According to informed sources, the launch of the Abdali Economic Zone (AEZ) will take place in the second fiscal year of the government’s work program, i.e. the 2024/2025 fiscal year.
They explained that the budget of the Kuwait Direct Investment Promotion Authority (KDIPA) will receive government funding through the relevant section to spend on its planned needs in the current fiscal year, including KD 600,000 allocated for consultations such as the management of special economic zones.
On February 5, KDIPA had launched an exercise to update the feasibility study for the Abdali Special Economic Zone. It has been mandated by the Council of Ministers since August 18, 2021 to proceed with offering it as a public auction in a way that enhances the private sector’s participation in the implementation of development projects and reduces the financial burden on the state budget.
KDIPA, in accordance with the provisions of law No. 116/2013, is responsible for developing economic zones in the north, south and west of the country on a total area estimated at 19 km, including (Abdali Economic Zone), for which financial appropriations began to be allocated in the authority’s budget in the 2018/2019 fiscal year.
The economic zone, the structural plan of which was approved by the Municipal Council on March 24, 2022 on an area of 5.02 square kilometers, is one of the most important projects in the north of the country that will play a major role in cross-border export industries and will be a logistical center for Mubarak Al-Kabeer Port.
© 2022 Arab Times Kuwait English Daily. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).