KUWAIT CITY, March 27: Minister of Commerce and Industry Yousef Al-Ali said the privatization draft law will be ready within two weeks as the ministry is currently working on the final touches to pave way for submission to the National Assembly, reports Al-Anba daily. In a press statement, the minister disclosed the service sectors will be privatized first; including electricity, water, postal, ports and airport. He said these sectors will be handed over to private establishments within two years after completion of comprehensive studies and mechanism for privatization of public utilities.
Meanwhile, the Ministry of Commerce and Industry (MoCl) will start implementing the ‘haraj’ market project for used cars, heavy vehicles and equipment once the Municipal Council issues a decision on the allocation of land for this purpose, reports Al-Shahed daily quoting Minister Yousef Al-Ali. Confirming the concerned committees at Kuwait Municipality has endorsed the allocation of land measuring 500,000 square meters in Sulaibiya; the minister disclosed the market will include insurance companies, car offices and auction center.
The Commercial Bank of Kuwait is ready to finance projects and it will participate in the funding of the environment- friendly fuel project within the consortium headed by the National Bank of Kuwait, reports Al-Shahed daily quoting Commercial Bank of Kuwait Board Chairman Ali Al-Mousa.