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FINANCIAL NEWS
Kuwait introduces USD132bn island development plan
22 Nov 2016
(MENAFN) Kuwait has unveiled a project to develop five islands at an investment of almost USD132bn, while the Supreme Council for Planning is working on feasibility studies for the project.
In addition, the government aims to introduce incentives to attract foreign investment in the islands project, including tax exemptions for up to 10 years.
The feasibility studies will be finished next year and the island project will be ready by 2030, while the report comes after the recent government announcement allocating USD3.3bn.
Accordingly, the government was considering developing the islands of Boubyan, Failaka, Warba, Miskan and Awha into a multi-purpose free trade zone for the northern Gulf area.
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