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Kuwait Touristic Enterprises plans to increase its capital by 250 million dinars ($831.39 million) to 300 million, as it looks to reinvigorate tourism in the oil-rich country, its chief executive said.
A unit of Gulf country's Kuwait Investment Authority sovereign wealth fund, the company plans to borrow 50 million dinars from local banks to finance part of its projects, CEO Abdelwahab Almarzooq told a news conference.
"Our vision is to bring back the golden age of tourism in Kuwait," he said, adding that the company plans to execute 95 initiatives and projects costing 380 million dinars over 10 years.