Kuwait has embarked on an ambitious project to develop five islands at an investment of nearly KD40 billion ($132 billion), said a report.
The Supreme Council for Planning and Development is working on feasibility studies, engineering designs and investment laws for the project, reported Zawya Projects, citing an Arabic daily.
The government plans to introduce incentives to attract foreign investment in the islands project, including tax exemptions for up to 10 years, stated the report, citing top government sources.
The feasibility studies will be completed next year and the islands project expected to be ready by 2030, it added.
The report comes following the recent government announcement allocating KD1 billion ($3.3 billion) for the projects related to the Minister of Public Works in the budget for 2017 – 2018.
Undersecretary of the Minister of Public Works, Awatef Soliman Al Ghoneim, had confirmed to Kuwait daily Alanba that the budget will cover the ministry's entire infrastructure and development projects in the country.
State news agency Kuna had last year reported that the government was considering developing the islands of Bubiyan, Failaka, Warba, Miskan and Awha into a multi-purpose free trade zone for the northern Gulf region and Kuwait.