KUWAIT CITY, Feb 21: Budget and Concluding Statement Committee of the National Assembly stated the government’s intention to increase the value of plots rented for industrial, service and handicraft, starting from April 1.
The decision is a step in the right direction, as part of measures to increase the state’s revenue under the sharp decline of oil prices. In a statement, rapporteur of the committee MP Dr Mohammed Al- Huwailah disclosed after discussing budget of the Public Authority for Industry for financial year 2016/2017 that some observations have been repeated, and others avoided.
He clarified the value of rent of industrial plots will increase from 200 fils per meter to 400 fils; and doubled in the next five years to KD 1 per meter. He added the decision is in line with a study conducted in this domain 10 years ago. He went on to commend the decision to withdraw the licenses of 12 plots that do not fulfill the items of contract with the authority. He added the committee will hold another meeting with the representatives of Public Authority for Industry to review its executive regulations and strategies in an attempt to diversify its income and optimize state revenue, while encouraging national products.
By Abdulrahman Al- Shimmari Al-Seyassah Staff