‘Silk City’ to Rise in Kuwait… Soon?

Much like its neighbouring countries such as Qatar and the UAE, Kuwait also looks to position itself in the global map as an economic and financial hub to reckon with.

However, despite being among one of the richest countries in the Gulf region, much of what made Kuwait a prosperous nation is its oil reserves, which have seen a marked decline over the years, and is projected to further go down in years to come. And to get into a different ball game, Kuwait has to reshape its image as a leading global destination which will attract more foreign investments thus creating more jobs for its citizens and expats alike.

‘Silk City’ to Rise in Kuwait… Soon?
Credits: KUNA

China-Kuwait Project to Improve Kuwait’s Economic Position in Middle East

In November of 2018, Kuwait and China have entered into a non-binding agreement which will enable Kuwait to expand and become among the leading financial hubs in the Middle East, as shared in a report by Asia Media International.

And while much of Kuwait’s staple source of national income, its oil reserves, remain to be one of the most important products purchased globally,  oil prices have seen a decline over the past few years and are even projected to drop even further.

In order to cope with this emerging trend, Kuwait looks to develop a new facility, tagged as ‘Silk City,’ in partnership with global superpower China, by promoting construction in uninhabited areas in the Gulf State.

Pushed to be developed in the north of Kuwait, Silk City, a massive architectural project, is valued to cost between USD 250 and 270 billion. Initial plans suggest that the development will be comprised of four sectors: financial, entertainment, environmental, as well as cultural.

The development in itself is expected to house 700,000 people, as well as an airport of its own. The project is projected to be constructed in phases that are approximated to be finished within 25 years.

Furthermore, should the project actually reach completion, it will bring a huge boost to Kuwait’s economy by making it a top tourist destination, which in turn, will attract billions worth of foreign investments and creating at least 450,000 new jobs.

Catch a video feature on Kuwait’s Silk City posted by Skyscrapers & MegaProjects YouTube Channel below:

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