boosting Kuwait’s hydrocarbon reserves and reinforcing the country’s position as a leading global energy supplier. They highlighted the strategic importance of the project in positioning Kuwait as a prominent regional offshore operator, in line with international industry standards.

The KOC representatives pointed out that offshore exploration has been a key focus of Kuwait’s oil strategy for over 60 years. Initial exploration efforts began in the 1960s when Shell conducted its first offshore survey in 1961, followed by the drilling of the first two exploratory wells.

A major milestone in this long-term endeavor came with the discovery of the Al-Julaia offshore field, which now ranks as Kuwait’s second purely offshore field. This significant find, estimated to hold around 800 million barrels of oil, has further solidified Kuwait’s position on the global oil production map. The field spans 74 square kilometers and contains substantial commercial quantities of hydrocarbons, marking a pivotal moment in Kuwait’s offshore exploration history.