Home About Kuna Advertise Contact Us Kuna's Bureaus Services KUNA training center Term Of Use
Register Login
facebook Twitter Youtube rss
White House physician says Trump's mental, physical health "excellent"      USD stable against KD at 0.300, EUR at 0.368
Development plan needs facilitation of measures -- Al-Nafisi
16/01/2011 | LOC15:00
12:00 GMT
| Kuwait News
تصغير الخطالشكل الأساسيتكبير الخط
KUWAIT, Jan 16 (KUNA) -- A real estate expert said hereon Sunday that the development plan approved by the government needs facilitation of of the procedures of funding by local banks in order to accelerate the launching of new projects in light of the financial crisis that has racked the country since 2008.
Chairman of the Board of Directors of Salhia Real Estate Company Ghazi Al-Nafisi said in a press statement that the effects of the financial crisis may continue in light of the weakening of credit lines by local banks and non-implementation of new projects for the real estate sector, which is suffering so far from the effects of the crisis.
Al-Nafisi added that everyone is eagerly awaiting the practical and actual implementation of the development plan so that giant real estate projects can move and progress freely to achieve the vision of His Highness the Amir in the transformation of Kuwait into a financial and important trade center in the region.
He pointed out that a breakthrough on t he economic sector started to loom on the horizon after the ratification of the development plan as it would represent a quantum leap in Kuwait's future, "especially as we are talking about 37 billion dinars in four years." He expressed hope that the private sector would have a vital and influential role following the 2008 economic crisis in 2008.
Al-Nafisi stressed that the banks' continued cautious policy in financing projects during the past two years cast a shadow over the development plan after the scarcity of funding channels, which led to the suspension of several real estate projects undertaken by the private sector.
He said that the financing of development projects should be done through legal channels and local banks under the supervision and control of the central bank instead of thinking in the creation of a fund for financing or through a capital increase of Kuwait Fund for Development. (end).
smr.tg KUNA 161500 Jan 11NNNN
Photos from GCC Summit
Photos from GCC
share your photos Kuwait Vision
Vote for best photo for 2017

Kuwait Reader
Kuwait Vision
News Brief

KUNA publishes a book titled (His Highness Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah: A Humanitarian Leader) to commemorate the UN honoring of Kuwait's leader

Most Read Most Emailed  
1.   Kasbah of the Udayas... Amazing heritage site in Morocco
2.   Kuwaiti oil price down 8 cents to USD 66.52 pb
3.   USD stable against KD at 0.300, EUR at 0.368
4.   Photo of the day
5.   White House physician says Trump's mental, physical health "excellent"
6.   Kuwaiti well-achievers visit Tangier's high-speed rail line
kuna magazien


About Kuna
Contact Us
Kuna's Bureaus
KUNA training center
Term Of Use
Read The Whole Newscast
Pictures (during the week)
FTP Service
KUNA Reader
SMS Services
kuwait in memory of day
Job Application
Arab News Agencies
International News Agencies
Governmental Institutes
other useful links
Prayer Times
News Archive
Other News Services
Today In Kuwait's History
Training Sessions
All KUNA right are reserved © 2012. This site is designed and published by IDS