KUWAIT —

The second edition of the Kuwait Investment Forum (KIF 2018) held last March announced a series of projects across diverse sectors of the economy – from infrastructure development, renewable energy, to the digital transformation initiatives of the country. Furthermore, path-breaking announcements were made to boost the status of Kuwait as a financial and capital market hub. These not only underpin the national vision 2035 – New Kuwait – but also reiterate the leadership’s strong resolve to focus on economic diversification to drive sustainable growth.

This is exemplified in the impressive Northern Gulf Gateway, an integrated flagship project that will identify the «Future Kuwait», and will open the doors for mega investment opportunities for global investors. The Northern Gulf Gateway is initially billed to attract $150 to 200 billion in foreign direct investment for developing 20 per cent of the project – a significant step that will drive the economy’s all-round economic diversification and growth. It is intended to also create over 300,000 to 400,000 knowledge-based jobs for the youth, and is positioned to welcome 3 to 5 million visitors annually, boosting the tourism, hospitality and leisure sectors. Besides a touristic destination, it will further serve as an economic catalyst by integrating various competitive specialized zones: an educational hub, a world-class medical facility, a center for smart industry and future technologies, a financial hub with a stock exchange, and a port of 8 million TEU capacity.

Other mega opportunities in the infrastructure sector that will boost Kuwait’s economy include the ongoing construction of the new terminals at Kuwait International Airport, scheduled to be completed in 2022, with an annual capacity of 25 million passengers that will achieve additional annual revenues of $300 million. This project is expected to create 12,000 job opportunities for engineers and skilled workers especially young Kuwaitis.

Moreover, the Al-Shaqaya Renewable Energy Complex aims to increase the capacity available for power plants with total completion rate of the project wat 80% and due for completion in 2022. The Clean Fuels Project, an overhaul of the Mina Abdullah and Mina Al-Ahmadi refineries, was also highlighted leading to an increase in oil production and development of reserves with returns on investment on the project expected at 11.5 per cent.

The Al Nayeem Industrial city, focuses on shifting from creating industrial zones to smart integrated cities, that complements the goals of Kuwait National Vision 2035.

A new Cargo City at Kuwait International airport (First phase), built on 3 million square meters, is considered to be one of the most important projects in the development plan, and will be the largest cargo city in the Middle East enhancing Kuwait logistics and storage capabilities. Kuwait is also seeking to develop its tourism sector. KIF 2018 also highlighted several initiatives to transform the banking system, and promote advanced financing with several new investment channels. — SG