��������

RIYADH: Kuwait’s inflation inched higher in July as rising food and beverage costs pushed the annual rate to 2.39 percent, up from 2.32 percent in June, data from the Central Statistical Bureau showed. 

The food and beverages group, a key component of the index, climbed 0.63 percent month on month, while miscellaneous goods and services rose 0.43 percent and clothing and footwear gained 0.27 percent. 

The latest data follows signs of economic recovery, with real gross domestic product expanding 1 percent year on year in the first quarter of 2025, ending seven consecutive quarters of contraction, according to the National Bank of Kuwait. The rebound has been supported by steady improvements in the non-oil sector. 

In its latest report, the Central Statistical Bureau stated: “The Consumer Price Index (CPI) increased by 0.22 percent at 137.2 as a result of the increase in prices of some major groups in the movement of the indices.” 

It added: “Prices of recreation and cultural group increased by 0.15 percent because of an increase in prices of audio-visual, photographic and information and tools and other recreational equipment, gardens and pets.” 

Prices of furnishings and household maintenance edged up 0.14 percent, reflecting cost increases in home textiles, glassware, and household utensils. By contrast, the transportation group dipped 0.07 percent, weighed by lower operating costs for personal vehicles. 

Housing, health, communication, education, and restaurants and hotels categories remained flat during the period. 

In March, Fitch Ratings reaffirmed Kuwait’s AA- long-term foreign currency rating with a stable outlook, citing its strong fiscal position and external balance sheet.

The US-based agency noted that the country’s external balance sheet remains the strongest among all Fitch-rated sovereigns, with net foreign assets projected to rise to 601 percent of GDP in 2025, up from an estimated 582 percent in 2024. 

This comes as Kuwait’s non-oil business activity continues to grow. The latest Purchasing Managers’ Index, released earlier this month by S&P Global, showed the PMI rising to 53.5 in July from 53.1 in June, signaling a solid monthly improvement in the non-oil private sector. 

S&P Global noted that inflationary pressures eased in July, with purchase prices and staff costs rising at their slowest pace in six and four months, respectively.

The survey also showed that Kuwaiti companies remain strongly optimistic about future growth, expecting output to rise further in the remaining months of the year. 

RIYADH: Saudi utility giant ACWA Power has commenced commercial operations at three solar power plants in ��������, with a combined capacity of 2.79 gigawatts, the company said in statements to Tadawul. 

ACWA Power said it received an initial commercial operation certificate for the Al Kahfah solar Independent Power Plant project in the Hail region, which has a capacity of 1,425 megawatts. 

The company added that it also received the commercial operations certificate for 1,000 MW at the Al-Rass 2 solar PV plant in Qassim. 

ACWA Power also obtained the second commercial operation certificate for the remaining 365.7 MW capacity in the SAAD 2 PV project in Riyadh, bringing its total operating capacity to 1,125 MW.

These developments align with ��������’s goals to generate clean energy, primarily using solar power.

The Kingdom plans to generate 58.7 GW of renewable energy by 2030, with 40 GW from solar PV. It also plans to generate 16 GW from wind energy and 2.7 GW from concentrated solar power. 

This commitment is part of the broader National Renewable Energy Program strategy, aimed at diversifying ��������’s energy portfolio and reducing reliance on fossil fuels. 

ACWA Power said the impact of these projects is expected to be reflected in the company’s financial performance in the second half of this year. 

The firm owns a 50.1 percent stake in the Al-Kahfah, Ar Rass 2, and SAAD 2 solar projects. 

In July, a consortium led by ACWA Power signed agreements worth SR31 billion ($8.3 billion) to develop seven major solar and wind energy projects with a combined capacity of 15,000 MW in the Kingdom. 

Five of the new projects are photovoltaic solar initiatives, including the Bisha Project in the Asir region and the Humaij Project in Madinah, each with a capacity of 3,000 MW. 

The Khulis Project in Makkah will generate 2,000 MW, while the Afif 1 and Afif 2 projects located in the Riyadh region will add another 4,000 MW combined.

In addition, two wind energy projects will be developed in Riyadh, which include the 2000 MW Starah Project and the 1,000 MW Shaqra Project.