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Kuwait 'looks to real estate reform'
02 April 2008
News agency Reuters said the plans are laid out in a five-year strategy drawn up by the country's "top planning council".
The main aim of the proposals, it said, is to boost the country's non-oil economy - which currently accounts for around ten per cent of state revenue - in an effort to become a financial and tourism hub similar to Dubai or Bahrain.
Attracting foreign investment in real estate is a key part of the strategy.
Kuwait's government currently owns around 90 per cent of land in the Gulf state, but the policy paper calls for "a gradual government withdrawal" from its monopoly position.
However, despite the government discussing the document's proposals with the private sector, some believe it will be difficult to achieve liberalisation without greater co-operation between government and parliament.
Naser al-Nafisi of the Al-Joman Centre for Economic Consultancy told Reuters: "If [the government] achieved 25 percent of this, that would be good."
Kuwait, which currently has the fifth-largest oil reserves in the world, has a population of 3.39 million.
Source: Adfero
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