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OPEC producer Kuwait has approved nearly 23 billion Kuwaiti dinars ($76 billion) for 56 projects in the next four years, a newspaper reported on Monday.
Housing projects will receive the lion’s share of the allocations, with 12 large projects worth nearly 10.2 billion ($33.66 billion), the Arabic language daily Alqabas said, citing a government report.
The plan also includes 10 oil projects with a value of 5.8 billion ($19 billion) and a number of development projects with a value of 7 billion dinars ($23 billion), it said.
“Informed sources said the private sector will execute a large part of those projects within a government strategy to expand its role in the economy,” the report said.
It said part of the funds would be allocated for key residential cities under construction, including Sabah Al-Ahmad, Jaber Al-Ahmed and Saad Al-Abdullah cities in addition to Wafra, Matla and Abdullah Al-Mubarak cities.
Projects to be executed during the current fiscal years 2022-2023 are worth nearly 1.3 billion dinars ($4.29 billion), the report added.
(Writing by Nadim Kawach; Editing by Anoop Menon)
