To bolster tourism, Kuwait Touristic is set to grow its capital by 250 million dinars

Wednesday, September 22, 2021

Kuwait Touristic Enterprises has decided to grow its capital by 250 million dinars ($831.39 million) to reach 300 million, up from 50 million now, as it’s keen to give a boost to tourism in the oil-rich country, its chief executive said.

A unit of Gulf country’s Kuwait Investment Authority sovereign wealth fund, the company from the local banks intends to borrow 50 million dinars to finance part of its projects, CEO, Abdelwahab Almarzooq said this in a recent news conference.

“Our vision is to bring back the golden age of tourism in Kuwait,” he said, emphasizing the fact that the company is planning to carry out 95 initiatives and projects costing 380 million dinars over 10 years.

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