Consultants express interest in in-house role
Kuwaits Ministry of Finance has received expressions of interest from consultants for an in-house advisory role for the Supreme Council for Privatisation.
The consultants will work for three years, covering policy, strategy and delivery of privatisation schemes.
The work is expected to involve identifying assets across different sectors for privatisation, and advising on the preparations for privatisation, the process and post-privatisation follow-up.
The Kuwaiti government is looking to privatise some state-owned assets, businesses and services as part of its Vision 2035. The transport sector is expected to be a target for privatisation.
Kuwaits National Assembly passed a privatisation bill in 2010. Units such as Kuwait Airways and Kuwait Stock Exchange were selected for privatisation, and various structures proposed.
However, progress stalled and no state-owned companies have been privatised.
Now, sub $50-a-barrel oil prices are putting pressure on state finances, and driving renewed pressure to control state spending. Kuwait is expected to run a 13.4 per cent fiscal deficit in 2016, according to Washington-based IMF estimates, after oil revenues halved from 2014 levels.
In July, Finance Minister and acting Oil Minister Anas al-Saleh announced that some subsidiaries of Kuwait Petroleum Company would be partially privatised, with the state retaining overall control of oil assets.