The Ministry of Commerce and Industry inspects 55 tons of precious metals in H1 2025, collecting $5.5 million in fees.

KUWAIT CITY, Oct 21: The Ministry of Commerce and Industry announced that its Precious Metals Department inspected and hallmarked approximately 55 million grams of gold, silver, and other precious metals and stones during the first half of 2025, generating total fees of KD 1.77 million (around USD 5.5 million).

In official statistics released to Kuwait News Agency (KUNA) on Tuesday, the ministry revealed that gold and silver dominated the inspected quantities. Specifically, 18.063 million grams of gold were examined, with fees totaling KD 909,000 (approximately USD 3 million). Silver inspections amounted to 31.446 million grams, yielding KD 314,000 (around USD 1 million) in fees.

The ministry further stated that 2.221 million grams of gold inlaid with precious stones were also examined, generating fees of KD 158,000 (around USD 516,000).

Detailed statistics showed that unplated gold made up the majority of gold examined, followed by gold inlaid with precious stones at 11 percent and gold inlaid with diamonds at 4 percent.

In relation to other services such as parcels, certificates, and trade releases, the ministry indicated that additional fees collected amounted to KD 184,000 (approximately USD 600,000). Among these, trade release services topped the list, with 7,599 transactions generating KD 75,000 (about USD 245,000).

The data also highlighted fees collected from the examination of plated accessories and prayer beads. A total of 13,945 plated accessories were examined for KD 1,394 (around USD 4,500), while 9,540 prayer beads generated KD 4,700 (about USD 14,000) in fees.

KUWAIT CITY, Oct 20: The Al-Zour Refinery petrochemical complex project is expected to see a major breakthrough in the last quarter of 2025 or early 2026. According to informed sources, the Kuwait Integrated Petroleum Industries Company (KIPIC) aims to produce approximately 2.35 to 2.40 million tons of aromatics and polypropylene annually from this large-scale project. The Kuwait Petroleum Corporation (KPC) has a strong interest in the project, primarily due to its role in supporting KPC’s 2040 strategy. This strategy includes expanding the petrochemical industry both locally and globally, as well as producing petroleum derivatives that meet international environmental standards.

The project is also in line with Kuwait’s goal of achieving carbon neutrality by 2050. In a related development, KPC’s 2024/2025 report revealed that the company aims, through the Al-Zour Refinery Petrochemical Complex project, to supply the local market with approximately 1.55 million tons of gasoline annually.

This will also help deal with the current shortfall in gasoline supplied by Equate Petrochemical Company to its existing styrene plant. The report explained that the project aims to support the development of both current and future petrochemical industries, in addition to creating job opportunities for Kuwaiti nationals.

The project will be carried out in three main phases. The first involves the construction of gasoline production units. The second includes the development of aromatics and olefins units. The third focuses on building export facilities and ports, along with the implementation of onshore and offshore pipelines. Furthermore, sources stated that KIPIC recently resolved the issue of hard and hazardous work, and the file will be submitted to KPC in the coming days for final approval.

They noted that Wadha Al-Khatib, CEO of Kuwait National Petroleum Company (KNPC) and acting CEO of KIPIC, issued directives to resolve the hard and hazardous work concerns, which have been an issue of concern for KIPIC’s oil personnel for the past seven years. The sources highlighted that coordination took place between Al-Khatib, Director of Health, Safety, and Environment Omar Al-Mulhim, Health Team Leader Dr. Waleed Al-Harbi, and all relevant parties.

In addition, the same sources revealed a need to fill 50 vacant positions in the Operations Department of the Al-Zour Refinery. They said Al-Khatib recently took this initiative in cooperation and coordination with Deputy CEO for Administrative and Commercial Affairs Bandar Al-Qahtani and Deputy CEO of the Al- Zour Refinery Fahad Al-Mutairi.

The sources explained that filling these vacancies coincides with ongoing development operations at the Al-Zour Refinery and is necessary to meet the increased refinery capacity. Following the completion of the development of the third phase in mid- 2024, the refinery’s capacity is expected to reach approximately 615,000 barrels per day (bpd), up from fluctuating production levels between 205,000 and 410,000 bpd in 2022 and 2023. They added that the vacancies include ten positions for senior supervisors, five for grade 13 in Area 4, and five for grade 13 in Area 7.

By Najeh Bilal Al-Seyassah/Arab Times Staff

Minister of Justice, Nasser Al-Sumait

KUWAIT CITY, Oct 20: Minister of Justice Nasser Al-Sumait issued a ministerial decision to form a committee tasked to prepare a draft decree regulating real estate ownership by investment entities. This is in line with Decree-Law No. 7/2025 amending Decree-Law No. 74/1979, which regulates real estate ownership by non-Kuwaitis. In a press statement on Sunday, Al-Sumait revealed the committee will prepare a draft decree stating the rules governing ownership permits, permitted areas, and restrictions on disposal or mortgage.

The draft will then be submitted to him to ask for the opinion of relevant authorities and complete the legal procedures. Al-Sumait stressed that this step is part of the efforts of the State to develop a legal environment that attracts investment and enhances the balance between encouraging capital and protecting real estate ownership to support the Kuwait 2035 vision.

The committee is chaired by Counselor Ahmed Al-Mutairi, with Hamad Al-Rashidi serving as rapporteur, while the members include the representatives of the Ministry of Justice, Kuwait Direct Investment Promotion Authority (KDIPA), Kuwait Municipality and Public Authority for Housing Welfare (PAHW). It is worth mentioning that the amended draft decree grants investment entities licensed by KDIPA the right to own real estate, which is necessary to carry out their activities, manage them, or provide housing for investors and employees, in accordance with the regulations and conditions specified in the new decree.

By Jaber Al-Hamoud Al-Seyassah/Arab Times Staff