Kuwait already spent $60bln on development, says official

SHANGHAI - Kuwait, executing projects envisaged in its Vision Kuwait 2035, has already spent more than USD 60 billion on developing various sectors and is currently executing a chain of mega venture, says the country’s visiting minister of finance.

The Gulf country is, at present, witnessing rapid development in all domains, namely information technology, communications, energy, construction and housing “in shadow of spending more than 60 billion dollars in these sectors in the past few years,” said Minister Nayef Al-Hajraf, in a keynote speech at inaugural session of the scheduled Kuwaiti-Sino Investment Forum. From now until 2023, many projects will be finalized, he said.

Currently, Kuwait is building the largest port in the Middle East – Mubarak Al-Kabeer Port – constructing a modern and unique passenger terminal at Kuwait International Airport, a petrochemical complex, oil refineries and renewable energy complexes, announced the minister at the forum. “Our approach is clear; as set by the Vision of His Highness the Amir for a new Kuwait by 2035, where it is aspired to be in the lead of renewable and sustainable energy producers, developer of the infrastructure and the human capital,” he stated.

Kuwait aspires to be ranked third globally with respect of all development and competition criteria and that is attainable through diversifying income resources, low dependence on oil replacing it with human creativity and innovation, minister Al-Hajraf added. More than USD 100 billion will be invested in these development ventures till 2035, he said, noting that the government development strategy focuses on overhauling the infrastructure and facilities’ construction.

The private sector, which plays a major role in implementing the 2035 Vision, is capable of working with Chinese companies, he said. Meanwhile, Mohammad Al-Hashel, Governor of the Central Bank of Kuwait, described the forum as a signifi- cant event, noting its holding was in line with guidelines by His Highness the Amir to cement ties with Beijing. The CBK supervision on the banks “is fl exible,” he said, hinting at prospects for projects’ joint funding.