Kuwait has decided to revive a project it approved few years ago to build a free trade zone in the Southern area near the border with Saudi Arabia, a newspaper said on Tuesday.
The zone in Al-Nuwaiseeb was endorsed by the Kuwaiti cabinet six years ago but it was put on hold for some reasons, the Arabic language daily Alrai said.
The project is intended to expand trade with Saudi Arabia and other countries and attract foreign capital to support the OPEC member’s economic diversification plans, the paper said, quoting “informed” sources in Kuwait.
“The government has decided to move ahead with the free zone project in Al-Nuwaiseeb….contacts are under way with the Saudi government to coordinate efforts to execute the project,” the paper said.
Kuwait decided to revive the project after companies from several countries, mainly China and South Korea, contacted the concerned authorities regarding investment in this zone, it added.
(Writing by Nadim Kawach; Editing by Anoop Menon)