Kuwait has signed a major deal with China valued at $4.1 billion to complete the construction of the Mubarak Al-Kabeer Port, a key project aimed at diversifying the oil-rich country’s economy and increasing its role in global trade. The State Audit Bureau announced that the engineering, procurement, and construction contract for the port project will cost 1.28 billion Kuwaiti dinars, equivalent to $4.164 billion.
The contract signing ceremony was attended by Prime Minister Sheikh Ahmad Al-Abdullah Al-Ahmad Al-Sabah, who emphasized the project’s significance in enhancing Kuwait’s share in regional and international trade, as well as its global supply chain. The port, located on Boubyan island, is expected to play a crucial role in boosting the country’s economy.
The deal is part of China’s Belt and Road Initiative, a vast global infrastructure project developed under President Xi Jinping. Chinese acting charge d’affaires Liu Xiang noted that the agreement constitutes participation in this initiative, which has been focusing on the Middle East in recent years. In 2023, Kuwait signed seven memoranda of understanding with China on various projects, including the Mubarak al-Kabeer Port, housing, water treatment, and renewable energy.
The construction of the Mubarak Al-Kabeer Port is a significant step towards enhancing Kuwait’s trade capabilities and strengthening its position in the region. The project is expected to increase the country’s competitiveness and attract more investment, contributing to the diversification of its economy. With the completion of the port, Kuwait aims to become a major player in global trade, leveraging its strategic location to facilitate the exchange of goods and services.
The partnership between Kuwait and China is a testament to the growing economic ties between the two countries. As China continues to expand its presence in the Middle East, Kuwait is poised to benefit from increased trade and investment opportunities. The successful completion of the Mubarak Al-Kabeer Port project is expected to have a positive impact on the country’s economy, paving the way for further cooperation and development in the region.