Kuwait has agreed on a $4.1 billion deal with China to finish building a large port, as the country looks to reduce its dependence on oil and strengthen its role in global trade.
According to the State Audit Bureau, which oversees government spending, the engineering, supply, and construction contract for completing the Mubarak Al-Kabeer Port will cost 1.28 billion Kuwaiti dinars, equal to about $4.16 billion.
Prime Minister Sheikh Ahmad Al-Abdullah Al-Ahmad Al-Sabah attended the signing ceremony for the project, which will be built on Boubyan Island, state media reported. He said the port is an important project that will help increase Kuwait’s role in regional and international trade and improve its position in the global supply chain.
China’s acting chargé d’affaires, Liu Xiang, said the agreement is part of China’s Belt and Road Initiative.
In 2023, Kuwait and China signed seven memoranda of understanding covering several projects, including the Mubarak Al-Kabeer Port, housing developments, water treatment facilities, and renewable energy projects.
China has been increasing its involvement in the Middle East as part of the Belt and Road Initiative, a large global infrastructure program launched over the past decade under President Xi Jinping.
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