Kuwait to spend $45bln on housing and infrastructure

Kuwait to spend $45bln on housing and infrastructure

Kuwait has approved nearly 13.8 billion Kuwaiti dinars ($45 billion) in allocations to build new cities and develop its infrastructure, a newspaper said on Monday.

The Arabic language daily Alqabas, citing a government report, said the funds were approved three years ago and they cover 35 major projects, including new residential cities, ports, power and the expansion of the Kuwait Airport.

A sum of nearly KWD335 million ($1.1 billion) was spent on projects in the 2022-2023 budget although around KWD774 million ($2.5 billion) was allocated, according to the report, which attributed this to slow project execution.

The projects include Mutlaa and South Abdullah Al-Mubarak cities, construction of a new airport terminal and expansion of its facilities, Mubarak Al-Kabeer Port, seven electricity projects, and the planned rail network, the report said.

(Writing by Nadim Kawach; Editing by Anoop Menon)

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