Travel & Tourism

Kuwait Touristic plans massive capital increase

This picture taken on May 2, 2021 shows a view of the Kuwait City skyline at sunset. / AFP / YASSER AL-ZAYYAT

DUBAI: Kuwait Touristic Enterprises plans to increase its capital by 250 million dinars ($831.39 million) to reach 300 million, up from 50 million now, as it looks to reinvigorate tourism in the oil-rich country, its chief executive said.

The company is a unit of Kuwait Investment Authority, the Gulf state's sovereign wealth fund.

"Our vision is to bring back the golden age of tourism in Kuwait," CEO Abdelwahab Almarzooq told a news conference, adding that the company plans to execute 95 initiatives and projects costing 380 million dinars over 10 years.

 

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