Kuwait recently announced it is seeking to attract regional and foreign capital to invest in plans to develop new commerce, work, leisure, and tourism hubs. As part of its Vision 2035 project, the country plans to develop Sheikh Jaber Al-Ahmad Al-Sabah Causeway’s southern and northern banks and two artificial islands.
Development of the Shuwaikh area, the southern bank of the causeway, would cover an area of 635,913 square metres with a construction capacity of 30 per cent of the allocated region. At the same time, the southern island project of the causeway would be used for four-storey buildings and 10 per cent for commercial purposes.
The commercial activities would cover 12 per cent with plans to build eight-storey buildings, housing offices, cafes, and restaurants, reported Kuwait News Agency (Kuna).
Both the public and private sectors will be invited to invest in the project.
Speaking to Kuna, Municipal Council member Dr Hassen Kamal said that Kuwait is eyeing ventures providing more leisure and commercial services to citizens and residents alike.
“The Jaber Al-Ahmad Causeway is operational and now is the time to invest more in the project to revitalise the economy and encourage business and commerce,” he said.
Kuwait’s Vision 2035 Project
Vision 2035 aims to transform Kuwait into a financial and trade hub regionally and internationally and become more attractive to investors, read the document from the Ministry of Foreign Affairs. Where the private sector leads the economy, creating competition and promoting production efficiency. Under the umbrella of a supporting institutional body, which accentuates national values, preserves social identity and achieve social development. Also, it provides an essential structure to cultivate a business-friendly environment.
The project is based on the Vision of the Amir of Kuwait, Sheikh Sabah AlAhmed AlJaber Al-Sabah. Kuwait also possesses the main elements to move towards achieving this Vision. Main elements such as:
- A strategic geographical location
- Encouraging legislative body
- Comprehensive judicial system
- A balanced international foreign policy
The national development plan of Kuwait is linked to international goals and factors by adapting them to the United Nations Sustainable Development Goals (SDG’s) 2030 agenda to achieve compatibility between the national development plan and the international development vision.
The main aspirations of the Vision include:
Restore the regional leadership role of Kuwait as a financial and commercial hub and revive the pivotal role of the Kuwaiti private sector in the leadership of development.
Reconstruct the important and different positions, as well as the bodies and institutions of the country, in addition to enabling work empowerment and productivity.
Providing new infrastructure, appropriate legislation and enabling a business environment conducive to development and providing controls and climate to ensure total and balanced human resource development. Aiming to consolidate society’s values, preserve its identity, and achieve justice, political participation, and freedoms.
Strategic developmental goals of the national development plan 2035:
- Increase local productivity and development of non-oil economic sectors.
- Improve standards of living for citizens.
- Engage the private sector in the national economic activity of the country.
- Support human and social development.
- Improve residential policies to support development.
- Train and qualify national human resources.
- Enable government administration by restructuring governments bodies.
- Preserve the values of the Arab-Islamic identity.
The pillars of the National Development Plan (2035 Vision):
- Sustainable, diversified economy.
- Effective civil service.
- Sustainable living environment.
- Developed infrastructure.
- High-quality healthcare.
- Creative human capital.
- Global positioning.
