PROJECTS: $87bln projects underway in Kuwait

44% are in oil sector

  
An aerial view shows very little traffic on the roads of Kuwait City after the country entered virtual lockdown, following the outbreak of coronavirus, in Kuwait City, Kuwait March 16, 2020. Image used for illustrative purpose.

An aerial view shows very little traffic on the roads of Kuwait City after the country entered virtual lockdown, following the outbreak of coronavirus, in Kuwait City, Kuwait March 16, 2020. Image used for illustrative purpose.

REUTERS/Stephanie McGehee

Kuwait is undertaking 38 large projects worth around 25.5 billion Kuwaiti Dinars ($87 billion) approved within the 2020-2021 fiscal year and previous budgets, a local newspaper reported on Wednesday.

About 44 percent of the projects are in the hydrocarbon sector, with a value of nearly 11.7 billion dinars ($38.6 billion), the Arabic language daily Alanba said, citing an official document.

Some of the projects are about to be completed, including a large petrochemical complex being constructed near Al-Zour oil refinery in South Kuwait, it said.

"Most of them are large projects and are intended to turn Kuwait into a financial and commercial centre and to diversify the economy," the report said.

Four of the projects are in partnership with the private sector and have a combined value of around 988 million dinars ($3.26 billion), it showed.

The projects also comprise a new airport terminal at a cost of 1.4 billion dinars ($4.6 billion), the report said, adding that it would be completed in Sept 2024.

Other projects cover health, education, power, water and housing including Al-Matla residential city at a cost of 2 billion dinars ($6.6 billion), which is scheduled to be completed in Sept 2023, the report said.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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