The Council of Ministers is studying a proposal to allocate a budget of 12 million dinars to increase support for construction materials to curb the high cost of this commodity, provided the support is in accordance with Law No. 19 of 2014 regarding housing care which is raised from 30,000 to 33,000 dinars.
The Ministry of Commerce which is submitted to the Council of Ministers confirmed the escalating increase in the prices of construction materials and that it will affect the ability of citizens to build their homes, especially since it is scheduled to distribute approximately 10,000 housing plots during 2022-2023, reports a local Arabic daily.
The ministry warned that failure to issue a decision to increase the subsidy amount to 33,000 dinars “will push the ministry to increase the prices of subsidized materials, and the citizen will bear the difference in this increase.”
The ministry’s proposal includes raising the price one ton of subsidized iron from 57 dinars to 75 dinars, and increasing the subsidy for insulating bricks from 6.5 dinars to 9 dinars.
The Cabinet assigned the Ministry of Commerce and Industry to coordinate with the Ministry of Finance, the Kuwait Municipality, and the Fatwa and Legislation Department to study the issue in all its aspects, prepare the necessary legal tool in this regard, and lay the supporting foundations to reduce the high costs of subsidized construction materials.
The Council of Ministers is studying a proposal to allocate a budget of 12 million dinars to increase support for construction materials and curb their high costs.