Kuwait Touristic plans capital hike to help bolster tourism

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.

($1 = 0.3007 Kuwaiti dinars)