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Kuwait's ambitious development plan

The purpose of the development plan of Kuwait is to become a financial and commercial center that attracts investment. The plan aims to improve public services and develop the statistics and national information systems, provide an investment-attractive environment to support the development, and improve the citizens living standards and deepening their belonging to their homeland of Kuwait, face the new changes imposed by the international and regional circumstances.​ Such a state that realizes human and balanced developments provides convenient infrastructure, advanced legislation, and an encouraging business environment.

 

Main objectives of the plan:

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  • Generate capital through large projects;

  • An infrastructure that supports the development, in accordance with residential growth;

  • Involvement of private sector in electricity generation and desalination;

  • Developing the tourist industry;

  • Creating three new power companies with an emphasis on renewable energy and a goal of providing 15% of Kuwait’s energy needs via renewable sources by 2030;

  • Diversification Kuwait’s economy away from the energy sector, which makes up 88% of the country’s gross domestic product (GDP) and increases employment opportunities for its nationals;

  • Raise operation effectiveness and resume establishment of housing companies;

  • Infrastructure of transportation

100% fully own your company in Kuwait

Kuwait vision for 2035 that articulates the Amir’s aspirations and is endorsed by the current Development Plan is: “to transform Kuwait into a world-class financial and commercial center, with the private sector leading economic activities, fostering competitiveness, increasing productivity, supported by viable public institutions, while maintaining the deep-rooted values and national identity, towards achieving balanced economic and human development, supported by adequate infrastructure, legal framework, and enabling business environment.

 

There are five strategic goals for attaining the vision namely: Increasing GDP & well being, Private sector-leading role, Supporting human & social development, Improving population, efficient government administration. Read more: http://kdipa.gov.kw/en/

Public Tenders Law - Kuwait

The National Assembly unanimously passed in the first reading the new public tenders law after it's Financial Affairs Committee introduced a number of key amendments to the important bill. Under the law, technical committees must be formed for the purchase of arms at the army, police and national guards, an addition proposed by the Audit Bureau to regulate the purchase of arms and military equipment.

 

The provision entrusts the Council of Ministers to issue the necessary decisions to form such committees and will determine the mechanism of their operations. Other amendments to the law oblige the Central Tenders Committee (CTC), which awards state projects worth tens of billions of dinars, to accept the decision of the petitions committee whose opinions currently are consultative. MPs debated whether the petitions committee, which studies challenges by contractors who lose tenders, should be under the Council of Ministers or remain with the CTC.

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