Skip to main content

Kuwait eyes cut of China's trillion-dollar Silk Road project

http://www.constructionweekonline.com/article-48421-kuwait-eyes-cut-of-chinas-trillion-dollar-silk-road-project/#.WpoxtKDhU0M

Oscar Rousseau

Saturday، 3 March 2018


China and Kuwait are “eager to collaborate” on construction projects as the former pumps billions of dollars into its Belt and Road initiative.

China wants to work with Kuwait on infrastructure projects, including the construction of Al-Harir City and the development of five uninhabited islands off Kuwait's eastern coast.

Both countries expressed a desire to work together on construction, energy, infrastructure, and mass communication projects after a meeting in Beijing on 1 March.

No formal agreement were struck. But the fact that both countries expressed an interest in closer collaboration could be significant; it may herald the start of a rise in Chinese-backed investment into Kuwait projects, including construction.

READ: Can 'New Kuwait' plan overcome market challenges?

One project in Kuwait attracting Chinese interest is the former's five islands’ development project. This is a plan  to build up five uninhabited islands in Kuwait. It is also part of China’s gargantuan effort to revive the old Silk Road trading route that once connected Europe to Asia. Called the Belt and Road Initiative, China is rebuilding a vast network of trading hubs around the world to increase regional trade and economic cooperation. 

The Asian Infrastructure Investment Bank (AIIB), Silk Road Fund, and the New Development Bank have already committed $1.1tn to develop infrastructure networks under the Belt and Road Initiative, according to HSBC.

This trade network will stretch to five the islands in Kuwait that represent 5% of the country's landmass.

Building up the five islands is expected to create thousands of jobs, attract international investment, and significantly boost Kuwait’s gross domestic product.

The plan was created by His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, who wants to transform Kuwait into a financial and commercial centre. The project falls under the government's Kuwait 2035 infrastructure strategy.

China and Kuwait established diplomatic relations in 1971. Two-way trade between the countries is valued at over $9bn, much of which is derived from China’s demand for oil imports from the Arab world

Comments

Popular posts from this blog

Balochistan Advocacy : Japan-Baloch alliance

Muneer Mengal in Japan.

Balochistan to establish first medical university

https://www.dawn.com/news/1366135

The Newspaper's Staff CorrespondentOctober 25, 2017QUETTA: The provincial cabinet on Tuesday approved the draft for establishing a medical university in Balochistan.Health minister Mir Rehmat Saleh Baloch made the announcement while speaking at a press conference after a cabinet meeting.“The cabinet has approved the draft of the medical university which would be presented in the current session of the Balochistan Assembly,” he said, adding with the assembly’s approval the Bolan Medical College would be converted into a medical university.Published in Dawn, October 25th, 2017

5 Shia Hazara community members gunned down in Pakistan

http://m.hindustantimes.com/world-news/5-shia-hazara-community-members-gunned-down-in-pakistan/story-CHWR4lYByRHzf2KjHjMloI.html



Five members of the minority Shia Hazara community, including two women, were killed on Sunday in an attack by unidentified gunmen in Pakistan’s restive Balochistan province.This is not the first time that members of the Hazara community have been targeted in Quetta and other parts of Balochistan.(Reuters File Photo)Updated: Sep 11, 2017 00:20 ISTBy Press Trust of India, Press Trust of India, KarachiFive members of the minority Shia Hazara community, including two women, were killed on Sunday in an attack by unidentified gunmen in Pakistan’s restive Balochistan province.The gunmen targeted a car in Kuchluck area of Quetta while it was coming from the Chaman border crossing area, police said.The firing took place when the travellers had stopped at a filling station to refuel their vehicle. Five people of the Shia Hazara community, including two women, died in …