Latest Kuwait News
Kuwait signs KD2bn worth development contracts
The Deputy Prime Minister for Economic Affairs and the Minister of State for Development and Housing Affairs, Sheikh Ahmad Al-Fahad Al-Sabah has announced that the government has signed several deals to implement the governmental development plan, worth more than KD2billion.
The contracts include implementing projects in the various economic sectors within the current fiscal year.
The Civil Aviation General Department has signed deal to establish the first stage of Kuwait Cargo City at the Kuwait International Airport. These projects are part of the general plan that aims to transfer Kuwait into an international financial and commercial centre. It aims to improve the public services which include land, air and sea.
He pointed out that several contracts such as the Kuwait Cargo City and Boubyan contract were signed during the current month. The government also has serious plans to establish a third runway at the airport, stretching across 4,600 metres for large planes.
Also on the agenda is the building of health complexes, comprising 11 hospitals towards April 2011.
A meeting was recently held to discuss the infrastructure project plans and the influence of the present global financial crisis. Al-Sabah said that Kuwait Central Bank is co-ordinating with other local banks for treating various issues, while the government is considering the possibility of establishing a Local Development Fund and National Development Fund as a solution to certain financing issues.
Al-Sabah said that the development projects will create an operational environment for stock companies by participating in implementing projects of the current fiscal year, Jaber hospital, Subbiya power station, Boubyan port and the various new residential areas being planned.
Al-Sabah said that a special company will be established this year, for executing low cost homes and the government has already signed deals for establishment of four residential areas, which include 22,000 homes.
The projects of this development exceed KD2bn, and will contribute immensely in finding an operational environment for the stock companies to achieve high profits away from speculation. Privatization process can be applied for implementing medium-scale projects such as post office and land communication ones the Minister said.
Social Bookmarking
Read more news
> Labour Ministry embarks on pilot test for online transactions
> Metro project progressing to get operational by 2020
> Avenues Mall expansion may cater to small businesses
> Municipal Council grants approval for free zone in South Kuwait
> Barbecue in public places can draw KD1000 fine
> Cabinet approves privatization of Kuwait Airways
> Three-year work permits open to special medical professions
> Kuwait-Iraq flight services restored after 22 years
> Ambitious infrastructure projects in pipeline for Kuwait
> Kuwaitis investing more on foreign properties