Latest news with #Vision2035
India Gazette
5 days ago
- Business
- India Gazette
India, Cyprus to develop roadmap to provide strategic direction to bilateral cooperation, strengthen defence cooperation: PM Modi
Nicosia [Cyprus], June 16 (ANI): Prime Minister Narendra Modi said on Monday that India and Cyprus will develop a strong roadmap to provide strategic direction to cooperation between the two countries. He lauded the support of Cyprus for India becoming a permanent member of the Security Council and the country's continued support in India's fight against cross-border terrorism. 'After two decades, an Indian Prime Minister has visited Cyprus. This is an opportunity to write a new chapter in the India-Cyprus partnership. President Nikos Christodoulides and I held bilateral talks. Cyprus's Vision 2035 and India's Viksit Bharat 2047 have similarities. That is why we will be working together towards our shared growth. Over the next five years, we will develop a robust roadmap to provide strategic direction to our cooperation,' PM Modi said during the joint press statement with the Cyprus President. 'To further strengthen defence and security cooperation, emphasis will be laid on defence industry under the bilateral Defence Cooperation Programme. A separate dialogue will be initiated on cyber and maritime security,' he added. He thanked the Cyprus President for the warm welcome and hospitality extended to him. 'The affection shown by the President and the people of Cyprus since I set foot on the soil of Cyprus yesterday has touched my heart. Just a while ago, I was honoured with Cyprus' highest civilian award. This award is not just mine but it is the award of 140 crore Indians. This is a stamp of unbreakable friendship between India and Cyprus. For this, I once again express my heartfelt gratitude,' he said. 'We are grateful for Cyprus' continued support in India's fight against cross-border terrorism. To prevent terrorism, drugs and arms trafficking, a mechanism for real-time information exchange between our agencies will be developed,' he added. PM Modi and the Cyprus President held delegation-level talks earlier. The Prime Minister said that India and the European Union are working to concluding a Free Trade Agreement (FTA) by the end of this year. 'I had a discussion with President Nikos Christodoulides on the economic relations between our two countries. I noticed a sense of excitement and synergy within the business community regarding this. India and the European Union are working to concluding a Free Trade Agreement by the end of this year. Earlier this year, the India-Cyprus-Greece Business and Investment Council was launched. These initiatives will further strengthen business ties among our countries.' He called Cyprus a 'favourite destination' for Indian tourists and said emphasis will be laid on creating direct air connectivity for them. 'We are excited to see the spread of yoga and Ayurveda in Cyprus,' he said. PM Modi was awarded the Grand Cross of the Order of Makarios III - the highest merit honour awarded in Cyprus, by President Nikos Christodoulides at the Presidential Palace in Nicosia. The Order of Makarios III, is named after Makarios III, the first president of Cyprus is conferred upon heads of state and other people of significant status in recognition of meritorious service to the nation. 'Prime Minister embraced the honour as a renewed commitment to strengthening and diversifying the partnership between India and Cyprus. He emphasized that the award was a symbol of the unwavering commitment of the two countries to peace, security, sovereignty, territorial integrity and prosperity,' Ministry of External Affairs (MEA) said in a press release. PM Modi expressed gratitude to President Christodoulides, the government and people of Cyprus for the honour. He stated that honour symbolises their unwavering commitment to peace, security, sovereignty, territorial integrity and prosperity of people of two nations. 'This honour is not just mine, it is the honour of 140 crore Indians. It is the honour of their capabilities and aspirations. It is the honour of our country's cultural brotherhood and the ideology of 'Vasudhaiva Kutumbakam.' I dedicate this honour to the friendly relations between India and Cyprus and our shared values and mutual understanding. On behalf of all Indians, I accept this honour with utmost humility and gratitude,' he said. 'This honour symbolises our unwavering commitment to peace, security, sovereignty, territorial integrity and prosperity of our people. I understand the significance of this honour and accept it as a responsibility towards the relations between India and Cyprus,' he added. PM Modi had arrived in Cyprus on Sunday afternoon, marking the first visit by an Indian PM to the island nation in over two decades. He was received by the Cypriot President at Larnaca International Airport. He received a heartfelt welcome from the Indian diaspora in Limassol. PM Modi and Cyprus President also interacted with leading CEOs during the business roundtable. (ANI)
TECHx
12-06-2025
- Business
- TECHx
Kuwait Oil Hosts Two Key Energy Conference in September 2025
Home » Smart Sectors » Energy » Kuwait Oil Hosts Two Key Energy Conferences in September 2025 Kuwait has announced it will host two major energy conferences this September. The events will advance the country's goal to become a global leader in energy innovation and industrial excellence. The 2nd Digital Transformation Kuwait Oil & Gas Conference is scheduled for 8–9 September 2025. It will be followed by the first-ever Asset Integrity and Process Safety Kuwait Conference on 10–11 September 2025. Both events will take place at the Jumeirah Messilah Hotel in Kuwait. The Ministry of Oil, Kuwait is hosting the conferences. They are supported by the Kuwait Oil Company and Kuwait Integrated Petroleum Industries Company. Over 500 senior decision-makers, 40+ expert speakers, and more than 50 global and regional solution providers are expected to attend. The Ministry of Oil reported that these conferences will promote digital innovation and world-class safety standards. They emphasized the importance of digital transformation, asset integrity, and process safety for Kuwait's energy infrastructure resilience. These efforts align with the country's long-term development goals. Mohammad Al Abdeljalil, Deputy CEO of Kuwait Oil Company (KOC), revealed KOC's strong commitment to driving digital transformation across the energy cycle. He described the Digital Transformation Conference as a demonstration of leadership in adopting new technologies and fostering collaboration. Jeff Zhu, CEO of Huawei Kuwait, shared the company's view on the importance of digital transformation in Kuwait's energy sector. He reported Huawei's ongoing support through AI, cloud, and 5G technologies to accelerate Kuwait's energy vision. The Ministry of Oil leads Kuwait's national energy policy in line with Vision 2035. These conferences serve as platforms for cross-sector dialogue and regional cooperation. They aim to build a safe, sustainable, and future-ready energy landscape. Key details: 2nd Digital Transformation Kuwait Oil & Gas Conference: 8–9 September 2025 Asset Integrity and Process Safety Kuwait Conference: 10–11 September 2025 Location: Jumeirah Messilah Hotel, Kuwait The events are organized by The Great Minds Group. The group is known for hosting strategic government and industry forums across the Middle East. Kuwait is positioned to strengthen its role in energy innovation and industrial safety through these important gatherings.
Yahoo
05-06-2025
- Business
- Yahoo
Kuwait Construction Industry Report 2025: Output to Record an AAGR of 5.1% During 2026-2029, Driven by Investments in Renewable Energy, Transport, and Oil and Gas Projects
Discover Kuwait's construction growth prospects: With a 4.5% real growth expected in 2025, fueled by government investments in infrastructure and oil & gas sectors, the market is set to expand. By 2029, the industry's annual growth rate is expected to average 5.1%, driven by renewable energy and infrastructure projects. Dublin, June 05, 2025 (GLOBE NEWSWIRE) -- The "Kuwait Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis to 2029 (H1 2025)" report has been added to construction industry to grow by 4.5% in real terms in 2025, supported by government investment in the oil and gas sector to boost production and investment in the infrastructure sector. In the short term, growth will be boosted by planned expenditure under the Fiscal Year (FY) 2025-26 Budget (1st April 2025 to 31st March 2026), which was approved in March 2025. The budget earmarked capital expenditure of KWD1.8 billion ($5.9 billion) and outlined investments in infrastructure and energy with a total allocation of KWD1.5 billion ($4.9 billion) for the construction and maintenance of several projects. The government has allocated substantial funds for key initiatives. Additionally, in March 2025, the government issued a new law setting the public debt ceiling at KWD30 billion ($97.6 billion), aligning with the Vision 2035 program. The program aims to transform the country into a financial and commercial hub by 2035. This vision focuses on diversifying the development of the economy focusing on oil and gas, infrastructure and improving social construction industry in Kuwait is expected to record an annual average growth rate of 5.1% between 2026 to 2029, supported by investments in renewable energy, transport, and oil and gas projects, coupled with government's plan to increase the share of renewable generation to 30% by 2030 and 50% by 2050, compared to 0.6% in 2023 and achieve carbon neutrality by 2060. In 2024, the Minister of Electricity, Water and Renewable Energy approved Kuwait Strategy for Energy and Renewable Energy Projects 2030-2050. In the Strategy, Kuwait is targeting for a combined renewable energy generation capacity of 22.1GW by 2030, of as part of its comprehensive 20-year strategy concluding in 2050. Kuwait is committed to attain carbon neutrality by 2060. Scope Historical (2020-2024) and forecast (2025-2029) valuations of the construction industry in Kuwait, featuring details of key growth drivers. Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline. Listings of major projects, in addition to details of leading contractors and consultants Reasons to Buy Identify and evaluate market opportunities using our standardized valuation and forecasting methodologies Assess market growth potential at a micro-level with over 600 time-series data forecasts Understand the latest industry and market trends Formulate and validate business strategies using the analyst's critical and actionable insight Assess business risks, including cost, regulatory and competitive pressures Evaluate competitive risk and success factors Key Topics Covered: 1 Executive Summary2 Construction Industry: At-a-Glance3 Context3.1 Economic Performance3.2 Political Environment and Policy3.3 Demographics3.4 Risk Profile4 Construction Outlook4.1 All Construction Outlook Latest news and developments Construction Projects Momentum Index 4.2 Commercial Construction Outlook Project analytics Latest news and developments 4.3 Industrial Construction Outlook Project analytics Latest news and developments 4.4 Infrastructure Construction Outlook Project analytics Latest news and developments 4.5 Energy and Utilities Construction Outlook Project analytics Latest news and developments 4.6 Institutional Construction Outlook Project analytics Latest news and developments 4.7 Residential Construction Outlook Project analytics Latest news and developments 5 Key Industry Participants5.1 Contractors5.2 Consultants6 Construction Market Data7 AppendixFor more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
Arab News
27-05-2025
- Business
- Arab News
S&P Global affirms Kuwait's rating at ‘A+' with stable outlook
RIYADH: Kuwait has retained its 'A+' long-term credit rating from S&P Global, with a stable outlook, supported by one of the world's strongest sovereign asset positions despite mounting fiscal pressures. In its latest report, the US-based agency stated that it expects Kuwait's economy to grow 2 percent in 2025–2026, rebounding to 2.6 percent in 2027–2028 as oil output rises and infrastructure initiatives under Vision 2035 gather pace. Kuwait's strong rating aligns with a broader trend across the Middle East, where countries are steadily advancing economic diversification by reducing their reliance on oil revenues. In March, S&P Global also upgraded Saudi Arabia's rating to 'A+' from 'A', with a stable outlook, citing the Kingdom's ongoing social and economic transformation. Regarding Kuwait, S&P Global stated: 'The stable outlook reflects our expectation that Kuwait's public and external balance sheets will remain very strong over our forecast horizon, backed by a significant stock of government financial assets.' It added: 'We expect these strengths to mitigate risks related to Kuwait's economic concentration on the hydrocarbon sector, potential oil price volatility, and sizable fiscal spending.' According to S&P, an 'A+' rating reflects Kuwait's strong capacity to meet its financial obligations and indicates a low risk of default. The report further noted that Kuwait's fiscal deficits will remain elevated, averaging around 8.9 percent of gross domestic product from 2025 to 2028, as subdued oil prices and high expenditure levels — particularly on wages and subsidies — continue to weigh on public finances. Nevertheless, Kuwait's net general government asset stock is projected to average 477 percent of GDP, among the highest ratios globally, supported by sovereign wealth fund assets accumulated since 1953. 'Amid less favorable economic conditions due to global trade tensions and weaker oil prices, Kuwait's large stock of external public-sector assets should provide a buffer for a policy maneuver, if needed,' said S&P Global. One key development is the recent passage of the Financing and Liquidity Law, which enables the government to tap capital markets for the first time since 2017. 'Our base case assumes that government capital expenditure and part of the fiscal deficit will be partially funded via debt issuance. We forecast issuance of about $10 billion in 2025 and about $5 billion of debt annually in 2026-2028,' the agency added. In a separate assessment, Fitch Ratings in March reaffirmed Kuwait's long-term foreign-currency rating at 'AA-' with a stable outlook, citing strong fiscal fundamentals and external liquidity. Fitch projected that Kuwait's net foreign assets will rise to 601 percent of GDP in 2025, up from an estimated 582 percent in 2024 — the highest among all Fitch-rated sovereigns.
Arab Times
26-05-2025
- Business
- Arab Times
UK, Kuwait mark 250 years of trade with green tech alliance
KUWAIT CITY, May 26: The British Embassy organized a reception for green energy stakeholders on Sunday evening. In a press statement, the embassy revealed that the reception showcased leading UK sustainable energy systems company Green Power Technologies (GPT)'s 'Power Box' -- a durable off-grid power unit designed to deliver clean energy in remote and challenging environments. It also marked the launching of Kuwait British Renewables (KBR) -- a joint venture between GPT and local power company General Control Group to design and manufacture smart metering systems and electric vehicle charging stations in the country. The reception was held under the patronage of Chairman of the Commercial Bank of Kuwait Sheikh Ahmad Duaij Al-Sabah and British Ambassador to the State of Kuwait, Belinda Lewis. The event highlighted the strength of the 250-year-long trading partnership between the UK and Kuwait, as well as the two countries' shared commitment to expand collaboration in the fight against climate change. Addressing the guests, Lewis stated: 'The United Kingdom and Kuwait have long enjoyed a close relationship based on shared values and strategic cooperation. Events such as this reaffirm the growing depth of our partnership; particularly as both nations seek to meet climate goals, embrace clean technology, and build knowledge-based economies. Forty-nine percent of the UK's electricity comes from renewable sources and we are actively supporting our partners, including Kuwait, to achieve their own energy transition goals.' Country Director for Trade at the embassy Naz Demir added: 'As we celebrate 250 years of UK-Kuwait trading relations, this launch is a powerful example of how our historic partnership continues to evolve and deliver real impact. Kuwait British Renewables reflects a shared vision for sustainable growth and energy innovation. The UK remains committed to supporting Kuwait's Vision 2035 through strategic investment and world-class expertise in clean technology.' Green Power Technologies (UK) Director Christopher Maltby commented: 'We are proud to bring British innovation to Kuwait with the launch of the Power Box -- a practical, scalable solution for clean, off-grid energy. This marks the beginning of a long-term commitment to support Kuwait's energy transition with smart, sustainable technology tailored to local needs.' Director of Kuwait British Renewables Richard Clements stated: 'Our goal is to localize world-class energy technology by producing smart meters and EV infrastructure right here in Kuwait. Alongside our sister company -- GPT, KBR will also source worldleading solar and battery storage solutions for installations in both homes and businesses. We are excited to be part of this national journey towards a digital, low-carbon energy future -- built in Kuwait, for Kuwait.'
