Strategic Insights: Al-Barrak’s Perspective on the First 4 Years in a Long-Term Plan

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KUWAIT CITY, Sept 21: Dr. Saad Al-Barrak, the Deputy Prime Minister, Minister of Oil, Minister of State for Economic Affairs and Investment, and Acting Minister of Finance, conveyed a resolute conviction in our capacity to enact change and attain success, reports Al-Rai daily.

He outlined the key elements of the government’s strategy to enhance the economy, emphasizing its critical role as both the “foundation” and “pillar of life.” Notably, he underscored that the economy should be the focal point of politics, emphasizing a strategic shift in perspective.

During his appearance on the “On the Agenda” program featured in Al-Rai newspaper and its digital platforms, Dr. Al-Barrak highlighted a fundamental challenge — Kuwait’s heavy reliance on oil, constituting a significant 88 percent of the state’s revenues. He elucidated the inherent risk in this over-dependence, citing the unpredictable and uncontrollable fluctuations in oil prices due to global political dynamics. These uncertainties pose a substantial threat to Kuwait’s economic security.

Addressing the imperative to diversify income sources, Dr. Al-Barrak stressed a pivotal governmental initiative: the transformation of Kuwaiti islands into economic zones and a vital financial hub. He expressed unwavering confidence in Kuwait’s potential, foreseeing the creation of 250,000 jobs over a 15-year period through strategic partnerships with major nations and prominent corporations.

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