That isn’t to say Kuwait doesn’t have grand plans for Silk City. Construction thus far has been limited to a power station, scattered houses, and a few roads. It is accessible from Kuwait City, the country’s capital, via the newly-constructed, $3.6 billion Sheikh Jaber Al Ahmed Al Sabah Causeway. The area where Silk City will be built is on the northern end of the Gulf bordering Iran and Iraq around the Shatt-Al-Arab waterway. If realized, the master-planned, 250-square-kilometer city in northern Kuwait will be the world’s largest marine-front project. Silk City (Madinat Al-Hareer in Arabic) is integral to that plan. New Kuwait 2035 is a government plan that aims to transform the Middle East country into a global financial hub with less economic reliance on oil revenues. The World’s Tallest Building and Other Plans And, like Saudi Arabia has done with mega projects like Neom and Qiddiya, Kuwait is tying its economic aspirations to a planned city development. Nonetheless, the country’s non-oil revenue grew by 3 percent in 2019 and was projected to grow at a similar rate in 2020. ![]() However, Kuwait has been slower to adapt as a result of substantial sovereign assets and government-legislator frictions. ![]() The aforementioned nations have taken significant steps to diversify their respective economies. In 2016, the country faced its first budget deficit in almost two decades as a result of declining oil prices. Similar to nearby countries like Saudi Arabia and Bahrain, the health of Kuwait’s economy is largely tied to the price of oil. ![]() That, along with its relatively small population of 4.26 million, places Kuwait among the richest countries in the world per capita. Kuwait is among the top 10 crude oil producers in the world and has the fourth-largest sovereign wealth fund.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |