Kuwait appoints new finance and trade ministers in cabinet reshuffle

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Updated 25 August 2024
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Kuwait appoints new finance and trade ministers in cabinet reshuffle

RIYADH: Kuwait has named Noura Soliman and Khalifa Abdullah as its new finance and trade ministers respectively as part of a cabinet reshuffle, Kuwait News Agency said on Sunday.


ADNOC boosts drilling capabilities with 2 new jack-up rigs

Updated 1 min 8 sec ago
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ADNOC boosts drilling capabilities with 2 new jack-up rigs

  • ADNOC Drilling will expand its fleet to 142 platforms
  • UAE possesses the sixth-largest crude oil reserves globally

JEDDAH: The Abu Dhabi National Oil Co. has received two new jack-up rigs, reinforcing its position as one of the largest drillship fleet owners globally.

ADNOC Drilling will launch the new rigs by the first quarter of next year, expanding its fleet to 142 platforms. This marks a strong year for the company, showcasing its performance and strategy, according to UAE state news agency WAM.

For over 50 years, ADNOC Drilling has been the exclusive provider of drilling and rig-related services to ADNOC Group under agreed contractual terms, supporting the firm’s upstream operations in exploring and developing oil and gas resources in the UAE.

With most of the Gulf country’s crude oil and gas reserves located in Abu Dhabi, ADNOC oversees the majority of nationwide exploration, appraisal, development, and production activities, which are managed by ADNOC, either independently or in partnership with third parties.

In its analysis of the company’s performance, JPMorgan, a global financial services firm and one of the largest and most influential investment banks in the world, said: “Since its initial public offering, ADNOC Drilling has proven to be a high-quality, defensive business, consistently meeting and surpassing guidance and expectations. The exceptional performance also reflects positive progress with ADNOC Drilling’s two joint ventures.”

The UAE possesses the sixth-largest crude oil reserves globally, with approximately 107 billion stock tank barrels of proven oil reserves. Since its inception in 1972, ADNOC Drilling has played a crucial role in enabling ADNOC to unlock the country’s oil and gas resources efficiently and reliably, contributing to the nation’s energy sector.

This year, Enersol, a joint venture between Alpha Dhabi Holding and ADNOC Drilling, acquired four oilfield services technology companies, while Turnwell, another business partnership between ADNOC, SLB, and Patterson-UTI, set a record for initial well delivery time, accelerating the development of the UAE’s unconventional energy reserves.

Following its second upward guidance revision this year alongside its third-quarter results, ADNOC Drilling is on track to deliver its best-ever performance in Q4. ADNOC Drilling anticipates at least mid-single-digit expansion as it scales operations, according to WAM.

ADNOC forecasts a rise in drilling activity in the coming years, driven by its commitment to increasing crude oil production capacity by 25 percent, reaching five million barrels per day by 2027.

As the company looks to expand beyond the UAE and explore opportunities in the region, it foresees a growing need to expand its rig fleet to support its strategic growth plans.

The energy giant believes that expanding its rig fleet will enhance its current capabilities in rig hire, drilling, completion services, and associated operations and enable the company to offer unconventional drilling and biogenic well services. This expansion is expected to contribute to increased revenue and profitability.


Saudi aid efforts continue in Syria, Yemen, Lebanon

Updated 1 min 58 sec ago
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Saudi aid efforts continue in Syria, Yemen, Lebanon

RIYADH: Saudi aid agency KSrelief’s humanitarian initiatives are benefiting thousands across Syria, Yemen and Lebanon.

In northern Syria, KSrelief delivered food baskets and hygiene kits to 551 earthquake-affected families in Aleppo, benefiting 3,306 individuals in one day.

In Yemen, 641 food baskets were distributed to vulnerable families in Aden and Lahij, assisting 4,487 individuals in one day.

KSrelief also concluded a week-long urology surgery project in Aden, involving nine specialists who examined 53 cases and performed 109 surgeries.

In Taiz, KSrelief’s rehabilitation center provided 1,537 services to 416 beneficiaries in one month, including prosthetic limb fittings, maintenance, physical therapy, and consultations.

In Lebanon, the KSrelief-funded Subul Al-Salam ambulance service conducted 51 missions in Miniyeh in one week, offering emergency aid to Syrian and Palestinian refugees and host communities.

Additionally, KSrelief distributed 175,000 bread bags to 12,500 families in one week through the Al-Amal Charity Bakery project in Akkar and Miniyeh.


Terminal 4 at Cairo International Airport to boost Egypt’s aviation and tourism sectors

Updated 3 min 40 sec ago
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Terminal 4 at Cairo International Airport to boost Egypt’s aviation and tourism sectors

RIYADH: Egypt is advancing its aviation sector with the ongoing development of Terminal 4 at Cairo International Airport, set to accommodate 30 million passengers annually.

According to a statement from the Cabinet, the “New Republic Air Gateway” project is expected to bolster the country’s tourism goals, improve traveler experiences, and position Egypt as an international aviation hub.

This year, the government announced plans to involve the private sector in airport management, including a global tender for Cairo International.

Egypt’s aviation sector also improved 36 spots to 27th in the 2024 edition of the Air Transport Infrastructure Index, aligning with Vision 2030’s focus on sustainable development, innovation, and global competitiveness.

Prime Minister Mostafa Madbouly, during a meeting at the New Administrative Capital, reviewed progress on the project alongside Minister of Civil Aviation Sameh El-Hefny. The session focused on the terminal’s specifications, implementation strategy, and potential to reshape the African nation’s aviation and tourism landscapes.

“Airport development works come within the framework of presidential directives to upgrade the Egyptian airport system, raise its capacity and improve the level of services provided to passengers,” he said.

At the meeting, Madbouly emphasized the importance of creating world-class facilities to accommodate rising traveler numbers. 

El-Hefny outlined the project’s phased execution, with completion expected within four to five years. He also revealed that negotiations are underway with international firms specializing in airport construction and management to ensure world-class execution. 

The minister emphasized the cutting-edge features of the new terminal, including its ability to initially handle 30 million passengers annually, with expansion potential to 40 million. 

In September 2023, Cairo Airport Co. partnered with Pangiam, a trade and travel technology company, and signed two agreements to develop the new terminal. These deals, focused on enhancing the airport’s operations with advanced technology, include a feasibility study to incorporate emerging technologies and deliver a seamless travel experience.

The terminal will feature a state-of-the-art runway equipped with advanced navigation and lighting technologies that meet international standards. 

Once operational, Terminal 4 is expected to elevate Cairo International Airport’s global status, making it a hub for regional and international travel. 


Some gaps have narrowed in elusive Gaza ceasefire deal, sides say

Updated 12 min 45 sec ago
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Some gaps have narrowed in elusive Gaza ceasefire deal, sides say

  • Palestinian official familiar with the talks said some sticking points had been resolved
  • But identity of some of Palestinian prisoners to be released by Israel in return for hostages yet to be agreed

CAIRO/JERUSALEM: Gaps between Israel and Hamas over a possible Gaza ceasefire have narrowed, according to Israeli and Palestinian officials’ remarks on Monday, though crucial differences have yet to be resolved.
A fresh bid by mediators Egypt, Qatar and the United States to end the fighting and release Israeli and foreign hostages has gained momentum this month, though no breakthrough has yet been reported.
A Palestinian official familiar with the talks said while some sticking points had been resolved, the identity of some of the Palestinian prisoners to be released by Israel in return for hostages had yet to be agreed, along with the precise deployment of Israeli troops in Gaza.
His remarks corresponded with comments by the Israeli diaspora minister, Amichai Chikli, who said both issues were still being negotiated. Nonetheless, he said, the sides were far closer to reaching agreement than they have been for months.
“This ceasefire can last six months or it can last 10 years, it depends on the dynamics that will form on the ground,” Chikli told Israel’s Kan radio. Much hinged on what powers would be running and rehabilitating Gaza once fighting stopped, he said.
The duration of the ceasefire has been a fundamental sticking point throughout several rounds of failed negotiations. Hamas wants an end to the war, while Israel wants an end to Hamas’ rule of Gaza first.
“The issue of ending the war completely hasn’t yet been resolved,” said the Palestinian official.
Israeli minister Zeev Elkin, a member of Prime Minister Benjamin Netanyahu’s security cabinet, told Israel’s Army Radio that the aim was to find an agreed framework that would resolve that difference during a second stage of the ceasefire deal.
Chikli said the first stage would be a humanitarian phase that will last 42 days and include a hostage release.
HOSPITAL
The war was triggered by Hamas’ Oct. 7, 2023 attack on southern Israel, in which 1,200 people were killed and 251 taken hostage to Gaza, according to Israeli tallies.
Israel’s campaign against Hamas in Gaza has since killed more than 45,200 Palestinians, according to health officials in the Hamas-run enclave. Most of the population of 2.3 million has been displaced and much of Gaza is in ruins.
At least 11 Palestinians were killed in Israeli strikes on Monday, medics said.
One of Gaza’s few still partially functioning hospitals, on its northern edge, an area under intense Israeli military pressure for nearly three months, sought urgent help after being hit by Israeli fire.
“We are facing a continuous daily threat,” said Hussam Abu Safiya, director of the Kamal Adwan Hospital. “The bombing continues from all directions, affecting the building, the departments, and the staff.”
The Israeli military did not immediately comment. On Sunday it said it was supplying fuel and food to the hospital and helping evacuate some patients and staff to safer areas.
Palestinians accuse Israel of seeking to permanently depopulate northern Gaza to create a buffer zone, which Israel denies.
Israel says its operation around the three communities on the northern edge of the Gaza Strip — Beit Lahiya, Beit Hanoun and Jabalia — is targeting Hamas militants.
On Monday, the United Nations’ aid chief, Tom Fletcher, said Israeli forces had hampered efforts to deliver much needed aid in northern Gaza.
“North Gaza has been under a near-total siege for more than two months, raising the specter of famine,” he said. “South Gaza is extremely overcrowded, creating horrific living conditions and even greater humanitarian needs as winter sets in.”


Kabul hails Saudi Arabia’s decision to resume activities at Afghanistan embassy

Updated 22 min 25 sec ago
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Kabul hails Saudi Arabia’s decision to resume activities at Afghanistan embassy

  • In November 2021, Saudi Arabia said it was resuming consular services in Afghanistan
  • The Kingdom also provides humanitarian aid in the country through its KSrelief charity

Kabul: The Afghan foreign ministry on Monday welcomed Saudi Arabia’s decision to resume its diplomatic operations in Kabul, more than three years after Riyadh withdrew its staff during the Taliban takeover of Afghanistan.
“We are optimistic about the possibility of strengthening relations and cooperation between Saudi Arabia and Afghanistan through the resumption of these activities,” said Afghan foreign ministry spokesman Zia Ahmad in a statement.
“We will also be able to respond to the problems of Afghans residing in Saudi Arabia.”
Riyadh had posted its decision to resume diplomatic operations in Kabul on social media platform X.
“Based on the desire of the government of the Kingdom of Saudi Arabia to provide all services to the brotherly Afghan people, it has been decided to resume the activities of the mission of the Kingdom in Kabul starting on December 22,” it said.
The Saudi Ministry of Foreign Affairs did not immediately respond to a request for comment about the level of Saudi representation in Kabul.
Riyadh on August 15, 2021 said it had withdrawn its diplomats from the Afghan capital because of the “unstable situation” created by the Taliban’s return to power following the United States’ withdrawal from the country.
In November 2021, Saudi Arabia said it was resuming consular services in Afghanistan. It also provides humanitarian aid in the country through its KSRelief organization.
The Taliban government remains unrecognized by any country.
Saudi Arabia was one of only three countries, the others being Pakistan and the United Arab Emirates, that recognized the first Taliban government which came to power in 1996 and was overthrown by the US invasion of 2001.