Kuwait to transfer land worth $8.1 bln to pension fund

Kuwait’s finance ministry said on Monday it was preparing to transfer land worth more than 2.5 billion dinars ($8.12 billion) to the state’s pension fund for investment.

The move was to support “retirees by strengthening the financial and economic position of the institution and ensuring its sustainability, and reducing the actuarial deficit recorded in the institution’s budget,” the ministry said.

It added that the process is underway to complete the transfer of three land plots with a total area of 842,000 square metres to the Public Institution for Social Security Fund.

Earlier, Kuwait introduced a new law aimed at all expats looking to exit the country for any reason, according to country’s interior ministry.

According to Kuwait’s Ministry of Interior, every expat departing the country will now be required to settle all traffic fines and violations registered against them before they can depart.

The new travel rules will be effective immediately and called on expats to comply with the legal provisions.