KUWAIT CITY, Nov 24, (KUNA): His Highness the Prime Minister Sheikh Nasser Al-Mohammad Al-Ahmad Al-Sabah chaired Thursday the ninth meeting of the ministerial committee on the implementation of the state development plan at Sief Palace.

Following the meeting, Minister of State for Planning and Development Abdul-Wahab Al-Haroun said the committee had reviewed a report on the development of the private industrial sector.

He noted that the report included a number of recommendations to overcome the challenges facing this important sector such as setting up a comprehensive integrated service center to facilitate procedures. The report also proposed a number of solutions for the rarity of land on which industrial projects can be set up.

Al-Haroun added that the committee tackled the problems and challenges facing the real estate sector. It listened to presentations from Kuwait Municipality and the Ministry of Finance on their estimation to the problems and how to reach a boom in this strategic sector. The minister pointed out that the committee was also informed about the latest developments related to the anticipated project of developing Failaka Island.

He underlined that the committee is keen on implementing the state development plan an a way that expands private sector’s contribution to development, production and employment in Kuwait.
During the meeting, HH the Prime Minister urged all concerned bodies to pay maximum attention to the plan and to put an end to time-wasting procedures to help execute the planned projects as soon as possible.

HH Sheikh Nasser stressed all relevant bodies to abide by the outlined policies and goals of the development plan.

Kuwait’s state development plan focuses on the social aspect and targets sustainable development for all Kuwaitis, Minister of Commerce and Industry Amani Khaled Buresli said Thursday.

In statements to KUNA on the sideline of her participation in the Arab banking conference currently held in Lebanon, Buresli said that the state development plan that was initiated by His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah has succeeded in stimulating national economy in spite of the global economic and financial crises.

She added that the fifty percent of the allocations of the development plan focuses on projects with social aspect to help ameliorate skills of Kuwaitis and create new job openings.

Meanwhile, Buresli said that the conference, themed “Future of the Arab World in Light of Recent Transitions”, is meant to mull pan-Arab banking cooperation following the Arab uprisings and amid the global financial and economic crises. The minister revealed that direct foreign investments in Arab world has slumped from $20 billion in 2010 to $4.8 2011, down 83 percent.

The conferees will analyze the needed roles of the Arab banking sector to actively participate in accommodating the recent changes and the emerging economic and banking implications and their impact on Arab financial and banking sectors.
They will also review the policies and strategies adopted by Central Banks and their role in monetary stability.