Kuwait has announced details of its Northern
Gulf Gateway project that aims to add $220 billion to the country's gross
domestic product (GDP), create
up to 400,000 jobs and attract 3-5m tourists per year
Officials aim
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.
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