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Kuwait plan eyes $106 billion spending

Kuwait City, July 22, 2008

Kuwait could invest 28 billion dinars ($105.5 billion) to execute a five-year plan aimed at boosting foreign investments and develop its financial sector, a newspaper reported on Tuesday, citing government sources.

The Opec oil producer wants to diversify its economy away from oil by becoming a regional financial centre and attracting tourists as neighbouring Dubai and Bahrain have done, the state's 2009-2014 policy strategy plan showed in April.

It would cost 28 billion dinars to achieve the plan, which Kuwait's cabinet reviewed on Monday, Al-Jarida reported, citing government sources that it did not name.

"The government will execute the five-year plan in cooperation with several international organizations, including the World Bank, the Korea Development Institute and the United Nations," the paper said.

Kuwaiti ministers were due to present action plans on how to roll out the government strategy after two weeks, Al-Jarida said.

Under the plan, prepared by the country's top planning council, Kuwait wants to boost its non-oil economy, which currently accounts for less than 10 percent of state revenues.

It also seeks to ease land ownership rules by giving the private sector more access to land, as well as controlling spending as inflation rises, the April report showed. More than 90 percent of land in Kuwait is owned by the government. - Reuters    




Tags: Opec | Kuwait | Diversification |

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