Kuwait achieves new economic milestones

The mega projects showcased at KIF 2018 to boost infrastructure development are being implemented as per schedule.
Updated 16 December 2018
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Kuwait achieves new economic milestones

Kuwait picked up the pace to accomplish further milestones in its efforts to achieve the pillars of the National Vision 2035 for “New-Kuwait,” of which was the convening of the second edition of the Kuwait Investment Forum (KIF 2018).

Sheikh Dr. Meshaal Jaber Al-Ahmad Al-Sabah, director general of Kuwait Direct Investment Promotion Authority (KDIPA), said: “KIF 2018 sought to showcase the serious resolve of the government to streamline the business environment and ensure that Kuwait’s investment climate is sufficiently attractive to interested investors, through the concerted efforts of both the public and private sectors to advance the promising sectors, and launch megaprojects.”

This will duly fulfill the overall commitment to diversify the national economy and to foster the country’s real wealth, its creative and talented youth.”

These efforts, following the KIF 2018, included important steps taken to enhance Kuwait’s international position, and build an extensive network of strategic relations with major countries. In this regard, Kuwait signed several agreements and MoUs during the state visit of Kuwaiti Emir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah to China in July. These agreements cover a broad framework of activities including trade exchange, infrastructural projects, development of industrial and technologically advanced zones, as well as supporting Kuwait’s participation in the Belt and Road Initiative. 

Furthermore, in September, the emir held a roundtable with leading American business executives to further strengthen trade and economic relations between the two nations. 

The mega projects showcased at KIF 2018 to boost infrastructure development are being implemented as per schedule. 


King Abdullah Port throughput up by 36%

The number of vessels received by the port increased to 911 vessels, a 12 percent increase compared to 820 vessels in 2017.
Updated 21 January 2019
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King Abdullah Port throughput up by 36%

The annual throughput of King Abdullah Port increased to 2,301,595 TEUs by the end of 2018, an increase of more than 36 percent compared to 2017. This maintains its position as the second largest port in the Kingdom in terms of container handling. 

Since its inception in the last quarter of 2013 the number of containers handled by the port has reached 7,227,859 TEUs. The port’s management stated that the annual increase in throughput was primarily achieved in conjunction with an 8 percent increase in imports and exports compared to 2017.

King Abdullah Port CEO Rayan Qutub said: “King Abdullah Port constitutes a real success story in public-private sector partnerships in light of the increasingly outstanding figures it achieves year after year. The port has become the leading driver in the maritime shipping and logistics services sector in terms of building knowledge, launching initiatives and supporting various activities in this sector.”

He added: “King Abdullah Port aspires to support the Kingdom’s economic development and enhance its competitiveness by increasing the efficiency of logistics services and supporting trade movement between the Kingdom and the rest of the world in line with Vision 2030. The latter would occur through the provision of state-of-the-art infrastructure and advanced logistics services to become a landmark on the maritime and logistics services map in the Kingdom and the region.”

Referring back to the 2018 results, Qutub said: “We achieved a record 50 percent increase in container handling in the first half of 2018, and we are moving forward with our development plans to provide best practices in the fields of port development and operation as well as supporting logistical services. This will increase the Kingdom’s competitive advantage on the logistics services index, and in turn effectively contribute to achieving the logistical objectives of the Kingdom’s Vision 2030.” 

The results achieved by King Abdullah Port in 2018 include an increase in transshipment volume reaching 1,847,569 TEUs, which is a 44 percent increase compared to 2017. Meanwhile, the number of vessels received by the port increased to 911 vessels, a 12 percent increase compared to 820 vessels in 2017. 

The port features state-of-the-art facilities including 18-meter water berths, which are the deepest in the world, and the world’s largest and most advanced cranes, which employ the latest technology and feature a 65-ton lifting capacity as well as a handling capacity of 25 containers. Such facilities enable the port to serve giant container vessels now and in the future.