UK Trade & Investment organised an event held yesterday to showcase several multi-billion dollar infrastructure projects planned over the next few years. The event was attended by Kuwait’s minister of commerce and 40 Kuwaiti companies as well as the CEOs of UK firms.
Host for the event was the Duke of York, who said: “Kuwait has an ambitious four year development plan, with an equally ambitious budget (£93bn). It was abundantly clear after my visit to Kuwait in 2010 that there were excellent opportunities for UK companies to contribute their expertise and products towards the rapid development of Kuwaiti infrastructure.
The Kuwaiti government last year approved a four year national development plan, which has the long-term goal of transforming Kuwait from an economy dependent on oil to the leading trade and finance centre in the region by 2035.
Chief among the projects is the redevelopment of Kuwait International Airport. The airport will increase in capacity from six million to 20 million passengers per annum. There will also be a new control centre, hotel and terminal. There are also plans for the development of the Kuwait City Metro System, 171km long and with four lines. It will be funded as part of a public-private partnership. The healthcare sector is also included. Health sector reform will allow for a private healthcare sector in Kuwait and construction of new hospitals and health centres.
The Kuwaiti authorities also plan a major upgrade of Boubyan Island Port, which will be a special economic zone and major sea port. As well as construction of the port and marine drilling, plans include a 33km three lane highway and railway linked to the mainland by a 1.5km road bridge and 9km rail bridge.
The Duke of York added that 2011 marks both the 50th year of Kuwaiti independence from Britain and the 20th anniversary of the liberation of Kuwait. “Kuwait is one of our oldest and closest allies in the Gulf region; the coincidence of the business opportunities and the celebration of the depth of our long term relationship is a key driver in our push to encourage more business between our two countries.”
UK minister for trade and investment Lord Green of Hurstpierpoint said: “The UK has a fantastic reputation in Kuwait and the Kuwaitis see us as natural business partners. The creation of a UK-Kuwait Trade & Investment Task Force shows just how highly we value business between our countries. This showcase event will help British companies understand exactly how to win business on these projects and hopefully dispel some of the reservations they might have.”
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