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Kuwait Integrated Petroleum Industries Company (KIPIC) has sufficient stocks of diesel, naphtha, kerosene and fuel oil to meet obligations to local and foreign customers despite an almost complete shutdown of the al-Zour refinery last week, CEO Walid al-Badr told Reuters on Thursday.

Gas supplies to the refinery were halted in a “force majeure situation” owing to a malfunctioning gas valve and the operations team was working to resume operations gradually, Badr said, adding that “these issues happen in this industry”.

The company is working to restore operations within 10 days, he said.

KIPIC had announced earlier on Thursday that a “limited fire” in a sulphur unit at the refinery had been brought under control without affecting operations.

Investigations into the cause of the fire are ongoing, a source close to the matter told Reuters, adding that initial indications are that the refinery shutdown and fire are unrelated.

Source:https://www.reuters.com/business/energy/kuwaits-kipic-has-sufficient-stocks-despite-al-zour-shutdown-ceo-says-2023-11-16/

Oman has announced a three-day period of mourning following the death of Kuwait’s Sheikh Nawaf Al Ahmad Al Jaber Al Sabah.

Work was halted on Saturday, December 16 and will be stopped in public and private sectors on Sunday, December 17 and Monday, December 18 before resuming on Tuesday, December

The Diwan of Royal Court issued a statement saying: “With full faith in the Almighty Allah’s divine destining and judgment and, with profound sorrow and grief, His Majesty Sultan Haitham bin Tarik has received the news of death of his brother, the forgiven, by the will of Allah, Sheikh Nawaf Al Ahmed Al Jaber Al Sabah, the late Emir of the State of Kuwait.

Oman declares mourning period
“The deceased was one of the Arab leaders who served the Arab and Islamic nations. He also contributed to the prosperity and development of the State of Kuwait.

“His Majesty the Sultan has issued his Royal orders to announce the State of Mourning and fly flags at half-mast in the Sultanate of Oman as work shall be halted at the public and private sectors for three days from today, Saturday, 16 December 2023, so that official duty will resume on Tuesday, 19 December2023.

“While sharing the Kuwaiti leadership, government and people their sorrows and grief over this immense loss, the Sultanate of Oman prays to the Almighty Allah to rest the deceased in peace in Paradise in Heavens, along with the devout and the faithful, and to grant his family and the brotherly people of Kuwait fortitude to bear the loss”.

Source:https://www.arabianbusiness.com/culture-society/oman-announces-3-day-mourning-period-for-public-and-private-sector-following-death-of-kuwaiti-emir

Majid Al-Futtaim, a shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia, has published a sustainable finance paper, which examines the significant increase in sustainable finance in the MENA region and the ways it can act as a catalyst for positive change.
Titled “Aligning Growth with Purpose,” the paper looks at the global and regional sustainable finance landscape and calls on a collaboration between the private and public sector to unlock the $30 trillion of new investment needed to achieve the United Nation’s 17 Sustainable Development Goals by 2030.
Majid Al-Futtaim is recognized as a pioneer in sustainable financing for the region. The group is the first privately owned Dubai corporation to incorporate green Islamic financing into its funding structure, most recently raising $500 million through its fourth green capital markets issuance. Majid Al-Futtaim also introduced innovative sustainability-linked loan financing with a “penalty-only” loan structure.

Ahmed Galal Ismail, chief executive at Majid Al-Futtaim — Holding, said: “The Middle East and North Africa region is currently witnessing a surge in interest from investors actively seeking opportunities to allocate capital to projects with a strong environmental, social and governance focus. Finance is a critical enabler of climate action, and by doubling down on developing the right structure and mechanisms, the MENA region is positioned to become a thriving hub for sustainable finance, leading the way toward a low-carbon and resilient future.
“Sustainable finance will play a fundamental role as we transition to a net-zero carbon economy and collectively strive to meet the aims of the Paris Agreement and the SDGs. This progress, however, is only achievable if we work collectively to take action. We are advocating for collaboration between both the public and private sectors, with governments taking responsibility for enabling favorable conditions and incentives for investment, and private sector leadership and finance to drive transformation. This coordinated and determined commitment will build more resilient, equitable, and sustainable organizations, and has the capacity to future-proof the global economy.”
The whitepaper also highlights the crucial role of bodies such as the World Economic Forum, which is working to support this collaborative action by bringing together public and private actors to catalyze sustainable infrastructure investment.

Source:https://www.arabnews.com/node/2421546

GFH Financial Group has joined the World Economic Forum as an associate partner, in line with the group’s expanding global presence and commitment to fostering meaningful collaborations.
Through the partnership, senior leaders from the group will actively participate in and contribute to WEF’s annual meeting in Davos, a gathering that convenes more than 200 influential leaders shaping the global agenda. Additionally, GFH is eagerly anticipating its involvement in WEF’s “Shaping the Future of Financial and Monetary Systems” initiative, which brings together representatives from leading global companies and subject matter experts.

Salah Sharif, chief operating officer of GFH, said: “We are delighted to join WEF as an associate partner alongside other leading global companies that are dedicated to developing solutions to the world’s greatest challenges. The partnership reflects the group’s commitment to further expanding our business, global presence and networks, and provides us with the opportunity to do so by leveraging the unique access provided by WEF at the highest levels. We are excited to contribute to essential global economic conversations by sharing our expertise and insights relating to our core investment sectors and the multiple geographies in which we are active. By actively engaging with WEF’s platforms, we look forward to collaborating with other industry leaders to identify and create new opportunities for growth and development, and to tackle some of the world’s most pressing issues.”
Joanna Lahham, regional manager — business engagement, Middle East and Africa at WEF, said: “The World Economic Forum is thrilled to broaden its presence in Bahrain, aiming to amplify its representation in shaping global agendas. The forum anticipates that a partnership with GFH, a key player in Bahrain’s financial landscape, will further deepen engagement and impact within the wider GCC region.”
GFH is a financial group with a growing global business. It has assets and funds under management exceeding $19 billion, and maintains a strong international footprint with offices and affiliates across the GCC, US, UK and Europe. The group’s investment strategy focuses on high-impact priority sectors. It has an expansive portfolio of assets across the education, healthcare, logistics, living, sustainable infrastructure and technology sectors that align with its commitment to sustainable development and innovation. The group is listed on four GCC stock exchanges.

Source:https://www.arabnews.com/node/2421551

Bab Rizq Jameel, a company that is part of Community Jameel Saudi, celebrated its 20th anniversary, and the profound impact it has achieved by providing income opportunities. A ceremony was held on Dec. 3 at Hussein Jameel Hall in Jeddah, celebrating major milestones and achievements, in addition to launching the new corporate identity.
For more than two decades, Bab Rizq Jameel has played a significant role in supporting and empowering the community and creating a positive impact in the Kingdom. Through a series of initiatives, Bab Rizq Jameel has helped in providing youths with income opportunities, reducing unemployment rates in line with the goals of Vision 2030. In addition, it has enabled job seekers to improve their professional skills to meet market requirements and delivered effective employment solutions for enterprises to enhance their growth and contribution to the national economy.

Over the span of 20 years, the company has succeeded in providing more than a million job opportunities, offering microfinance of more than SR2.9 billion ($773 million), and supporting over 150 companies through a comprehensive range of cloud solutions.

Hassan Jameel, deputy chairman of Community Jameel, said: “At the core of Bab Rizq Jameel, our vision is focused on supporting the development of the Saudi economy by providing employment and competencies development opportunities, and organizing innovative programs and initiatives for members of the community. This is a special occasion for all of Bab Rizq Jameel’s team as we are celebrating the progress and successes we have achieved. Notably, this milestone would not have been possible without the unlimited support received from the Custodian of the Two Holy Mosques and the Crown Prince, and all supporting government organizations.”

Dr. May Taibah, member of the board of trustees at Community Jameel Saudi, said: “As we celebrate our achievements of the past 20 years, we must also look forward to the future to shape our plans and implement them with determination. Bab Rizq Jameel has been at the forefront of providing innovative employment solutions to enterprises in various sectors over the past two decades. We will continue delivering impact, activating our new strategy that ensures both quantitative and qualitative development of our services, keeping abreast of the landscape and changes in labor markets.”
During the celebration, Bab Rizq Jameel’s new strategy was announced. The newly announced services can be divided into two main categories: competency development, which includes training ending with employment, cooperative training, and a skills kit for fresh graduates; and the income opportunities services that allow job seekers to find opportunities ranging from full- to part-time and freelance work, through a dedicated platform connecting them with suitable organizations.
Bab Rizq Jameel also announced its updated corporate identity and several new initiatives that will be launched in the coming weeks and months, such as a virtual job fair, a freelance platform, a skills kit, and the Employment Superhub. The company also reaffirmed its commitment to continue working to develop the capabilities and skills of Saudi youth by providing innovative solutions to enhance the Saudi human capital and shape a better future for society in accordance with the Kingdom’s Vision 2030.

Source:https://arab.news/ryzzc

Central banks worldwide amassed 42 tons of gold into their official reserves in October, continuing their acquisition of the precious metal, the latest data showed.

According to the World Gold Council, central banks witnessed a 41 percent slowdown in gold buying in October compared to September. However, it still maintained a 23 percent increase above the January-September monthly average of 24 tons.

In September, central banks added 72 tons of gold to their reserves.

The People’s Bank of China continued its trend as the largest purchaser of gold in October, adding 23 tons to its reserves.

This marked the twelfth consecutive monthly addition, bringing the year-to-date purchase of gold by PBoC to 204 tons, with its overall reserves reaching 2,215 tons.

However, this reported increase still constitutes just 4 percent of PBoC’s total international reserves.

The Central Bank of Turkey significantly boosted its official gold reserves in October by purchasing 19 tons, bringing the total to 498 tons.

Similarly, the National Bank of Poland continued its buying spree, adding 6 more tons to its reserves, totaling an increase of over 100 tons for the year, reaching 340 tons.

In October, the Reserve Bank of India acquired 3 tons of gold, and the Czech National Bank purchased 2 tons.

Additionally, the National Bank of the Kyrgyz Republic and the Qatar Central Bank each bought 1 ton of gold during the month, as per the WGC.

Meanwhile, gold prices saw a slight increase, with spot gold rising 0.2 percent to $2,023.62 per ounce, and US gold futures gaining 0.3 percent to $2,041.60 by 03:47 p.m. Saudi time on Wednesday.

“While gold may draw support from speculation around the Fed cutting rates, it may take a fresh fundamental spark to re-ignite the bullish rally. This could come in the form of the highly anticipated US jobs report on Friday,” said FXTM Senior Research Analyst Lukman Otunuga, Reuters reported.

Source:https://arab.news/n7azy