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Kuwait to spend $38bln on infrastructure projects in 2017 - newspaper
07 March 2017
Kuwait is planning to spend nearly 11.5 billion dinars ($38 billion) on infrastructure projects including housing, power and transport in 2017, a local newspaper said on Monday.
The spending is part of approved infrastructure projects worth around 27.1 billion dinars ($89 billion) during 2015-2017, the Arabic language daily Al-Nahar said.
"Despite the decline in oil prices, the value of infrastructure projects to be executed in 2017 is the highest in eight years as it accounts for nearly 25 percent of the total project spending during that period," it said.
The report said the power sector would account for about 2.1 billion dinars (6.9 billion dollars) or 33 per cent of the total spending in 2017 while transport and hydrocarbon sectors would absorb 34 percent and 28 percent of the spend respectively.
The report said around 36,000 houses will be constructed this year, accounting for around five percent of the total spend.
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