Kuwait has approved budget allocations for 12 large development projects, but they have remained on hold for technical reasons, according to a local newspaper.

The projects have a combined value of nearly one billion Kuwaiti dinars ($3.3 billion) and include the construction of a new economic city in the North and a seafront in the Northern Al-Jahra governorate, the Arabic language daily Alqabas said.

“All those projects have been approved but the competent departments have not embarked on them yet,” the paper said in its Wednesday’s report.

It quoted official sources as saying more than 80 percent of 24 other projects with a total value of KWD2.45 billion ($8 billion) has been completed.

Contractors have also finished over 50 percent of 29 projects worth at least KWD8.25 billion ($27.2 billion), the paper added. It noted those projects comprise Jabir Al-Ahmed residential city, a ring road, hospitals, Mubarak Al-Kabeer Port and Al-Zour power station.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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