![]() ![]() But it experienced its first budget deficit in nearly 20 years in 2016 due to a falling oil price. Per capita, Kuwait is one of the richest countries in the world due to its small population and large crude reserves. The government also wants to fortify Kuwait’s defenses against swings on commodity markets as well as enhancing its regional security by partnering with China to build the zone. They declined to be named because of the topic’s sensitivity. Nasser’s attempts to revive the idea have given it greater prominence because the 71-year old deputy premier and defense minister is seen as a possible contender to replace his 89-year old father as ruler after the crown prince, according to diplomats and two sources close to the ruling family. ![]() ![]() Plans for an economic zone in Kuwait’s sparsely-populated north have been knocking around since the 1970s. But without addressing our structural imbalances, we can’t make much progress.” “It is a case of a sick body that is not willing to take the medicine. “There is increasing resistance toward reforms,” Kuwait’s central bank governor, Mohammad al-Hashel, told a banking roundtable in March. Nasser’s plan for an economic free zone and deep sea port, to be built in phases over 25 years, is meant to prevent Kuwait from falling further behind its neighbors which have opened up to foreign investment and are vying to be regional business hubs.īut unlike its Gulf Arab peers, Kuwait has a powerful elected assembly whose members have pushed back against unpopular measures such as welfare cuts and a new sales tax designed to improve the country’s finances. It is the most dangerous law I have ever seen,” MP Safa al-Hashem told reporters after Sheikh Nasser Sabah al-Ahmad al-Sabah met her and other members of a parliamentary committee. “It was a creation of a state within the state. MPs criticized draft legislation that appeared to place the proposed zone beyond parliamentary oversight and raised concerns alcohol could be allowed in the Muslim country. When the eldest son of Kuwait’s ruler presented an outline of the project to lawmakers in March, he faced stiff resistance. Sunset view of the arch pylon on the Sheikh Jaber al-Ahmad Al-Sabah Causeway which will lead to the Future Silk City, in Kuwait Bay, Kuwait April 23, 2019. ![]()
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