Acting CEO of Kuwait Oil Tanker Company, Sheikh Khaled Ahmed Al-Malik Al-Sabah, during his speech.

KUWAIT CITY, May 13: The Kuwait Oil Tanker Company (KOTC) announced Tuesday the inauguration of solar power plants at its two liquefied natural gas (LNG) filling stations in Umm Al-Aish and Shuaiba, with a combined capacity of 4.05 megawatts.

During a ceremony marking the launch, KOTC’s Acting CEO Sheikh Khaled Ahmad Al-Malik Al-Sabah stated that the company is now the first in Kuwait’s oil sector to implement such a strategic renewable energy initiative.

Sheikh Khaled said the project is part of KOTC’s broader goal to achieve full operational capacity at the two LNG stations using renewable energy, underscoring its contribution to environmental sustainability.

He described the initiative as a strategic milestone in the company’s efforts to reach energy self-sufficiency by running key facilities entirely on solar power. This, he noted, would significantly reduce reliance on the national electricity grid and lower the company’s carbon footprint.

The KOTC chief emphasized that the solar project aligns with Kuwait’s vision for carbon neutrality and its national efforts to reduce greenhouse gas emissions. By adopting clean energy solutions, the project not only boosts environmental sustainability but also enhances operational efficiency and reduces costs in line with international standards.

Sheikh Khaled also commended the company’s technical team for their dedication and follow-up throughout the project, highlighting the role of national talent in advancing Kuwait’s shift toward environmentally and economically viable energy solutions.

Chairman of the Kuwaiti Business Council in Dubai and the Northern Emirates, Firas Al Salem

KUWAIT CITY, May 13: The Kuwait Business Council in Dubai and the Northern Emirates (KBC) plays a pivotal role in supporting over 1,800 Kuwaiti companies operating across the UAE, excluding those in special financial zones like the Dubai International Financial Centre and Abu Dhabi Global Market. Established in May 2016 under the umbrella of the Dubai Chamber, the KBC serves as a non-profit organization dedicated to enhancing the presence and success of Kuwaiti businesses in the UAE. 

Firas Al-Salem, Chairman of the KBC, emphasized the council’s commitment to facilitating the growth of Kuwaiti enterprises by providing essential services and fostering strong relationships with UAE authorities. The council collaborates with various government agencies, including the Dubai Chamber of Commerce and Industry and the Ministry of Economy, to address challenges faced by Kuwaiti investors and to raise awareness about the support available through the council.

Kuwait’s investments in the UAE have surpassed $55 billion, with significant contributions in real estate, financial markets, and commercial sectors. The UAE hosts over 44,000 Kuwaiti investors in its financial markets and more than 22,000 in real estate, with these numbers continuing to grow annually. The favorable legislative environment, proactive government efforts, and successful economic diversification in the UAE have made it an attractive destination for Kuwaiti investments. 

The KBC’s activities encompass a wide range of sectors, including ground services at airports, retail, healthcare, hospitality, real estate development, financial markets, and financial services. Notably, Kuwaiti banks maintain a presence in the UAE through branches and representative offices, with expectations for further expansion, particularly in wealth and capital management services.

To support its members, the KBC offers three types of membership tailored to different segments of Kuwaiti society. Memoranda of Understanding (MOUs) have been signed with relevant authorities to facilitate account opening for Kuwaiti citizens, students, and startups expanding in the UAE. Additionally, the council collaborates with the Dubai Chamber’s Arbitration Center and Business Development and Attraction Center to provide incentives for Kuwaiti companies investing in the UAE.

The KBC also works closely with the Sharjah Investment Authority to present investment opportunities to the Kuwaiti private sector interested in the emirate. Furthermore, the council has agreed to support student membership to facilitate the inclusion of the Kuwaiti student community, recognizing their integral role in Kuwaiti society.

Al-Salem highlighted the importance of agreements between Kuwait and the UAE, such as the prevention of double taxation and customs agreements, in reducing the tax burden on companies and promoting economic cooperation. The KBC continues to advocate for policies that enhance the business environment and support the interests of Kuwaiti investors in the UAE.

Established as the first of its kind for Kuwaiti business communities abroad, the KBC aims to enrich the experiences of Kuwaiti companies in Dubai and the Northern Emirates, enhancing expertise, opportunities, and relationships. The council remains dedicated to facilitating the growth and success of Kuwaiti businesses in the UAE, contributing to the strengthening of economic ties between the two nations.

Chinese President Xi Jinping, (left), is greeted by Chilean President Gabriel Boric, (center), after delivering his opening speech for the Fourth Ministerial Meeting of the Forum of China and Community of Latin American and Caribbean States in Beijing on May 13. (AP)

TAIPEI, Taiwan, May 13, (AP): China is moving to strengthen its alliances with other countries as a counterweight to President Donald Trump’s trade war, presenting a united front with Latin American leaders a day after China and the US agreed to a 90-day truce in their tariffs stalemate. China’s leaders have positioned the world’s second-largest economy as a reliable trade and development partner, in contrast to the uncertainty and instability from Trump’s tariff hikes and other policies.

On Monday, Beijing and Washington announced their breakthrough on tariffs after weekend talks in Geneva, Switzerland, where they agreed to cut sky-high import duties on both sides for 90 days to allow for negotiations. Still, Beijing’s ire over the trade war remains apparent. Speaking to officials from China and Latin America on Tuesday, Chinese leader Xi Jinping reiterated Beijing’s stance that nobody wins a trade war and that “bullying or hegemonism only leads to self-isolation.”

Having moved to defuse antagonisms with the US, Xi said China stands ready to “join hands” with Latin countries “in the face of seething undercurrents of pure political and bloc confrontation and the surging tide of unilateralism and protectionism.” “There are no winners in tariff wars or trade wars,” Xi said, reiterating a phrase China has used repeatedly when referring to Trump’s policies.