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Friday , November 27 2020

Kuwait executes 38 projects despite low oil price crisis, corona pandemic

Projects worth 26.5 billion dinars

KUWAIT CITY, Oct 20: Despite the low oil prices crisis and the spread of the corona pandemic in the country and the subsequent measures taken by the Ministry of Finance to rationalize spending in the current budget and reduce it by about 20%, Kuwait is implementing about 38 projects worth 26.5 billion dinars, equivalent to about 86.77 billion dollars, during the current fiscal year 2020/2021, reports Al-Anba daily.

“According to an official document, a copy of which has been obtained by the daily, the plan includes a number of strategic projects that aim to support the state’s vision of transforming into a financial and commercial center, as these projects are implemented by government agencies or through the partnership system between the public and private sectors.

The cost of the 4 partnership projects is estimated at 988 million dinars, or 4.2 percent of the total cost of strategic projects, in addition to one project in the form of a joint stock company at a total cost of 611 million dinars, representing 2.6 percent of the total cost of strategic projects. The five-year plan program – which is based on seven pillars – includes 32 development programs at a total cost of approximately 23.5 billion dinars. These programs aim to improve Kuwait’s position in the area of global competitiveness level.

Based on the executive position of the major projects that Kuwait is currently implementing during the fiscal 2020/2021 until last June, their financial cost exceeded 100 million dinars, the number has reached 38 projects, the largest of which has been allocated to the Kuwaiti oil sector to implement 3 mega projects worth 11.7 billion dinars to implement environmental fuels, Al-Zour refinery and Al-Zour petrochemical complex projects.

Speaking about these projects, they are close to completion and delivery by the end of the current year. As for the petrochemical complex project, it will be completed on June 31, 2025. The new Kuwait Airport project (Terminal Building 2) is among the projects.

The huge project currently being implemented by the Ministry of Public Works is worth 1.4 billion dinars and is expected to be completed in September 2024, and the government has allocated 324.5 million dinars for the project during the current fiscal 2020/2021. Based on the information obtained by the daily on the position of the projects according to the latest official census, 6 development projects will be completed during the current year, while about 8 projects will be completed during the next fiscal 2021, while most of the other projects will be implemented latest by 2026, including the development of the Fourth Ring Road, which is worth 417.7 million dinars.

The Ministry of Public Works is implementing 5 mega projects worth 3.1 billion dinars, foremost of which is the Terminal 2 project at Kuwait International Airport and Mubarak Al-Kabeer Port with a value of 990.8 million dinars. About 30 million dinars have been allocated for spending during the current fiscal year and the project is expected to be completed in 2021, in addition to the new Maternity Hospital project at a cost of 220.7 million dinars, as well as the children’s hospital project with a value of 400 million dinars. As for the Ministry of Health, it has 6 projects worth 971.6 million dinars, which is a new building at the Ibn Sina Hospital worth 100 million dinars to be completed in 2021, a new building project for the Amiri Hospital, at a value of 101.5 million dinars, and new buildings of the Farwaniya Hospital with a value of 265.1 million dinars, the Kuwait Cancer Center project with a value of 175.9 million dinars, and finally the new Al-Sabah Hospital with a value of 179.1 million dinars.

The Health Insurance Hospitals Company is implementing, establishing and operating a healthcare insurance system. The project is worth 230 million dinars and is expected to be completed on December 31, 2023.

As for the Public Authority for Housing Welfare, it implements 4 projects with a value of 2.6 billion dinars, foremost of which is the Al-Mutla’a residential city project with a value of two billion dinars and is expected to be completed on September 30, 2023, then the Jaber Al-Ahmad City project with a value of 325.2 million dinars with an expected completion date in 2022, and the Abdullah Al-Mubarak suburb with a value of 140.5 million dinars, and finally, the South Saad Al-Abdullah city project, worth 136.7 million dinars.

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