Kuwait to spend $160bn on island development project

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Kuwait to spend $160bn on island development project

Nov 1, 2017 10:35 AM

Kuwait is set to pump in 160 billion to develop five major islands - Boubyan Warba Failaka Maskan and Aouha - over the next 20 years said a report. The plan is to transform the islands into tourism and...

Kuwait is set to pump in $160 billion to develop five major islands - Boubyan, Warba, Failaka, Maskan and Aouha - over the next 20 years, said a report.

The plan is to transform the islands into tourism and leisure destinations consisting of canals similar to those found in Venice, Italy; as well as shopping complexes, hitech travel centres and other amenities reported the Arab Times.

The project’s objectives include the creation of comprehensive free zone, implementation of operating rules in a bid to prevent bureaucracy and encourage competent workers.

It is expected as well to attract huge investments from different parts of the world and develop national products, considering these islands are part of the Silk Road project, stated the Arab Times report.

A study conducted by the Development of Islands Committee in the Council of Ministers showed that the country will earn around $40 billion annually once the mega ambitious project gets completed; in addition to the creation of 200,000 jobs, said the report.

The development of these islands has come to a number of considerations, including its unique location within a region where economic turnover is estimated at $2.2 trillion annually, it added.

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