Global Arab Network | Kuwait to establish multi-billion shareholding firm companies development plan

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Kuwait to establish multi-billion shareholding firm companies development plan

Monday, 07 February 2011 12:56

KUWAIT - The government of Kuwait approved the formation of three committees to follow up the establishment of public shareholding companies, part of the country's multi-billion-dinar development plan, a senior official said.

The first committee will be responsible for establishing an electricity public shareholding company in Al-Zour north station by the Build-Operate-Transfer (BOT) system, Deputy Premier for Economic Affairs, Minister of State for Development and Minister of State for Housing, Sheikh Ahmad Fahad Al-Sabah, told KUNA after the cabinet's weekly meeting.

This committee will be chaired by Minister of Electricity and Water.

The second committee, he added, would be responsible for establishing warehousing and border crossings companies within BOT. It will be chaired by Minister of Commerce and Inudstry.

The third committee, said Sheikh Ahmad, will be establishing companies for health insurance hospitals in line with BOT. This committee will be chaired by Minister of Health.

The three committees will have 10 days to report back to the cabinet, affirmed the minister.

The government is "serious" in establishing the public shareholding companies within the development plan, said Sheikh Ahmad.

He hoped some of these companies would be operational before end of fiscal year 2010-11 in order to "affirm seriousness of the government." "Government bodies concerned have done tremendous job to establishing these public shareholding firms but they faced some minor problems," he said.

Sheikh Ahmad, on the other hand, said cabinet members discussed a mechanism to fund a public shareholding company that would establish low-cost houses and another firm about Al-Khairan housing project.

Sheikh Ahmad said the Prime Minister Sheikh Nasser Mohammad Al-Sabah would be chairing a meeting next Wednesday to prepare for final outline of the funding policy ahead of referring it to the parliament.
(KUNA)

Global Arab Network

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