Kuwait Touristic plans capital hike to help bolster tourism

The company is a unit of Kuwait Investment Authority, the oil-rich country's sovereign wealth fund

  
The Kuwait towers, Kuwait. Image used for illustrative purpose

The Kuwait towers, Kuwait. Image used for illustrative purpose

Getty Images/Frans Sellies

KUWAIT - Kuwait Touristic Enterprises plans to increase its capital by 250 million dinars ($831.39 million) to reach 300 million, up from 50 million now, as it looks to reinvigorate tourism in the oil-rich country, its chief executive said.

A unit of Gulf country's Kuwait Investment Authority sovereign wealth fund, the company plans to borrow 50 million dinars from local banks to finance part of its projects, CEO Abdelwahab Almarzooq told a news conference.

"Our vision is to bring back the golden age of tourism in Kuwait," he said, adding that the company plans to execute 95 initiatives and projects costing 380 million dinars over 10 years.

($1 = 0.3007 Kuwaiti dinars)

(Reporting by Ahmed Hagagy, writing by Maher Chmaytelli; editing by Jason Neely) ((maher.chmaytelli@thomsonreuters.com;))


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