Kuwait hopes to diversify its economy by reducing its reliance on oil and expanding its private sector through significant investments across different sectors. The oil rich nation will soon be home to the “world’s tallest tower” – the Burj Mubarak.
The one-kilometre tall tower will be the main attraction of Kuwait’s Madinat Al Hareer or Silk City, and will be constructed at the centre of the city.
Madinat Al Hareer is reportedly expected to be completed by 2023.
According to estimates, the investment in the city will amount to KD 25 billion and have a positive impact on the national economy by diversifying income streams.
It is expected to create 430,000 jobs for locals, and provide investment opportunities for both local and foreign investors.
The project will involve a strategic partnership between public and private sectors, and contribute to the architectural boom. The city will be designed to accommodate over 700,000 people.
Kuwait is not the first Arabian Gulf country to focus on efforts to diversify from its dependence on oil. For example, Abu Dhabi, in the UAE, has its own project called ‘The Abu Dhabi Economic Vision 2030.’ The country wants to become the future of smart cities with investments across a variety of sectors such as, fintech, cleantech and proptech.
