Kuwait city: The Public Institution for Social Security has finalized an agreement with the Ministry of Finance to transfer ownership of a substantial 706,000-square-meter plot in the Al-Rai area to the institution.
According to Kuwait News Agency, the signing of the official document aligns with Law No. 4 of 2022, Article 4, which mandates that "the public treasury shall settle the institution's actuarial deficit by a ministerial decision with a minimum of KD 500 million (around USD 1.6 billion) at the beginning of each fiscal year, starting April 1, 2022, either in cash or in kind, until full settlement of the actuarial deficit." This land acquisition, coordinated with the Kuwait Municipality and the Ministry of Justice, is designed to bolster the institution's investment plans, providing a platform for future projects aimed at expansion and growth.
The transfer of land also signals the commencement of planning for strategic initiatives focused on enhancing the financial sustainability of the institution.
The document was signed by Undersecretary of the Ministry of Finance Aseel Al-Munaifi and Acting Director General of the Public Institution for Social Security Khalid Al-Mudhaf, with the presence of Acting Undersecretary of the Ministry of Justice Awatif Al-Sanad and other relevant authorities.