A government document reviewed by Reuters on Sunday indicated that Kuwait intends to study the establishment of a sovereign wealth fund to invest locally, lead large projects, and attract investments from foreign investors and the private sector. It noted that the fund would achieve this through "strategic planning and effective implementation of major development projects through fruitful partnerships with leaders in industry and advanced technology in the private sector, both locally and globally."
The plan outlines that the Ministry of Finance and the Public Authority for Investment will be responsible for completing the study of this fund, which will be named "Siyadah," during the first year of the plan. The government's four-year plan from 2023 to 2027, submitted to parliament today, indicates that this initiative is scheduled to occur in the fourth year of the plan.
Additionally, the plan includes steps to upgrade Kuwaiti capital markets from emerging markets to advanced emerging markets according to the FTSE Russell index. The plan also reveals that Kuwait is preparing the integrated infrastructure for the offshore Durra field for oil and gas production. The government stated in its plan that it intends to gradually transition 90% of government services to digital formats over four years.
