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The Nuwaiseeb Free Zone project comprises the establishment of 50 factories for light and manufacturing industries.
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The project will feature three hotels, two sub-lease investment complexes, and four restaurant complexes serving workers and visitors in the area, along with two medical centers
Al-Qabas newspaper reports that the Direct Investment Promotion Authority has finalized the identification of components for the Nuwaiseeb Free Zone, situated in the southern part of the country. This zone will be constructed with advanced economic specifications to function as a free zone, akin to regional free zones, in terms of organization and services offered to investors.
A document seen by Al-Qabas reveals that the project aims to attract and accommodate 500 local and foreign companies with diverse activities. The project will also include 50 logistics warehouses, along with storage spaces and land.
The project comprises the establishment of 50 factories for light and manufacturing industries. Additionally, it will feature three hotels, two sub-lease investment complexes, and four restaurant complexes serving workers and visitors in the area, along with two medical centers. Moreover, more than five sites have been designated as headquarters for several commercial banks.
Nuwaiseeb Free Zone is considered the first new free zone to be established in the past two decades, not only in terms of its management method and the idea of privatization but also in the types of economic activities it will encompass in this new southern free zone.
Investment promotion
The document also stated that the beneficiaries of the project are investment and industrial companies affiliated with the Kuwaiti private sector, in addition to foreign investors.
The report stated that the main goal of the Nuwaiseeb Free Zone project is to support and enhance direct investment by facilitating its entry into the national economy, strengthening trade ties between Kuwait and other countries worldwide, and stimulating trade exchanges. This includes developing non-oil industrial exports, particularly in the manufacturing industry.
By establishing the project, the government aims to boost the national product by promoting commercial and industrial activities in Kuwait.
Informed sources informed Al-Qabas that the executive leaders overseeing the Nuwaiseeb Free Zone will consider the past mistakes of the Shuwaikh Free Zone to avoid repeating them. They are aware that “Nuwaiseeb” is a desert area and does not face the legal complications experienced by the Shuwaikh Free Zone.
Specific project objectives
- Developing free zones in Kuwait and expanding economic competition
- Attracting foreign investors and providing investment opportunities for the Kuwaiti private sector in the region
- Creating job opportunities for citizens, particularly in private sector companies within the region
- Boosting the national product with non-oil revenues
- Enhancing commercial activity through import and export of goods
- Implementing modern technology for efficient management of the free zone
Nuwaiseeb Free Zone: Key objectives, components
- Three luxury hotels
- Hosting 500 local and foreign companies
- Setting up 50 logistics warehouses and storage areas
- Establishing 50 light and manufacturing industry factories
- Two investment complexes with subleasing options
- Creating four restaurant complexes for investors, workers, and visitors
- Establishing two medical centers
- Hosting more than five commercial banks
