Latest News
- Kuwait Arrested 18 Drug Dealers
- 8 More Mental Health Clinics To Be Open
- Fishermen's Makeshift Houses Ordered To Be Removed By Kuwait
- Kuwait Cracks Down On Bachelors
- Non-oil Exports Of Kuwait Reached 106 Million Dinars In January,...
- Kuwait Joins The Global Celebration Of World Press Freedom Day
- Kuwaitis In UAE Advised To Exercise Caution Amid Unstable Weathe...
- MEW Has No Plans For Power Cuts And Is Ready To Tackle The Summe...
- Allow Employees To Transfer If Their Monthly Dues Are Not Paid
- Appeal Court Upholds Death Ruling In Friend’s Kill
- Pakistani Expat Died In A Tragic Accident
- The Hourly Domestic Workers Service Is A New Scam
Private Sector's Investments In The State Development Projects Amounted To Kd 3.5 Billion In 2015
Secretary General of the Union of Investment Companies Dr. Ramadan Al-Sharrah said on Monday overall private sector's Investments in the State development projects amounted to KD 3.5 billion in 2015. In a statement, Al-Sharrah said the new corporate law aims at boosting direct foreign investments, also noting in this respect that the business sector provides up to 27-30 percent jobs of the private employment sector - the second non-oil contributor to the gross domestic product (GDP).
Moreover, investment companies have played a leading role in overhauling the domestic Financial Markets supplying the investors with valuable information, alternative financing tools, in addition to providing greater opportunities to diversify entrepreneurs' assets with many products and FundsNumber of investment companies registered at the Central Bank of Kuwait and the Capital Markets Authority reached 95.
Total managed assets by the CBK-registered companies reached KD 10.5 billion, along with capitals of investment companies, estimated at KD 4.5 billion. Regular accounts of these companies amounted to some KD 19.6 billion, while liabilities, KD 10.5 billion.
Al-Sharrah expressed his belief that moralistic, social and environmental rules that regulate work of these companies should be re-examined in view of the global Financial crisis, noting that their task should not be restricted to rapid profits and should be developed to contribute to sustainable development.
Elaborating, he said financial allocations earmarked for the national economic ventures amounted to some KD five billion (2015-2016), adding that the development plans aim at lifting the private sector's non-oil stake in the GDP by 56.5 percent.
Increasing contribution of the private sector in the GDP can be attained via allocating more land to launch industrial projects, small and medium enterprises, preparing a proper business ennvironment and updating relevant legislations for sake of hasting the private initiatives and boosting competition. (USD=KD 0.301).
SOURCE : THETIMES
Trending News
-
Expat Residency Law Amended By Kuwait Ministerial...
20 April 2024
-
Ministry Announces Separate Time For Amnesty Seeke...
21 April 2024
-
The Ministry Connects With Violators Of Residency...
23 April 2024
-
Work Permits Will Be Issued For One Year Under The...
27 April 2024
-
AstraZeneca Admits Covid Vaccine Can Cause Rare Si...
29 April 2024
-
3 Expats Caught In Salmiya With 213 Bottles Of Loc...
23 April 2024
-
Temperature Increases Cause Electricity Load Index...
21 April 2024
-
Al-Nuer Festival Celebrates Kuwaiti Agriculture Wi...
22 April 2024
-
Peak-time 'cut-offs' Raise Fears Of An Electricity...
22 April 2024
-
Road Trip From Kuwait To Bahrain Via Saudi: Travel...
22 April 2024
Comments Post Comment