Development aims to add $220bn to GDP, create up to 400,000 jobs and attract 3-5m tourists per year
Kuwait has announced details of its Northern Gulf Gateway project that aims to add $220 billion to the country's gross domestic product (GDP).
Officials aims to attract up to $200 billion in foreign direct investment to develop 20 percent of the project which was unveiled at the Kuwait Investment Forum 2018.
The development also plans to create as many as 400,000 knowledge-based jobs while also attracting 3-5 million visitors annually by opening new investment opportunities for the tourism, hospitality and leisure sectors.
The Northern Gulf Gateway, an integrated flagship project for realising the Kuwait National Vision 2035, will open doors for investment opportunities for US, European, Chinese and Asian investors, a statement said.
Sheikh Nasser Sabah Al-Ahmad Al-Sabah, First Deputy Prime Minister and Minister of Defence said: “To change things have prevailed and to regain our growth, we have chosen the Northern Gulf Gateway development, not only as an economic catalyst but also to build a new geopolitical era.
"We can use the geographic advantage of our northern region, which lies closest to two of the world’s oldest civilizations to help build new relations with our neighbours. Connecting to the Belt Road Initiative, the development will have a world-class airport, industries, a knowledge zone, leisure zone and educational zone. With Northern Gulf Gateway, Kuwait will be a catalyst in bringing together other countries in the region and across the world.”
Held under the patronage of the Emir Sheikh Sabah Al-Ahmad Al-Jaber, KIF 2018 is co-organised by the Kuwait Direct Investment Promotion Authority (KDIPA), and the Kuwait Chamber of Commerce and Industry (KCCI) at the Bayan Palace and the Jaber Al-Ahmad Cultural Centre (JACC).
KIF 2018 also heard that the Boeing Company plans to open its permanent office in Kuwait, which will scale up the number of high-quality job opportunities for Kuwaiti nationals.