Latest Kuwait News
Mega projects to turn Kuwait into financial, commercial, regional hub
Speeding legislations and executing economic reforms and offering more opportunities for investment will help in turning Kuwait into a regional, financial and commercial center, particularly, as Kuwait enjoys strong economy backed by surplus oil wealth, said Nazeh Abdulaziz, Director – Research Department, Al-Themar Economic Consultants Establishment.
Mega projects such as the Silk City and Boubyan Port will help strengthen the economy in Kuwait and will increase channels of income, Abulaziz pointed out, further adding that reconstructing Iraq can offer Kuwaiti companies with good opportunities, given its proximity and traditional relationship between the two countries.
Speaking about the global financial crisis, Abdulaziz said that investment companies, no doubt, have been affected by the crisis, as they followed the American hedge funds, which went in a fast race, resulting in exaggerated loans. Although several professional writers had warned about the forthcoming financial crunch, none paid attention to it.
Talking about the reasons that led to the crunch, he continued that the market had been saturated with products, while customers were prompted to purchase anything they required with making cash payments. Consequently, the mortgage bubble exploded, and owners were trying to sell their properties, but there were no takers.
According to Abdulaziz, the days of crisis have passed, and the oil prices will go up due to high demand soon, as the confidence level in the market has increased.
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