KUWAIT CITY, Oct 13: As part of the State’s efforts to regulate the ownership of investment and commercial real estate and ensure balance between attracting foreign investment and preserving the privacy of the local market, Decree No. 195/2025 on the controls for real estate ownership by companies, real estate funds, and investment portfolios was issued. This is in implementation of the provisions of Decree-Law No. 74/1979 regulating real estate ownership by non-Kuwaitis. Article One of the decree, which was published in ‘Kuwait Al-Youm’ recently, stipulates that subject to the provisions of the aforementioned law, companies with non-Kuwaiti partners and listed on licensed stock exchanges in Kuwait, as well as real estate funds and investment portfolios licensed by the competent authorities, may own real estate within the country, subject to specific controls. The decree indicates that one of the basic conditions is that the purpose of the company, fund or portfolio must include dealing in real estate.

It prohibits any form of dealing in real estate, plots or land designated for private housing in any location or within any project, in a move aimed at protecting the residential character and preventing speculation in this vital sector. Article Two of the decree clarifies that its provisions do not prejudice the right of entities subject to the supervision of the Central Bank of Kuwait or others to own real estate in accordance with the law. It affirmed that citizens of the Gulf Cooperation Council (GCC) countries shall continue to be treated the same as Kuwaitis regarding ownership of land and built property in the State of Kuwait. Article Three states that the ministers—each within their respective jurisdiction—shall be responsible for implementing the provisions of the decree, which shall take effect from the date of its publication in the official gazette.

By Marwa Al-Bahrawi Al-Seyassah/Arab Times Staff

KUWAIT CITY, Oct 12: Kuwait Integrated Petroleum Industries Company (KIPIC) aims to raise its profits for fiscal 2025/2026 by increasing its sales in local and international markets, which have been robust since the beginning of the year, say reliable sources. Sources pointed out that KIPIC recovered from the losses it suffered in previous years through the growth of its net profits, which amounted to about KD52.2 million in the 2024/2025 budget. They cited five main factors behind this growth.

First is the increase in the refining capacity of Zour Refinery, which reached 615,000 barrels per day in May 2024, ranking seventh globally in terms of production quantities. They explained that the refining capacity of the refinery in the years prior to its operational opening ranged between 205,000 and 410,000 barrels per day. The second factor behind KIPIC’s profit growth over the past year is the commencement of the merger of oil companies, particularly the merger of KIPIC into the Kuwait National Petroleum Company (KNPC), to shake off the losses.

The third factor is the result of the implementation of the spending rationalization policy pursued by the CEO of KNPC, who also serves as the acting CEO of KIPIC, Wadha Al-Khatib. The KNPC spending rationalization committee implemented spending rationalization last year, achieving financial savings for KIPIC estimated at KD27 million through this approach. Sources explained that the implementation of rationalization coincided with the provision of better products. The fourth factor is the focus on stimulating KIPIC’s sales in global markets by opening new markets. In the first half of 2025, the company was able to expand its sales of sulfur and diesel, in addition to producing the best type of low-sulfur jet fuel, and then exporting all of its products that comply with international requirements.

The fifth factor is the company’s interest in digital transformation, focusing on developing all aspects related to global technologies, including artificial intelligence, as these technologies are extremely useful in detecting and anticipating errors before they occur, which contributes to stable production. Sources added that there are other important factors behind KIPIC’s profitability, such as the signing of numerous contracts with international companies specializing in smart energy, renewing contracts with the largest global platforms related to technological development in the field of oil refining, and strengthening relationships with major refining companies to mutually benefit from each other’s expertise.

By Najeh Bilal Al-Seyassah/Arab Times Staff

Gold prices surge for eighth straight week on global economic uncertainty.

KUWAIT CITY, Oct 12: Gold prices surged to a historic high, closing last week at $4,017 per ounce, marking an eighth consecutive week of gains, driven by the ongoing US government shutdown and renewed trade tensions between Washington and Beijing, according to a report from Kuwait’s Dar Al-Sabayek Company.

Gold futures for December delivery climbed 0.7 percent, or approximately $29, contributing to a weekly increase of 2.5 percent. The report cited fresh trade war fears following US President Donald Trump’s threat to impose additional tariffs on China, accusing Beijing of restricting exports of rare earth elements. This escalation intensified concerns over a slowdown in global trade amid the US shutdown, now entering its tenth day, boosting investor demand for safe-haven assets like gold.

Signs of a slowing US economy are emerging, with consumer confidence stabilizing according to the University of Michigan, while investors await the Consumer Price Index report due on October 24. The data is expected to influence the Federal Reserve’s decision on a possible 25 basis point interest rate cut at the month’s end.

Supporting the rally, US 10-year Treasury bond yields fell to 4 percent, while rising geopolitical tensions in France, Japan, and the Middle East have further increased demand for gold as a risk hedge.

Gold-backed exchange-traded funds saw record inflows of around 228 tons in Q3, valued at nearly $26 billion, reflecting strong investor confidence. The World Gold Council noted a 52 percent increase in gold investments since the start of 2025, while silver prices jumped over 70 percent, surpassing $50 per ounce.

Goldman Sachs has raised its 2026 gold price forecast from $4,300 to $4,900 per ounce, citing aggressive central bank buying and weak confidence in the US dollar. Despite potential short-term technical corrections, the report stated that inflation, high government debt, and declining faith in global monetary policies will keep gold attractive for hedging.

In Kuwait’s local market, 24-karat gold reached about KWD 39.94 ($121) per gram, while 22-karat gold was priced at approximately KWD 36.6 ($111) per gram. Silver recorded around KWD 560 ($1,836) per kilogram.

The troy ounce, the standard unit for precious metals, equals 31.103 grams.