Private sector targeted for 90% of multi-billion dollar investment
Kuwait has announced plans to set up a multipurpose industrial city in the country, with a total expected investment of $6.6 billion, a government official has said.
According to a Reuters report, the acting general manager of Kuwait’s Public Authority for Industry (PAI), Abdulkareem Taqi, was quoted as saying that the government would put in place the infrastructure for the city at an estimated cost of $600 million. He added that Kuwait would target $6 billion in investments from the private sector to develop the bulk of the project.
Located 70km west of the capital Kuwait City, the industrial city, known as Al-Naayem City, will include industrial facilities, as well as residential and leisure projects, Taqi said.
He also said that the city would be able to house 50,000 people once complete, and that infrastructure work was expected to be completed by 2021.