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|12 July, 2018

Silk City project to put Kuwait on the global investment map

Project estimated to cost $86billion

Foreign construction workers are seen on a building site in Kuwait City. Image for illustrative purpose.

Foreign construction workers are seen on a building site in Kuwait City. Image for illustrative purpose.

REUTERS/Jassim Mohammed

KUWAIT CITY- (KUNA): The State of Kuwait is on a steady track to achieve the noble desire of His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah to transform Kuwait into an international trade and financial hub and to achieve Kuwait’s Vision 2035. The “Silk City” Project is spearheading the Vision of Kuwait 2035 and considered the largest marine front project that will bring Kuwait back on the world map of tourism and investment.

In the coming period, Kuwait will focus on attracting foreign investors for their importance in developing economic activities, as well as achieving security and stability for the region and creating the most suitable atmosphere for foreign investors. Being constructed over the total area of 250 square kilometers in Subiya, the Silk City is planned to be built in individual phases to be completed within 25 years with an estimated cost of $86 billion.

The city will be connected to Kuwait City via Jaber Causeway which is still under construction, and it is highly anticipated due to the numerous attractions it is going to comprise upon its completion. The main attraction of the Silk City is Mubarak Al-Kabir Tower, which will stand at 1001 meters, and is going to comprise 234 floors with the capacity to house 7,000 people.

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The tower will consist of seven vertical villages that include hotels, residences, offices as well as entertainment amenities. Moreover, the Jaber Bridge, the fourth longest one in the world, constitutes a key factor in developing and setting up the free economic zone in northern Kuwait where five islands are expected to be established as part of the enormous project.

The project of setting up the five islands includes the establishment of Mubarak Al-Kabeer Port, which will help the country to open to the world commercially and economically, and serves Kuwait’s interests.

The port will be a pivotal key of regional transport linking the earth to sea via several means of transportations like highways and railways. With the capability of housing up to 700,000 people, the Silk City is going to comprise multiple other attractions like an Olympic Stadium, nature reservation area over the area of two square kilometers, a new airport and a duty free area in addition to multiple amenities including business, leisure, athletic and environmental areas and conventions.

In addition to the above, the city will include a center for environmental studies and vast green spaces. On the other hand, the whole Silk City will be surrounded by a green belt of gardens and vast green spaces to guarantee the visitor an unpolluted atmosphere for his visit.

The city will be divided into four quarters or villages, which will include hotels and resorts, sports academy, medical center, national parks, reservations for wild animals and rare planets as well as nature reserves for immigrating birds from central Asia and Africa.

As for the legal considerations to establish and manage Silk City, establishing a whollyowned government corporation of the state (Silk City project company) its power and role lie preparing a draft law to regulate the establishment and implementation of the Silk City by including all the powers necessary to achieve the objectives of the project. The company will divide the city into stages that include parts of the economic, commercial and residential projects.

 
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