Kuwait's Northern Gulf Gateway project to spur foreign investment

Kuwait's Northern Gulf Gateway project to spur foreign investment
Kuwait City, Kuwait.
Published: 22 March 2018 - 2:44 a.m.
By: Jumana Abdel-Razzaq

The Northern Gulf Gateway in Kuwait, an integrated flagship project for realising the country’s National Vision 2035, will open doors for investment opportunities for US, European, Chinese, and Asian investors.

The project aims to add $220bn to the country's gross domestic product (GDP), according to new details unveiled at the Kuwait Investment Forum 2018.

Kuwait also aims to attract up to $200bn in foreign direct investment to develop 20% of the project, which is expected to attract 3-5 million visitors annually by opening new investment opportunities for the tourism, hospitality and leisure sectors.

Additionally, the development is set to create 300,000 to 400,000 knowledge-based jobs for Kuwaiti nationals and younger professionals, spurring economic growth in the gulf nation.

Sheikh Nasser Sabah Al-Ahmad Al-Sabah, First Deputy Prime Minister and Minister of Defence said: “To change things have prevailed and to regain our growth, we have chosen the Northern Gulf Gateway development, not only as an economic catalyst but also to build a new geopolitical era.

"We can use the geographic advantage of our northern region, which lies closest to two of the world’s oldest civilizations to help build new relations with our neighbours.

“Connecting to the Belt Road Initiative, the development will have a world-class airport, industries, a knowledge zone, leisure zone and educational zone. With Northern Gulf Gateway, Kuwait will be a catalyst in bringing together other countries in the region and across the world.”

The board of trustees of the Harbour City in Northern Gulf Gateway are expected to discuss investment opportunities with Chinese companies on 1 May, 2018, it was announced during the forum.

Held under the patronage of the Emir Sheikh Sabah Al-Ahmad Al-Jaber, KIF 2018 is co-organised by the Kuwait Direct Investment Promotion Authority (KDIPA), and the Kuwait Chamber of Commerce and Industry (KCCI) at the Bayan Palace and the Jaber Al-Ahmad Cultural Centre (JACC).

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