A 'Silk City' rising from Kuwait's northern sandy plains will hel...
KUWAIT - A “Silk City” rising from Kuwait’s northern sandy plains will help diversify the Gulf Arab state’s economy away from oil, draw foreign investment and galvanize trade links with Iraq, Iran and China - or at least that’s the plan.
Nasser’s plan for an economic free zone and deep sea port, to be built in phases over 25 years, is meant to prevent Kuwait from falling further behind its neighbors which have opened up to foreign investment and are vying to be regional business hubs. The project encompasses five islands and a northern territory linked to the capital by the $2.3 billion Sheikh Jaber Al Ahmed causeway that is set to open on Wednesday.
Per capita, Kuwait is one of the richest countries in the world due to its small population and large crude reserves. But it experienced its first budget deficit in nearly 20 years in 2016 due to a falling oil price. In the meantime, similarly oil-dependent neighbors including Saudi Arabia, Bahrain and the UAE have taken greater strides to diversify.
A Chinese foreign ministry statement said the agreement referred to Silk City and the Five Islands development, but gave no details.
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