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Kuwait Unveils Plan to Prepare Durra Field, Sovereign Investment Fund for Local Investment

People watch as the "buck moon" rises over the skyline of Kuwait City on July 3, 2023. (AFP)
People watch as the "buck moon" rises over the skyline of Kuwait City on July 3, 2023. (AFP)
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Kuwait Unveils Plan to Prepare Durra Field, Sovereign Investment Fund for Local Investment

People watch as the "buck moon" rises over the skyline of Kuwait City on July 3, 2023. (AFP)
People watch as the "buck moon" rises over the skyline of Kuwait City on July 3, 2023. (AFP)

The Kuwaiti government has announced a plan to strengthen the comprehensive infrastructure of the offshore Durra oil and gas field.

Not only that, the government will also look to elevate the production of unrestricted gas (excluding the Divided Zone) from 521 million cubic feet per day to a staggering 930 million cubic feet per day.

The recently unveiled four-year government action plan, spanning from 2023 to 2027, has been submitted to the National Assembly, outlining the meticulous preparations for the infrastructure development of the Durra field.

According to the plan, the infrastructure provisioning for the field is slated to take place in the fourth year of the program.

Parliament Speaker Ahmed Al-Sadoun has extended an invitation to convene a special session next Tuesday to discuss the government’s action plan.

The government has revealed its intention to study the establishment of a sovereign investment fund to drive development and enhance local economic activity.

Additionally, it includes a strategy to elevate the classification of Kuwait’s financial markets from emerging markets to advanced emerging markets by the FTSE Russell Index.

Moreover, another plan aims to gradually digitize 90% of government services over the next four years.

The government plan aims to empower the private sector to fulfill its role “under effective state oversight” while ensuring that the state establishes an atmosphere of trust to encourage local investment and attract foreign capital.

The government’s action program also includes the development of a comprehensive framework for reviewing salaries in the public sector through updating the strategic alternative study.

This is intended to align compensation with merit and productivity, while encouraging a shift towards private sector employment to streamline costs on the state’s finances.

Prime Minister Sheikh Ahmed Nawaf Al-Ahmad Al-Jaber Al-Sabah emphasized that the government’s action program aims to solidify reforms, address challenges, and boost development for the progress of the country.

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Greece's 2024 Central Government Surplus Exceeds Target

A view of the port of the tiny Greek island of Kastellorizo, officially Megisti, the most southeastern inhabited Greek island in the Dodecanese. (AFP)
A view of the port of the tiny Greek island of Kastellorizo, officially Megisti, the most southeastern inhabited Greek island in the Dodecanese. (AFP)
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Greece's 2024 Central Government Surplus Exceeds Target

A view of the port of the tiny Greek island of Kastellorizo, officially Megisti, the most southeastern inhabited Greek island in the Dodecanese. (AFP)
A view of the port of the tiny Greek island of Kastellorizo, officially Megisti, the most southeastern inhabited Greek island in the Dodecanese. (AFP)

Greece's central government primary surplus reached 3.5% of its Gross Domestic Product (GDP) last year, well above the government's target, the outgoing finance minister said on Saturday.
The latest government estimate was for a primary surplus, which excludes debt-servicing costs, of 2.5% of GDP, Reuters reported.
Greece, which almost went bankrupt in the last decade, needs to achieve primary surpluses in coming years to keep its huge debt viable.
"In a month from now, when the final figures come out, you will see a primary surplus of about 3.5% of GDP, but also a fiscal surplus of 0.2%," said Kostis Haztzidakis, welcoming the new finance minister, Kyriakos Pierrakakis.
On Friday, Prime Minister Kyriakos Mitsotakis named new finance and transport ministers in a reshuffle designed to shore up support for his government after mass protests over a 2023 train crash.