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Kuwait’s ambitious infrastructure plans boosting Islamic banks’ prospects

KUWAIT: Islamic and conventional Kuwaiti commercial banks are poised for greater growth in terms of credit expansion and margin this year buoyed by strong public spending and effective diversification strategies, says Fitch Ratings. The Kuwaiti government earlier this year passed a new five-year development plan which will see the Arab country spend KWD34.15 billion (US$112.48 billion) on a slew of development projects, with at least KWD14 billion (US$46.11 billion)-worth of projects to be awarded this year. These infrastructure initiatives have stimulated....

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