Kuwait- Housing projects will not be affected by falling oil prices

(MENAFN- Arab Times) KUWAIT CITY Dec 7 (KUNA): Housing units offered by the Public Authority for Housing Welfare (PAHW) in 2014 has exceeded 50 percent of the target for the year Minister of State for Housing Affairs Yasser Abul said on Sunday. 12000 housing units have already been handed over.

Abul stressed that falling oil prices have not taken toll on the housing projects in the country. The Authority is capable of achieving the 2014 target by the end of the year the Minister told reporters on the sidelines of the 4th Industries and Construction Exhibition which he opened today.

Time is the challenge for the PAHW he said. The Ministry and the Authority have designed mechanisms to avert the housing projects being affected by fluctuations of oil prices since such services are 'directly related to people's lives.'

Meanwhile Kuwait Credit Bank (KCB) Director General Salah Al-Mudhaf told the event that the bank is taking part out of keenness on 'reaching out to people and interacting with them.' He added that such gatherings offer a good chance to reply to people's inquiries noting that the KCB's elite team at the Exhibition direct visitors to the best choices on the bank's loans.

According to Al-Mudhaf total loans offered to 329868 people by the KCB since it was established till July 31 hit KD 7.14 billion. This 4th Industries and Construction Exhibition keeps pace with the development plans in the country offering the best products and the latest in the construction industry worldwide Deputy Chairman and CEO of the National Industries Company (NIC) Adel Khalid Al-Sabeeh said. He added that the Exhibition has come to constitute an annual gathering that focuses on the national industry and products in the field of building construction and decoration. Up to 60 official and private firms are taking part in the four-day Exhibition organized by Expo Tag in cooperation with the NIC.