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MPW to disburse financial dues to firms, contractors - Dotemirates
Arab Times - Dotemirates
Arab Times
1 month 10 hour

MPW to disburse financial dues to firms, contractors

KUWAIT CITY, Sept 22: Disbursement of financial dues to the contractors and companies that carried out projects has been suspended by the financial supervisor for four months now, reports Al-Anba daily quoting a reliable source from Ministry of Public Works. The source explained that the total amount of these dues has reached nearly KD 600 million. Minister of Public Works Eng Hossam Al-Roumi reportedly asked head of the financial supervision department to change the financial supervisor of the ministry after he interfered in the authorities of the minister and undersecretary. Based on the recommendation of Minister of Public Works, the...

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Arab News
2 hour 19 minute

Saudi Arabia’s Jabal Omar Development Company returns to profit

LONDON: The Saudi developer behind the transformation of the center of Makkah — Jabal Omar Development Company — has returned to profit in the third quarter after a string of losses over the last year.The change in fortune will be welcomed by the Tadawul-listed company as it pushes forward with its luxury hotel, residential and retail developments being built to meet the anticipated growth in demand from visitors and pilgrims to the holy city.Net profit — minus Zakat and tax — reached SR469.62 million ($125.13 million) for the three months ending Sept. 30 in a Saudi exchange filing on Tuesday....
Business
Arab News
2 hour 19 minute

Saudi Aramco to shift more crude production to petrochemicals

RIYADH: Saudi Aramco aims to allocate some 2-3 million barrels per day of its crude oil production to petrochemicals, CEO Amin Nasser said on Tuesday, a sign the state energy group is hedging its bets against a possible demand slowdown.Aramco has been boosting its investments in refining and petrochemicals to secure new markets for its crude, as it sees growth in chemicals central to its downstream expansion strategy.The company is working on buying a stake in Saudi Basic Industries Corp. (SABIC), the world’s fourth largest petrochemical maker, as part of plans to become a leader in the chemical industry, Nasser...
Business
ABC News.AU
2 hour 20 minute

Dow Jones recovers from 550-point drop driven by weaker corporate profits

By business reporter David Chau, wires The Australian share market is expected to start the day slightly lower, following weak leads from global markets.Wall Street tumbled sharply earlier in the session, but staged a significant turnaround after investors "bought on the dip" — though worries about company earnings outlooks kept a lid on the market.The industrial-skewed Dow Jones index slipped by 125 points, or 0.5 per cent, to 25,191 points. Earlier in the day, it had fallen by almost 550 points.The Dow's comeback was led by stocks like McDonald's, after its share price jumped 6 per cent on its strong...
Business
Arab Times
2 hour 28 minute

Festival to highlight iconic US fashion brands, food, film, music tourism, sports and business know-how

Discover America to be held from Oct 26 to Nov 8 KUWAIT CITY, Oct 23: The US Embassy in Kuwait announced its 6th annual Discover America celebration which will be held from Oct 26 to Nov 8. At a press roundtable with US Embassy Senior Commercial Officer Jeff Hamilton and Press Attaché Heather Ward, shared that the festival would highlight iconic US fashion brands, food, film, music tourism, automobiles, sports, and business know-how. The events will take place at a number of venues across the country from the Kuwait Chamber of Commerce and Industry to Kuwait University and Yarmouk Cultural...
Business
Arab Times
2 hour 29 minute

Kuwait stocks eke modest gains in lackluster trading

KFH rallies 7 fils, Humansoft Holding dips KUWAIT CITY, Oct 23: Kuwait stock headed north on Tuesday, stemming the three-day fall. The All Shares Index climbed 14.12 pts in lackluster trading to 5,000.98 pts paced by some of the blue chips and midcaps. Humansoft Holding however extended its losses to third straight session. The Premier Market climbed 23.8 pts to 5,170.76 pts paring the month’s losses to 173 points while Main Market fell 3.71 pts to 4,693.25 points. The volume turnover meanwhile ebbed again after Monday’s increase. Over 38 million shares changed hands — down 16 pct from the day...
Business
Arab Times
2 hour 29 minute

QPIC achieves $14.52 mln in Q2 net profits ending Sept 30

KUWAIT CITY, Oct 23, (KUNA): Qurain Petrochemical Industries Company (QPIC) Tuesday said it achieved Kuwaiti dinars (KD) 4.41 million ($14.52 million) in net profits in second quarter ending Sept 30. This was compared to KD 4.39 million ($14.46 million) in the same period last year, QPIC said in a statement. It added net profits for the first half of financial year 2018-19 ending September 30 stood at KD 9.61 million ($31.65 million), against KD 10.56 million ($34.78 million) for the same period last year. Earnings per share for this period reached 9.25 fils ($30.47 cents) against 10.14 fils ($33.40 cents)...
Business