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Kuwait Eyes ‘Silk City’ Project to Become Global Investment Destination

Kuwait Eyes ‘Silk City’ Project to Become Global Investment Destination

Thursday, 12 July, 2018 - 07:00
The Silk City project in Kuwait. (KUNA)
Kuwait - Asharq Al-Awsat
The Silk City project, spearheading the Kuwait vision 2035, is considered the largest marine front project that will bring Kuwait back on the world map of tourism and investment.

During his visit to China, Kuwaiti Emir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah expressed the government’s wish to transform the country into a financial and commercial center that attracts foreign and local investment to reinforce Kuwait’s role as a commercial and financial center.

In an interview with Xinhua News Agency, he expected China to play a supportive role in creating a joint economic platform to achieve commercial exchange and mutual interest among the states of the north Gulf region.

He added that he expects Beijing to be a strategic partner and an essential investor in developing the infrastructure of the Silk City, as well as establishing advanced industrial and technological regions in the north region of Kuwait.

The government is awaiting the positive impact of the project on the development, social and economic levels of Kuwait.

It will also contribute to reducing government spending to become an essential factor, attracting foreign and local investment amid the growing population.

The project aims to build a free and independent commercial zone that enjoys financial, administrative and legislative independence. The Silk City project is located in Sabia in northeastern Kuwait with an estimated area of 250 square kilometers.

Its establishment is anticipated to take around 25 years, with a total cost of around USD86 billion.

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