Kuwait’s Northern Gulf Gateway project: $200bn in FDI to start
Investing in the future Kuwait includes the ambitious Northern Gulf Gateway, an integrated flagship project for realising the Kuwait National Vision 2035 and which will open doors for investment opportunities for US, European, Chinese and Asian investors.
Moving forward with Kuwaiti FDI plans, the country needs to introduce legislation and supportive systems for sustainable development, foster regional and global liberalisation, trade integration and cultural integration, and give a leading role for the private sector in development, financing and investment.
The Boeing Company announced that it will open its permanent office in Kuwait, which will scale up the number of high-quality job opportunities for Kuwaiti nationals.
The Northern Gulf Gateway in detail
The project opens tremendous opportunities for investment and has a great impact on the economy.
-US$150 to $200 billion in FDI for developing 20% of the project
-Northern Gulf Gateway to add $220 billion to the GDP
-Development to create 300,000 to 400,000 knowledge-based jobs for world’s youth
-To attract 3 to 5 million visitors annually, opening new investment opportunities for the tourism, hospitality and leisure sectors
-Board of Trustees of the Harbour City in Northern Gulf Gateway to discuss with Chinese companies on May 1
Leaders’ business comments: More Data
H.E. Sheikh Nasser Sabah Al-Ahmad Al-Sabah,First Deputy Prime Minister and Minister of Defense 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. Connecting to the Belt Road Initiative, the development will have a world-class airport, industries, a knowledge zone, leisure zone and educational zone.”
Omar Kutayba Alghanim CEO, Alghanim Industries & Chairman, Gulf Bank Kuwait;said: “International corporations are opening office, and with our administrative and regulatory changes, we are open to global business. Since the inception of our SME Fund, more than $7 billion were set aside for them; such support doesn’t happen in any other country.”
Timothy Keating, Executive Vice President of Government Operations, The Boeing Company, USA said: “The Middle East alone would need 63,000 pilots by 2035 as well as 69,000 technicians in addition to training to be offered for 100,000 crew. Such training partnerships are what we are looking at in Kuwait, so the young people here do not have to leave the country to be trained. We have about 50 employees now but watch the numbers grow.”
Noura Al-Qabandi Director of International Affairs and Research Department, CITRA, Kuwait gave details of the different zones that will include an educational hub; a centre for smart industry and future technologies and with a port of 8 million TEU capacity; a financial hub with a stock exchange, and a touristic destination that also will feature a world-class medical facility.