RIYADH: Kuwait has allocated some 19.6 billion Kuwaiti dinars ($65.1 billion) covering 19 strategic projects during the current annual development plan, Al-Anba reported.
The newspaper catalogued progress on ten major projects, most notably the eastern runway at the international airport, the Sabah Al-Salem Kuwait University City, the Kuwait Airport expansion, the Al-Mutlaa residential city project, and the railway network project.
The Ministry of Health is also adding new buildings to both Farwaniya Hospital and Al-Adan Hospital as well the new Al-Sabah Hospital project.
In the energy sector, Kuwait Petroleum Corporation (KPC) is spearheading the Clean Fuels project and the Al-Zour Refinery, which are both in the final delivery stage.
Kuwait and other Gulf states are seeking to encourage the use of private finance to help fund major infrastructure projects in an effort to free up more funds as budgets come under pressure.
Diversified and sustainable economy projects account for almost half of the spending on the country's strategic projects.
Kuwait to spend $65.1 billion on 19 strategic projects
https://arab.news/rncdb
Kuwait to spend $65.1 billion on 19 strategic projects
- Diversified and sustainable economy projects account for almost half of the spending
Closing Bell: Saudi main index slips to close at 11,228
RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, lost 23.17 points, or 0.21 percent, to close at 11,228.64.
The total trading turnover of the benchmark index was SR2.99 billion ($797 million), as 170 of the stocks advanced and 82 retreated.
On the other hand, the Kingdom’s parallel market Nomu gained 449.38 points, or 1.90 percent, to close at 24,093.12. This comes as 43 of the stocks advanced while 27 retreated.
The MSCI Tadawul Index lost 6.07 points, or 0.40 percent, to close at 1,511.36.
The best-performing stock of the day was Obeikan Glass Co., whose share price surged 7.54 percent to SR27.66.
Other top performers included Alamar Foods Co., whose share price rose 6.80 percent to SR47.10, as well as Saudi Kayan Petrochemical Co., whose share price climbed 6.79 percent to SR5.66.
Saudi Investment Bank recorded the steepest drop, falling 3.21 percent to SR13.56.
Jahez International Co. for Information System Technology also saw its share price fall 3.15 percent to SR13.55.
Rabigh Refining and Petrochemical Co. declined 2.78 percent to SR7.34.
On the announcements front, Tanmiah Food Co. reported its annual financial results for the period ending Dec. 31. According to a Tadawul statement, the company recorded a net loss of SR18.8 million, compared with a net profit of SR95.8 million a year earlier.
The net loss was mainly due to ongoing market challenges that resulted in continued pricing pressures in fresh poultry, inflationary cost pressures, higher financing expenses, and depreciation and ramp-up costs from new facilities, partially offset by increased production volumes and cost-optimization initiatives.
Tanmiah Food Co. ended the session at SR58.20, up 3.72 percent.
United International Holding Co., also known as Tas’heel, announced its annual financial results for the period ending Dec. 31. A bourse filing showed the company recorded a net profit of SR273.64 million in 2025, up 23.05 percent from 2024, primarily driven by a 23.4 percent rise in revenues. The revenue growth helped lift gross profit by 23.7 percent.
Tas’heel ended the session at SR146.80, down 0.28 percent.
