FACTBOX-Economic reforms at stake in Kuwait elections

(Reuters) - Economic reform plans are at the heart of parliamentary elections that OPEC member Kuwait is holding on Saturday.

The world's seventh-largest oil exporter wants to diversify its economy and emulate the success of Gulf Arab commercial hub Dubai, but several reforms had been delayed in parliament due to a long-running standoff with the government.

Parliament has to approve all laws and Kuwait's budget. Following is a list of the status of major economic reform plans.

PASSED

- Parliament approved in January the sale of loss-making national carrier Kuwait Airways within two years.

- Deputies approved in December a government-sponsored bill to cut tax on foreign firms to a flat 15 percent from up to 55 percent previously. Gains on the stock market will be tax-free for foreign investors.

- Parliament also approved a bill to outsource more activities such as warehousing facilities.

PENDING

- Project Kuwait, a plan to pump more oil from northern fields to help boost crude output, has never made it beyond committee level because of Islamist and tribal MPs opposition to the involvement of Western companies in oil and gas production. Kuwait's fields are off-limits to foreign investors. The multi-billion dollar project has been on hold for over a decade.