(Bloomberg) -- Kuwait plans to list a power and water company this year, as part of plan to overhaul its economy following the slump in oil prices.
A 50 percent stake of the company, established with the private sector in November, will be sold to Kuwaiti citizens, Oil Minister Essam Al-Marzouk said at a press conference to announce the government's so-called Vision 2035 plan in Kuwait on Monday.
Kuwait, running a budget deficit after years of surpluses fueled by high oil prices, is taking a leaf out of neighboring Saudi Arabia's playbook in seeking new sources of revenue following crude's decline since 2014. The government has curtailed some of its largess by cutting fuel and utility subsidies, and is also planning to sell its first dollar bonds after picking advisers this month.
Kuwait's plans also include the creation of three more power companies, with about 15 percent of Kuwait's electricity needs generated from renewables by 2030, Al-Marzouk said.
To contact the reporters on this story: Zainab Fattah in Kuwait at zfattah@bloomberg.net, Ahmed Feteha in Cairo at afeteha@bloomberg.net, Wael Mahdi in Kuwait at wmahdi@bloomberg.net. To contact the editors responsible for this story: Alaa Shahine at asalha@bloomberg.net, Stuart Biggs, Mark Williams
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