Kuwait is looking to revitalize its tourism industry, and in this regard Kuwait Touristic Enterprises plans to increase its capital to $996 million.
The chief executive of the company, Abdelwahab Almarzooq, told a news conference: “Our vision is to bring back the golden age of tourism in Kuwait,” he said, adding that the company plans to execute 95 initiatives and projects costing 380 million dinars over 10 years.”
A unit of Gulf country’s Kuwait Investment Authority sovereign wealth fund, the company plans to borrow 50 million dinars from local banks to finance part of its projects.