Kuwait’s gaping lag on income diversification | GulfNews.com:
"The Gulf Cooperation Council (GCC) states should keep seizing on any opportunity to diversify away from oil for income generation. Such opportunities often entail the wholehearted support of private sector investors willing to assume a greater role in local and regional economies.
Certainly, led by the UAE, the GCC bloc can collectively call on 35 per cent of the world’s sovereign wealth funds, as per the June estimates put out by the Sovereign Wealth Institute. That of the UAE alone surpasses the $1 trillion (Dh3.67 trillion), followed by Saudi Arabia, Kuwait and Qatar, at $743 billion, $410 billion and $170 billion respectively.
Clearly, the money is there for the authorities to invest in the infrastructure across the board, thereby paving the way for sustained economic development, including creating additional fiscal revenues from diverse sources. Other ensuring benefits from such public investments include creating employment opportunities for locals."
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