The Silk City Project puts Kuwait on global investment map.
Deal inked for Phase One of $82bn Silk City
01 March 2019
Kuwait and China have signed a deal to develop the KD25-billion ($82.2 billion) Madinat Al Hareer (Silk City) – a massive development whose masterplan includes the Burj Mubarak Al Kabir tower, a nature reserve, a duty-free area, a new airport, and other facilities – besides five other Kuwaiti islands, said the report.
A high-level Chinese delegation was in the country on a two-day visit to kick off the initiative following a memo signed between the two sides on the 250-sq-km development in Subiya, reported Kuna.
Talks with the Chinese side reviewed the first phase of the Silk City project, which aims to establish a regional trade zone in Mubarak Port, a logistics area for goods, an international airport and railways for transporting goods and people, and an industrial city to embrace small and medium enterprises, stated Kuna.
The two sides agreed to co-operate with the Chinese Construction and Communications Company to initiate the collection of data, and to develop a works programme for the investment, implementation and operation of Mubarak Port for Phase One, either through long-term leasing or through public-private partnerships, it added.
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- In Brief
