Kuwait approves mega new projects worth US$63 billion
Source: BI-ME and AFP , Author: BI-ME staff
Posted: Wed October 21, 2009 12:06 am

KUWAIT. Kuwait plans to spend KWD18 billion (US$63 billion) over the next four years on 250 massive projects, a newspaper reported on Tuesday.

The projects are included in a four-year programme approved by the cabinet on Monday and will be sent to parliament later this week, Al-Watan newspaper reported, citing government sources.

The daily did not name any project but Kuwait, awash with cash from oil revenues, has been planning a new business hub dubbed Silk City as well as a new modern harbour, a railway and metro system.

The plan which runs from the current 2009/2010 fiscal year until 2012/2013 will focus on boosting the private sector's role in the domestic economy.

Kuwait's private business accounts for just a quarter of gross domestic product.

The emirate is estimated to have foreign assets of close to US$230 billion, run by its sovereign wealth fund, despite sharp losses in the past year due to the global economic downturn.

The Gulf state has been vying to diversify its economy but wrangling between parliament and the government has delayed key projects.

OPEC's fourth largest producer sits on about 10% of global oil reserves and pumps about 2.2 million barrels per day.

It has a native population of 1.1 million besides 2.34 million foreign residents.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: May 27, 2017
UAE. As demand for the luxury segment signals a comeback, developers have responded by scaling up launches; general consensus that the segment has underperformed appears to be factual.
date:Posted: May 27, 2017
UAE. Released at marquee industry event IoT World Forum, the survey data also reveals keys to IoT success; IDC predicts that the worldwide installed base of Internet of Things (IoT) endpoints will grow from 14.9 billion at the end of 2016 to more than 82 billion in 20251.
date:Posted: May 25, 2017
UAE. Over 25% of successors think they will lose market share to new entrants; Quicker than ever, the past is being left behind - a tendency that in the perception of many goes against the tradition of family-owned businesses.
UAE. Released at marquee industry event IoT World Forum, the survey data also reveals keys to IoT success; IDC predicts that the worldwide installed base of Internet of Things (IoT) endpoints will grow from 14.9 billion at the end of 2016 to more than 82 billion in 20251.
dhgate