Kuwait wants to speed up the delivery of critical infrastructure projects and reduce reliance on the state budget by attracting foreign capital, part of a New Kuwait Vision 2035 strategy.
Reforms to sectors like real estate and capital markets, expanded development partnerships — with China and Japan in particular — and a new database to monitor large projects all aim to expedite progress and attract $32 billion in foreign investment, according to the Kuwait News Agency.
Two major works, the Mubarak Al Kabeer Port and a huge expansion to the country’s electrical grid, are expected to contribute to the creation of 50,000 jobs.
The plans come after the International Monetary Fund last year urged the government to make changes in order to attract foreign investment and encourage private sector-led growth.
Last year, Kuwait’s newly appointed Emir, Sheikh Mishal al-Ahmed al-Sabah, dissolved parliament in a consolidation of power. Since then, the government has made moves to diversify beyond oil, including by forming a company to invest up to $164 billion in regional infrastructure projects and installing a new head of its $1 trillion sovereign wealth fund.