Kuwait has a huge petrochemical agenda by 2030 and 2040. The country’s national oil company KPC is planning via subsidiaries to deliver ten oil megaprojects between 2024 and 2030 with a total price tag of about $19 bn.
Kuwait will invest more than $300 billion in the energy sector by 2040, Kuwait’s oil minister Saad Al Barrak announced this summer. He stressed that oil and derivatives are a fundamental part of Kuwait’s economy.
“The world today needs to invest $500 billion a year in energy, whereas it only invested $300 billion in 2022,” he added.
The country is hoping to reach 3.2 million bpd of oil production capacity before the end of 2024.
But it’s not just oil that Kuwait is after.
Read: Kuwaiti banks expected to witness high profitability, low NPLs
Kuwait Fourth Master Plan 2040 approved
Kuwait’s Cabinet recently approved the country’s fourth master plan in its weekly meeting.
The Fourth Kuwait Master Plan 2040 focuses on the country’s vision and development goals in urban, economic, social, and environmental policies in parallel with future population growth, as per Kuwait News Agency (KUNA).
The country’s Minister of State for Municipal Affairs Fahad Al-Shuala revealed that the master plan would focus on the usage of land for private housing, investments as well as commercial and industrial purposes. This would need balanced infrastructure and public utilities.
The Fourth Master Plan includes four regions, Kuwait’s urban region, the northern economic region, the third southern industrial region, and the fourth western region, he pointed out.
As per the master plan, the first region would have a population of around 6,123,500 million people by 2040 with 2,968,200 employment opportunities.
The northern international region would have a population of around 519,000 people with employment opportunities for 171,800 people.
The southern region would have the population of 486,000 with 157,000 chances for employment.
The western resources region would have around a population of 126,000 with 180 jobs available.
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