Kuwait government monitoring prices to prevent black market

Kuwait government monitoring prices to prevent black market
Published: 30 July 2019 - 9:12 a.m.
By: Baset Asaba

Kuwait’s Ministry of Commerce and Industry is monitoring the price of construction materials after it emerged that government subsidies could be used to create a black market.

Head of subsidies at the ministry, Salah Al-Rashidi told local reporting service KUNA that his department was working diligently to ensure $412.5million in grants was not being abused.

The 2018 release of funds had been designed to create more options in the market, with subsidies covering electrical cables, water and heat insulators, ceramics and porcelain as well as limestone and paints.

Regulations dictates that subsidies should not exceed $98,000 dollars per citizen.

Examples of subsidies include the ability to acquire 15,000 cement blocks for around $6,300; and receiving $16,500 for central air-conditioning systems.

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