KUWAIT: Minister of Commerce and Industry Khalifa Al-Ajeel on Sunday issued a decision establishing a central committee to study prices in the domestic market and monitor inflation and supply chains in a bid to control the movement of prices. The panel, called the Central Committee to Study Prices and Monitor Inflation and Supply Chains, is headed by the ministry undersecretary and includes senior representatives from 15 ministries and departments including the Kuwaiti Federation of Food Traders and Manufacturers.

Under the decision, the committee is authorized to monitor and determine prices in various domestic markets and then lay out guidelines and mechanisms to ensure price stability. The committee will study inflation rates in Kuwait and propose adequate recommendations to deal with them and limit their impact, the decision said.

The panel will also study and follow up supply chains to the local market and ensure their effectiveness and an organized inflow of commodities into the country. The decision said part of the committee’s duties will be to propose policies to strengthen competition and provide incentives for both manufacturers and importers to ensure that sufficient quantities of commodities are available to consumers. The committee will also fight against dumping in order to protect national products. The decision also said that the committee can establish specialized subcommittees to monitor prices and inflation rates, regulate markets and follow up on strategic storage.

KUWAIT: Kuwait intends to begin implementing Al-Shaqaya renewable energy project for electricity production this year, Minister of Electricity, Water, and Renewable Energy Sabah Al-Mukhizeem, announced Sunday. The project will have a total capacity of 4800 megawatts, representing approximately 26 to 27 percent of the country’s electricity production. Speaking on the sidelines of a sustainable energy conference in Kuwait, Al-Mukhizeem said that representatives of the Chinese side arrived in Kuwait Sunday morning and will visit the project site. He expressed his hope that the project would become operational in 2028. 

Minister Al-Mukhizeem explained that some phases will be undertaken through the Public-Private Partnership Authority, fostering collaboration between the government and private sector entities. Furthermore, a significant portion of the project will be realized through a partnership with the Chinese government, following an agreement signed in March. This collaboration with China is expected to deliver renewable energy projects with a total production capacity of around 3500 megawatts.

While the project holds immense promise for Kuwait’s energy future, Minister Al-Mukhizeem clarified that the total financial cost is still “under study.” This significant push towards renewable energy comes as Kuwait grapples with a pressing electricity production crisis. The OPEC member nation has been facing challenges due to a rapidly growing population, increasing urban development, soaring temperatures, and delays in the upkeep of existing power infrastructure.

The severity of the situation led the country to implement power cuts in certain areas last year as a measure to alleviate the strain on the power grid. The Al-Shaqaya project represents a crucial step towards addressing these challenges and ensuring a more sustainable and reliable energy supply for Kuwait.

50 percent 

Minister Al-Mukhaizeem said on Sunday that Kuwait has set priority in renewable energy, eyeing a 50 percent of electricity usage by 2050. This came in the minister’s speech to the Kuwait Sustainable Energy Conference and Accompanying Exhibition, which kicked off today and will conclude on May 13.