Kuwait Real Estate News
Kuwait to build City of Silk worth $77bn
The State of Kuwait plans to build a major new city, drawing inspiration from the Silk Road, which, it hopes, will turn out to be a global trade and tourist attraction. The City of Silk (Madinat Al-Hareer), worth $77bn aims to revive the ancient trade route by becoming a major free trade zone linking Europe with Central Asia.
Eric Kunhe, the Managing Director of Eric R. Kuhne and Associates, says -It is the largest single real estate development in the Middle East. Eric Kunhe and Associates are the designers for the seaside city. The city, which will be located in Subbiya, at the northern-most tip of Kuwait Bay, will house 750,000 people on its completion in 2030.
A 26kms bridge, will link City of Silk to Kuwait Capital City, reducing the road distance of 120kms. Two artificial islands are expected to be constructed along the causeway, covering an area of 200 square kilometer. The city will include four major zones – Leisure and Recreation City, City of Commerce, City of Diplomacy and Education, and City of Ecology. The City of Commerce will be in the middle of a canal system, which aims to boost Kuwait’s efforts to be a regional and financial center.
A 1001 meter long tower will be built at the heart of Commerce City. The height of the tower refers to a work in Arabic classic literature “The Thousand and One Nights.” Three blades, which will be built on top of the tower, will house a mosque, a church and a synagogue to mark the unity of three monotheistic religions.
The Leisure City will also have an Olympic Village that meets international standards, diplomacy city and education, and will house a number of foreign missions.
Kunhe revealed that the project has already received approval and efforts are being made to secure passage of necessary legislation for the city to be treated as a ‘free trade zone’. He said he expects to secure necessary approvals for construction to begin by the end of the year.
The Kuwait Government plans to transform the emirate into a major regional financial and trade hub, through the ‘City of Silk’ project, which is being closely followed and supported by Emir Sheik Sabah al-Ahmad al-Sabah himself.
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