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KUWAIT CITY, Aug 28: The government is actively exploring ways to maximize the state’s revenues which involves a comprehensive strategy to reinvest in and capitalize on various facilities and projects that have been developed, reports Al-Rai daily quoting sources. This comes in the aftermath of the termination of contractual arrangements with private sector companies in recent times.
These sources highlighted specific projects and lands encompassed by this initiative. Efforts are currently underway to formulate a holistic approach for their utilization. This approach aligns with the government’s overarching objectives aimed at optimizing the state’s resources and bolstering the general budget with supplementary income. The intention is to present suitable financial options that correspond with these objectives. It is worth noting that multiple avenues are being considered to exploit these assets, all in line with the pursuit of establishing a rejuvenated state economy. Among the presented alternatives, one possibility involves reoffering these projects to the private sector. This would occur under well-defined and precise conditions, regulations, benchmarks, and responsibilities.
These proposals would be accompanied by specific timelines, ensuring a gradual benefit for the state while adhering to evolving market norms. As per the insights provided by the sources, various scenarios are being evaluated. These range from the potential of directly partnering for the operation of particular facilities to revisiting them through a competitive process for their advancement. The insiders further elaborated that there are instances where the government will transition from being the operator of certain facilities to adopting an observer and supervisory role, all in the interest of public welfare. This shift emphasizes supporting the private sector and granting it ample opportunities for management and execution. It is expected that many projects will be overseen by local companies, domestic and foreign strategic alliances, reflecting the broader approach of liberalizing the national economy.