Kuwait's Fiscal Year 2023-2024 Expenditure Breakdown | Kanebridge News
Share Button

Kuwait’s Fiscal Year 2023-2024 Expenditure Breakdown

MOF has released a detailed report on government spending across for the first ten months of the fiscal year 2023-2024.

Fri, Apr 5, 2024 3:56pmGrey Clock 2 min

The Kuwaiti Ministry of Finance has provided a comprehensive breakdown of governmental expenditures across various sectors for the fiscal year 2023-2024, focusing on the initial ten months.

This report highlights Kuwait‘s deliberate investments in crucial areas, aimed at improving living standards and fostering sustainable growth throughout the country. The detailed analysis of fund allocation is as follows:

Education: The total expenditure on education amounted to approximately 2.3 billion dinars, with the majority, 894 million dinars, going towards pre-primary and primary education. Secondary education received 825 million dinars, higher education was allocated 293 million dinars, and research and development in education saw about 155 thousand dinars.

Health: Spending in the health sector reached 2.1 billion dinars, predominantly for hospital services at about 1.9 billion dinars. Medical equipment and products were allocated 62 million dinars, and research and development in health received around 229 thousand dinars.

Housing and Community Facilities: This category saw expenditures totaling around 3.05 billion dinars, funding housing development, water supply, street lighting, and other utilities.

Economic Affairs: The total expenditure for economic affairs stood at 2.08 billion dinars, with 350 million dinars dedicated to transportation and roughly 1.1 billion dinars for fuel and energy. Additional funds covered communications, mining, agriculture, and fishing.

Public Order and Safety Affairs: The sector received about 1.3 billion dinars, with the majority, approximately 1.04 billion dinars, for police services. Courts received about 277 million dinars, with the remainder for prisons and related services.

Religion, Culture, and Entertainment: Approximately 367 million dinars were allocated for these services, with religious services receiving about 197 million dinars, and radio and publishing services getting 132 million dinars.

Social Protection: Expenditure on services related to old age, family and children, housing, and social exclusion amounted to about 334 million dinars by the end of January.

 



MOST POPULAR

Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’

Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual

Related Stories
Money
Preparatory Work for UAE to Oman Hafeet Rail Project Commences at Full Speed
Money
BCG report ranks UAE’s Etisalat as fourth top value creator in global telecoms.
Money
USD 9.25 Million in Investments Committed to Start-ups during FinTech World Cup at Dubai FinTech Summit
Preparatory Work for UAE to Oman Hafeet Rail Project Commences at Full Speed

Preparations have begun on the transformative UAE to Oman Hafeet Rail network, revealing significant construction details during a site visit.

Thu, May 16, 2024 3 min

The $3bn Hafeet Rail project between the UAE and Oman will feature 60 bridges and a 2.5km tunnel, making it an “architectural and engineering marvel,” according to CEO Ahmed Al Musawa Al Hashemi.

Hafeet Rail has announced that preparatory work is moving full speed ahead for constructing the transformative railway link between the UAE and Oman. This announcement was made during a site visit attended by key officials, members of the Asyad and Hafeet Rail executive management teams, project contractors, and consultants.

Key Highlights

During the visit, attendees were introduced to the main components of the project, including passenger, repair, and shipping stations, as well as major bridges and tunnel sites.

The Hafeet Rail project is set to play a very important role in enhancing local and regional trade, unlocking new opportunities in the infrastructure, transportation, and logistics sectors, and fostering economic diversification. It will also strengthen bilateral relations between the UAE and Oman.

The project will involve constructing 60 bridges, some reaching heights of up to 34 meters, and tunnels extending 2.5 kilometres. The Hafeet Rail team showcased the latest rail technologies and innovative engineering and architectural solutions designed to navigate the challenging geographical terrain and weather conditions while maintaining high standards of efficiency and safety.

The rail network will boost various industrial sectors and economic activities and significantly impact the tourism industry by facilitating easier and faster travel between the two countries.

Ahmed Al Bulushi, Asyad Group Chief Executive Asset, noted that the project’s rapid progress reflects the commitment of the UAE and Oman to developing and realizing the project’s multifaceted benefits.

Investment and Future Impact

Al Bulushi added that investments in developing local capabilities and expertise in rail-related disciplines over recent years have enabled the project to reach the implementation phase successfully under the leadership of highly efficient and professional national talent.

Hafeet Rail’s CEO Ahmed Al Musawa Al Hashemi emphasized, “The commencement of preparatory works for construction is a testament to the robust synergy between all parties involved in both nations, achieving this milestone in record time. We are confidently laying down the right tracks thanks to the shareholders of Hafeet Rail and the expertise of local companies in Oman and the UAE, alongside international partners.”

During the site visit, the visitors explored some of the key preparatory sites, including Wadi Al Jizi, where a 700-meter-long bridge towering 34 meters will be constructed. This ambitious project is envisioned as an architectural and engineering marvel in a complex geographical landscape.

Future phases will require more collaboration, with a continued focus on quality, safety, and environmental considerations in line with the international industry best practices.

The Hafeet Rail project represents the first-of-its-kind railway network linking two Gulf nations, marking a significant shift in regional goods transportation. This efficient and reliable transportation option will reduce dependence on slower and less sustainable road transport.

Hafeet Rail promises a 40% reduction in shipping costs and a 50% in transit times compared to traditional land transportation methods, as it will be connecting five major ports and several industrial and free zones in both countries.

This shift will reduce reliance on road transport by cars and trucks and promote more sustainable shipping practices. The establishment of the railway network will also create significant opportunities for SMEs in construction, engineering, and logistics support, acting as a catalyst for economic growth and innovation within the domestic economy.

By linking major ports, the Hafeet Rail project will enable local SMEs to import, export, and distribute their products more effectively, enhancing their market reach and global competitiveness.

MOST POPULAR

Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’

Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual

0
    Your Cart
    Your cart is emptyReturn to Shop