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.

 

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