Kuwait to spend $100 billion on projects by 2014

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Kuwait will adopt a US $100 billion (KD30 billion) plan to develop mega projects over the next four years.

The plan was authorised by the Kuwait government in Parliament last week and is set to boost the non-oil private sector economy and support the construction industry.

The funding is expected to be used to develop the new Silk City business hub at an estimated cost of $77 billion, as well as the upgrade of the country’s energy grid and the construction of a 25 km container harbour.

It also includes a railway and metro system, other new cities and additional spending on infrastructure, particularly in health and education.