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Kuwaiti island development to spark employment boom, says minister
March 21, 2018, 8:39 am

Preliminary studies indicate that a national plan to develop Kuwaiti islands could help provide more than 200,000 jobs and generate an annual revenue of more than USD 35 billion, a senior Kuwaiti official said on Tuesday.

In his speech during the "Kuwait Investment Forum 2018", First Deputy Prime Minister and Defense Minister Sheikh Nasser Sabah Al-Ahmad Al-Sabah said the aforementioned plan ensures that the country is well protected.

He explained that prosperity in the islands would inevitably help carve out a densely populated region in the north, which makes security and protection all the more necessary.

On the notion behind the project, he pointed out that the eastern Kuwaiti islands represent a fledgling area of investment that could be a launchpad for greater cooperation with neighboring countries.

Meanwhile, given the magnitude of the project, the Kuwaiti defense minister revealed that local and global firms have collectively taken up an endeavor that seeks to lure investment into an area with untapped potential.

He cited an ongoing feasibility study over a plan to merge the islands project with Kuwait's Silk Road enterprise, saying the proposition was highly likely at this point. "Everybody knows the true value of northern Kuwait," the minister said, adding that his country has lived through two vast human civilizations that have contributed immensely to the world.

On strategies to fund the slew of development projects the country has in store, he said the issue is "currently being examined in a way that would not inhibit the rights of future generations."

The two-day forum brings together senior Kuwaiti officials as well as local and foreign investors, in addition to financial institutions, to examine investment opportunities and emerging industry trends.

Source: KUNA

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