KUWAIT CITY: Kuwait’s latest budget will focus capital expenditure on downstream oil and gas activities during FY 2017/18 in a bid to create jobs, offset falling crude export revenue and capitalise on rising regional demand for refined products.
The government is taking steps to expand private sector participation in economic development, including through three planned power projects and a US dollar-denominated bond issue – a first for Kuwait.
Combined with efforts to boost value-added oil and gas production, these moves should help foreign investment and state revenue expand steadily over the medium term.
