Kuwait parliament blocks this year's development plan
Source: BI-ME with Bloomberg , Author: Posted by BI-ME staff
Posted: Thu April 26, 2012 11:29 am

KUWAIT. Kuwait’s parliament rejected a bill that covers the government’s US$111 billion four-year development plan in the 2012-2013 fiscal year, the state news agency KUNA reported.

Lawmakers who blocked the bill yesterday described the plan as “unrealistic” and criticized the government for lagging in its implementation of projects, according to KUNA.

The plan, which began in 2010-2011, requires parliamentary approval for every fiscal year. Minister of State for Planning and Development Affairs, Fadhel Safar, said “many projects were accomplished in the first two fiscal years of the plan,” KUNA said.

Kuwait wants private investors to meet almost half the cost of the development plan to modernize its oil-based economy. The investments include increasing oil and gas production, construction of a metro and rail network, the expansion of the airport, new power stations, cities, hospitals, roads and a port on Boubyan Island.

Adel al-Wuqayan, secretary-general of the Supreme Council for Planning and Development, told parliament a panel was dealing with “obstacles” facing the plan’s implementation, KUNA said.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: October 23, 2014
SAUDI ARABIA. The 2014 study - which outlines the top priorities that concern young Saudis - is key to helping policymakers and business leaders design initiatives targeted at improving the lives of the Kingdom's current and future generations.
date:Posted: October 22, 2014
UAE. 47% of Middle Eastern respondents indicated that they are considering a proactive shareholder engagement policy which can open and sustain a productive dialogue with investors.
date:Posted: October 22, 2014
UAE. HSBC global expat survey highlights job prospects, better salaries, higher personal security as primary factors attracting expats to the country.
dhgate