- Kuwait signs $4.1B deal with China for Mubarak Port
- On Boubyan Island; boosts trade, supply chain role
- Part of Belt and Road; diversifies oil economy
Kuwait has a signed a $4.1 billion EPC contract with China to finish the strategic Mubarak Al, Kabeer Port on Boubyan Island, a major project to raise the country's rank in regional and global trade while the oil, dependent economy is being diversified. The deal, which was signed in the presence of the Prime Minister Sheikh Ahmad Al, Abdullah Al, Ahmad Al, Sabah, includes the Communications Construction Company of China and is based on the 2023 memoranda of understanding that cover infrastructure, housing, water treatment, and renewables sectors.
The new port in northern Kuwait close to the Iraqi border is planned to be a major commercial and logistics hub that will increase supply chain connectivity and be instrumental in achieving Kuwait's economic diversification goals.
Also Read: India-Oman FTA to Boost Electronics, Marble & Services Trade
The prime minister called it "a turning point project that will lead to the enhancement of Kuwait's share in the regional and international trade and global supply chain." China's acting charg d'affaires Liu Xiang commented on the agreement as being in line with the Belt and Road Initiative of Beijing, thus facilitating the growth of Chinese infrastructure in the Middle East.
This evolution marks the intensifying relationship between Kuwait and China and is expected to pave the way for a stable area corridor, increase the GDP through trade, and re, establish Kuwait's global image as a major trading hub. The port, by becoming part of wider connectivity networks across Eurasia, can become a source of quicker goods transport and investment from all over the world, while also being consistent with sustainable development goals as envisaged in the national vision for the post, oil era.