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: August 30, 2014
INTERNATIONAL. "I believe that in the wake of the Gaza war and the basis on which the ceasefire was established, a new momentum for peace negotiations might have been created."
date:Posted: August 30, 2014
QATAR. Price increases may suggest a potential overheating of the real estate sector. Closer analysis, however, indicates that the increase is still within the fundamentals of Qatar's fast growing economy and rapid population growth.
date:Posted: August 29, 2014
KUEAIT. There is plenty of potential in the Kuwaiti market, should investor interest remain and the government carries out its proposed spending plans. The government's 2014/15 budget is expansionary, with expenditure growth of 3.2% to US$77.3 billion.
QATAR. Price increases may suggest a potential overheating of the real estate sector. Closer analysis, however, indicates that the increase is still within the fundamentals of Qatar's fast growing economy and rapid population growth.
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