Kuwait will sign a contract next week with China Communications Construction Company (CCCC) to complete the Mubarak Al-Kabeer Port project, Public Works Minister Noura Al-Mashaan said on Thursday.
The Central Agency for Public Tenders approved on December 1 a contract between the ministry and CCCC for engineering, procurement and construction of the port's first phase, according to the official gazette.
The contract is valued at 1.219 billion Kuwaiti dinars ($3.97 billion), a government document seen by Reuters showed.
Kuwait's prime minister will attend the signing ceremony with the Chinese side, Al-Mashaan said in a statement.
Mubarak Al-Kabeer Port, on Bubiyan Island in northern Kuwait, is a strategic project aimed at creating a secure regional corridor and commercial hub. China has sought to link it to its Belt and Road Initiative.
Kuwait hopes the project will support economic diversification, boost GDP and help restore its regional commercial and financial role. The government says about 50% of the first phase has been completed but gave no details on remaining work.
The port is among several mega-projects Kuwait is pursuing with Chinese support, including power and water plants, renewable energy and waste recycling projects, as well as new residential cities.
Kuwait signed several memorandums of understanding with China in 2023 during a visit to Beijing by then-Crown Prince Sheikh Meshal Al-Ahmad Al-Sabah, who became emir in December 2023.
($1 = 0.3068 Kuwaiti dinars)
(Reuters)
