Kuwait's Minister of Finance gives update on ambitious plans to transform economy away from oil dependence
Kuwait has executed projects worth more than $60 billion towards its Vision Kuwait 2035 strategy with a further $100 billion still to be invested, according to a senior official.
Minister of Finance, Nayef Al-Hajraf, in a speech at the inaugural session of the Kuwaiti-Sino Investment Forum, said in comments published by Kuwait News Agency that many more projects will be finished by 2023.
He said the country is witnessing rapid development in all sectors, including information technology, communications, energy, construction and housing.
Currently, Kuwait is building the largest port in the Middle East – Mubarak Al-Kabeer Port – constructing a new passenger terminal at Kuwait International Airport, a petrochemical complex, oil refineries and renewable energy complexes, said the minister at the forum.
“Our approach is clear; as set by the Vision of His Highness the Emir for a new Kuwait by 2035, where it is aspired to be in the lead of renewable and sustainable energy producers, developer of the infrastructure and the human capital,” he was quoted as saying.
He said Kuwait aspires to have a low dependence on oil, replacing it with human creativity and innovation, adding that more than $100 billion will be invested by 2035.