Kuwait funnels USD 614 mn into Mubarak Al-Kabeer Port development plans

Kuwait’s Prime Minister’s Office (PMO) has approved KWD 186 mn (USD 614 mn) to support developments at Mubarak Al-Kabeer Port (MKP) and will complete the project in the 2024-2025 fiscal year, Alqabas reports, citing sources with knowledge of the matter.

Details: The development of MKP is projected to cost some KWD 990 mn (USD 3.2 bn) to develop and will accommodate 24 berths with a capacity of up to 8.1 mn containers a year, the news outlet reports. The project looks to boost Kuwait’s regional and transit trade, while attracting local and foreign investment and improving infrastructure in northern Kuwait. An industrial zone is also slated for development alongside the port, with light industrial units to accommodate local SMEs and larger industrial players, the news outlet added.

Background: Kuwait issued tenders to complete work at MKP mid last year including the construction of main buildings, roads, a container yard, deepening the canal connecting the port with Khor Abdullah Port, and other projects.