Faleh Al-Rakba, the Minister of Justice and Minister of State for Housing Affairs, has taken a significant step towards promoting economic growth and enhancing housing development in Kuwait. According to a report by Al-Jarida Daily, Minister Al-Rakba has issued a decision to implement the executive regulations of Law No. 118 of 2023.
Law No. 118 of 2023 focuses on the establishment of companies with the primary objective of developing cities or residential areas. The law aims to create opportunities for economic growth and provide quality residential care for the citizens of Kuwait. With the implementation of the executive regulations, the government is taking concrete steps towards transforming the provisions of the law into tangible projects.
The General Corporation for Housing Welfare has released a press statement confirming the inclusion of a series of steps in Ministerial Resolution No. 138 of 2023. This resolution is a direct response to Article 39 of the law, which mandates the Minister of Housing, a specialized minister, to issue the executive regulations.
The newly implemented regulations are designed to foster collaboration and partnership with the private sector. Recognizing the importance of private sector involvement in driving economic growth and housing development, the regulations aim to create an environment conducive to attracting investment and expertise.
The regulations consist of 16 chapters with 84 legal articles, covering various aspects related to the implementation of housing projects. These projects can take the form of cities or regions, providing flexibility in addressing the diverse housing needs of the population. By covering a wide range of topics, the regulations ensure comprehensive guidance for developers and investors.
Ministerial Resolution No. 138 of 2023 will come into effect immediately upon its publication in the Official Gazette. This swift implementation demonstrates the government’s commitment to expedite the execution of housing projects and boost economic growth.
These efforts align with the development goals and plans established by the Council of Ministers. By implementing the executive regulations, the government is not only fulfilling its commitment to provide quality residential care but also contributing to the overall development of Kuwait.
The implementation of Law No. 118 of 2023 and the corresponding executive regulations is a significant milestone for Kuwait. It signifies the government’s proactive approach towards addressing the housing needs of its citizens and promoting economic growth through strategic partnerships with the private sector.
As Kuwait moves forward with the implementation of these regulations, it is expected to witness a surge in housing development projects and increased collaboration between the public and private sectors. This will not only enhance the quality of life for the citizens but also contribute to the overall economic prosperity of the country.
With the newly established framework in place, Kuwait is well-positioned to attract local and international investors, facilitating the infusion of capital and expertise into the housing sector. This, in turn, will create employment opportunities and stimulate economic growth in various related industries.
In conclusion, the implementation of the executive regulations of Law No. 118 of 2023 marks a significant milestone for Kuwait. The government’s commitment to housing development and economic growth is evident in the comprehensive and strategic approach taken in formulating these regulations. By fostering collaboration with the private sector and providing a framework for housing projects, Kuwait is poised to achieve its goals of providing quality residential care and promoting economic prosperity.
Source: TimesKuwait
