With unwavering confidence to drive change and achieve success, Dr. Saad Al-Barrak, the Deputy Prime Minister, Minister of Oil, Minister of State for Economic Affairs and Investment, and Acting Minister of Finance, outlined the key highlights of the government’s strategy to enhance the economy, emphasizing its pivotal role as the “foundation” and “backbone” of the nation while at the same time emphasizing that the economy is the objective of politics, not the other way around.
Speaking on the ‘On the Agenda’ program, featured in Al-Rai newspaper and broadcasted on its digital platforms, Dr. Al-Barrak highlighted a critical challenge — the overreliance on oil, which constitutes a staggering 88 percent of the state’s revenues.
He emphasized that “this overdependence is a significant risk, as we are at the mercy of oil prices, an aspect beyond our control.” The world’s political dynamics and their fluctuations can drive oil prices to precarious lows, posing a threat to Kuwait’s economic security, he said.
“To mitigate this risk and diversify our revenue streams, one of the government’s vital initiatives involves transforming Kuwaiti islands into economic zones and a crucial financial hub,” said Dr. Al-Barrak while at the same time expressing his confidence in Kuwait’s ability to achieve this vision, leveraging partnerships with prominent nations and major corporations.
Through these collaborations, he said, Kuwait aims to generate 250,000 jobs over the span of 15 years, envisioning a promising future.