Kuwait plans to set up free economic zones close to the shores of Iran and Iraq

Kuwait plans to set up free economic zones close to the shores of Iran and Iraq
12-17-2015 


Twilight News Kuwait / intends to create free economic zones on five islands close to the coast of Iran and Iraq, with open doors to investment companies from the private sector, according to the news agency reported the Kuwaiti official.


The project approved during a meeting of the Supreme Council for Planning and Development on Wednesday night and lifted to the Cabinet for approval, in a move that comes with the decline in revenues due to Kuwait drop in oil prices, which provides most of its revenues.


The agency quoted India Sabih Barak, Minister of Social Affairs and Labor and Minister of State for Planning and Development, said the project aims to "exploit the Boubyan and Failaka Islands and Warba and Miskan and Auhah Island, to establish an integrated and multi-disciplinary free economic zone serve as an economic and cultural gateway to the northern Gulf and Kuwait."


She explained that the move "supports the Kuwaiti economy and raise the regional and global competitiveness of the state level," and the idea of ​​the project "based on the real involvement and stimulate the local, regional and international private sector to participate in the implementation, operation and financing operations."


It added that it "helps to reduce dependence on the state of public finances and contribute to providing employment opportunities for young Kuwaiti who wants to work outside the public sector."


Kuwait is currently building a container port on Boubyan Island, the largest in the country, estimated to cost billions of dollars. It is scheduled to start the first phase of the port soon.


And it extends the islands covered by the draft free economic zone on thousands of square kilometers, which is close to the "Silk City" project set up by the boys in the Kuwait area, which intends to link the capital across the highway length of 25 km at a cost of $ 2.6 billion.
And granted Kuwait in 2015 projects a record $ 30 billion despite a decline in oil prices, according to officials and analysts. They say that Kuwait, which was awarded projects worth $ 24 billion in 2014, with plans and projects under construction worth $ 251 billion.


The Kuwaiti Council of Ministers approved in February noticed a five-year development plan to spend 34 billion dinars (112 billion dollars) between the financial year 2015/2016 and 2019/2020. It is anticipated projects during the five years, the network of underground trains worth $ 18.5 billion, and the railway project worth 6.6 billion is part of the project at the level of the Gulf Cooperation Council (GCC), and a laboratory for the production of electric energy worth eight billion.


Kuwait signed last month contracts worth $ 13 billion with foreign companies, for the construction of an oil refinery produces 615 000 barrels per day.


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