(MENAFN) Kuwait plans to launch a free economic zone on five islands close to the shorelines of regional heavyweights Iraq and Iran with large investments open to the private sector, based on the available data.
Basically, the promising project is based on inviting local, regional and global private segments to finance, execute and operate the zone, plus it will be an economic gateway for the northern Gulf once finished.
Additionally, the new vital scheme which will spread over an area of several thousand square kilometers comes amidst a severe deterioration in oil income which contributes over 90 percent of Kuwait's incomes.
Kuwait has awarded projects worth a record USD30bn so far this year in spite falling oil revenues, projects which include a metro system worth USD18.5bn, a railway as part of the GCC railway link at USD6.6bn and an USD8bn power plant.
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