Wednesday 21, March 2018 by Jessica Combes

Kuwait to drive growth with Northern Gulf Gateway project

 

The first session of the Kuwait Investment Forum 2018 (KIF 2018), on ‘Investing for the Future Kuwait’ presented a bold statement in global geopolitics from Kuwait and driving the closer cooperation with the region. 

The ambitious Northern Gulf Gateway, an integrated flagship project for realising the Kuwait National Vision 2035, will open doors for investment opportunities for US, European, Chinese and Asian investors.   

The panelists underlined the importance of 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.  

At the session, The Boeing Company announced that it will open its permanent office in Kuwait, which will scale up the number of high-quality job opportunities for Kuwaiti nationals. 

More details of the Northern Gulf Gateway that opens tremendous opportunities for investment and its impact on the economy were also announced. 

  • $150 to 200 billion in FDI for developing 20 per cent of the project
  • Northern Gulf Gateway to add $220 billion 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 

“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.

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.

  

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