Kuwait set for potential building boom

Kuwait: Residential, industrial and oil & gas projects could all receive a shot of funding.

Kuwait’s national assembly has given first approval to a five year development plan that could see massive spending on public works.

According to a Global Investment House report, the plan will involve spending of up to US $125 billion (KD 37 billion) on oil and non oil projects.

Amongst the plans awaiting funding are Silk City, a new town whose blueprint includes the world’s tallest tower; a new container harbour and 25km causeway; a railway and metro system; and Project Kuwait, a complete overhaul of oil production infrastructure.

Citing comments made by the minister of finance, Global believes that up to KD 15 billion could be allocated for development projects this year.

The plan awaits second approval within the next two weeks. Given the history of discord between Kuwait’s government and its parliament, second approval is by no means guaranteed.

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