KuwaitOther News

Authority eyes $50 billion foreign investments by 2030

MGRP paid KD 3 billion in allowances since 2001

KUWAIT: Director of the Kuwait Direct Investment Promotion Authority (KDIPA) Sheikh Meshaal Al-Jaber Al-Sabah is keen on preparing and issuing a developed guide for foreign investors to act as a platform to demonstrate projects and investment opportunities available in Kuwait and attracting international companies to invest in the Kuwaiti market. Informed sources noted that the plan targets attracting $50 billion in view of the 2030 sustainable development vision and plan.
The source added that KDIPA aims at setting rules and regulations for foreign companies wishing to establish local firms, in addition to receiving interested companies’ applications and referring them to relevant bodies to be approved. The sources highlighted that international companies like General Electric, Chevron, Hyundai and others had a long history of relations with Kuwait and that they had developed and trained technicians to help achieve the 2035 economic vision.
Sheikh Meshaal said KDIPA has set short- and long-term plans to attract foreign, international and Arab companies to invest in Kuwait through development projects in nine different fields, including energy, oil, health, education, services, recreation, tourism and transport.

Island protection
Kuwait Municipality’s organization sector yesterday approved the defense ministry’s request to allocate the Ras Al-Qayd location to protect Mubarak Al-Kabeer Port and Boubyan Island. Informed sources said the defense ministry had requested allocating the 100 x 500 m area for security purposes to protect the island as per Kuwait’s fourth structural plan for 2040.

No delays
Informed sources at the Manpower and Government Restructuring Program (MGRP) denied delaying the payment of national labor support allowances to citizens working in the private sector. The sources stressed that salaries are usually deposited at commercial banks on the 25th of every month unless that day falls on a day off or weekend, such as the case in November. The payment is then usually done on the next working day.
The sources said a delay in some cases may result from failure to update information or the occurrence of a change in a citizen’s status, which calls for checking with the program before the 10th of every month. In addition, the sources said the private sector only pays 44 percent of its citizen employees’ salaries, while the program pays the remaining 56 percent, with a monthly cost of KD 29 million. Finally, the sources said that the program has paid KD 3 billion to over 60,619 citizens since its inception in 2001.

Oil prices
Well-informed sources at the finance ministry’s subsidies committee stressed that the prices of oil products would remain unchanged through December.

By A Saleh

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