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Residential Cities Bill on Housing agenda ‘Proposed amendments won’t help stock market’

KUWAIT CITY, May 17: The Housing Committee will discuss the Residential Cities Bill with State Minister for Housing AffairsYasser Abul on Sunday.

According to sources, the minister has no objection to the bill, but he affirms the importance of allotting enough time to review the financial aspect of the projects for he believes that the current financial vision will not meet expectations and it is not attractive enough for private companies to help resolve the housing crisis.

Sources also revealed that the government is keen on achieving a practical vision before the end of the current parliamentary term, or the beginning of the next term at the latest; increasing the number of allocated housing units to 12,000 as disclosed earlier this year, and even more. Additionally, both the ministry and the government are in agreement that the cities will be built with electrical and water networks. The minister disclosed the power plants are already under construction.

On the other hand, the Financial Committee will meet the minister of commerce and industry on the same day to discuss the proposed amendments to law number 7/2010 on the stock market and its procedures. Sources said the minister is not satisfied with the proposed amendments which, he believes, are not in favor of the stock market as they will not contribute to its development; considering they do not include any of the decisions taken by the stock market management. This might lead to a disagreement between the ministry and the committee, despite some committee members agreeing with the minister’s point of view and considers it to be logical.

On the Public Authority for Land Transport Bill, which was approved in its first reading last week; sources said that if the bill is approved in its second reading and referred to the government in its current form, the government will return it to the Assembly. The government thinks the bill, in its current form, will not be able to fulfill the plans of solving transportation issues as envisioned by the Parliament and the government.

By: Ahmed Al-Naqeeb Arab Times Staff

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