Kuwait plans logistics cities to lure ‘foreign investment’
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‘Smart port’ among other endeavors
KUWAIT CITY, July 25, (KUNA): Kuwait’s Port Authority plans to optimize metropolitan logistic activities on recently acquired lands as part of efforts to prop up local trade and lure more foreign investment into the country, its chief said on Sunday. Sprawling “logistics cities” will be built on these new lands, which stretch over two million square meters, Kuwait Ports Authority chief Sheikh Yousef Al-Abdullah Al- Sabah told KUNA in an interview, highlighting the importance of “logistics zones” as a tool whereby products are traded and sold. Each one of the planned “logistics cities” would serve a particular purpose, he clarified, saying these zones would also prove beneficial to fledgling small and medium sized enterprises, in addition to offering firms abroad lucrative investment opportunities. He revealed that a planned “smart port” is among other endeavors in the making, a facility that would serve as “contact point” linking all concerned bodies, besides using automation and innovative technologies to easily manage day-to-day operations.
On the Kuwaiti Port Authority’s revenues, he said an increase worth 400 percent over the last six years pushed total assets to USD 186 million, an accomplishment the official attributed to meticulous and intricate planning. The marine freight industry was hit hard by the COVID pandemic, coupled with recent “mishaps at sea” that brought a large chunk of global trade to a standstill, added the official, expecting stranded ships to be on the move again once business picks up. By Mohammad Al-Enezi
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