The need to amp up investments in this mega project follows the country’s mandate to diversify its economy away from oil, much like other Middle East nations like Saudi Arabia.
Highlighting the role of the Forum in supporting the goals of Vision 2035, Dr. Merza Hasan, executive director & dean of the Board of Executive Directors, World Bank Group said that what really underscores Vision 2035, a transformative initiative is that will drive the Kuwait economy from a single-resource economy to a diversified and dynamic economy is the importance it plays on human capital, and the role of the private sector in helping achieve Vision 2035.
At the recently-concluded Kuwait Investment Forum 2018 (KIF 2018), panelists discussed the need for fostering regional and global liberalisation, trade integration and cultural integration, and the leading role of the private sector in development, financing and investment, as well as the need to introduce legislation and supportive systems for sustainable development.
According to a report in CPI, the following details about the project were also announced:
- US$150-200bn in FDI for developing 20 per cent of the project
- Northern Gulf Gateway to add US$220bn to the GDP
- Development to create 300,000 to 400,000 knowledge-based jobs for world’s youth
- To attract three to five million visitors annually, opening new investment opportunities for the tourism, hospitality and leisure sectors
- Board of Trustees of the Harbour City in Northern Gulf Gateway to discuss with Chinese companies on 1 May, 2018
Moreover, The Boeing Company announced that it would open its permanent office in Kuwait. “The Middle East alone would need 63,000 pilots by 2035 as well as 69,000 technicians in addition to training to be offered for 100,000 crew. Such training partnerships are what we are looking at in Kuwait, so the young people here do not have to leave the country to be trained. We hope to add Kuwait to the list of our training centres as you have the right talent base and infrastructure here. We have about 50 employees now but watch the numbers grow,” said Timothy Keating, executive vice president of government operations, The Boeing Company.