Connect with us

Business

Kuwait International Airport Is Open Today, but Terminal 1 Remains Closed Amid Fresh Iranian Strikes

Published

on

Kuwait International Airport

Kuwait International Airport is open and operating on Saturday, with two of its five terminals handling scheduled commercial flights even as the country continues absorbing the fallout from a fresh Iranian drone strike on a nearby military air base a day earlier.

Kuwait Airways is flying out of Terminal 4, while Jazeera Airways operates from Terminal 5, with both national carriers maintaining largely normal schedules, according to travel monitoring service Wego. Terminal 1, the airport’s primary international facility, remains closed pending repairs and has no confirmed reopening date, a status that has persisted since the terminal suffered significant structural damage, including a partial roof collapse, during a strike in early June. Terminal 2 remains under construction, with completion targeted for late 2026, while Terminal 3 has been permanently closed.

Friday’s Iranian strike targeted the Ahmad al-Jaber Air Base, a separate military installation located roughly 40 miles south of Kuwait City that hosts both Kuwaiti and U.S. air force operations, rather than Kuwait International Airport itself. Iran’s military said in a statement that its forces had used loitering drones to target aircraft shelters, satellite communications systems and equipment storage facilities at the base, describing the strike as the 27th phase of an ongoing military operation carried out in retaliation for a U.S. attack on a residential home on Iran’s Qeshm Island. The Iranian army characterized Ahmad al-Jaber as a major hub for U.S. air and surveillance operations and a key logistical support center for American forces in the region, according to Al Jazeera’s reporting on the strike.

Kuwait’s Public Authority for Civil Aviation had not announced any new closure of the commercial airport specifically in connection with Friday’s strike on the separate military base, according to the most recent available travel status reporting. Even so, the broader pattern of the conflict has repeatedly demonstrated how quickly conditions at the civilian airport can shift in response to regional developments. Kuwait closed its airspace and suspended all takeoffs and landings on July 18 as a precautionary measure amid missile and drone threats and active air-defense intercepts, with operations resuming the following day, according to Wego.

Advertisement

The damage that continues to keep Terminal 1 offline traces back to a sustained campaign of Iranian-linked drone and missile attacks that began in late February and has periodically struck Kuwaiti territory throughout the year as part of the broader U.S.-Iran conflict. Kuwait’s Defense Ministry has previously said its forces detected roughly 30 ballistic missiles and drones launched by Iran in a single day during that earlier period, with several intercepted over residential areas. Kuwait’s foreign ministry summoned Iran’s charge d’affaires at the time to lodge a formal protest and ordered two Iranian embassy staff to leave the country within 24 hours. Iran’s Revolutionary Guard denied responsibility for that particular attack, with a spokesman claiming the damage was instead caused by a failed U.S. interceptor missile, an account U.S. Central Command rejected, calling it a deliberate Iranian drone strike on the airport.

Terminal 1 had briefly reopened on June 1, allowing some non-Kuwaiti carriers to resume service through the facility after an earlier closure, but that reopening proved short-lived. The terminal suffered more severe structural damage, including the partial roof collapse, during a subsequent strike on June 3, rendering the facility unsafe for passenger operations and prompting officials to close it again, a closure that has remained in effect since. Kuwait Airways resumed flights from Terminal 4 within hours of that June 3 strike, reflecting the country’s determination to maintain at least limited air traffic even amid continued security threats.

Sheikh Hamoud Mubarak Al Sabah, chairman of Kuwait’s General Civil Aviation Authority, has said the airport’s phased reopening process has been coordinated closely with domestic and international authorities to ensure operations resume in line with the highest safety and security standards, rather than restoring full capacity all at once.

Beyond the immediate recovery effort tied to Terminal 1, Kuwait continues advancing a longer-term expansion of its aviation infrastructure. A new Terminal 2, designed by the architecture firm Foster + Partners and built around a triangular structure, remains under construction and is targeted for completion in the final quarter of 2026. Once finished, the facility is expected to add dozens of additional gates, thousands of new parking spaces and an on-site hotel, expanding the airport’s overall passenger handling capacity to more than 25 million travelers annually. That expansion project has faced its own disruptions over the years, including delays tied to the COVID-19 pandemic and, more recently, minor damage to the construction site from an earlier Iranian drone strike that did not affect the project’s planned completion timeline.

Advertisement

Travel advisories tied to the broader U.S.-Iran conflict have continued shifting in response to developments on the ground, and travel monitoring services have consistently urged passengers to confirm their specific flight status directly with their airline before heading to the airport, given how frequently conditions have changed throughout 2026. Passengers flying with Kuwait Airways should expect to depart from Terminal 4, while those flying with Jazeera Airways will use Terminal 5. Anyone whose itinerary was originally booked through Terminal 1 should check with their airline regarding rebooking, alternate terminal arrangements or refund options, since that facility remains offline with no confirmed date for restoring passenger operations.

Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Business

Soitec SA (SLOIY) Shareholder/Analyst Call Transcript

Published

on

OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

Frederic Lissalde

Being broadcast. I hereby declare open the combined ordinary and extraordinary general meeting of Soitec. This meeting is convened to go over the agenda set out in the notice of meeting, which was sent to registered shareholders and also published in the official bulletin.. As the Chairman of the Board of Directors, I am chairing this general meeting, and I would now appoint the meeting’s officers. I hereby call upon the 2 members of the meeting which hold the largest number of votes, and they have agreed to fulfill this role to act as scrutineers.

So the company Bpifrance Participations, hereby represented by Mr. Samuel Dalens and the company called CEA Investissement represented by Ms. Julie Galland and Samuel Dalens and Julie Galland are seated in front of me here in the first row. The Chair and the scrutineers form the Presiding Committee of the meeting, and they appoint a Secretary, Emmanuelle Bely, who is the Secretary General of Soitec and also the Secretary to the Board of Directors and who is standing to my left. We now have the officers in place. Also present beside me are Laurent Remont, our new CEO since April 2026, who is attending his first Soitec Annual General Meeting; and Albin Jacquemont, our Chief Financial Officer.

The statutory auditors are also present in this room. One is Benjamin Malherbe for Ernst & Young Audit and Laurent Genin for KPMG. And we also have with us the directors who were able to attend those who could make themselves available. And I would like to thank them

Advertisement
Continue Reading

Business

Weak rupee takes its toll on cos with huge foreign debt

Published

on

ET Search
The global economic crisis is beginning to weigh heavily on India Inc���s balance sheet, courtesy the depreciating rupee. While a weakening rupee might bring cheer to export-oriented sectors such as IT and textiles, it has pushed up the foreign exchange liabilities of Indian companies.

Accounting rules, called AS-11 provisions, make it mandatory for companies to make mark-to-market provisions in their profit & loss accounts for any changes in foreign currency loans. The worst hit have been those companies that predominantly serve the domestic market and opted for foreign currency loans to finance their growth plans.

According to an analysis by ETIG, the profitability of companies will be dented by mark to market (MTM) losses. Tata Steel may report a forex loss of around Rs 344 crore, whereas Tata Motors could take a hit of Rs 311 crore. Tata Chemicals, which took a foreign currency loan of $475 million to fund its overseas acquisitions, is estimated to report a forex loss of Rs 187 crore. Ranbaxy, JSW Steel and Firstsource Solutions will lose Rs 100 crore and Rs 400 crore each. The list of companies is not exhaustive as an estimated dozen companies raised forex debt last year.

Thankfully, this is only an accounting entry and does not affect the cash flows. However, it is likely to be read negatively by the stock market. Market participants actively track companies��� net profits and any adverse development does affect valuations. The rupee had positively impacted most of the above companies till last year, but it has depreciated by over 9% in the quarter ended September 2008.
When the rupee depreciates, the value of foreign currency liability denominated in rupee terms increases and vice versa. According to AS-11 stipulations, an increase in liability should be reflected in the quarterly profit and loss statement and will translate into lower corporate profits. Most companies are focused on the domestic market and are therefore unlikely to benefit from a weakening rupee.


The falling rupee will severely affect the small companies, whereas the big ones will be impacted only moderately. Firstsource Solutions may report a net loss, while Tata Steel might see a 100 basis points decline in net profit margin on account of forex losses. To put things in perspective, most companies will experience a 10-50% hit on their operating profits.
Companies such as Reliance Communication, Reliance Industries and Bharti Airtel follow schedule-VI of the Companies Act, instead of AS-11 and are therefore unlikely to see an impact on their quarterly profit and loss statements. The operating profits of the two Reliance companies would have been lower by around Rs 800-900 crore if they had subscribed to the AS11 norms.

Advertisement
Add ET Logo as a Reliable and Trusted News Source



Continue Reading

Business

Erste Group Bank AG (EBKDY) Q2 2026 Earnings Call Transcript

Published

on

OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript