Middle East

Kuwait Coordinates with Saudi Arabia to Revitalize Nuwaisive’s Free Zone Project

Within the framework of moving important projects aimed at diversifying the economy by attracting foreign investment, government agencies have taken steps towards revitalizing the establishment of free zones in Nuisive, the southern part of the country. I took a step forward.

A local Arabic daily learned from sources that “Kuwait spoke to the Kingdom of Saudi Arabia through the Ministry of Foreign Affairs to coordinate the implementation of the project.”

This step took place after “Chinese and South Korean companies foresaw Kuwaiti’s views on investing in free zones,” which will be set up on Kuwait’s land near the border with Saudi Arabia, sources said.

Sources pointed out that “previous visits to many neighboring countries, participation in professional events, and a review of some global experience in the area of ​​free zone management.”

“The coordination of Kuwait and Saudi Arabia’s Nuisive is aimed at benefiting from the best experience and practices in this regard, and is aimed at maximizing the expected benefits of implementing the project,” sources said. He pointed out that Kuwait’s move to the kingdom is “especially important.” , And the potential to accelerate project implementation steps during the period. Approximately six years after the Council of Ministers defined the extent of the border and approved the establishment of a free or free trade area in Kuwait, coordinates in the next few years.

Following the Council of Ministers’ decision in this regard, a direct investment promotion body was appointed to temporarily manage the free zones stipulated in Law No. 26 of 1995.

Sources added that “Investment Promotion” has completed an economic and technical feasibility study of the “Nuwai Sieve Free Zone” project. This includes management methods, privatization methods, or the type of appropriate economic activity.

Sources pointed out that the prepared feasibility study takes into account the modern economic specifications of Nuisive, a free zone comparable to the region in terms of service to organizations and investors.

Sources are the right of the Fatwa Legal Affairs Bureau to benefit from the parcels of land allocated to establish a foreign enterprise (state, entity or government enterprise) Nuisive Free Zone.

According to a previous study, “This project is considered one of the most important projects in Kuwait. A railroad will be built next to the free zone, from which goods will be transported and turned into commercial stations in important areas. It helps. ”

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https://timeskuwait.com/news/kuwait-to-coordinate-with-saudi-arabia-to-activate-the-free-zone-project-in-nuwaiseeb/ Kuwait Coordinates with Saudi Arabia to Revitalize Nuwaisive’s Free Zone Project

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