Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Kuwait- Half Of Total Funding To Be Spent By End March '14  Join our daily free Newsletter

MENAFN - Arab Times - 25/01/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab Times) For the non-oil sector, growth is likely to rebound to 4.6% in 2013 on the back of further recovery in the manufacturing, construction and real estate sectors backed by strong government capital expenditure budget allocation for FY2013/14. As mentioned in our previous reports, the policy agenda will continue to be framed by attempts to push through projects tied to the 105bln 2010-14 Kuwait Development Plan (KDP), which includes a 2.1bln airport expansion, the 3bln Al Zour independent water and power plant project, several hospitals, roads, bridges and a new city. The government's new four-year plan, which runs until fiscal year 2016/17, proposes the establishment of share holding companies, 50% of which will be owned by Kuwaiti citizens, to implement development projects worth KWD12bln (42.3bln). The government also plans to boost electricity production, to create 77,500 jobs for Kuwaitis in the public and private sectors and to build 36,700 housing units by the end of 2017





Kuwait is set to secure 1.43bln financing from a consortium of banks for a power and desalination plant, one of the major projects in the Gulf Arab state's development plan. The Az-Zour North Power and Desalination project is Kuwait's first public-private partnership (PPP). The plant is part of a KWD30bln development plan announced in 2010, which also includes a refinery, new airport and major causeway. The plan is aimed at diversifying the economy and updating Kuwait's infrastructure which is out-moded when compared to regional peers such as the United Arab Emirates. South Korea's Hyundai Heavy Industries will build the first phase of the project, which comprises a 1,500 megawattnatural gas-fired power plant and seawater desalination plant. Hyundai, which said it had taken over the contract from a GDF Suez-led consortium, said the first phase would be completed in the fourth quarter of 2016






According to Kuwaiti officials, half of the total funding allocated to governmental projects, within the country's KWD30.5bln development plan, will be spent by the end of March 2014. Moreover, KWD 15bln, i.e 50%, is expected to be spent on more than 1,200 economic projects, most particularly, on the oil industry. Kuwait is aiming at paving the way for embracing more businesses by eliminating legislative or executive obstacles. Officials added that more privileges are being given to the private sector such as increasing privatization, Build Operate Transfer (BOT) and offset projects



However, post April 2014 development plan cannot be determined immediately; as the main focus is to turn Kuwait into a financial and commercial hub; a target that is yet to be worked on. Nonetheless, no specific figures were released about the size of accomplishments that have been achieved as of yet in the country's economic and social development plan until it's all completed



To recap, Kuwait Development Plan (KDP) is a series of five 5-year plans approved by Parliament in February 2010, stretching to 2035 and aimed at converting Kuwait into a trade and financial hub of the region. The First 5-year Plan is approximately KWD35bln; which covers projects across a variety of sectors, including mega projects aimed at developing: oil capacity, utilities, infrastructure (including residential cities), and services (especially healthcare and education)

 


Arab Times




  MENA News Headlines
 Aug 30 2016 - Jordan trade balance deficit grows by 2.7pct in H1MENAFN
(MENAFN) Exports in the kingdom declined by 7.3 percent amid the first half of this year to almost JD2.51bn, compared with the number posted in the same period last year.Additionally, imports also ...

 Aug 30 2016 - Saudi Methanol Co. refinances debt value USD169.8mMENAFN
(MENAFN) Saudi Arabia Methanol Chemicals Co. refinanced whole Shariah compliant debt worth USD169.8mn.Moreover, refinancing involves SR327.7mn surplus from a SR832mn Islamic loan signed in 2011, as ...

 Aug 30 2016 - Egypt- Islam Khalil transferred to National Security headquarters for further investigationDaily News Egypt
(MENAFN - Daily News Egypt) Activist Islam Khalil is still held in detention pending National Security investigation, and was transferred to its headquarters for further investigation on Monday, ...

 Aug 30 2016 - Egypt- 41.9% decrease in tourist arrivals in July: CAPMASDaily News Egypt
(MENAFN - Daily News Egypt) The number of tourists who travelled to Egypt in July was 529,200 tourists—a 41.9% decline year-over-year (y-o-y), compared to July 2015, according the Central Agency for ...

 Aug 30 2016 - Egypt- Journalist appears in police station with torture signs, despite police denialDaily News Egypt
(MENAFN - Daily News Egypt) Missing photojournalist Omar Adel appeared in El-Marg police station, close to the Matariya district on Sunday night. His family had reported him missing, as reports of ...

 Aug 30 2016 - UK Brexit blues drive New Zealand dreamDaily News Egypt
(MENAFN - Daily News Egypt) Immigration advisers who've noticed a surge in British interest toward New Zealand following the UK's Brexit vote warn it won't last. Blair Cunningham reports from ...

 Aug 30 2016 - Egypt- JATO condemns solitary confinement used against journalistsDaily News Egypt
(MENAFN - Daily News Egypt) In a report on journalists who have been detained in solitary confinement released Sunday, the independent Journalists Against Torture Observatory (JATO) condemned the ...

 Aug 30 2016 - Egypt- Police officer shoots microbus driver dead in MaadiDaily News Egypt
(MENAFN - Daily News Egypt) A microbus driver was shot dead by a non-commissioned police officer early on Monday, causing uproar among microbus drivers in the Maadi district of Cairo. Witnesses ...

 Aug 30 2016 - Egypt- MPs refrain from voting on VAT bill, likely to be referred to Disciplinary CommitteeDaily News Egypt
(MENAFN - Daily News Egypt) Several members of parliament from the 25-30 Alliance will allegedly be referred to the Disciplinary Committee, after they held a press conference rejecting the ...

 Aug 30 2016 - Egypt- Press Syndicate to send report to prosecution following corruption incidentDaily News Egypt
(MENAFN - Daily News Egypt) The Press Syndicate General Council, headed by Yahia Qalash, will send a report to the prosecution on Sunday, addressing recent allegations of corruption within a medical ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help