KUWAIT CITY — Kuwait’s National Assembly approved the country’s most ambitious economic reform package in six decades in a historic vote, committing over $200 billion to a sweeping diversification agenda over the next 15 years.
The package includes partial privatisation of state enterprises, deep cuts to energy subsidies, a new foreign investment framework granting 100% foreign ownership, and a $50 billion Kuwait Innovation Fund targeting technology and advanced manufacturing. “This is Kuwait’s declaration of economic independence from oil,” said one senior economist who advised the reform committee.
