Within the framework of moving vital projects aimed at diversifying the economy by attracting foreign investments, government agencies took a step towards activating the establishment of the free zone in Nuwaiseeb, in the south of the country.
A local Arabic daily learned from informed sources that “Kuwait has addressed the Kingdom of Saudi Arabia, through the Ministry of Foreign Affairs, to coordinate the implementation of the project.”
This step came, according to the sources, after the “Chinese and Korean companies foresaw the opinion of the Kuwaiti side regarding investment in the free zone,” which is planned to be established inside Kuwaiti lands near the border with Saudi Arabia.
The sources pointed to “previous field visits to a number of neighboring countries, attending specialized events, and reviewing some global experiences in the field of free zone management.”
The sources explained that “Kuwaiti-Saudi coordination regarding Nuwaiseeb aims to benefit from the best experiences and practices in this regard, which maximizes the expected benefit from the implementation of the project,” pointing out that Kuwait’s move towards the Kingdom “is of particular importance, and indicates the possibility of accelerating the project implementation steps in the period In the coming years, about 6 years after the Council of Ministers approved the establishment of a free zone, or free trade zones in Nuwaiseeb, with defining the scope of its borders and coordinates.
The decision of the Council of Ministers in this regard was followed by assigning the Direct Investment Promotion Authority to temporarily manage the free zones stipulated in Law No. 26 of 1995.
The sources added that “Investment Promotion” has completed the economic and technical feasibility study for the “Nuwaiseeb Free Zone” project, including all the necessary legal and regulatory perspectives, whether with regard to the way it is managed, privatized or not, or the type of appropriate economic activities.
The sources pointed out that the prepared feasibility study took into account the modern economic specifications for Nuwaiseeb to be a free zone comparable to the regional areas in terms of organization and service to investors.
The sources pointed out that the Fatwa and Legislation Department has confirmed the legality of assigning the administration of the free zone to a foreign entity, such as a specialized foreign company, in response to the question regarding the permissibility of granting a foreign entity (a state, entity or government company) the right to benefit from the allocated plot of land to establish the Nuwaiseeb Free Zone.
According to previous studies, “the project is considered one of the most important projects in Kuwait, given the railway to be built next to the free zone, which helps transport goods to and from it and transform it into an important regional commercial station.”
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