PHOTO
OPEC oil producer Kuwait is planning to build a fun city with a value of nearly 200 million Kuwaiti dinars ($660 million) to attract tourists as part of an economic diversification strategy, a Kuwaiti newspaper reported on Friday.
The costs of the project in the coastal Doha area in the capital Kuwait City comprise around KWD80 million ($264 million) for infrastructure and KWD120 million ($396 million) as capital expenditure, the Arabic language daily Alqabas said, citing a study by Kuwait’s Touristic Enterprises Company.
The study expects the amusement city to attract more than 900,000 visitors by 2030 and to generate high income that will support the Gulf state’s drive to lessen its heavy reliance on volatile oil export earnings.
“The Kuwaiti government is expected to provide funding of KWD65-75 million ($214.5-247.5 million) for the project’s infrastructure,” the study said.
It stressed that the government needs to offer the project on a 50-year lease basis instead of the proposed three years in order to lure in investors.
The project comprises an amusement park, sport courts, a hotel, water parks, shops and restaurants, and an electronic games centre.
(Writing by Nadim Kawach; Editing by Anoop Menon)
