Japanese Ambassador to Kuwait Mukai Kenichiro poses with the Kuwaiti business men

KUWAIT CITY, May 19: Japanese Ambassador to Kuwait Mukai Kenichiro organized the ‘Japanese-Kuwaiti Business Diwaniya’ at his residence, with Assistant Foreign Minister for Asian Affairs Ambassador Samih Jawhar Hayat, a group of Kuwaiti businesspersons, and representatives of the public and private sectors in attendance. The meeting aimed to strengthen the economic and technological partnerships between Kuwait and Japan and expand the horizons of cooperation in various fields.

Mukai expressed his pride and gratitude for the presence of the guests, stressing that the Diwaniya is a strategic opportunity to revive the Japanese-Kuwaiti Business Committee at the governmental level and exchange views on the future of trade and investment cooperation between the two countries. He pointed out that the current phase is a turning point in economic relations between the two countries, calling for strengthening cooperation in sustainable development, social responsibility, and the green economy. He affirmed that Japan is one of the largest global investment markets, with capital investments reaching approximately $700 billion in 2023. He urged the Kuwaiti businesspersons to explore the available opportunities, particularly through the Kansai-Osaka Expo, which was launched in April and will continue for six months.

He revealed the Expo showcases advanced Japanese technologies, such as room-temperature hydrogen production devices, carbon dioxide capture and emission technologies, and industrial fuel production. He said these technologies are plausible solutions for the realization of Kuwait’s goal to achieve carbon neutrality by 2050. He also cited the perovskite solar cells developed by Panasonic, which can be installed on windows and are currently used in Toyota cars that charge while driving, making them ideally suited to the sunny environment in Kuwait. In the healthcare sector, he highlighted the regenerative medicine technologies using IPS cells, which offer advanced therapeutic capabilities, calling for investment in them and their use within the healthcare system in Kuwait. He also talked about the contributions of major Japanese companies, such as Mitsubishi, Toshiba and JERA, to infrastructure and energy projects in Kuwait.

The Ambassador with some of the Kuwaiti entrepreneurs

He asserted that these projects are not merely commercial activities, as they are rather contributions to improving the quality of life. He was quick to add that these companies are facing challenges, such as the slow bidding process, delayed procedures, and lack of focus on reducing emissions. He revealed the Japanese government is engaged in a serious dialogue with the Kuwaiti side to address these challenges, calling on decision-makers to support these efforts to improve the joint business environment. He affirmed the embassy’s readiness to provide all forms of support to Kuwaiti businesspersons, wishing to introduce Japanese products and technologies to the local market. He is hoping that Kuwait will become a regional center for adopting Japanese innovations and exporting them to the Gulf states, especially Saudi Arabia and the United Arab Emirates (UAE).

On the other hand, Mubarak Al-Sayer, Executive Board Member of Al-Sayer Group, presented the history of the long-standing partnership with Japan, dating back to 1954, when the group became the first distributor of Toyota vehicles in the Middle East, thanks to his late father, Nasser Mohammed Al-Sayer. Al-Sayer explained that this relationship has evolved into a strategic partnership spanning more than seven decades, making Al-Sayer Group the largest importer of Japanese goods in Kuwait, including major brands like Toyota, Lexus, Hino, Hitachi, Kawasaki, Yokohama, Akai, Sakai, JCB, and Canon.

Mukai Kenichiro delivers a speech

He asked the Japanese government to facilitate entry for Kuwaitis by granting visas upon arrival, stressing that the Kuwaiti people’s passion for Japan is growing in the fields of education, entertainment, and commerce. He affirmed Al-Sayer Group’s commitment to continuing its longstanding partnership with Japan for future generations, stating that “this partnership is not only a legacy we cherish, but a future we are working hard to consolidate.

By Fares Ghaleb
Al-Seyassah/Arab Times Staff

The first Qatar Airways plane in three years lands at King Khalid Airport in Riyadh, Saudi Arabia on Jan 11, 2021.(AP)

DUBAI, United Arab Emirates, May 19,  (AP): The holding company that owns Qatar Airways reported Monday it earned a $2.15 billion profit in its last fiscal year, its highest-ever profit off the back of record passenger numbers as global aviation bounces back after the coronavirus pandemic. The state-owned carrier reported revenues of $23.4 billion overall in the results, up from $22.1 billion the year before.

Its fiscal year profits in the prior reporting period were $1.6 billion. “These record-breaking results are a testament to the hard work, skill and dedication of teams across all of Qatar Airways Group,” said group CEO Badr Mohammed al-Meer in a statement. Qatar Airways, along with Abu Dhabi-based Emirates and Dubai’s Emirates, are long-haul carriers that link East-West travel.

Their location on the Arabian Peninsula between Europe and Asia have made them a key link in global transit. Qatar Airways also got a boost when the small, energy-rich nation hosted soccer’s 2022 FIFA World Cup. Qatar Airways reported carrying 43.1 million passengers, up from the prior financial year’s 40 million. Its fleet includes over 230 aircraft, which is a mix of Airbus and Boeing long-haul and medium-range planes.

The Qatar Airways Group includes the airline, its cargo service, the country’s airport operator and Qatar Duty Free. Its financial year runs from April 1 to March 31. The announcement follows long-haul carrier Emirates earlier this month saying that it earned annual profits of $5.2 billion, with the state-owned firm declaring itself the world’s most profitable airline.

KUWAIT CITY, May 18: Less than two weeks after the Council of Ministers approved a draft decree-law for amending certain provisions of Law No. 118/2023 regarding the establishment of companies to create, and economically develop cities or residential areas, also known as the “Real Estate Developer Law”, sources revealed that major Gulf real estate development companies are rushing into the Kuwaiti market to seize the opportunities presented by the new law.

They explained that some companies have already started studying the Kuwaiti market to assess available opportunities and the economic feasibility of entering the market. Meanwhile, several companies have already entered Kuwait, and have begun recruiting and building their organizational and legal structures to conduct operations. Among the companies entering the local market is a Saudi company (unnamed by the sources) listed on the Saudi Stock Exchange.

The sources confirmed that the total construction area developed by the company in Saudi Arabia exceeds 6 million square meters, in addition to a total of 18,000 housing units, some of which are still under construction. They believe that the development of real estate and housing legislation in Kuwait, the government’s commitment to reducing citizens’ waiting time for housing, and the involvement of the private sector in resolving the housing issue have all paved the way for many real estate companies to enter the Kuwaiti market. The sources emphasized that this will create real and intense competition, which will positively impact the quality and prices of housing units, as well as the services provided to citizens.

By Mohammad Al-Enezi
Al-Seyassah/Arab Times Staff