Kuwait has signed an agreement with China to move forward plans for the development of its new economic hub, Silk City, and the five northern islands.
The project is the cornerstone of the New Kuwait 2030 vision and will serve as huge economic free zone that will link the Arabian Gulf to central Asia and Europe.
According to Kuwait News Agency, the head of the Silk City project, Faisal Al Medlej, signed the agreement with China's National Development and Reform Commission, a government-run economic management agency.
The $100 billion project will play an important role in the country’s diversification efforts, and will include a 1,000-metre skyscraper, a wildlife sanctuary, a new airport, a duty-free shopping zone and media and conference facilities.
“There is mutual and substantial consensus between New Kuwait 2030 vision and the Belt and Road initiative to revive the Silk Road and establish a commercial centre to serve the world,” the Kuwaiti Ambassador to China, Samih Hayat, was quoted as saying.
The agreement to team up with China to develop Silk City and the five islands — Failaka, Warba, Boubyan, Miskan and Awha — first came in July.
A 36km bridge connecting Kuwait’s mainland to the five islands is on track for completion by the end of the year.
One of the main developments will be the Mubarak Seaport which, when complete, will be Kuwait’s largest commercial trading hub.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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