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Kuwait all set to open doors to lucrative investment and job opportunities

Held under the patronage and presence of HH the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, the second edition of Kuwait Investment Forum (KIF 2018) was held recently, which shed light on Kuwait’s dynamic market, promoting a plethora of lucrative investment opportunities to the global investors network.

A series of projects have been announced across diverse sectors of the economy, ranging from infrastructure development, renewable energy, digital transformation initiatives etc. Further, path-breaking announcements to boost the status of Kuwait as a financial and capital market hub were made. These highlight the national vision 2035 – New Kuwait, and emphasize the strong resolve by Kuwait to focus on economic diversification to drive sustainable growth.

This is further exemplified through the 'Northern Gulf Gateway', an integrated flagship project that would identify the 'Future Kuwait' and open doors for mega investment opportunities for global investors.

The Northern Gulf Gateway aims to draw in $150bn to $200bn in foreign direct investment for developing 20 percent of the project, and this is a major step expected to drive the economy’s all-round economic diversification and growth. It is also likely to bring in 300000 to 400,000 knowledge-based jobs for the youth, and welcome 3 to 5 million annual visitors to Kuwait, boosting the tourism, hospitality and leisure sectors.

Apart from being a tourist destination, it is likely to serve as an economic catalyst by integrating several competitive specialized zones including an educational hub, a centre for small industry and future technologies, a world-class medical facility, a financial hub with stock exchange and a port of 8 million TEU capacity.

Other mega opportunities in the infrastructure sector would boost Kuwait’s economy and include the current construction of new terminals at Kuwait International Airport, due to be completed in 2022, with annual capacity of 25 million passengers that will help achieve additional annual revenues of $300mn.

The project is likely to create 12,000 jobs for engineers and skilled workers, particularly young Kuwaitis.

Kuwait also announced its plans to focus on energy sector diversification at the forum. This opens up new investment opportunities. As for Kuwait’s digitization transformation, the Communication and Information Technology Regulatory Authority is also spearheading several lucrative initiatives in the ICT sector, to upgrade e-government services to international standards and encouraging ICT start-ups by young entrepreneurs.

A new Cargo City which is in its first phase at the Kuwait International Airport is considered as the most important projects in the development plan. Kuwait also plans to develop its tourism sector, a key pillar of the New Kuwait, by reaching out to private sectors to join hands in various ambitious projects.

KIF 2018 also highlighted several other initiatives to transform the banking system, promote advanced financing with several new investment channels etc. Multi-billion dollar investments in multi-sector projects were the highlights of the forum. On the whole, Kuwait is well-placed to serve international investors’ appetite in rewarding growth sectors.

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