Kuwait signs $4.1 billion deal with China to build port

Kuwait City: Kuwait has signed a deal worth $4.1 billion with China to complete the construction of a major port, as the country seeks to diversify it...

Kuwait City: Kuwait has signed a deal worth $4.1 billion with China to complete the construction of a major port, as the country seeks to diversify its economy with a bigger role in global trade.

The State Audit Bureau, a government oversight body responsible for monitoring public funds, on Monday said “the engineering, procurement, and construction contract to complete the Mubarak Al-Kabeer Port project will cost 1.28 billion Kuwaiti dinars ($4.164 billion).”

Prime Minister HH Sheikh Ahmad Al-Abdullah Al-Ahmad Al-Sabah attended the “ceremony for inking the engineering-supply-construction contract for building Mubarak Al-Kabeer Port on Boubyan island,” state media reported.

He said the key project would "enhance Kuwait's share in the regional and international trade and global supply chain."