What will Kuwait’s economy look like in 2035?

- Finance - Feb 02, 2017

Kuwait has unveiled its new plan to transform itself into a financial and cultural hub by 2035 through 164 development programs.

The Government has branded the plan as ‘New Kuwait’ and it is designed to set the nation’s long-term development priorities.

The Kuwait National Development Plan’s short-to-medium goals include positioning Kuwait as a global hub for the petrochemical industry and increasing direct foreign investment by 300 percent. It also aims to help raise more than KD400 million for IT services and renewable energy.

Sheikh Mohammad Abdullah Al-Mubarak Al-Sabah, the Minister of State for Cabinet Affairs, said: “Today we launch a vision reinforced with an achievable and measurable plan for a New Kuwait.

"Today we launch initiatives that will transform our economy, create jobs, attract foreign direct investments and facilitate knowledge transfer in the fields of renewable energy, information technology, and the services sector.

"Today we launch a consolidated and comprehensive strategy that will empower and inspire the country for generations to come.”

The plan also aims to develop the country’s tourism sector and create a new jobs market, as well as aiming to further develop Kuwait’s transportation and power sectors.

New Kuwait is set to be built on the recent surge in urban development and housing with the introduction of social and economic empowerment programs, targeting youth, women and the elderly.

 

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