publish time

18/03/2024

author name Arab Times

publish time

18/03/2024

KUWAIT CITY, March 18: The Kuwait Direct Investment Promotion Authority has finalized plans for the Nuwaiseeb Free Zone, situated in the southern region of the country. Designed with advanced economic specifications, the free zone aims to emulate regional counterparts in terms of organization and investor services. According to a document obtained by Al-Qabas daily, the project aims to attract and accommodate 500 local and foreign companies across various sectors.

Bird’s eyeview of the project

It will feature 50 logistics warehouses, storage facilities, and land plots, along with 50 factories specializing in light and manufacturing industries. Additionally, the zone will house three hotels, two sub-lease investment complexes, four restaurant complexes catering to workers and visitors, and two medical centers. More than five locations have been designated as headquarters for multiple commercial banks.

The Nuwaiseeb Free Zone marks the first establishment of a new free zone in two decades, distinguished by its management approach, potential privatization, and the variety of economic activities it will host. The primary beneficiaries of the project are Kuwaiti private sector investment and industrial companies, as well as foreign investors. Its core objective is to bolster direct investment by streamlining entry into the national economy, enhancing trade relations with global partners, and stimulating non-oil industrial exports, particularly in manufacturing.

The government’s initiative to establish the Nuwaiseeb Free Zone aims to bolster Kuwait’s national output by fostering commercial and industrial activities. Insiders revealed to Al-Qabas that the executive leadership overseeing the Nuwaiseeb Free Zone is keen on learning from past mistakes, particularly those encountered by the Shuwaikh Free Zone, to avoid repetition. Given Nuwaiseeb’s wilderness location, distinct from Shuwaikh’s legal complexities, meticulous planning and execution are emphasized to ensure its success. Specific project objectives include developing free zones in Kuwait, expanding free zones and economic competition, attracting foreign investors and allowing the Kuwaiti private sector to invest in the region, providing job opportunities for citizens, especially in private sector companies operating in the region, increasing the national product with non-oil revenues, developing commercial activity through import and export of goods, introducing modern technology to manage the free zone.

The most important objectives and components of “Nuwaiseeb Free Zone include 3 upscale hotels, localization of 500 local and foreign companies, establishing 50 logistical warehouses and storage lands, establishing 50 factories for light and manufacturing industries, two investment complexes with the right to sublease to investors, building 4 restaurant complexes to serve investors, workers and visitors, two medical centers and more than 5 commercial banks.