Kuwait to spend $10bn on projects in 2026-2027
Kuwait has approved capital spending of about KD3 billion ($10 billion) in its 2026-2027 budget, more than a third higher than the previous year.
Spending in the current fiscal year, which began on April 1, covers 117 new projects and 551 projects under construction, Kuwait’s finance minister Yacoub Al-Rifai said.
The increase in capital spending despite the ongoing war in Iran was needed to cover major projects such as the new Kuwait airport terminal, the Mina Mubarak Al-Kabeer port and Kabd wastewater plant, the minister told Kuwait TV on Wednesday.
Rifai sought to reassure citizens and expatriates about the financial situation in Kuwait despite repeated Iranian missile and drone attacks on its facilities.
“I can affirm that the country’s financial situation is more than reassuring… the central bank guarantees all types of deposits and accounts, liquidity is available and salaries will be paid on time without delay,” he said.
The minister said the 2026-2027 forecast revenues are KD16.3 billion and expenditure at KD26.1 billion, with a projected shortfall of KD9.8 billion.
Kuwait assumed an oil price of $68 for the 2025-2026 deficit and it needs a $90 breakeven price to achieve a balance between revenues and expenditure.
Further reading:
- Kuwait launches stimulus package for banks
- Kuwait says Iran drone attack sets airport fuel tanks ablaze
- In numbers: Kuwait’s economy
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