Kuwait, China ink deal to move forward with Silk City project

Published on Monday, 26 November , 2018 557 Views

Government

#agreement #China #China's National Development and Reform Commission

Kuwait has signed an agreement with China to move forward plans for the development of its new economic hub, Silk City, and the five northern islands.

Why Facebook’s Profit Margin Is Shrinking

Facebook Inc.’s spending has increased by $7 billion, or 47 percent, this year through Sept. 30, and many…

The project is the cornerstone of the New Kuwait 2030 vision and will serve as huge economic free zone that will link the Arabian Gulf to central Asia and Europe.

According to Kuwait News Agency, the head of the Silk City project, Faisal Al Medlej, signed the agreement with China’s National Development and Reform Commission, a government-run economic management agency.

The $100 billion project will play an important role in the country’s diversification efforts, and will include a 1,000-metre skyscraper, a wildlife sanctuary, a new airport, a duty-free shopping zone and media and conference facilities.

“There is mutual and substantial consensus between New Kuwait 2030 vision and the Belt and Road initiative to revive the Silk Road and establish a commercial centre to serve the world,” the Kuwaiti Ambassador to China, Samih Hayat, was quoted as saying.

The agreement to team up with China to develop Silk City and the five islands — Failaka, Warba, Boubyan, Miskan and Awha — first came in July.

A 36km bridge connecting Kuwait’s mainland to the five islands is on track for completion by the end of the year.

One of the main developments will be the Mubarak Seaport which, when complete, will be Kuwait’s largest commercial trading hub.

Remittances of Expats in Kuwait Drop by 13 Percent

The UN Special Rapporteur on contemporary forms of slavery, including its causes and consequences, has sent a questionnaire…

Keywords: agreement China China's National Development and Reform Commission
Category Government | 2018/11/26 latest update at 1:00 AM
Source : Arabian Business | Photocredit : Google

558 Views
Comments Add comment

Kuwaiti oil at around $50 to 60...

Saudi Arabia v DPR Korea (4-0) AFC...

Jellyfish exhibit in Paris puts spotlight on...

The editorial staff of Kuwait Media would like to give all of its readers from Gulf and Kuwait and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Kuwait Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Kuwait, the Gulf and the world.