Kuwait to expand fiber optic services in partnership with private sector

The ministry said that it is coordinating with the Kuwait Authority for Partnership Projects, known as KAPP, on selecting a strategic partner through KAPP’s open competition for competent and qualified international and regional companies. File
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Updated 17 September 2023
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Kuwait to expand fiber optic services in partnership with private sector

RIYADH: Aiming to create more job opportunities and enhance competitiveness in the telecom sector under Kuwait Vision 2035, the country is planning to expand its fiber optic services, according to an official statement issued by the Ministry of Communications. 

The ministry said that it is coordinating with the Kuwait Authority for Partnership Projects, known as KAPP, on selecting a strategic partner through KAPP’s open competition for competent and qualified international and regional companies. 

It noted that the partnership will take the form of a specialized company licensed by the Communications and Information Technology Regulatory Authority, managed by the selected operator and the government representative, adding that this will be through a public offering in accordance with the Public-Private Partnership Law. 

The ministry added that the fixed communications network will be established, developed, and operated, with the infrastructure ownership preserved by the ministry. 

Moreover, the ministry stressed that the company will provide interconnection services for communications and information technology operators, licensed in the country, which will provide its services directly to users. 

Furthermore, it stressed that this collaboration will build an advanced communications infrastructure and make a qualitative leap in the national digital economy. It added that the project comes to finalize the country’s communications project, which is part of Kuwait’s new vision. 

The communications authority added that a committee had been formed to study the project and follow up on its implementation process. 


Closing Bell: Saudi main index extends gains as market opens wider to foreign investment

Updated 02 February 2026
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Closing Bell: Saudi main index extends gains as market opens wider to foreign investment

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Monday, gaining 153.61 points, or 1.38 percent, to close at 11,321.09.

The total trading turnover of the benchmark index was SR5.85 billion ($1.56 billion), as 207 of the listed stocks advanced, while 55 retreated.

The MSCI Tadawul Index increased, up 21.20 points or 1.41 percent, to close at 1,524.18.

The Kingdom’s parallel market Nomu gained 278.13 points, or 1.17 percent, to close at 24,013.03. This comes as 43 of the listed stocks advanced, while 29 retreated.

The best-performing stock was Saudi Pharmaceutical Industries and Medical Appliances Corp., with its share price surging by 7.26 percent to SR28.94.

Other top performers included Rasan Information Technology Co., which saw its share price rise by 6.51 percent to SR144, and Knowledge Economic City, which saw a 6.25 percent increase to SR13.09.

On the downside, the worst performer of the day was Najran Cement Co., whose share price fell by 2.11 percent to SR6.49.

Almasane Alkobra Mining Co. and Saudi Cable Co. also saw declines, with their shares dropping by 2 percent and 1.88 percent to SR103.10 and SR166.80, respectively.

On the announcement front, Riyad Bank has announced its annual financial results for 2025, with the total income from special commission of financing reaching SR24.1 billion, while net income from special commission of financing amounted to SR12 billion.

In a statement on Tadawul, the bank said: “Net income increased by 11.7 percent mainly due to an increase in total operating income and a decrease in total operating expenses.”

The bank further noted that the rise in total operating income was primarily driven by increased revenue from fees and commissions, trading activities, special commissions, gains on non-trading investments, and other operating sources. This growth was partially tempered by declines in exchange and dividend income.

“Net provision of expected credit losses and other losses decreased by 15.8 percent due to a decrease in impairment charge of credit losses and impairment charge for other financial assets, partially offset by an increase in impairment charge for investments,” it added.

RIBL’s share price closed at SR18.18 on the main market, marking a 1.43 percent increase.