Kuwait to build logistics cities to attract foreign investment

kuwait cities logistics foreign investment
Kuwait
  • Date: 25-Jul-2021
  • Source: Kuwait Times
  • Sector: Economy
  • Country: Kuwait
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Kuwait to build logistics cities to attract foreign investment

KUWAIT: Kuwait plans to establish logistics cities on recently acquired land to support the local economy and attract foreign investment, Kuwait Ports Authority (KPA) announced yesterday. Sheikh Yousef Al-Abdullah Al-Sabah, KPA Director-General, said these cities will be built on an area of 2 million square meters and designed by global design agencies to ensure high standards that will support e-commerce. The aim of the logistics cities' project is to find a logistical solution with competitive prices for foreign companies that wish to store their goods regionally in Kuwait, attract foreign investment and fulfill economic growth, as well as support a diversification drive in the sources of income, Sheikh Yousef said. Each of the planned "logistics cities" will serve a particular purpose, he elaborated, saying these zones will prove beneficial to small- and medium-sized enterprises, in addition to offering firms abroad lucrative investment opportunities. Kuwait will turn into a re-export and shipping center to neighboring countries, in addition to providing job opportunities for citizens in the fields of storage, artificial intelligence and warehousing logistics, Sheikh Yousef added. "The first project is a maritime single window system that links three ports together for efficiency," he said. The second "smart port" project will…