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Kuwait plans to spend its bumper petrodollar earnings on an array of mega projects over the next five years including a new business hub dubbed Silk City, according to a plan published yesterday. The OPEC member has earmarked KD 35 billion dinars ($131.5 billion) for Silk City, as well as a harbor, railway and metro system, in a bid to diversify its oil-dependent economy and become a regional trade and financial centre.

The ambitious project, Kuwait's first five-year development plan in more than two decades, aims to "boost gross domestic product, diversify sources of income and help the private sector take the lead in the domestic economy," reported Al-Rai newspaper which published the draft plan. The plan, which includes a total of 1,100 projects, must be approved by the parliament before it can be implemented. The government is expected to send the plan to parliament for debate next month.

It is not immediately clear if all the projects will be funded by the state's petrodollars. The plan will finance part of the $77 billion Silk City, which aims to revive the ancient Silk Road trade route by becoming a major free trade zone linking central Asia with Europe. The city will be located in the northern tip of Kuwait in the strategic area of Subbiya near the Iraqi border, and is set to include what could be the tallest tower in the world.

When complete in 2030, it will be home to around 700,000 people and is projected to create 450,000 jobs. The Gulf state has been vying to diversify its economy, which is dominated by both the public sector and oil revenues. But wrangling between parliament and the government has delayed key projects. The oil sector contributed around 59 percent of Kuwait's GDP of more than $110 billion in 2007. The private sector's share still remains at just over 30 percent despite the privatization of a number of state p
rojects.

The plan, scheduled to run between 2009 and 2014, also calls for the construction of a long-delayed 25-kilometre causeway to link Subbiya with the capital and a mega container harbor in nearby Bubiyan island to serve Iraq and other Gulf states. It also envisages construction of a railway and metro at a projected cost of more than $11 billion, in addition to around 50,000 housing units for citizens. The railway will become part of a project linking the energy-rich Gulf Cooperation Council (GCC), made up of
Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.

Kuwait's foreign assets reached a record $264 billion in March and are believed to have swelled to around $300 billion due to high oil prices. They are managed by Kuwait Investment Authority (KIA), the state investment arm, in two major funds. In the past three years, Kuwait posted $170 billion in oil revenues. Its budget surplus in the past nine fiscal years amounted to $113 billion. Return on investments is not counted in the budget. Kuwait, which says it holds 10 percent of global crude reserves, pumps
2.6 million barrels per day. It has a native population of just over one million, besides 2.35 million foreign residents.

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ALL HD BROADCASTS, I USE DIRECT TV

Wednesday, 01 October 2008

INCORRECT HD FORMAT

Posted by: jeff on 09/30/2008 06:48 PM

All Broadcast feeds go to main center. All I know is there main trans missions comes from California. I use Direct tv for HD. However all of the channels converted so far are not formating movies correctly yet. Example HBOHD shows Star Wars from 1977,1980, and 1983 in widescreen. Then you tune to SpikeHD and they have formated them to 16x9, full screen, all three movies! What is wrong with fixing the movies once they see something is wrong. HBOHD has been playing the same incorrectly formated movies of Star Wars for more than 3 or 4 years now! I have tried to contact them,HBOHD, and all broadcast stations in HD format with no luck to find a solution to the problems with there broadcasts. What is wrong with these people. People all over the U.S. are paying millions,for HD. Somehow they can not fix these problems or just dont care to make changes to fix it in the future. Or even to make there Service even better! Please call jeff at 614-506-8464 for info in how to contact any broadcast station in HD. movie format dep.

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Last Updated ( Wednesday, 01 October 2008 )

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