Kuwait has approved nearly 186 million dinars ($614 million) for Mubarak Al-Kabeer Port which is under construction on Bubiyan Island off the Emirate’s Northern coast, a Kuwaiti newspaper said on Monday.

The sum is part of capital spending in the 2024-2025 budget, which will include annual allocations for the project, with an estimated cost of 990 million dinars ($3.2 billion), the Arabic language daily Alqabas said, quoting official sources.

It said the Port, part of China’s “Belt and Road Initiative” has a capacity to handle over 8 million containers and has an area of around 3 sq km.

The port also includes a sprawling industrial zone, tourism facilities, car parks, roads, houses and commercial offices, the report said, adding that the project would allow Kuwait to attract massive investments and bolster its economy and trade.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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