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Ministers: six development projects to complete by Q1 '19
March 21, 2018, 2:08 pm
Minister of Industry and Commerce, and Minister of State for Youth Affairs Khaled Al-Roudhan delivers his speech

Six of the projects listed in the State Development Plan would complete by the first quarter of 2019, ministers revealed. This came during the third session of the Kuwait Investment Forum 2018 which kicked off Tuesday at the Sheikh Jaber Al-Ahmad Cultural Center in the presence of His Highness the Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah.

The ministers said that the government is committed to transparency with the society about the pace of execution of the state development plan projects to implement the vision of His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah to raise the efficiency of state institutions, achieve sustainable development and have developed infrastructure.

They identified the six projects as the Kuwait International Airport's Passengers Support Terminal (T4); Sheikh Jaber Al-Ahmad Bridge; the project of revamping air navigation systems; the first stage of the Shagaya renewable energy complex; the last phase of clean fuel project; and the establishment of a company for entertainment services.

Minister of Oil, and Minister of Electricity and Water Bakheet Al-Rashidi said that 84.8 percent of clean fuel project was finished and the whole project would complete in 2019. The project aims to increase Kuwait's oil production and meet growing demand for oil products on local and global markets, he said.
He unveiled that 80 percent of the Shagaya renewable energy complex have been done.

The nascent project would help materialize His Highness Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah's vision to produce 15 percent of electricity through renewable energy by 2030, he clarified.

He disclosed that that shares of Zour North Power Plant, which produces 10 percent of Kuwait's power production and 20 percent of the desalinated water, would be put up for public subscription before the end of this year. For his part, Minister of Finance Dr. Nayef al-Hajraf said that the Finance Ministry has set a major goal to stop the squandering of government funds without affecting investment spending, which increased in this year's budget from 17 to 18 percent.

He pointed out that the studies conducted by the General Secretariat of the Supreme Planning Council revealed squandering of up to 40 percent of the government spending.

He estimated capital expenditure since the launch of the state development plan in 2010 until today at KD 23.6 billion (about US$ 78 billion). Kuwait rankings on various international indexes improved last year, including in the World Bank Group's ease of doing business list, he said.

For his part, Minister of Industry and Commerce, and Minister of State for Youth Affairs Khaled Al-Roudhan stated that a package of legislative reforms is on the pipeline to woo foreign investments. This package includes new commercial registration law; reorganization of the insurance sector; a law for information exchange; a law for bankruptcy and restructuring; a new competition protection law, he said.

He added that the Direct Investment Promotion Authority attracted more than KD 725 million (about US$ 2.4 billion US dollars) in foreign investments in the last three years which generated more 1,000 job openings.

He noted that the number of new limited liability companies increased from 5261 companies in 2016 to 9682 companies in 2017. The second edition of KIF2018 is held under the patronage of His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah between March 20 and 21 at the Jaber Al-Ahmad Cultural Center (JACC) in Kuwait City.

The two-day event aims to support the government efforts to beef up national economy and improve business environment. It also aims to reiterate the governments' interest in promoting and facilitating value-added investments into Kuwait's dynamic market, which focuses on the private sector leading economic activity, innovation, and competitiveness.

It is co-organized by the Kuwait Direct Investment Promotion Authority (KDIPA) and the Kuwait Chamber of Commerce and Industry (KCCI). 

Source: KUNA

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