Latest news with #Alqabas
Zawya
21-04-2025
- Business
- Zawya
Kuwait plans nearly $6bln spend on infrastructure in 2025-26
Kuwait has allocated nearly $6 billion towards infrastructure and services projects in its 2025-2026 budget with special focus on rail, roads, water, electricity as well as the construction of the Mubarak Al Khabeer Port, said media reports. The budget includes capital spending of nearly KD1.7 billion ($5.7 billion) and more than 90 projects, reported the Arabic language daily Alqabas, citing official papers. The government has set a number of goals to be achieved through such projects in the current include increasing growth rates, expanding the private sector's role in the economy and boosting non-oil revenues, it stated. The Kuwaiti government is embarking on 90 new projects in various sectors, including roads, education, health, and infrastructure, reported Arab Times citing a senior official. "For example, two new football stadiums are being planned in the new cities in the northern parts of Kuwait, at a total cost of KD1.7 billion," he stated. While the budget is ambitious, we need projects that provide long-term benefits, help maintain our competitive edge, and create job opportunities for the estimated 25,000 new graduates entering the workforce each year, Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
21-04-2025
- Business
- Trade Arabia
Kuwait plans nearly $6bn spend on infrastructure in 2025-26
Kuwait has allocated nearly $6 billion towards infrastructure and services projects in its 2025-2026 budget with special focus on rail, roads, water, electricity as well as the construction of the Mubarak Al Khabeer Port, said media reports. The budget includes capital spending of nearly KD1.7 billion ($5.7 billion) and more than 90 projects, reported the Arabic language daily Alqabas, citing official papers. The government has set a number of goals to be achieved through such projects in the current include increasing growth rates, expanding the private sector's role in the economy and boosting non-oil revenues, it stated. The Kuwaiti government is embarking on 90 new projects in various sectors, including roads, education, health, and infrastructure, reported Arab Times citing a senior official. "For example, two new football stadiums are being planned in the new cities in the northern parts of Kuwait, at a total cost of KD1.7 billion," he stated. While the budget is ambitious, we need projects that provide long-term benefits, help maintain our competitive edge, and create job opportunities for the estimated 25,000 new graduates entering the workforce each year, he added.
Zawya
14-04-2025
- Business
- Zawya
Kuwait to spend nearly $6bln on infrastructure in 2025-2026
Kuwait has allocated nearly $6 billion to infrastructure and services projects in its 2025-2026 budget which started on 1 April, press reports said on Monday. Projects to be covered by these funds include rail, roads, water, electricity and the Grand Mubarak Port, the Arabic language daily Alqabas said. It quoted a government report as saying the budget includes capital spending of nearly 1.7 billion Kuwaiti dinars ($5.7 billion) and more than 90 projects. 'The government has set a number of goals to be achieved through such projects in the current include increasing growth rates, expanding the private sector's role in the economy and boosting non-oil revenues,' the paper said. The report showed infrastructure projects received the lion's share of capital spending in the 2024-20025 budget, with allocations of KWD428 million ($1.4 billion). Kuwait's 2025-2026 budget forecasts a deficit of about KWD 6.3 billion ($20.43 billion) and total revenues of KWD 18.23 billion ($60.2 billion). (Writing by Nadim Kawach; Editing by Anoop Menon) (
Zawya
18-03-2025
- Business
- Zawya
Kuwaiti power privatisation plan delayed: report
Plans by Kuwait to privatise the operation of key electricity facilities have been delayed in the absence of a specialised body to oversee the process, a newspaper reports. The plan was due to start during the 2025-2026 fiscal year and is intended to transfer the operation of power facilities from the government to the private sector, the Arabic language daily Alqabas said, citing a government document. The plan, on the cards for several years, is intended to ease pressure on the OPEC member's deficit-ridden budget as the operation of these facilities and subsidies to Kuwaiti consumers have cost the government at least 5 billion Kuwaiti dinars ($16.5 billion) over the past three years, the paper said in its Thursday's report. 'The plan has been written off the project schedule during 2025-2026…the reason is because the supreme privatisation council which will oversee this strategic programme has not been formed,' the paper said. 'This plan was supposed to begin during that fiscal year and continue for 4 years…it includes evaluation of assets of those facilities and the formation of one or more companies to which the assets will be transferred.' Kuwait, which is burdened by high wage allocations and other expenditures, has pondered privatising its key power facilities to ease budget burdens and tackle a widening electricity supply gap due to rapid growth in domestic demand. A government adviser said last week that Kuwait needs to intensify plans to build renewable energy projects to stave off a possible power supply crisis. The wealthy Gulf state is expected to suffer from a supply shortage of round 1,600 megawatts (MW) in summer and the gap could widen to 5,600 MW in 2029 in the absence of projects to boost power generation, Najib Al-Muneefi said. 'Without urgent measures, Kuwait could face continuous power supply disruptions and become a pure electricity importer in 2030,' he said. In January 2025, a Zawya Projects report said Kuwait's project pipeline for the current fiscal year is estimated to touch KWD7.8 billion ($26 billion), 60 percent of which are in the power and water sector. This includes the KWD1.2 billion Al-Zour North IWPP Phases 2&3, currently in the bid evaluation phase. (Writing by Nadim Kawach; Editing by Anoop Menon) (
Zawya
03-03-2025
- Health
- Zawya
Kuwait receives bids for pensioners' medical city
Kuwait has received bids for the construction of one of its largest hospitals at a cost of nearly 243 million Kuwaiti dinars ($802 million), a newspaper said on Monday. The Kuwait Medical City will be dedicated to national pensioners and its designs have been completed, the Arabic language daily Alqabas said. The cabinet has allocated nearly KWD50 million ($165 million) for the project in the 2025-2026 budget and more funds will be earmarked later, it said. 'Bids for the project's infrastructure have been received by the consultant…the bids are now under study by the competent authorities,' the report said. In March 2024, Zawya Projects reported that the Combined Group Contracting Company submitted the lowest bid for the infrastructure works of Kuwait Medical City, amounting to approximately 103.9 million Kuwaiti Dinars (around $343 million). According to report dated January 2024, the project, located in Amghara region on an 860,000-square-metre plot, encompasses a hospital with 400 beds, expandable to 800 beds, five specialised centres focusing on heart disease, respiratory system, digestive system, urinary tract, kidneys, and bones, outpatient clinics as well as long-term care, and rehabilitation, and non-medical elements such as residential, commercial, entertainment, services, infrastructure, and green spaces. The report said the project is slated for completion in the fourth quarter of 2027. Kuwait Medical City Company was established in 2012 by the Public Institute for Social Security (PISS) to oversee the study, design, construction, and operation of the project. (Writing by Nadim Kawach; Editing by Anoop Menon)
