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FINANCIAL NEWS
Kuwait to spend USD6.2b on new highways
26 Aug 2011
(MENAFN) Kuwait’s Minister of Public Works, Fadhel Safar, said that since the country planned to become a commercial and a financial center in the Middle East, during the next three and a half years, the government would spend USD6.2 billion on establishing new highways, reported Arabian News.
Safar added that the total length of these highways, which were under the design stage, would reach 550 km, moreover, during this period of time, the projects would be tendered.
He also said that last October, Hyundai Engineering & Construction Co. offered the lowest bid for designing, constructing operating and maintaining the Jaber Al-Ahmad bridge, which would connect the mainland to Subbiya in the north, for USD2.6 billion, nevertheless, the project faced a number of obstacles.
it is worth noting that Kuwait’s ruler Sheikh Sabah Al-Ahmed Al-Jaber Al-Sabah said that the country encountered several structural imbalances, which will need the correction of the budget position and measures to enhance the contribution of the private sector to the nation’s growth.
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