PROJECTS: Kuwait’s $6.5bln Mubarak Al Khabeer Port project put on hold

SourceZawya
SectorReal Estate
CountryKuwait

"Given the shallow water depth at 1-1.5 metres, dredging costs are going to be tremendous, and the port doesn't look feasible or profitable. The project has also caused geopolitical tensions with our neighbours. And now we are on the edge of an economic crisis due to COVID-19 induced low oil prices."The project has been on the drawing board for almost a decade-and-a-half. A February 2019 report by official news agency KUNA said a Chinese delegation held discussions with authorities to develop the port as part of the first phase of the Silk City project, a key GCC component of the Belt and Road Initiative.The project was also part of the New Kuwait 2035 plan, which includes 11 other projects - three port development projects at Doha, Shuaiba, Shuwaikh, four logistics ...read more...