Kuwait approves $2.76bln projects in 2023-2024

Kuwait approves $2.76bln projects in 2023-2024

Kuwait has approved nearly 837 million Kuwaiti dinars ($2.76 billion) for 110 projects planned during fiscal year 2023-2024, which will start on 1 April, a newspaper said on Monday.

The Finance Ministry endorsed the projects from various government offices and 55 of them would be launched in 2023, the Arabic language daily Alqabas said.

The paper, citing a Finance Ministry document, said construction would have the lion’s share of the allocations, with around 311 million Kuwaiti dinars ($1.03 billion).

The 55 projects to be undertaken in 2023, covering construction, services and other sectors, have a combined value of around KWD 264 million ($871 million), the paper said, adding that construction projects this year are worth around KWD 235.2 million ($775.5 million).

(Writing by Nadim Kawach; Editing by Anoop Menon)

([email protected])

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2022