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Kuwait KPC, Japan's Nippon Sign $1 Billion MoU to Enhance Economic Cooperation

An aerial view shows Kuwait city. Reuters
An aerial view shows Kuwait city. Reuters
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Kuwait KPC, Japan's Nippon Sign $1 Billion MoU to Enhance Economic Cooperation

An aerial view shows Kuwait city. Reuters
An aerial view shows Kuwait city. Reuters

Kuwait Petroleum Corporation on Thursday signed a memorandum of understanding with the Japanese Nippon Export Investment Insurance (NEXI) to fund projects at a value estimated at one billion dollars.

KPC said in a statement that the MoU was inked to bolster bilateral relations between Kuwait and Japan and deepen economic and trade cooperation. It was co-signed by KPC Chief Executive Officer Sheikh Nawaf Saud Al-Sabah and a senior executive of the Japanese company.

Attending the signing ceremony were Deputy Prime Minister, Minister of Oil and Minister of State for Cabinet Affairs and KPC Chairman, Dr. Mohammad Al-Fares, and Japanese Minister of Economy and Commerce Hagiuda Koichi.

The Japanese firm will cooperate with KPC to find investment opportunities for Japanese companies in Kuwait and contribute to initiatives designed to cut carbon emissions. Moreover, it aims to promote Japanese products in Kuwait and provide credit facilities for projects executed by the KPC and its affiliates.

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China to Focus on Stabilizing Housing Market in 2025, Housing Regulator Says

A cleaner carrying a broom and a trash bin walks along a street in Beijing on December 24, 2024. (AFP)
A cleaner carrying a broom and a trash bin walks along a street in Beijing on December 24, 2024. (AFP)
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China to Focus on Stabilizing Housing Market in 2025, Housing Regulator Says

A cleaner carrying a broom and a trash bin walks along a street in Beijing on December 24, 2024. (AFP)
A cleaner carrying a broom and a trash bin walks along a street in Beijing on December 24, 2024. (AFP)

Efforts will continue in 2025 to stabilize and prevent further declines in China's real estate market, China Construction News reported, citing a work conference held by the housing regulator on Tuesday and Wednesday.

China will vigorously promote the reform of the commercial housing sales system, and expand the scope of urban village renovation beyond the addition of 1 million units, the report said.

China will strictly control the supply of commercial housing, while increasing the supply of affordable housing to help solve the living problems of a large number of new citizens, young people and migrant workers, it said.

Policymakers have stepped up efforts to revive the real estate by introducing new measures to encourage home demand after a government-led campaign to rein in highly leveraged developers triggered a crisis in 2021.

Since September, measures aimed at encouraging homebuying have included cutting mortgage rates and minimum down-payments, as well as tax incentives to lower the cost of housing transactions.

The real estate market has shown some momentum of stabilizing, with home transactions in October and November seeing year-on-year and month-on-month growth for two consecutive months, said the conference.

China's home prices fell at the slowest pace in 17 months in November, supported by government efforts to revive the sector, official data showed.

An official of the Central Financial and Economic Affairs Commission in December called for policy measures with direct impact on stabilizing the real estate market to be adopted as soon as possible, with local governments getting greater autonomy to buy housing stock.